Motorcycle insurance is a requirement in most states. Depending on which state you reside in, and the person’s driving record, the rates can vary greatly from one company to the next. Here we’ve gone over some basics and done some research for you so that you can find the best deal on motorcycle insurance for your 21-year-old motorcycle rider.
This is fair to say that…
Young motorcycle drivers often do not have adequate coverage or pay more than they should because of being unaware of discounts or different types of insurance that provide good coverage for less.
So, what’s the real story?
Age And Gender
It’s important to understand that if you’re a male under the age of 25 you’re going to be paying out more for your car or motorcycle insurance than any other bracket. According to statistics, this is the age bracket where males tend to be less responsible so until a male reaches the age of 25, the rates are going to be higher.
State or Your location
Again, the rates of motorcycle insurance are going to vary from one state to the next. Some states will charge as much as $300 or more on an annual basis for motorcycle insurance.
It’s wise to start by determining which states will give the lower rates for motorcycle insurance. If you’re not in one of these states you’ll want to receive as many discounts as possible to help reduce your rates.
Types of Motorcycle
There are many different types of motorcycles. From sports bikes to touring bikes to cruisers each particular model tends to have its own set of pros and cons.
Another factor that will help to determine the rate is the overall cost of the bike, the year, the make and the crash safety rating. Insurance companies factor all of these details in to determine a fair rate.
Some types of motorcycles tend to be in more accidents than others and they will use this information to determine how much they are going to charge.
Insurance companies are going to check the safety rating to help determine their premiums and factor in all of the possible pitfalls. Bikes with anti-lock brakes are going to be less costly to insure than a bike that doesn’t have such features.
Another determining factor is the “theft rate”. Some bikes are more expensive and stolen more frequently than others. Just as this happens with cars, it’s going to happen with motorcycles as well.
The best way to get a decent rate is to find out which bikes are insured for less than others. A quick comparison between insurance policies can often answer this question and help a person to determine which type of bike to purchase for the lowest rates.
How Much Is Motorcycle Insurance for A 21-Year-Old?
The average motorcycle insurance cost for 21-year-old is $900 to $1000 roughly.
While the primary cause of the expense is the inexperience of the driver, there are ways to lower the premium while still providing good coverage.
- Higher Deductible: This is the most common method of reducing monthly premiums. A higher deductible means more of an out of pocket expense in case the insurance is needed, but the monthly premiums are lower as a result.
- State Minimum: If you did not need a loan to purchase your motorcycle, then you might consider just getting the state minimum when it comes to your insurance policy. Liability plus uninsured motorist is considerably less expensive than comprehensive, although it does not provide the same amount of coverage.
- Safety Course: Many insurance companies will recognize a safety driving course that when completed will lower the premiums by a 10% or more. The course itself last a few hours, and it provides useful driving tips to keep you safe on the road.
- Bundling: If you have a home or other types of insurance with the same provider, bundling them together may save you a considerable amount of money. Bundling is a common practice among insurance companies, so check them out to see if they can provide this type of discount.
- Anti-Theft Devices: If you have theft insurance or coverage, adding anti-theft devices such as locks and chains, ignition kill switches and the like which are recognized in the policy may lower the average motorcycle insurance for 21-year-old considerably.
- Seasonal Insurance: If you only drive your motorcycle in the warm months of late spring, summer and early fall, you may apply for seasonal insurance which can save you a considerable amount of money. Seasonal insurance which covers six months out of the year may cost half the amount of standard insurance policies.
Types of Motorcycle Insurance:
While the average cost of motorcycle insurance for 21-year-old is expensive, that does depend in part on the kind of policy which is chosen. There are several different types of plans which are available at this age so they can choose the best one to fit their needs.
Comprehensive: This type of motorcycle insurance provides total coverage in terms of combining liability, collision, uninsured motorist and more. If a loan was used to purchase the vehicle, the lender would usually require that comprehensive insurance is purchased. While this type of insurance offers a complete coverage, it is also the most expensive.
Collision: This provides coverage for damage in case you collide with another motorcycle or vehicle. This type of coverage is cheaper than comprehensive, but it also covers fewer events that can cause damage to your bike or yourself in the case of an accident.
Liability: Along with uninsured motorist, liability is the minimum insurance required by most states. This covers the other drivers, passengers and the vehicle in case an accident occurs, and it is your fault. Liability is considerably less expensive than comprehensive coverage and is highly popular.
Uninsured or Underinsured Motorist: If the other driver is at fault and either has no insurance or does not have sufficient coverage, then this type of insurance will provide what is needed in case they are at fault.
Theft: Because of their relatively small size and value, motorcycles are prime subjects of theft. This insurance will cover the loss of a motorcycle that has been stolen. Typical motorcycle insurance for 21-year-old often covers theft. Learn how theft insurance works and claiming process.
Med Pay: This is another popular form of insurance that covers your medical bills in case you were injured in the accident. This type of insurance is often combined with liability as part of a plan that is still less expensive than comprehensive.
There are many great discounts available for motorcycle insurance. Start by attending a good motorcycle education course and learn everything possible about the safety of motorcycles.
Bundle a motorcycle insurance policy with other insurance policies for a multi-policy discount. You can do this by placing the motorcycle insurance with regular car insurance, renters or homeowners insurance and so on.
Time to save more:
Safe driver discounts come next. Those who have no tickets or accidents can often receive a steep discount on their motorcycle insurance.
Insurance companies will look back as far as 7 years depending on the company for any infractions so be safe and be wise.
Keep in mind that the safe driver discount can factor in that the 21 year old has been a licensed motorcycle driver since they were 16. If that 16 year old keeps his or her record clean with no tickets or accidents this will be a very good thing for their future insurance rate.
Grade point average: If the 21-year-old is still in school, the grade point average or GPA can make a huge difference in rates as well. According to many statistics, those who have higher grade point averages tend to be safer drivers, perhaps those who have a higher grade point average don’t have the need to show off as much and thus are considered to be safer.
Distance has another determining factor. Those who are driving longer distances are going to be charged more than those who are only going a few miles each way on their daily commute.
When filling out the application there is a box that should be marked that designates whether the motorcycle is for pleasure/leisure or business and you’ll want to make sure that you’re answering this question accurately for the best possible rates. Don’t lie if you’re not using it for pleasure/leisure as this could also get you into trouble.
If there is an adult, over the age of 25 that is the main driver of the motorcycle, this may also make the rates for the insurance lower. Consider making the person under 21 as the secondary driver to see if you can get a lower rate.
Again, be mindful that if the 21-year-old is the main driver, this won’t work, but whenever possible, this can often lead to a reduced rate.
When it comes to motorcycle insurance, just as any other insurance, it’s very important to comparison shop. Each company has their own standardized rate schedule and you’ll need to compare “apples to apples” to make sure that you’re getting what you need at the best possible rate.
Check with several insurance companies before you commit yourself to any one company. When you’re comparing, make sure that you’re looking at the exact same limits and terms for your quotes.
Be sure to ask the agent that is giving you the quote to include all possible discounts. If one company offers a discount that another one doesn’t, it can’t hurt to ask them if they have a similar discount.
Keep the following in mind when seeking quotes:
- Compare apples to apples
- Ask for as many discounts as possible
- Keep commutes short
- Have a good grade point average
- Consider the 21-year-old as a secondary driver
- Have a clean driving record
- Consider the type of motorcycle
- Consider the safety features of the motorcycle
- Some states are more expensive than others
Understanding what you’re doing when seeking your quote will go far in helping you to secure the least expensive motorcycle insurance for 21-year-old bikers.