Best Motorcycle insurance providers in the Canada
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You’ve probably noticed that the price of a motorcycle insurance policy can vary greatly depending on the insurer you choose and the discounts offered. In order to ensure that you are getting the best rate possible, here are ten different ways.
Canada is full of breathtaking, scenic landscapes ideal for motorcycles, both for the seasoned road warrior and the weekend warrior. Motorcycle riding is a fun and well-liked pastime for a reason, whether you’re traveling through the city, the plains, or the mountains. But there are a lot of risks and responsibilities associated with this pastime.
You require a partner who keeps abreast of the patterns, modifications, and advancements in the motorcycle insurance industry. Staying informed so you are covered and can make educated decisions is a part of our service to you.
We recognize that your motorcycle is a significant aspect of who you are and not just a fun vehicle. Our aim is to assist you in safeguarding it while safeguarding yourself. Our top priority as authorities in the field of motorcycle insurance is to find you the best protection for your requirements at the most affordable price.
How much does Canadian motorcycle insurance cost?
The average cost of motorcycle insurance is around $1,600 per year, but this figure can vary greatly based on your unique circumstances. You won’t know the precise cost you’ll be paying for your premium until you receive a customized motorcycle insurance quote from us because insurers must take a number of factors into account when determining your premium.
Can You Lower Your Motorcycle Insurance Costs?
Although motorcycle insurance is required in Canada, there are a few ways to reduce the cost. There are a few easy changes you can make, but few people know about them. In order to assist you in making the necessary adjustments, it is crucial to first understand how the insurance company calculates the rates. In Ontario, a 20-year-old will have to pay more for motorcycle insurance than a 50-year-old. It is because senior citizens appear more mature and are less likely to mistreat bikes.
The most recent motorcycle will cost more than an older model. Residents of areas with high crime rates or accident hazards will pay more. The average cost of motorcycle insurance in Ontario is higher in its cities because urban residents pay more than rural residents do. Additionally, you will pay more because there is a higher risk of bike damage if you park your bike outside while working on a construction site.
Insurance for motorcycles: Money-saving advice
Here are some suggestions to help you get a good deal now that you are aware of the businesses you will research while putting together a free motorcycle insurance quote.
- Select the Correct Bicycle
Sports, touring, and cruiser bikes will cost more. The risk of a high-speed collision increases due to the speed and agility of such models. To get the best motorcycle insurance rates in Ontario, it is wise to choose smaller, older motorcycles with a weaker engine. These bikes are also less expensive to repair or replace and less likely to hurt other people. Older models are additionally less likely to be stolen.
Call your insurer whenever you want to upgrade your bike to find out if the new model will cost more than the one you currently have. Be a little more cautious when choosing bike models, especially if you’ve never ridden before. You’ll need some riding experience to control the large models safely.
- Increase Bicycle Security
If you add safety features like locks, alarms, chains, and trackers, your motorcycle insurance estimate will be less expensive. Because of this reduced risk of theft, insurance companies even give discounts. In order to prevent damage, store the bike safely in a garage where no one can access it.
- Educate and Train Yourself
You must compare insurance for your first motorcycle policy in Ontario. In the past, third-party insurance offered more affordable premiums, luring younger riders. However, because they are more likely to be at fault in accidents, insurers now link coverage to those who are more likely to file a claim. When compared to fully comprehensive insurance, third-party coverage typically appears to be quite expensive. Knowing more about insurance will help you make sure you can afford it.
Consider enrolling in a motorcycle safety course as well. You’ll be able to ride the bike safely in a variety of circumstances. You will be given a certificate once the course is finished that you can show your insurers. You will benefit from lower premiums because insurance providers believe that people with training are better able to handle potential risks on the road. It’s a good idea to find out if the insurance provider offers discounts to riders who complete advanced motorcycle training.
- Purchase your bike using cash.
Keep in mind the Golden Rule when financing your motorcycle: He who has the gold makes the rules. The amount of insurance you must carry can be determined by the finance companies, and they will want you to carry full coverage to reduce their risk. Naturally, paying cash means you might not be able to purchase the most recent and potent models, which is less enjoyable but probably also results in lower insurance.
- Become a member of a motorcycle club
Depending on the insurance provider, you might be eligible for an additional discount if you belong to a recognized motorcycle riders club. Additionally, some service providers give special alumni or professional organizations members discounts. Ask your insurance broker for more information if you think you might be qualified because each insurance provider is unique and might recognize different groups.
- Obtain an M2 and M license.
Your insurance will be less expensive the higher your motorcycle license class. You can significantly lower your rate by obtaining your M2 license 60 to 90 days after receiving your M1 license because it demonstrates to your insurer that you are an experienced rider. By moving on to the next class, you’ll have access to even more options because some insurers won’t even provide coverage to those with an M1 license.
You can sit for your M license’s road test after 22 months (or 18 months if you complete an approved motorcycle safety course). If you succeed, your motorcycle insurance premium will be even less expensive because you’ll be fully licensed and less of a risk to insurers.
Providers of affordable motorcycle insurance in Canada
- Intact
Another significant player in the Canadian insurance industry is Intact Insurance. Intact is currently Canada’s largest home, auto, and business insurance provider, with four million customers.
Motorcycle insurance can be purchased separately or combined with other Intact policies. Customers can purchase third-party liability coverage from Intact for up to $2 million, and they can insure a variety of bikes, including custom-built, off-road, and cruiser bikes.
- Aviva
Despite having its headquarters in the UK, Aviva is well-known in Canada. 18 million people use the company’s products in Canada, the UK, and Ireland. They employ 4,000 people and serve 2.4 million customers in Canada.
Aviva provides insurance for homes, cars, leisure and lifestyle items, and businesses. Online claims can be made by customers any time.
Travel protection, claim forgiveness, and comprehensive physical damage are all included in an Aviva motorcycle insurance policy. The policy also includes some optional coverage.
For instance, you can insure your riding gear, trailers, and accessories for motorcycles. A waiver of depreciation and personal effects coverage are additional advantages for customers.
- Travelers
In 1887, Travelers Insurance was established. They operate in Canada, the United States, the United Kingdom, and Ireland and have 1,400 employees there.
Offering top-notch underwriting, risk management, and claims services is its main priority. The company, a top provider of business, auto, and home insurance, had $110 billion in assets as of December 31, 2019.
You can submit a claim any time of the day or night, and a representative will get in touch with you within four hours of receiving it.
Conclusion
Paying high motorcycle insurance premiums to one company when another provides the same service for less makes no sense. Take the time to shop around to ensure that you are getting the best deal possible and then modify your riding style. Choose an insurer who can meet all of your needs, but remember that it’s not always about the cost.