How Does Motorcycle Insurance Work?
Motorcycle insurance works similar to car insurance. Motorcycle insurance is mandatory in Canada. All riders must have a minimum amount of coverage. The main difference is insurers often require riders to have higher limits. Why? Motorcycle riders are considered more dangerous and there is a greater chance for injury and death.
What Is Mandatory Motorcycle Insurance?
![Two men riding motorcycles down a road]()
Motorcycle insurance gives riders protection in the event of a loss. Loss can be a result of an accident, theft, vandalism, damage, and more. It includes these types of mandatory coverage in a policy :
Riders have the option of adding optional coverage to their policy. You have a variety of options to increase your limits for more protection.
Is Motorcycle Insurance The Same For All Types Of Bikes?
Like cars, there are many different types of motorcycles. The type you ride will have an impact on your motorcycle insurance. Some are cheaper to insure than others. Therefore, choosing a less sporty model is important if you want to have low cost insurance.
Some of the most common types of motorcycles we insure include :
- Standard street bikes : These are your general purpose motorcycles that you commonly see on city streets. They are also referred to as naked bikes or roadsters.
- Cruisers : When you think cruisers, you think Harley Davidson and choppers.
- Touring bikes : These motorcycles are for long distance trips. They have large fuel tanks, storage compartments and are more comfortable to ride.
- Tricycle motorbikes : These bikes, which have been gaining in popularity, are safer to drive because they have three wheels. The two back wheels provide added support and stability, making them easier to drive.
How Much Is Motorcycle Insurance?
The average cost of motorcycle insurance is unique to the individual rider. Your level of experience, age, type of bike you have and riding history all effect how rates are determined by insurers.
Common factors that affect premiums include :
- The make and model
- Location
- If you have passengers or not
- Your age and riding experience
- How you ride – touring, commuting, and how much mileage
- Riding record and insurance history
Best Ways To Get A Cheap Motorcycle Insurance Quote
We all want to save right? Here are some great ways to get a better quote :
- Ride responsibly : Being a safe and responsible rider is important. Not only for your safety but also to help keep costs down. Avoid riding when road conditions are poor, and make sure you store and maintain it properly. Maintaining a clean record is vital to getting the lowest rates.
- Ride a reasonable motorcycle : The make and model you choose matters. It can have a big impact on your rates. Get one with a good safety rating. Choosing a less powerful bike will get you better premiums.
- Take a rider safety course : Taking government-approved motorcycle safety courses is important. It shows insurers that you are serious about being a safe rider. In addition to your M1 and M2 test training, any advanced training courses will help you save. The MTO provides a list of safety courses.
- Install Anti-theft Protection : Install security and an anti-theft device. Park it in a secure garage or location at night.
- Compare rates : Shop around. Do it each time your policy is up for renewal. You can also compare quotes when you make changes.
- Discounts : Speak with your insurer to take advantage of discounts you qualify for.
- Bundle for best savings : Combine home and car insurance with motorcycle coverage to reduce your premiums.
