Whether you’re in a car, motorcycle, or any other type of vehicle, you legally need to pay insurance to use the roads in Canada. Riding a motorcycle comes with a lot of freedom, but also responsibilities too, including having it insured.
Knowing how much motorcycle insurance costs in Canada can be tricky, as many factors go into it. Here we’ll look at those factors while giving you some figures on how much you can be expected to pay. Let’s take a look!
How Much Does Motorcycle Insurance Cost in Canada?
The average cost to insure a motorcycle in Canada is around $2,500 per year, with most people paying in the range of $1,500 to $3,500 per year. That wide range is because many different factors go into your insurance cost.
In general, young riders will pay at the higher end of the scale and older riders will get it a little cheaper. Riders under the age of 25 may have to pay $4,500 or more for their coverage. After 25, premiums start to reduce noticeably but will still be high.
Riders over 50 will enjoy the lowest premiums, with some able to get insurance under the $1,000 per year mark. However, motorcycle insurance costs aren’t just about age. Due to this, it’s a good idea to know what factors affect the cost of motorcycle insurance so you can have more clarity.
The only way to know for sure how much you’ll pay is by getting a quote. This will be based on your individual circumstances, but different insurers will charge different premiums. Due to this, it’s a great idea to shop around or use a broker to do the hard work for you.
Factors Affecting Motorcycle Insurance Costs
As we’ve mentioned, age usually plays the most significant role in determining motorcycle insurance premiums. That’s because insurers generally trust that more experienced riders will be safer. However, here are some other key factors they’ll consider.
Type of Motorcycle – In general, the higher the performance and cost of the bike, the more you’ll pay. The likes of sports bikes tend to attract the highest premiums as they are associated with greater risk. On the other hand, cruisers and touring bikes are often seen as safer and more stable.
Experience and Riding History – Age doesn’t always equal experience. An older rider who has just got their first bike will pay more than someone of the same age who has been driving for several years. A clean driving record is also hugely important for cheaper premiums as those with a history of traffic violations or accidents will pay more.
Location – Where you live will also impact your premiums. Living in more crowded cities such as Ottawa and Toronto will cost more due to a higher risk of accidents and theft. Those in more rural areas will tend to pay a little less.
Usage and Mileage – What you use your bike for and how you use it will have an impact. If it’s just for occasional leisure rides, you won’t need to pay as much. If used for transportation, this will come with more liability and mileage, and therefore extra costs.
Coverage Options – There are different levels of coverage you can choose from. You can get a basic liability plan, but this won’t cover you for everything. The likes of comprehensive coverage offer much more protection but will be more expensive.
Other Factors – There are a few lesser-important factors that can affect your premium such as marital status, gender, and occupation. Men are statistically more likely to engage in risky behavior, as are those who are single.
How to Lower Your Motorcycle Insurance Costs
While you can’t change your age or driving experience, there are still ways you can get cheaper motorcycle insurance.
1. Get Multiple Quotes
As we mentioned above, you shouldn’t go with the first premium you’re offered. Make sure to get multiple quotes. You can do this by searching through different insurers. Alternatively, an insurance broker will have access to multiple insurers and can find the best quote for you.
2. Complete a Motorcycle Safety Course
Some insurers will give you discounts if you have completed a safety course. It will show your responsibility and show you’re a lower risk. Even if they don’t reduce your premium, doing such a course can provide valuable tips and help you avoid accidents and tickets.
3. Bundle Your Insurance Policies
Many insurers will offer you discounts if you are able to bundle your motorcycle insurance policy with another form of insurance, such as home or auto. This can help to reduce the combined cost of your insurance policies.
4. Increase Your Deductible
The deductible is how much you pay out of pocket before the policy is enacted. A higher deductible will lower your monthly premium. However, it’s always vital to ensure the deductible is low enough that you can still afford to pay it if you need to.
5. Use Small and Stable Motorcycles
Motorcycles in good condition with small engines are going to be the cheapest to insure. Also, new and expensive motorcycles are going to be pricier. If you’re concerned about cost, make sure you choose an appropriate motorcycle.
Final Thoughts
How much does motorcycle insurance cost in Canada? As we’ve seen, the answer can vary greatly. The average cost is around $2,500 but some will pay much more, and some much less depending on their circumstances.
If you’re interested in motorcycle insurance, then make sure to get a quote to see exactly how much you’ll need to pay. Contact Buckler Insurance today and we’ll be happy to find motorcycle insurance that fits your budget and circumstances.
