Cheapest Ontario Motorcycle Insurance
Motorcycle insurance is required in Ontario for any motorcycle ride on public roads. It can shield you from personal liability in the event of an at-fault collision, pay for necessary medical and rehabilitative care if you or a passenger are harmed, and assist you in paying for the cost of repairing or replacing your damaged motorcycle.
Before you tackle the open road this season, make certain you have Ontario motorcycle insurance. All you need to know about motorcycle insurance in Ontario is covered here. This information is still applicable if you ride a moped, scooter, or motor-assisted bicycle.
What is motorcycle insurance?
Motorcycle insurance, like vehicle insurance, is legally needed in Canada to protect riders. To ride a motorbike in Ontario, you must have a valid M1, M2, or M class license, be at least 16 years old, and be properly insured. All motorcycle riders must meet certain minimums as part of their insurance policy.
What Motorcycle Insurance Covers
In Ontario, vehicle insurance policies and motorcycle insurance policies are very similar to one another in terms of the types of coverage they offer. You are required to have coverages for third-party liability, direct compensation, uninsured automobile, and accident benefits in order to ride a motorcycle in accordance with the law. There are also supplementary coverages that you have the option of including in your motorcycle insurance policy.
Types of Motorcycle Insurance
There are two primary categories of motorcycle insurance coverage: those that are required by law and those that are optional. As was to be expected, the form of insurance that you are required to carry in order to operate a motorcycle legally is known as mandatory motorcycle insurance. Optional coverages can reimburse you for the money needed to replace or repair your motorcycle in the event that it was stolen, involved in an accident in which you were at fault, or suffered losses unrelated to an accident.
Mandatory Motorcycle Insurance Coverage
- Third-Party Liability Coverage: This can protect you from being held personally accountable in the event that a vehicle accident results in harm or damage to the person(s) of others, as well as damage to their property.
- Direct Compensation Coverage: In the event that you are not responsible for the accident that you are involved in, this protects your vehicle and anything that might be inside it from being damaged.
- Uninsured Automobile Coverage:If an uninsured or unidentified driver is at fault, this coverage can provide you with financial compensation for medical costs and damages.
- Accident Benefits Coverage: Protects drivers and passengers financially in the event that they are hurt or killed in an accident, regardless of who was at fault.
Optional Motorcycle Insurance Coverage
- Collision Coverage: Covers the cost of repairing or replacing your motorcycle, up to the actual cash value minus your deductible, if you are in an at-fault collision.
- Comprehensive Coverage: Replace or repair your motorcycle if it has suffered damage as a result of theft or attempted theft, vandalism, fire, falling objects, lightning, explosion, windshield damage, or an animal collision.
- “All Perils” Coverage: Comprehensive coverage along with increased theft protection
What Doesn’t Motorcycle Insurance Cover?
Here are some typical motorcycle insurance exclusions:
- Damage and injuries sustained as a result of competing in racing, stunting, or demolition contests; riding on a temporary or permanent racetrack; engaging in training or preparation for these types of competitions; riding on a racetrack
- When you use your motorcycle for a fee, such as when you deliver food or commodities or carry passengers for money, you run the risk of incurring damage and injuries.
- Damage and injuries while using your motorcycle within the course of employment.
- Damage and injuries from a criminal act (except for traffic violations)
- Damage from intentional self-injury.
How Much Does it Cost to Insure a Motorcycle in Ontario?
In the province of Ontario, the annual premium for motorbike insurance can range anywhere from $1,500 to $3,500 on average. When deciding the cost of your motorbike insurance in Ontario, just like the cost of your other auto insurance policy, the cost of your policy is based on a number of different criteria. Among other things, there are:
- Your age
- Where you live
- Your driving record
- Mileage of the motorcycle
- The years of experience you have riding motorcycle
- The age of the motorcycle
- The value of the motorcycle
Available Discount Offerings
Similar to car insurance, maintaining a good driving record with no violations will help to keep your insurance premium costs down. Additionally, some insurance companies offer driver discounts to save money on your motorcycle insurance policy. There are variations between companies, but offerings often include:
- Rate reduction for people who have graduated.
- Discount for those who have completed an approved motorcycle safety course.
- Multi-Line discount for those who bundle their insurance policies under one insurance company.
Have to insure a motorcycle all year in Ontario?
When calculating your insurance rate, the location of your motorcycle and where you drive it are taken into account. Generally, your Ontario insurance broker will factor in the numerous months of snowfall that Ontario has each year. Each motorbike insurance policy is written for a year; however, some companies may allow you to pay throughout the year rather than just during the riding season.
With the approach of spring, many riders are preparing for their first motorcycle trip of the year. We recommend brushing up on some crucial spring maintenance checks and hand signals before heading out for the season.
Call your Ontario insurance broker right away to ensure that your motorbike insurance policy adequately covers you.