In Canada, we love our motorcycles, probably because we have such a short window to get out there and ride. We see it every year, as soon as the snow melts, people are out on their bikes. With such little time to ride you have to take advantage of every sunny day. With the season being short, you don’t have time to waste on searching for motorcycle insurance. Our Advisors will shop up to 10 of Canada’s best carriers to make sure you get the best value. Owning a motorcycle is also investing in a lifestyle, you gain a world full of other enthusiasts - meeting new people with a common interest- who enjoy talking about bikes and cruising around town.
Motorcycles can be a lot cheaper than cars - cheaper to buy and much cheaper to maintain. They are twice as fuel-efficient as cars simply because they are a smaller vehicle than a car and most motorcycles are more eco-friendly as well; requiring fewer production resources and less fuel. Motorcycles retain their value better than cars and are easier to resell. Motorcycles are much lighter in weight than cars, so they can accelerate faster than cars do on average.
Motorcycle Insurance in Canada
Yes, you can own a motorcycle and an insurance policy for it without a license. However, you cannot legally drive a motorcycle in any province without a license.
This really can differ by the driver, by city and province. However, if you are over the age of 25 with a good driving record, this usually qualifies for good prices. Connect with one of our Surex Advisors today for a quick quote on your motorcycle insurance.
Motorcycle insurance is important, in Canada, motorcycle owners must have insurance by law. Bodily injury and property damage insurance protects you against claims filed by other parties in the event of an accident caused by you. If you live in a province with mandatory motorcycle insurance laws, the operation of a motorcycle without the minimum insurance coverage is a violation of the law.
Typically, a motorcycle insurance policy consists of several components:
Loss or Damage Coverage: This covers your bike if it is damaged in an accident and protects you against other risks such as theft, fire and vandalism to name a few.
Third-Party Liability: This covers if you've caused damage to a third party's property or to their personal wellbeing. There is a required minimum amount required by provincial laws (ie. 200K in Ontario) but is recommended to have 1-2 million.
Accident Benefits: This covers if you and your passenger were to be injured in an accident
Hit and run coverage: This is actually a mandatory coverage that not everyone has. This covers you if an at-fault driver leaves the scene of an accident or is uninsured.
A standard motorcycle insurance policy typically includes third-party liability, accident benefits and uninsured automobile coverage.
Have Questions? We've got answers:
Yes, the type of motorcycle you are trying to insure does affect your insurance rate - typically the more expensive the bike, the higher your costs will be. Some insurance companies even have specific motorcycle insurance coverages for the type of bike you have. Most companies are happy to insure certain bikes such as: your standard, cruiser and touring bikes, while some may be more hesitant to insure sports motorcycles (under particular conditions).
Motorcycle insurance coverages can differ in each province, so it's always good to double-check with your insurance advisor as to what you need to properly protect you, your passengers and your bike while riding. The mandatory motorcycle insurance coverage typically covers these things:
- Third-Party Liability: This protects you if you're sued, or threatened of being sued, for a physical injury or damage to property resulting from a vehicle accident.
- Direct Compensation: This protects against any damage to your motorcycle and to property it is carrying when another motorist is responsible. You will deal with your own insurance company directly (making a claim and collecting money), regardless of who is at fault, resulting in zero wait time for a third-party decision.
- Uninsured Automobile: This will cover any damages to your bike or medical costs if you are involved in an accident with an uninsured driver.
- Accident Benefits: This will provide coverage to you and your family if you are injured or killed in a motorcycle accident. You can purchase optional benefits to increase the coverage so the insured will be entitled to more than the basic level of accident benefits.
If you feel you need more insurance coverage for your motorcycle than what the standard policy offers, you do have some options to choose from for more enhanced protection:
- Collision or Upset Coverage: This covers any damage to your motorcycle caused by a collision with another vehicle or an object (i.e. a light standard or a guardrail).
- Comprehensive Coverage: This covers all other insured damages caused to your motorcycle outside of what collision or 'upset' coverage does.
- All Perils Coverage: This coverage is a combination of both collision and upset as well as having increased theft protection, therefore making it the broadest level of coverage.
- Specified Perils Coverage: This coverage protects your motorcycle from certain risks such as: fire, floods, hail or theft.
You can always talk to your dedicated insurance advisor to discuss what options you wanted to add to your current motorcycle insurance coverage.
Motorcycles offer limited body protection to riders: Whether you protect yourself with the required gears and even helmet, you are still exposed more to injuries, even minor ones. For instance, a collision involving a motorcycle and a vehicle can be fatal for the rider and cause zero harm to the vehicle’s driver.
High speed: Most motorcycles accelerate quickly. In case of an accident, these end up causing more significant injuries (and higher likeliness of fatality) compared to speeding motor vehicles involved in an accident
High rates of accidents: Ontario motorcyclists are 3 times more likely to be injured in a collision, 10 times more likely to sustain fatal injuries and 5 times more likely to succumb from accidents compared to other automobile drivers.
- Age and gender- Insurance companies may use age and gender as a caveat for setting motorcycle insurance premiums. For instance, older riders or women are assumed to be more responsible than young or male riders.
- Location- Persons located in urban areas pay up more than those in remote areas. With urban areas comes lots of cars and human activity, increasing the chances of accidents from occurring. Also, if you live in a place with a dangerous landscape, then you might remit more premiums. Similarly, high cases of theft can often translate to higher premiums for comprehensive coverage on motorcycle policies.
- Type of motorcycle- What is the make, model and age of your motorcycle? You may not have given this a thought while making a purchase. For instance, persons who own a scooter will pay fewer insurance premiums compared to those who own expensive motorcycles with large engines.
- Coverage- Your motorcycle insurance coverage ultimately affects the cost of your insurance. In Ontario, third-party liability, statutory accident benefits, uninsured auto-mobile and direct compensation for property damage coverage are mandatory. You could opt for optional insurance coverage such as increased accident benefits, comprehensive, higher third-party coverage and specified perils coverage. All these cause a variance in your motorcycle insurance cost.
- Driving record- How many accident claims have you made in the past? If you have a history of many claims especially involving violations and at-fault accidents, then you are high risk to insure. To safeguard themselves, your insurer will charge you more. And if your record is significantly poor, then no traditional insurer will be willing to sell a policy.
- Your commute- How much time do you spend on the road with your motorcycle? If you only use your motorcycle a few days monthly, then your rates will not be at par with a person who uses the motorcycle daily.
- Insurance company- Motorcycle insurance is expensive in Ontario. But that does not mean that all insurers charge the same rates. As such, you could find a significant variance in the cost of motorcycle insurance among different insurers.
- Deductible amount- Choosing a higher deductible will lower your premium rates. However, it may not be very wise especially if you are at more risk of causing or being involved in an accident.
- Complete a rider-training course- While this may cost you approximately $250- $500, you not only become a safe rider but also help you save insurance money in the long run. Also, some insurance companies may refuse to insure you if you have not completed one of the rider training courses.
- Follow the rules- Careless accidents, speeding tickets and other road violations will only hike up your insurance fees. And no insurance company wants to insure a high-risk person. Remember, riding safely not only reduces the cost of your motorcycle insurance but also reduces the chances of being involved in accidents, some of which can be fatal.
- Match your motorcycle to your needs- If you only need a motorcycle to run errands or go to school, then getting a high-end one may not be wise after all. Expensive motorcycles are costly to insure. Motorbikes with high horsepower are more dangerous hence fetch higher insurance rates. Also, some insurance companies don’t even provide coverage for supersport bikes.
- Bundle your insurance policies- Insurance bundling is one clever way to reduce the cost of your policies since they attract high discounts. However, always ensure that the price matches the coverage provided.
- A higher deductible- A higher deductible means remitting lower premiums. However, in the event of an accident, you will pay more out of pocket. If you are high risk, opting for a higher deductible may not be a wise decision.
- Do not cancel your insurance- Whether you are not planning to use your motorcycle for a few months, or even during winter, do not cancel your insurance just yet. This will cost you more if you need new coverage later. Only cancel your insurance when quitting riding.
- Shop around for quotes- While motorcycle insurance rates in Ontario are incredibly high, they vary with different insurance providers. As such, always shop around, compare the policy rates and the insurance provisions.
Here are few reasons why motorcycles are so popular and why so many people are turning to this as their secondary mode of transportation during the summer months!
- Motorcycles are an extremely convenient transport option, especially for short distances. They are small, so easier to park and fit in tight spaces, as well as to store away for the winter.
- Motorcycles are interestingly more involved than driving a car - you use a lot more force than you would from simply turning the wheel and since you have less around you on a bike, it adds to the thrill of riding. You feel the breeze hitting you as you ride, giving you a sense of freedom that you don't get from sitting behind the wheel of a car.
- Motorcycles have great customization options, letting you personalize your bike and leaving no two bikes the same! You can also get matching gear to wear as you ride your bike, from a unique helmet to a specialized pair of gloves! All these things you can't do with a car and makes the experience of riding that much more fun!
- Motorcycles can be cheaper than cars to buy, maintain and use. They are fuel-efficient and it takes very little time to perform routine maintenance to keep your bike in top-notch condition. All these things together ultimately makes it an affordable hobby and/or form of transportation.
- Motorcycles are not just bikes, they are a lifestyle. Once you choose to own a bike, you are also joining an exclusive club, a club where you can meet other enthusiasts who like to talk about their bikes and share their riding experiences. Either in-person or online, you can always find a community of people who share your common interest! You are investing in a way of life that can add to your overall experience!
So, if you are seriously considering getting a motorcycle for the summer, talk to one of our dedicated insurance advisors today! They can help get you on the road faster and make sure you have the right motorcycle insurance.