In Ontario, motorcycle collisions are likely to cause ten times more severe injuries than other vehicle types. The standard motorcycle insurance covers you for things that often happen on the road, like accidents and claims against you due to your bike's damages. The amount you pay will depend on the level of risk exposure. Luckily, you can use various simple tips to save on motorcycle insurance to reduce your premiums without compromising the coverage you need. Keep reading to learn more.
What Is Motorcycle Insurance?
It's an insurance coverage taken to financially protect a motorbike owner from costs that may arise relating to the bike. The insurance coverage pays to repair or replace the motorbike in case of an accident or theft. Others will even cover legal liability against injuries or property damage to other people. The average motorcycle insurance cost in Ontario and across Canada is around $700 annually.
Can You Save Money on Motorcycle Insurance?
Although motorcycle insurance in Canada is mandatory, there are a few things that you can do to keep the cost down. Some simple adjustments that you can make, yet unknown to many. It is essential first to understand how the insurance company determines the rates to guide you in making the necessary adjustments. If a 20 year old wants to get first time motorcycle insurance in Ontario, they will pay more than a 50-year-old. It is because older people seem more responsible and are less likely to damage the bike.
If you have the latest motorcycle, you will pay more than an older model. Those who reside in high crime or accidents prone areas will pay more. Urban dwellers pay more than rural residents, so Ontario's average motorcycle insurance cost is higher in its cities. And if you work on a construction site and park your bike in the open, you will have to pay more due to the bike damage risks.
Motorcycle Insurance Money Saving Tips
Now that you know what companies you will look at while preparing a free motorcycle insurance quote, here are some tips to help you get a good deal.
Choose the Right Bike
Expect to pay more for sports, touring, and cruiser bikes. Such models are super-fast and agile, increasing high-speed collision risks. It is good to go for smaller, older motorbikes with a less powerful engine to get the best motorcycle insurance rates in Ontario. Such bikes have less potential to cause injury to others and are also cheaper to repair or replace. Also, older models are less likely to get stolen.
Anytime you want to upgrade your bike, call your insurer and confirm whether it will cost more than your previous model. Be a little bit conservative with the bike models, especially if you are a first-timer since you will need a bit of riding experience to handle the big models safely.
Improve Bike Security
You will get a lower motorcycle insurance estimate price if you add some safety features like locks, alarms, chains, and trackers. It lowers the risk of theft, and insurers even offer discounts for this. Additionally, store the bike safely in a garage, where people cannot interfere with it to prevent damage.
Train and Educate Yourself
For first-time motorcycle insurance in Ontario, you must research different insurance. It will guide you in picking the right policy. Previously, third-party insurance had cheaper premiums that attracted younger riders. However, such people are more likely to cause accidents, and insurers now associate the cover with people who are more likely to claim. In most cases, the third-party cover seems quite expensive compared to the fully comprehensive. Educating yourself will ensure that you pay for the covers that you need.
Additionally, consider taking a motorcycle safety class. You will know how to operate the bike safely in various situations. Upon course completion, you will receive a certificate that you can present to your insurers. You will enjoy lower premiums since the insurance companies consider trained people better equipped to handle road dangers. It's good to confirm whether the insurance company offers discounts for people with advanced motorcycle courses.
Compare Prices
Insurance premiums vary from one company to another, even in the same region. Therefore, shop around and compare quotes to get the best motorcycle insurance rates in Ontario. Look for companies that offer discounts at a particular time of the day, month, or when you purchase online. Take advantage of offers to save more on prices. Do not auto-renew your policy. You might miss out on better deals. At the end of the agreed-upon period, do your research to see whether you can get a cheaper insurer or one with better deals.
Lower Your Annual Mileage
Keep an eye on the number of miles you ride your bike to lower insurance costs. The less time you spend on the road, the lower the risks. People who ride their bikes during the weekend or holidays should include this information when filling out the form to get a lower quote.
Raise Your Deductibles
It's the amount of money you pay when you claim before the insurer covers the remainder. Higher deductibles attract lower premiums. However, choose an amount that you can afford to pay out of your pocket in case of an accident.
Pay Annually
Paying your insurance in full is way cheaper than paying each month. You will enjoy a significant discount while at the same time avoid interest and other fees.
Ride Within Your Country
If you inform your insurer that you plan to visit other countries with your motorcycle, you will pay more premiums. It covers the costs associated with poorly surfaced roads in other regions. You might also need to pay more if you need to cross over to another country with your bike on the ferry. It would be best to enjoy biking holidays in your home country to save on insurance.
Keep Your Driving Record Clean
In insurance, all records count. Every company will verify all your driving history before determining your premiums. All accidents and traffic violations that you have had with any automobiles will affect the policy. The cleaner your driving record is, the less the premiums you will pay.
Bundle Your Policies
Check whether your insurer can also cover your other vehicles and house. Purchasing multiple policies from a single company will earn you bundle discounts.
Avoid Adding Young Drivers
It's also vital that you consider who rides your bike. Younger and less experienced riders are more likely to get into an accident, so insurers charge more premiums. You still need to be honest with the type of rider using your bike to avoid fronting which can cause claim rejection. Pair the young ones with an experienced rider to cut on cost.
Build on the No-claim Bonus
Any claim you make will cost you extra on your policy. Thus, if your bike sustains minor damages that you can fix, it would be best that you handle it on your own rather than filling a claim form. If you maintain claim-free years, you will benefit from lower premiums.
Opt for Multi-bike Coverage
If you have various bikes that you want to insure, consider a multiple motorcycle cover. It's way cheaper rather than insuring each motorcycle separately. However, if you have more riders for each bike, it increases the risks, so you might need to reconsider this option.
Avoid Bike Modifications
Bikes with too many modifications usually attract higher premiums. It makes the bike more attractive to thieves, and it may also require expensive repairs or replacements. Performance-related improvements can also increase your chances of getting into an accident.
Conclusion
There is no point in paying high motorcycle insurance premiums in one company while another offers the same service at a lower price. Therefore take time to shop around to ensure that you get the best available deal and adjust your riding habits. However, it's not always about the price, so choose an insurer who can meet all your needs.