Cheap Insurance for Bike in Canada is an important consideration for anyone who owns a motorcycle or other similar vehicle. Bike insurance typically provides coverage for damage to your motorcycle, liability for injuries or property damage you may cause to others, and protection against theft or other types of loss.
The cost of bike insurance in Canada varies depending on a number of factors, including your age, driving history, the type of motorcycle you own, and the coverage options you select. To get an accurate quote for bike insurance in Canada, it’s a good idea to shop around and compare rates from multiple insurance providers.
In Canada, it’s mandatory to have liability insurance to drive a motorcycle on public roads. This insurance will provide coverage for injuries or property damage that you may cause to others while operating your motorcycle. However, you may also want to consider additional coverage options such as collision coverage, comprehensive coverage, and uninsured motorist coverage, which can help protect you against a variety of risks.
When selecting a bike insurance policy in Canada, it’s important to carefully review the terms and conditions of the policy and understand the coverage options that are available to you. You may also want to consider working with an insurance agent who can help you find the right coverage for your needs and budget.
Table of Contents
Cheap Insurance for Bike in Canada : 10 ways to get in Cheapest price
If you’re in the market for insurance for bike in canada, you may have observed that the price can differ considerably based on the insurance provider you opt for and the discounts they offer. To ensure that you secure the most favorable rate possible, here are ten tips that you can follow.
How much is motorcycle insurance in Ontario?
The cost of motorcycle insurance in Ontario can vary depending on several factors, including the type of motorcycle you have, your driving history, your age, the amount of coverage you want, and the insurance company you choose.
On average, a basic motorcycle insurance policy in Ontario can cost anywhere from $500 to $1,500 per year, but this cost can increase significantly if you add on additional coverage options or if you have a history of accidents or traffic violations.
It’s important to note that Ontario requires all motorcycle riders to have a minimum amount of liability insurance coverage, which provides coverage for injuries or property damage you may cause to others while operating your motorcycle. The minimum liability coverage required in Ontario is $200,000, but many riders opt for higher coverage limits to provide greater protection.
To get an accurate quote for motorcycle insurance in Ontario, it’s a good idea to shop around and compare rates from multiple insurance providers. You can also consider working with an insurance broker who can help you find the best coverage options for your needs and budget.
Factors that influence the cost of insurance for bike in canada
Several factors can influence the cost of your motorcycle insurance. These factors may vary depending on your insurance provider, but some common factors that can impact your motorcycle insurance rates include:
Age: Generally, younger riders under the age of 25 may pay higher insurance rates due to a lack of driving experience.
Driving record: If you have a history of traffic violations, accidents, or other incidents, you may pay higher insurance rates.
Type of motorcycle: The type, make, and model of your motorcycle can impact your insurance rates. A high-performance motorcycle may be more expensive to insure than a standard motorcycle.
Usage: If you use your motorcycle for commuting or for business purposes, you may pay higher insurance rates than someone who only uses their motorcycle for leisure.
Location: The location where you park your motorcycle can impact your insurance rates. If you live in an area with a high rate of theft or accidents, your rates may be higher.
Coverage options: The more coverage options you select, the higher your insurance rates may be. For example, if you choose collision or comprehensive coverage, your rates will likely be higher than if you only choose liability coverage.
Deductibles: The higher your deductible, the lower your insurance rates may be. However, you will be responsible for paying more out of pocket if you need to file a claim.
How to get cheap insurance for bike in canada in Ontario
There are various ways to reduce the cost of motorcycle insurance, and it doesn’t have to be as expensive as it may seem. Apart from requesting a discount from your insurer, below are ten strategies to help lower your premium:
Always try to Compare rates from multiple providers
Although the cost of motorcycle insurance varies for each rider, the same rider can receive varying premiums from different providers. For instance, one insurance company may offer you an annual premium of $2,000, while another may provide a lower premium of just $1,500, saving you $500. Comparing rates from multiple insurance providers can help you secure the best deal in the market for insuring your bike.
Increase your deductible and decrease your coverage
Raising the deductible on your motorcycle insurance policy is another effective approach to obtain cheaper insurance in Ontario. Setting a higher deductible amount for comprehensive and collision insurance can result in lower premiums. Nevertheless, if your deductible covers more risks, insurers won’t payout as much money or claims. So, you should assess the possibility of financing damages out-of-pocket before deciding on a high deductible.
Lowering the coverage amount on your policy is an alternative to reduce the cost of your motorcycle insurance. However, you should consider the pros and cons of this option. For example, removing comprehensive insurance from your policy might save you over a hundred dollars, but given that motorcycles are highly susceptible to theft, it may not be a wise decision.
Join a motorcycle riding club
Being a member of a recognized motorcycle riders club may qualify you for an extra discount on your insurance, depending on the insurer’s policy. Additionally, some insurance providers extend discounts to members of specific professional or alumni organizations. If you believe you meet the criteria, it’s worth asking your insurance broker for more information since every insurance company recognizes different groups.
Take a motorcycle training course
Enrolling in a motorcycle training course not only enhances your riding skills but can also help you qualify for a discounted insurance rate. This applies not just to new riders who can take the M1 exit course, but also to seasoned riders who can participate in additional training programs. However, the course must be on the approved list of motorcycle courses by the Ministry of Ontario.
Get your M2 and M licence
Acquiring a higher class of motorcycle license can significantly reduce your insurance premium. Obtaining your M2 license within 60 to 90 days after receiving your M1 license demonstrates to your insurance provider that you’re an experienced rider, which can lead to a lower rate. Furthermore, certain insurers may not provide coverage to individuals with an M1 license, so graduating to the next class expands your insurance options.
Upon completing 22 months (or 18 months with a recognized motorcycle safety course), you can take a road test to obtain your M license. Once you pass the test and become fully licensed, you’ll be viewed as a lower-risk rider by insurers, leading to a further reduction in your motorcycle insurance premiums.
Bundle your auto and home insurance policy
Insurance providers often offer discounts when you purchase coverage for multiple vehicles under the same policy. If you own another motorcycle or drive a car, you may qualify for a loyalty discount by consolidating your coverage with a single provider.
In addition to consolidating multiple auto insurance policies, you can also qualify for a discount by bundling your motorcycle insurance with your home insurance. Wawanesa Insurance offers a discount of up to 50% on your motorcycle insurance premium when you select them as your provider for your car, home, and motorcycle.
Choose the right bike
Insurance rates for motorcycles vary based on the model of the bike. Similar to sports cars, sports bikes are generally more expensive to insure due to their design for agility and speed. In fact, some insurers may not offer coverage for these bikes to young and inexperienced riders.
Insurance companies also take into account the engine capacity of your motorcycle, which is measured in cubic centimeters (CC). Bikes with a larger capacity, typically over 650 CC, often lead to higher premiums. To save money on insurance, you may want to consider purchasing a bike with a smaller engine capacity. You can also get a motorcycle insurance quote for a specific model before buying it to ensure that the coverage is affordable.
Install an anti-theft device
Adding an anti-theft device to your motorcycle could also lead to a policy discount from certain insurers. TD Insurance is an example of a company that offers reduced rates to riders who have an approved alarm system installed by a professional. In addition to saving money on insurance, having an anti-theft device can also provide a sense of security by reducing the chances of theft.
Keep a good driving record
Your driving record is also a factor that insurers consider when calculating your motorcycle insurance premium. If you have a clean driving history, your coverage will likely be cheaper since it indicates that you’re a responsible driver who is less likely to make a claim in the future. However, depending on the insurance provider, any driving tickets, accidents, or convictions from operating a car may also affect the cost of your motorcycle insurance.
Pay annual premiums on time
You can often save money by paying your motorcycle insurance premium annually instead of monthly. While you may not use your motorcycle year-round, it’s still recommended to maintain coverage throughout the year as most policies are designed for seasonal vehicles. Cancelling your policy may not result in a refund, and some insurers view lapses in coverage unfavorably, which could lead to higher rates down the line.
FAQ’s: Cheap Insurance for Bike in Canada, Best Price
Best motorcycle insurance canada?
Best motorcycle insurance in Canada, including Allstate, Aviva, TD Insurance, State Farm, and Intact Insurance, among others. It’s important to compare quotes and coverage options from different providers to find the one that best fits your needs and budget. Additionally, consider factors such as customer service, claims process, and reputation when choosing an insurance provider.