Budget for the Ride: Estimating Motorcycle Insurance Costs for 18-Year-Olds

19 Jun Budget for the Ride: Estimating Motorcycle Insurance Costs for 18-Year-Olds

The feeling of freedom that comes with cruising down the open road on a motorcycle is unmatched. But before you hit the asphalt, it’s crucial to consider the financial realities, including motorcycle insurance. This blog post will equip you with the knowledge to estimate motorcycle insurance costs specifically for 18-year-olds.

Why Motorcycle Insurance for 18-Year-Olds Can Be Costly?

Motorcycle insurance for young riders, especially those at 18, tends to be expensive. Here’s why:

• Limited Experience: Statistics show that younger riders are involved in a higher percentage of motorcycle accidents than more experienced riders. Insurance companies see this as a higher risk, leading to higher premiums.
• Lack of Driving History: Without a long driving history, insurance companies have less data to assess your individual risk profile. This uncertainty translates to a higher premium for young riders.
• Powerful Motorcycles: While a powerful engine might be tempting, starting with a smaller, less powerful motorcycle can significantly reduce your insurance costs.

Factors Affecting Your Motorcycle Insurance Premium

Several factors influence the cost of motorcycle insurance for 18-year-olds. Here’s a breakdown of the key players:

• Your Location: Insurance costs vary depending on your state’s accident rates, theft rates, and medical costs. Generally, urban areas with higher traffic congestion and theft rates will have higher premiums.
• Your Motorcycle: The type, engine size, and value of your motorcycle all play a role. Generally, larger, more powerful motorcycles will come with higher premiums.
• Your Driving Record: Any traffic violations or accidents on your record will significantly increase your premium. Maintaining a clean driving record is crucial for keeping your insurance costs down.
• Your Coverage Selection: The type and amount of coverage you choose will impact your premium. Liability coverage is mandatory, but additional options like collision and comprehensive coverage will increase costs.

Saving Money on Your Motorcycle Insurance (for 18-Year-Olds)

While the cost might seem high initially, there are ways for young riders to save on motorcycle insurance:

• Take a Motorcycle Safety Course: Completing a motorcycle safety course demonstrates your commitment to safe riding and can qualify you for discounts on your insurance premium.
• Choose the Right Motorcycle: Opting for a smaller, less powerful motorcycle can significantly reduce your insurance costs.
• Maintain a Clean Driving Record: Avoid traffic violations and accidents to keep your driving record clean. This is the single biggest factor influencing your insurance premium as a young rider.
• Increase Your Deductible: A deductible is the out-of-pocket amount before your insurance kicks in. Increasing your deductible can lower your premium but ensure you can comfortably afford the upfront cost in case of an accident.
• Consider Usage-Based Insurance: Some insurance companies offer usage-based insurance programs that track your riding habits (mileage, time of day) and reward safe riders with lower premiums. This can be a good option for young riders who plan to use their motorcycle less frequently.

Kevin S. Dougherty Insurance Agency: Your Insurance Partner on the Road

At Kevin S. Dougherty Insurance Agency, we understand the unique needs of young motorcycle riders. We’ll break down the different types of motorcycle insurance and help you choose the coverage that best suits your needs and budget. Contact us at Marci and Kevin today to get started. Call us at (630) 575-0800 for further assistance.