How Much is Motorcycle Insurance in Ontario?
Owning a motorcycle can be a thrill. It comes with a lot of freedom and a sense of adventure, but also plenty of responsibility. One of those responsibilities is to have motorcycle insurance, which is a legal requirement across Canada.
These insurance costs can vary greatly depending on several factors. Here we’ll look at the price range you can be expected to pay, while also giving you plenty of valuable information. Read on to find out more about the cost of motorcycle insurance in Ontario.
How Much is Motorcycle Insurance in Ontario?
As with car insurance, the cost of motorcycle insurance can vary wildly. Many factors affect this, with the most significant one being age. Some riders can pay under $1,000, while others may be expected to pay over $5,000. The average cost sits somewhere between these figures, at around $2,500.
Motorcycle Insurance in Ontario by Age
As expected, younger people have to pay more for their motorcycles. With their lack of experience, they are seen as a greater risk. Riders under 25 can expect to pay at least $2,500 per year, which can be significantly higher for some.
Once you pass 25, rates can start to come down. In the 25-30 bracket, you can expect to pay $1,800 to $3,000 for a standard motorcycle. By the time you get into your thirties, this can be expected to drop to $1,500 to $2,500. Riders over 40 will enjoy the lowest rates, as you can expect it to range from $1,000 to $2,000.
Cost of Motorcycle Insurance vs. Drivers Insurance
The cost of these two types of insurance is quite similar. Motorcycles are often of lower value and have lower repair costs. However, this can be counteracted by higher accident rates, lack of protection, and theft risk.
It’s due to these reasons that motorcycle insurance can often be more expensive. However, it can be hard to compare due to the other factors that come into play. Let’s take a closer look at what they are.
Related Article: https://www.rjins.com/resources/our-blog/how-much-is-drivers-insurance-in-ontario/
Factors That Affect Motorcycle Insurance Rates in Ontario
While being the most significant, age is just one of many factors that go into your motorcycle insurance quote.
Experience – Age doesn’t always equal experience. If you are over 25 but have never had a vehicle before, you can expect your premiums to be much higher than a 25-year-old who has been driving for several years.
Type of Motorcycle – The more expensive and faster your bike, the more expensive it will be to insure. You generally get the lowest quotes with the likes of cruisers or touring motorcycles which are moderately priced.
Location – If you live in a more urban area such as Toronto or Ottawa, you can expect to pay more. That’s because in these areas there is an increased chance of theft, vandalism, and accidents. Rural areas will get you cheaper premiums.
Driving History – For the lowest premiums, you’ll need to display a clean record with no accidents or traffic violations. If your driving record is littered with indiscretions, then this will greatly increase the cost of your premium.
Type of Coverage – While you can get the mandatory basic coverage, you can pay more for more protection. The likes of comprehensive or collision insurance will add to your premium but it does provide you with a lot more security.
Other Factors – There are many other factors that can affect your premium, but not as much. These include gender (higher for males), riding habits, deductibles, credit score, marital status, customizations, and discounts.
How to Save on Motorcycle Insurance in Ontario
There’s nothing you can do about your age, but there are many ways you can get a great quote for your motorcycle insurance.
Shop Around – The biggest thing to do is shop around. Rates can vary from one provider to the next and therefore you should never take the first quote. An insurance broker works with multiple providers to find you the cheapest quote.
Choose Your Motorcycle Wisely – If you haven’t got a motorcycle yet, choose one which is going to be cheap to insure. This means moderate prices, a good safety record, and not having a powerful engine.
Take a Motorcycle Safety Course – Safety courses can sometimes lead to discounts. Even if they don’t, it will give you some valuable insights and allow you to keep a clean record.
Bundle Your Insurance – See if you can bundle your motorcycle insurance with another type, such as car or home insurance. Many insurers will give you a lower overall cost if you do this with them.
Consider Higher Deductibles – Choosing a higher deductible will mean a lower premium. However, you need to make sure this is something you can comfortably pay if you do have an accident.
Final Thoughts
Motorcycle insurance in Ontario is mandatory and, on average, will cost around $2,500 per year. But as we’ve seen, the exact amount you pay will depend on a wide range of factors. The only surefire way of knowing for sure is by getting a quote.
By understanding the factors above, you can take steps to get the lowest possible premium. If you’re looking for a motorcycle insurance quote, then contact Ron Johnston Insurance today. We’ll be happy to guide you through the process and answer any questions you may have.