Motorcycle Insurance Estimator Canada

October 29, 2020 | Editorial Team

Motorcycle Insurance Estimator

How Much Does Motorcycle Insurance Cost in Canada?

Everyone wants the best motorcycle insurance coverage in Canada, but how much would it cost to get the best on the market? Unfortunately, there is not an exact answer to that question. Motorcycle insurance premiums vary depending on a number of factors. In this article, we’ll walk you through those factors and how they impact the policy and quotes you’ll be offered.

Make and Model of Your Bike

The first factor that insurance companies take into consideration is the make and model of your bike. This is because some motorcycles are considered more of a liability than others. For example, one of the most expensive bikes to insure is the Suzuki Hyabusa.

The Suzuki Hyabusa has been around since 1999, has a sizeable 1340cc engine, and can reach speeds of312km. Due to this, many riders have had accidents on it throughout the years. Insurance companies see this bike and bikes like it as a liability and will charge you higher rates to insure it.

So, if a motorcycle is known for having a higher rate of accidents, expect your insurance rates to be higher. As a general rule of thumb, the bigger the engine and the faster the bike goes, the more prone you are to higher insurance quotes.

Where You Live

The next factor that insurance companies take into consideration is where you live. Bigger cities, for example, tend to have a higher crime rate. So, if you live in a city or neighbourhood that has a higher rate of theft, your insurance rates will be higher. This is because there is a higher chance that your motorcycle could be stolen, which the insurance company would then have to pay to replace.

Carrying Passengers

Although motorcycles tend to be designed for one person to use at a time, you may occasionally want to take passengers. If you do and inform your insurance company about this (which you should), your rates will be higher.

This is because your third party liability coverage will then have to cover your passenger and you. This will end up costing the insurance company more if an accident occurs, so they share that increased cost with you.

Your Age and Experience

Just like with car insurance, the cost of motorcycle insurance will be higher if you are younger. Insurance companies see younger drivers/ riders as more of a liability because they have less experience.

Higher insurance rates when you’re young are practically unavoidable. But, if you maintain a good driving record for a few years, your rates will go down with time.

How You Use Your Bike

The last major factor that contributes to your motorcycle insurance rates is how you use your bike. If you plan to ride it often, your rates will be higher. This is because there’s a higher chance of being in an accident, the more you ride.

If you intend to use your motorcycle casually on weekends and inform your insurance company of that, your rates will be lower.

There is one important thing to remember in regard to all of the factors we discussed. If you lie to get your rates lower, you could be fined. Similarly, you may not even be covered if an accident happens, and you were found to be lying about something. So, shop around for the best insurance rate, but make sure you are completely honest when agreeing to a policy.

Frequently Asked Questions About Motorcycle Insurance in Canada (FAQs)

Who Distributes Motorcycle Insurance in Canada?

There are tons of motorcycle insurance coverage providers across Canada. Many provinces also have their own companies. Motorcycle insurance in Ontario will be different from motorcycle insurance in Quebec. But, here are some of the best motorcycle insurance companies in Canada.

  • PC Insurance
  • State Farm
  • Allstate
  • Intact
  • Riders Plus
  • Aviva
  • TD Insurance

Most banks in Canada offer motorcycle insurance, so that may be a good place to start looking. Or, if you already have auto insurance or home insurance, that company will likely also offer motorcycle insurance as well.

If you want to compare multiple insurance rates from multiple companies at once, head to Kanetix.ca. They offer a great search engine to get the best motorcycle insurance that fits your needs. This will save you time as well. You won’t have to contact multiple auto insurance/ motorcycle insurance providers yourself.

What Does Motorcycle Insurance Cover?

As we discussed, motorcycle insurance in Ontario will be different when compared to insurance from another province. Every province has its requirements for what type of motorcycle coverage you need to have legally. That said, here is what standard motorcycle insurance typically covers in Canada. Third-party liability, accident benefits, and uninsured auto insurance coverage.

Third-party liability coverage will protect you in the event of an accident where it is your fault. It is called third-party coverage as it will cover the damage you caused to another person and their vehicle. Motorcycle insurance in Ontario, for example, requires that you are covered for at least $200,000. Many companies, however, recommend finding a policy that covers at least $1,000,000.

If you are injured in an accident, accident benefits will protect you. Accident benefits will protect you no matter whose fault it was.

Lastly, if a hit and run occurs, uninsured automobile coverage will protect you. People tend to flee the scene if they don’t have their auto insurance, and this coverage will protect you regardless.

What Optional Coverage is Available for Motorcycles?

Most companies offer optional coverage in addition to their standard coverage. Optional coverage is aptly named because, by law, you don’t need to add on the extra coverage. But, it is often a good idea.

The most common type of optional coverage is comprehensive coverage. Comprehensive coverage will cover damage outside of accidents. This could be damage caused by vandalism, fire, objects that fell, or poor weather.

Another type of optional coverage is collision or upset. This will cover the cost to repair or replace your motorcycle if it is damaged in an incident.

If you want both comprehensive coverage and collision or upset coverage, you can get all perils coverage. Getting all perils coverage will ensure that you and your motorcycle are protected, no matter what the incident is.

If you intend to ride your motorcycle a lot, adding on all perils coverage to your motorcycle insurance policy is a good option. You want to get the best for both you and your motorcycle, so don’t hesitate to reach out to insurance providers to find the best rates possible.

How Much Does Motorcycle Insurance Cost?

Canada is huge, and there are many different provinces and territories. This means that the cost of motorcycle insurance in one province compared to another will vary. Even within the same province, the rate for motorcycle insurance can be completely different. Many factors go into deciding what your motorcycle insurance will cost.

That being said, to give you a better idea of prices, here is the average cost of standard motorcycle insurance in Ontario.

  • If you are 20 to 24 years old, you can expect to pay at least $2262 a year.
  • If you are 25 to 29 years old, you can expect to pay at least $1853 a year.
  • If you are 30 to 34 years old, you can expect to pay at least $1454 a year.
  • If you are 35 to 39 years old, you can expect to pay at least $1316 a year.
  • If you are over 40 years old, you can expect to pay at least $1172 a year.

As you can see, the younger you are, the higher your motorcycle insurance coverage will be.

What is the Cheapest Motorcycle Insurance?

Again, it is hard to say which is the cheapest motorcycle insurance in Canada because rates vary depending on where you are and who you are.

There are ways to get cheaper motorcycle insurance, which we will touch on more later. One of the best ways is to bundle your motorcycle insurance with your current insurance for your car or home. Insurance providers will likely give you a discount this way.

If you don’t already have insurance, using Kanetix.ca to find the best coverage for you is a good idea. Kanetix is an insurance search engine where you can search for motorcycle insurance in your area. Kanetix will show you all of your options that match your needs, and you can then choose from their list. This is a good way to see what the cheapest motorcycle insurance policy is for you specifically.

Is Motorcycle Insurance Mandatory in Canada?

Each province and territory in Canada has its laws about what type of motorcycle insurance they require. The minimum requirement across Canada tends to include three things. Third-party liability coverage, accident benefits, and uninsured automobile coverage.

The amount of coverage each province and territory requires varies, though. For example, Quebec only requires that you have $50,000 of liability coverage while Ontario requires you have $200,000.

Your insurance provider will likely recommend the standard coverage that is legally required of you. If you then want to add-on optional coverage for more protection, that’s up to you!

Can I Cancel Motorcycle Insurance in the Winter?

Canada is known for having harsh winters, especially in the north. This means that riders can often only use their motorcycle for a few months each year. As the motorcycles are not being used, many motorcyclists wonder if they can cancel their motorcycle insurance in the winter.

Depending on your policy, you usually can cancel your motorcycle insurance in the winter. That being said, it is not recommended.

When you are signing up for motorcycle insurance, you will likely have to tell the provider how often you plan on using the bike. Either in terms of days of the week, months, or mileage. Whatever number you say will be based on the fact that you won’t be using the motorcycle in winter. Insurance providers will then give you a quote based on your minimal use.

So, you are not paying much more to be covered in the winter as your rate is based on the summer/spring use.

Keeping your motorcycle insured throughout the winter is also a good idea because it is constantly protected. Motorcycles can be damaged by a number of things aside from accidents. If you don’t have it stored away, your motorcycle could get stolen. It could get damaged from the elements. Or, someone else could hit it while it’s stationary.

If you are not insured in the winter, and something like this happens, damages will be coming out of your pocket.

If you are still keen on cancelling your motorcycle insurance for the winter, keep in mind that there may be a cancellation fee. Many policies are meant for a year minimum, so if you cancel yours, there could be a penalty. At that point, you may as well keep your coverage and ensure your motorcycle is always protected!

Can You Add Motorcycle Insurance to a Car Insurance Policy?

Most insurance companies in Canada offer a variety of insurance types. Anything from home insurance to travel insurance to car insurance. An insurance company’s main goal tends to be client retention. So, they are often more than willing to bundle your insurance policies together.

It is important to note that even if you are bundling your insurance, each policy will be different. Your motorcycle insurance will be separate from your car insurance or home insurance; they will all be with the same company. Your car insurance and motorcycle insurance will have different coverage requirements.

Bundling your insurances will often get you a discount as well. Companies want to encourage their customers to take on more policies and stick with them.

How Can I Get Cheaper Motorcycle Insurance?

You may have received a few motorcycle insurance rates already, but they’re too steep. The good news is that there are a few ways to get cheaper motorcycle insurance in provinces such as Ontario and throughout Canada.

The best way to get cheaper motorcycle insurance is to purchase a less powerful motorcycle. As we discussed earlier, a powerful motorcycle with a bigger engine will cause your insurance policy to be higher. If you don’t already have a motorcycle, buying one with a smaller engine will get you a lower motorcycle insurance rate.

The easiest, albeit one of the slowest ways to get cheaper motorcycle insurance, is to keep a clean driving record. You can do this by showing your insurance provider that you consistently have no accidents or tickets. Your motorcycle insurance premium will then lower over time.

Another easy way to get a cheaper motorcycle insurance policy is to bundle your insurance. If you have auto insurance with another company, they will be more likely to give you a lower rate for your motorcycle insurance. Most insurance companies that offer car insurance will also have motorcycle insurance. So, getting coverage from the same company will save you time as well.

You can also take an advanced rider training course when you first get your motorcycle license. This will help your motorcycle insurance rates be lower as well. Insurance companies will see you as one of the more responsible riders and will be willing to offer a discount.

The last way to get cheaper motorcycle insurance is not to take passengers. We discussed earlier that insurance providers see passengers as a bigger liability, so they will charge you more to carry people. If you inform them that you will not carry any passengers on your motorcycle, your rate should be lower.

The Bottom Line

As great as motorcycles are, they can also be extremely dangerous. Motorcyclists in Canada are 13.5 times more likely to die in an accident than someone in a car. This is because a motorcycle has much less protection than a car does.

As accidents are often out of your control, it’s better to be safe than sorry and get good motorcycle insurance. Motorcycle insurance is readily available in Canada, and using Kanetix is one of the best ways to find a policy that suits your needs.

But what are your needs? Do you want the most basic insurance that will legally allow you to ride your motorcycle? Or do you want comprehensive coverage, so you are protected no matter what happens?

Once you figure that out, you can start exploring insurance policies. Your most basic requirements are that the policy covers three main things. Third-party liability, accident benefits, and uninsured auto coverage. Then, input your personal information and information about your motorcycle into a motorcycle insurance search engine. Kanetix being one of the best to use. Then, you will be able to see personalized, accurate quotes.

Many factors can change the price of your insurance policy, and it’s important to give accurate information.

Ultimately, you will need motorcycle insurance to ride your bike. Opting for the most basic one may seem like a good idea to save money. But, in the long run, having comprehensive insurance is the best option because it will cover you for much more.