The amount you pay for motorcycle insurance is based primarily on risk factors. Risk factors associated with riding a motorcycle and four-wheeler include your driving history, gender, place of residence, experience or training, and the type of motorcycle you ride.
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However, your age is the most prominent and common risk factor associated with motorcycle insurance. And while it may not be fair to compare people of the same age in terms of their driving ability, it is the most common and reliable factor in determining your risk of having an accident. the same is true for auto insurance.
The age at which motorcycle insurance tends to drop is 25. This is because both men and women who reach the age of 25 are much less likely to have an accident than men and women under the age of 25. years. this is statistical data and leads to a drop in motorcycle insurance rates of up to 15% for women and 20% for men.
The higher drop for men is because men are more likely than women to be involved in motorcycle accidents before the age of 25. after the age of 25, the probability of having an accident decreases a little more for men until both sexes are close to the same. Starting at age 25, insurance rates are now more influenced by an individual’s driving record.
why is my motorcycle insurance so high?
The average cost of motorcycle insurance in the United States is $702 a year. however, that number can be misleading depending on where you live. California has the highest average motorcycle insurance rate at approximately $1,360 per year. In contrast, North Dakota has the lowest at about $382 a year.
The stark differences are largely due to the rural nature of North Dakota and the fact that many motorcyclists store their motorcycles for the harsh winter. you can’t have a motorcycle accident if the bike is locked up.
If you are under 25, then the reason your insurance premiums are so high is that your age group is the most likely to be involved in an accident.
Motorcycles are also much more dangerous for the driver and passenger because they offer no protection in the event of an accident. Whether colliding with another vehicle or losing control and running off the road, the motorcycle rider is much more likely to be injured than the driver of a vehicle.
Vehicles offer an enclosed space that is protected by bumpers, doors and frames. while injuries can still occur, the accident level generally needs to be serious before an injury occurs. On a motorcycle, what could be a minor crash can turn into a serious injury, even death, due to a lack of protection.
Basically, motorcycles consist of an engine, two wheels, a gas tank, and you. a single mistake that could cause a minor skid in a vehicle can result in a serious motorcycle accident. being on two wheels also increases the danger due to the balance required.
Another important factor is the type of motorcycle you ride. some motorcycles have more accidents than others. that does not mean that the motorcycle itself is inherently more dangerous. but it does mean that insurance companies use that knowledge to help them set the right premiums for your insurance from an underwriting standpoint.
does motorcycle insurance go down when you turn 25?
The answer is yes, if you maintain a good driving record. Since motorcycle riders are statistically much less likely to be involved in an accident once they turn 25, their insurance should be significantly reduced.
However, if you have a poor driving record of multiple accidents or traffic violations resulting in tickets, you may not see a reduction in your premiums. a low credit score is another factor in how expensive your premiums can get. the better the credit score, the lower the premiums.
If you can avoid accidents or at least have no more than one or two during your first few years of driving, you should see a reduction in your premiums after you turn 25. If not, you should check with your insurance company to see what is keeping premiums up.
If you can identify the cause of your premiums being so high, you may be able to fix the problem. ask your insurance agent what can be done to lower your premiums. otherwise, if there is no good reason, find another insurance company.
does car insurance go down after the first year?
That also depends on various factors. If you maintain a good driving record, a good credit score, and the same motorcycle, your premiums could go down during the first year of renewal. this will depend on the individual insurance company, but most insurance agents want to keep good customers who rarely, if ever, have accidents.
There are things you can do to further lower your premiums. you can take a driving course that the insurance agency recognizes. Assuming you complete the course, this will typically get you a 5% to 10% discount on your premiums.
Another way to lower your premiums is to winterize your motorcycle. If you live in a part of the United States with cold winters, storing your motorcycle and keeping it off the road will save you a considerable amount.
Also consider combining your motorcycle insurance with other insurance offered by the same company. Many insurance companies will offer a discount of 10% to 25% or more, depending on the type of combined insurance. this includes motorcycle, vehicle, boat and homeowners insurance. check with your insurance company to determine if bundling may be a viable option.