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Getting the Most Out of Motorcycle Insurance

February 19, 2013

Motorcycle Insurance TipsWith motorcycle season fast approaching and the warm weather on the horizon, many riders are itching to get back on the road. Liability insurance for your motorcycle, like car insurance, is mandatory for anyone who wants to hit the road on two wheels. While every rider has to have a policy in force, not every rider is getting the most out of that policy. Just like with car insurance, there are some insider tips that can help ensure those premiums are bringing the best deal and the best coverage.

Discounts for Riders

There’s a lot of focus on car insurance discounts out there, so sometimes it’s not so clear that motorcycle insurance qualifies for a number of discounts as well. But many insurance companies do offer discounts to riders to help with premiums.

Insuring a motorcycle at the same company where other policies are in force, such as auto or home, can earn riders a multi-policy discount on that motorcycle policy. Most insurance companies also offer discounts for those who have taken a riding safety course. Don’t assume there are no discounts for motorcycle policies – ask the insurance company what is available.

Keep that Coverage all Year

Many riders think they are saving money by cancelling their insurance on the motorcycle during the winter months. The truth is that most insurance companies have already made an allowance for the off-season for motorcycles into their rates. Insurance companies know you don’t ride in the winter, and they work their rates out to allow for that. Cancelling the policy leaves your bike at risk.

An uninsured bike is still at risk even if it isn’t on the road. Theft, vandalism, and fire are just a few of the ways a motorcycle can be damaged or destroyed during the winter months. If it’s uninsured, there will be no coverage to pay for repairs or replacement. That means cancelling the policy could cost more in the long run.

Shop Around for Rates

Some insurance companies specialize in motorcycle coverage, which means they can offer much better rates than other companies. Shopping around for motorcycle insurance quotes is the only way to find out what kind of premiums are out there and whether there is a better deal.

Many riders could be getting better coverage for less money, allowing them to get more out of the policy while saving money too. When it comes to motorcycle coverage, the more coverage the better, and there is no reason to overpay to get it. In some cases even the multi-policy discount can’t make up the difference in price when compared to a rate from a company that focuses their business on motorcycle insurance.

  • Matt Drury

    Don’t forget dirtbikes? I know that in Ontario when riding on crown property, like the Ganaraska or Northumberland forests, we are required to have liability coverage.

  • Airdale

    Insurance rates in Ontario are ridiculous. Our provincial gov’t, especially Dwight Duncan sold out Ontario drivers and set us up for higher costs with less coverage.
    $1000 plus for a motorcycle for about 4 -5 months of actual riding time. Crazy!
    Most riders put less than 3000km on their bike and then the bike sits for 7 months as well!
    What we need in Ontario is a tax and rate revolution and get rid of politicians that don’t support Ontarians!!!

  • otto

    We should all be supporting the NDP to convince the LIberal’s to adopt their 15% premium discount. I am 60 and have yet to see my premiums decrease regardless of which insurance company I use and have used. Why do we have the highest insurance costs in North America!!
    Stand up and fight!!!

  • Jules Lauzon

    I am a 73 year old male who has been driving motorcycles from the time I was 22 years old . I’ve had vehicle insurance since the age of 16 and never made a claim until February 2008 when I had the misfortune of being a target for the young driver of a 26 year old dilapidated car ; my truck didn’t even have a scratch on it . This is the only claim that I’ve ever had in my life , and as far as my driving record goes I’ve had fewer than 6 traffic violations and the last one 5 years ago . As they say ; one thousand atta boys and one aw shit wipes the slate clean . I was also a Canada Safety Council Motorcycle instructor in the 80′s and have never had a motorcycle claim in my lifetime . Here’s a brief history of my motorcycle insurance premiums from T.D. Insurance since 2011 . 2011–$ 494 , 2012 –$ 630 ( 27%increase ) ,2013– $ 723 (14% increase ) , 2014–$ 840 ( 16% increase ) , 2015–$1040 ( 23.8% ) , 2016–$1299 ( 24.9 % ) . This is an increase of 262.9 % over a period of 5 years .
    My grandson from Calgary who is 23 years old and owns a Ninja 650 only pays $368 for his insurance . By the way , I’ve always owned touring motorcycles ; one Honda 750 , 3 Goldwings and now a Harley Ultra Classic . My son in law who owns basically the same bike as I do , insured in Texas pays $130 yearly . We’re being royally screwed here in Ontario . Even Quebec have much cheaper rated than we do .