The Dangers of Teen Driving
July 25, 2016
Boat Insurance: Don’t be Left Hanging
August 5, 2016
Not compromising on the bike might mean you’ll be compromising on motorbike insurance.
“I’m buying a motorbike but I refuse to pay for full coverage insurance because I’ll be able to pay the bike off WAY faster on state minimum as opposed to full coverage ($40/month compared to $300/month, hmmmm).”
Today, young riders can easily get loans for new and very fast motorbikes without any proof of insurance. They’ll however need coverage to register that new bike with the State. Regretfully, this is when most find themselves compromising on insurance simply because they didn’t call their insurance agent or broker before signing on the dotted line, only to discover later that their insurance rates are higher than their bike payments. As a result, many will only get minimum coverage as required by Texas law. It is a pity that many young riders simply cannot afford to insure their new rides adequately and put themselves at risk both financially and physically.
Scary moments
Most motorcycle riders, will “go down” while riding their bike. It might be a classic “high side” — the one where you go over the handlebars or worse. Those “worse” scenarios are crashes that you won’t recall, ever. I hope you understand our meaning. Watch this rider hit an unsecured load and survive.
Thankfully the owner of the boat that was being towed returned to the accident scene. Hopefully they have coverage.
We are telling you this because things will happen on a motorcycle and you need insurance. Young riders should be able to afford motorcycle insurance when they buy a bike. Not just for repairing damages to the bike and others, but also to cover emergency medical costs.
If you’re 16 years old and wonder whether you can afford motorcycle insurance, you’ll need to spend some time researching your options. Ultimately, the annual cost of your insurance coverage will hinge on a wide range of factors. However, expect to pay at least double the rate that an experienced rider pays for a similar policy. If a 30-year-old motorcyclist pays $700 per year for a solid insurance plan, you’ll probably be asked to pay $1,400 or more for a similar plan. This is because young motorcycle riders tend to be riskier than their more experienced peers. Even if you’re extremely careful on your bike, many insurers simply won’t feel comfortable with the statistical risk that you present. If you wish to obtain coverage from these insurers, you must be prepared to pay for it.
You’ll have some control over the ongoing cost of your coverage by avoiding accidents and moving violations, your rates could fall quickly.
Our advice is simple, get insurance quotes before agreeing to purchase that new bike and make sure you can afford both the bike and insurance payments.
