While cars require an insurance policy to legally operate on Canada’s roadways, there are plenty of other vehicle types out that also need their own coverage before they can be taken out and operated, and that includes motorcycles.
If you currently own a motorcycle or are considering purchasing one, you’ll need motorcycle insurance. The question is, where’s the best place to get it?
What Does Motorcycle Insurance Cover?
Motorcycle insurance provides coverage in the event of a motorcycle accident, loss, theft, or damage to your motorcycle. More specifically, this policy covers the following:
- Third-party liability. Provides protection in the event of an accident that results in damage or loss to another individual when you are at fault.
- Accident benefits. Protects you if you are injured in a motorcycle accident, no matter who was the cause.
- Uninsured automobile coverage. Provides protection in the event of death or injury caused by an uninsured driver or by a hit-and-run.
- Direct compensation property damage. Covers damage to your motorcycle from a collision in which you are not at fault or are only partially to blame.
Additional Coverage Options
If you wish to have additional coverage that a standard motorcycle policy does not offer, you may want to top up your policy with additional coverage, including the following:
All Perils
Covers all causes of loss with the exception of those directly excluded in your policy. All perils can also provide coverage for loss or damage if your motorcycle is stolen or damaged by an additional driver.
Collision
Covers the cost to repair or replace your motorcycle if it is damaged as a result of a collision or impact by an object on the ground other than another vehicle, such as a lamp post, street sign, or guard rail.
Comprehensive
Covers the cost of repairing or replacing your motorcycle if it’s damaged by other unforeseen situations, such as falling objects, fire, vandalism, theft, natural disaster, or riot.
Specified Perils
Covers specific perils that are specifically listed in your policy, such as fire, lightning, hail, earthquake, and theft.
Roadside Assistance
If you’re ever stranded on the side of the road and need help, a roadside assistance policy will cover the cost of things like a tow truck, change of tire, or gas.
Features To Look For In Your Motorcycle Insurance
When comparison shopping for a motorcycle insurance policy, look for the following features:
Helmet And Riding Gear Coverage
Covers the cost of replacing your motorcycle apparel, including safety gear like your helmet.
Personal Effects Coverage
Covers personal effects that you carry on or in your motorcycle.
Temporary Replacement Bike
Covers the cost of a rental motorcycle, which can come in handy if you depend on your bike to commute.
Keys And Locks
Provides financial compensation to re-key or re-code the locks on your bike if someone steals your keys.
New Replacement
Provides a new equivalent replacement if your motorcycle is relatively new and is written off after an insured incident.
Agreed Or Market Value
Offers agreed value as an option if the market value of your motorcycle is not a fair or accurate reflection of its actual worth.
Flexible Deductible
Allows you to customize your costs by determining your deductible size.
Factors That Affect The Cost Of Motorcycle Insurance
The cost of a motorcycle insurance policy will vary from one person to another. That said, the average cost of motorcycle insurance in Canada is approximately $700 a year. Usually, this type of insurance policy costs more during the first year and may taper off somewhat in subsequent years, depending on other factors, including the following:
- Make, type, and model of your motorcycle
- Number of kilometres you drive
- Where the motorcycle is stored
- Engine capacity of the motorcycle
- Motorcycle modifications
- Your experience as a motorcycle driver
- Your claims history
- Your driving record
- Your age
- Where you live
- License class held (ie. M1, M2, M, in Ontario)
- Level of coverage
Motorcycle Insurance FAQs
Is it worth insuring my motorcycle in the winter?
How much should my deductible be?
How can I get cheaper motorcycle insurance?
- Comparison shop. It will be worth your time and effort to compare different rates with different insurance providers, which you can do quickly and easily with an online aggregator.
- Increase deductibles. As mentioned, increasing your deductible can reduce your premiums.
- Bundle policies. If you have other insurance needs, consider bundling your policies with one insurance company.
- Take a motorcycle training course. Most insurance providers offer discounted rates to those who have taken the proper training course to ensure safer driving.
Looking for more savings? Find out how to save on your car insurance.
Final Thoughts
If you want to take your motorcycle out on the road, you’ll need an insurance policy to ensure that you’re covered and following the law. But before you take out a policy, make sure you do a little comparison shopping to find the lowest rate, and consider your specific needs so that you’re adequately covered.
