It is clear that motorcycles are inherently more dangerous than cars. Due to the nature of riding a motorcycle, the likelihood of suffering traumatic injuries in an accident is high. Because of this obvious fact, it is even more important to make sure that you and those on the roadway around you are adequately protected by insurance. In New Mexico, motorcycles must be covered by the same minimum insurance as cars.
However, because motorcycles are known to be more dangerous than cars, insurance rates can be quite high. Below is some information that can help motorcyclists control the costs of insurance.
10 Factors that Affect New Mexico Motorcycle Insurance Rates
There are 10 factors that insurance companies look at that will affect the cost of motorcycle insurance. The response to these questions can either increase or lower the rate.
1. Size of the Bike’s Engine
In order to operate a motorcycle in the state of New Mexico, a driver must obtain a motorcycle license. The engine size affects the type of license required.
2. Rider’s Age
As with any type of vehicle insurance, drivers and riders under the age of 25 will likely have to pay more for their insurance. Statistics show that young adults under the age of 25 are more likely to get into accidents, therefore insurance companies demand that they pay a premium.
3. Type of Bike
The more expensive the bike, the higher the premium. A new bike will cost more to repair or replace than one that is older. Custom bike features may also affect the premium.
4. Where the Bike Is Stored
Insurance companies may offer a lower rate if a bike is parked in a garage or in covered storage rather than keeping it on the street.
5. Rider’s Driving Record
A clean driving record will significatnyl help in lowering insurance premiums. Accidents, tickets, and claims can drive the cost of insurance up.
6. Average Number of Miles Driven Each Week
If the motorcycle is only taken on a couple of leisurely summer rides a year, the insurance premium will probably be less than for someone who uses it as a daily driver.
7. Where the Rider Lives
Whether the rider lives in the city or in a more rural area may affect insurance rates. Living in an area with a high population increases the risk of accident.
8. Helmet Use
Under New Mexico law, riders and passengers under 18 must wear a helmet. However, it is recommended that all motorcycle drivers and riders wear a helmet. An added bonus to potentially saving your life is that it may also lower your insurance rate.
9. Coverage Chosen
Obviously, the higher the coverage limits and the lower your deductible, the more you will pay for insurance. Obviously, state minimum requirements must be met, but it is critical that drivers make sure they have enough coverage to protect themselves, their passengers and other motorists on the roadway. The DMV provides information to help motorcyclists better understand the coverage they need.
It is important to keep in mind that unfortunately not all motorists on the roadway have insurance. In fact, according to the Insurance Research Council, New Mexico has the 4th highest percentage of uninsured motorists at 21.6%. Having uninsured motorist coverage will protect you in the event that you are involved in an accident where the at fault party does not have insurance.
10. Completion of a Motorcycle Safety Course
New Mexico offers motorcycle safety courses through the New Mexico Motorcycle Safety Program. Taking one of these courses may help you lower your insurance rates.