How to Insure Your Motorcycle on a Shoestring Budget

How to Insure Your Motorcycle on a Shoestring Budget

The Ontario law requires all motorbike owners to insure their bikes. Since motorists have the highest injury rate per mile traveled, the insurance cost can be relatively high. In today’s world, everyone is looking for ways to cut costs, even in insurance premiums, without compromising coverage. There are various measures that you can take to reduce the cost of motorcycle insurance in Ontario. Read on to gain more insights.

Why Motorcycle Insurance Is Important

Motorbikes are very fun to ride, considering the cheaper gas price. However, they are prone to accidents, and you, therefore, need insurance coverage to protect yourself against loss. Irrespective of how careful you are, everyone makes mistakes. When you get involves in a motorbike accident, the bills can pile up, and you might even need additional treatment beyond a hospital visit. When insured, the insurer will cover most if not all the medical bills. Also, if someone else gets injured due to your mistakes, you will need to compensate them. With the right insurance cover, such responsibilities lie in the hands of the insurer.

Additionally, if your motorbike destroys other people’s property in case of an accident, the liability coverage will help you pay the incurred repair or replacement cost. Other times, your motorbike can break down when you least expect it. The insurance company will help repair. Once insured, you will remain a legal bike operator since it’s a law requirement in Ontario. Insurance also offers you protection in the event of bike theft.

The amount of money you will pay for insurance will depend on your level of exposure to risks. A motorcycle insurance quote in Ontario appears relatively higher compared to that of other automobiles. It’s because motorbikes are more likely to cause severe injury due to high speed and less personal protection. Motorbike accidents can cause five times more deaths than an automobile. In Canada, the average cost of motorbike insurance is about $700, but it tends to be higher in Ontario, considering the region’s high population that contributes to more accidents.

Various things affect the insurance rates. A younger person can pay more premiums than an older person. With age, an individual gains experience and become more responsible, reducing accident risks. Also, the more powerful and expensive your motorbike is, the more premium you pay. If you have an MI license, you will need to pay more for a sports bike. Urban residents or those who reside in accident-prone areas will pay higher premiums as well.

Given the low motorbike purchase cost, the high insurance rates come as a surprise to many. Although motorcycle insurance is a necessity, it shouldn’t drain your budget. It’s possible to reduce the pricey premiums to a manageable amount. Here is your answer on how to get cheap motorcycle insurance in Ontario.

Choose a Preferred Model

Insurance companies charge premiums based on how risky each bike seems to be. For instance, did you know that insurance companies have preferred bike lists!? There are thousands of bikes which are considered “preferred models”. This includes cruisers, touring, and roadster bikes. However, when you start looking at bikes meant for speed like sportbikes or sport touring bikes these tend to be more expensive for obvious reasons. Sticking to motorcycles which are made for responsible riding will encourage more affordable rates, especially for newer riders.

Modifications aimed at increasing your bike’s performance or those that add value will push up the premiums. The motorcycle becomes more attractive to thieves and very expensive to repair or replace.

Get Advanced Rider Qualifications

If you show commitment to furthering your motorcycle riding capabilities, you might acquire cheap motorcycle insurance. Insurance companies deem people with advanced skills less of a risk. You might enjoy a discount for extra experience. Even if you fail to get an offer, you will become a better rider, which will help maintain a good riding history that will benefit you in the future.

Paying your insurance every year is way cheaper than monthly installments. Monthly payments may attract some interest and other finance arrangement fees. The best way to get more affordable motorcycle insurance is by paying the premium in a lump sum.

Increase Your Deductible

When you have a lower deductible, the insurance company will have to cover a larger amount of the claim, and are concerned they will have more claims for smaller amounts, as such they are thus likely to ask for higher premiums. On the other hand, if you increase the deductible you are prepared to pay from your pocket, you can expect cheaper premiums. Be careful and ensure that you set an amount that you can comfortably afford.

Enhance Your Bike’s Security

Investing in motorbike features that deter thieves will help lower your premiums. Fit an alarm if the bike doesn’t have one, include locks, tracker, padlock, and chains. It’s also essential that you pack the bike somewhere safe in a garage or shed. It reduces the risk of your bike being stolen or damaged, which can significantly lower insurance costs.

Choose the Right Cover Type

You should have background knowledge of the available type of motorbike insurance covers to make a better decision. Comprehensive coverage offers more protection than the third-party. If your bike is old with a lower value, it may be recommended that you forego physical damage protection as the bike may hold less value and the premiums to insure it. Always confirm with your insurer since it doesn’t always mean that the policy with lower covers costs less. For instance, some companies associate the third party option with young and inexperienced more likely to have an incident. As a result, they charge higher premiums for this cover compared to the comprehensive. Be aware of the type of policy you require for your bike to ensure that you only pay for what you need. Don’t over-insure or under insure. A broker can help find a customized policy best for your needs.

Shop Around for Better Deals

Don’t assume that your current insurer is the best. Instead, compare quotes from different companies to get cheap motorcycle insurance available. Get at least three providers and pick the best deal possible. Choose companies that offer the best discounts and promotional offers.

Limit your Mileage

The longer the distance you cover with your bike, the higher the chances of getting involved in an accident. For this reason, insurance companies offer cheaper premiums for people who ride shorter distances. It can be challenging for most people who use their bikes for commuting purposes to limit the miles covered. However, it’s a good idea that you track and record the exact distance covered rather than an estimated figure. This way, you won’t pay for more than you need to.

Consider repairing some minor things like cracks on your bike and avoid filing for such claims. One best way to obtain a cheaper Ontario motorcycle insurance is by taking advantage of the claim discount. You can achieve this if you maintain a claim-free record for some years.

As mentioned earlier, insurance companies tend to charge more for young and inexperienced riders. So consider this when adding a younger member of your household to the policy. If you don’t believe they will utilize the bike or its use, it might be best to have them excluded from operating it and being charged additional premium. Also, if you don’t plan to carry a passenger on your bike, let your insurer know this; it may be eligible for a discount with specific companies.

Maintain a Clean Driving Record

One main factor that insurers consider while calculating premiums is the rider’s history. They will look for any claims or conviction records that you have had for the past five years. Even if you made claims that weren’t your fault, you would risk higher premiums. On the other hand, if you have a clean record, you will enjoy good driving discounts that translate to cheaper premiums.


Motorbike insurance can be a bit expensive if you ride luxurious models. Yet, most people aren’t willing to sacrifice the fun associated with these fancy bikes. Still, you can make savings elsewhere as outlined above. Sometimes investing in some modification projects, like adding security features, may seem like an added cost, but they will help you bargain for cheaper insurance in the future. Hopefully, the above guide will help you get the most affordable motorcycle insurance in Ontario.