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How Much does a 20-Year-Old Pay for Motorcycle Insurance?

In most states, motorcycle insurance is required, meaning that almost all drivers will need some type of coverage. This includes young drivers who are 20 years of age and older because they will need to cover financial and perhaps medical expenses that may range into the tens of thousands of dollars.

How Much is Motorcycle Insurance for a 20-Year-Old?

Every year, 4,000 to 5,000 accidents occur per 100,000 motorcycles on the road, a percentage high enough to warrant motorcycle insurance for 20-year-old males. However, getting the right type of insurance will take a little research on your part and obeying state regulations and potential lender requirements.

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For the typical young male driver, understanding how much motorcycle insurance for a 20-year-old start with a figure typically reaching $1,000 and often much more per year in premiums for full coverage. Several reasons for such a high premium include the lack of driving experience and statistics showing that young motorcycle drivers are more vulnerable to accidents.

However, there are different levels of coverage which means less protection but lower premiums. For those who want to reduce motorcycle insurance costs for 20-year-old drivers, the first step is looking at the different available policies and choosing the one that works best for your needs.

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Comprehensive:

This is total insurance coverage and is usually required by lenders if a loan is used to secure bike ownership. Typical comprehensive coverage runs upwards of $1,000 per year and more depending on gender, the driving record of the owner, and other factors that may drive up the cost.

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Liability:

This is far more affordable motorcycle insurance for a 20-year-old and, when combined with uninsured and underinsured motorists, represents most states’ minimum requirements. Liability covers the other driver in case you cause the accident, and an under or uninsured motorist means you are covered if the other driver does not have adequate insurance.

Collision:

This type of insurance will cover you in case of a collision with another bike or vehicle. This type of insurance is rather limited, but it does cover the most common cause of motorcycle damage. If you want to save money, this is one option to lower motorcycle insurance premiums for 20-year-old drivers.

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Theft:

This is a very common type of insurance for motorcycles as they are relatively easy to steal compared to cars or trucks. This type of insurance will provide up to full reimbursement in case your motorcycle is stolen. Also, you can reduce the bike insurance cost for 20-year old by adding anti-theft features and storing it in the garage instead of outside.

In addition, there are other types of motorcycle insurance coverage policies, including medical payments or MedPay, that covers medical treatments and bodily injury liability. There may be other policies or riders that you can add to your insurance if you feel they are necessary for your coverage.

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Factors that Affect the Premium

Several factors determine the premium for 20-year-old motorcycle insurance. Insurance companies take all of these factors into account when setting premium levels.

How Much is Motorcycle Insurance for a 20 Year Old
  • Gender

Men will pay higher premiums than women, as statistics show they are more likely to get into an accident. They are also more likely to purchase faster, sportier motorcycles, putting them at even higher risk.

  • Driving Record

The young age works against drivers because of their lack of experience. Add to that a poor record with multiple accidents, and you have higher premiums to pay. To have a clean driving record is good but remember that it will not be until you are 26 that the insurance premiums will lower significantly.

  • Location

Those who live in the city, particularly in a high-accident area, will pay considerably more than those who live in rural areas with a much lower accident count. This is because there are fewer vehicles and thus fewer chances of getting into an accident.

  • Amount of Coverage

Comprehensive is often twice as expensive as a simple liability. If you have purchased your bike outright with no loan, you might consider liability only or the state minimum coverage as the right insurance.

  • Type of Motorcycle and Model

Basically, the more powerful the bike, the higher your premiums will be. This is especially true once you cross the 125cc threshold. By purchasing a lower-powered bike, you can keep your premiums down significantly.

Other factors include the company you purchase the insurance from and any riders added to the policy, such as MedPay or theft. You’ll want to consider all the factors that go into your insurance premiums before making the purchase.

Finding the Best Motorcycle Insurance for 20 Year Old:

The best motorcycle coverage at 20 will start with getting the right insurance for your needs and then finding ways to save on your premium costs. Here are a few tips to help you lower your premiums to maximize your savings.

Higher Deductible: The higher deductible, the less you will pay on your premiums. However, this means more out-of-pocket expenses if you should have an accident.

Bundling: You can combine your motorcycle, auto, and homeowner’s insurance with a single company and enjoy considerable savings. Check if your insurance company offers a bundling discount for your policies.

Safety Course: Many insurance companies will offer a discount if you take a recognized driver safety course. The course usually lasts a couple of hours and will provide added safety training in motorcycle riding. This will also mean that your premiums are lowered.

Of course, you can shop online for the best motorcycle insurance quotes for 20 year old and find the company that offers the best rates. By starting with low premiums, you can work them down even further with discounts that will have you paying even less for the same amount of coverage.

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