Riding a motorcycle in Ontario can be an exhilarating experience, but the cost of insurance can quickly dampen the thrill. With average premiums reaching around $1,600 annually, finding ways to save on motorcycle insurance is crucial for riders. In this article, we’ll uncover 8 proven strategies to help you navigate the insurance landscape and secure the best possible rates for your two-wheeled companion.
Factors That Influence Motorcycle Insurance Costs
Before we dive into the money-saving tips, it’s essential to understand the key factors that insurance providers consider when calculating your motorcycle insurance premiums. These include:
Age and Licensing
Younger riders, especially those with a freshly minted M1 license, typically face higher insurance costs. Insurers view them as higher-risk due to their lack of experience on the road.
Bike Type and Displacement
Sports bikes, cruisers, and high-performance motorcycles generally come with heftier insurance price tags. Bikes with larger engine displacements (over 650cc) also tend to be more expensive to insure.
Driving Record and Claims History
A clean driving record with no accidents or traffic violations can significantly lower your insurance costs. Conversely, a history of claims can drive up your premiums.
Location and Usage
Riders living in urban areas or high-crime neighborhoods may pay more than their rural counterparts. The frequency of your bike usage also plays a role, with more frequent riders facing higher rates.
Now that we’ve covered the key factors, let’s dive into the 8 strategies that can help you save on your motorcycle insurance in Ontario.
Shop Around and Compare Quotes
One of the most effective ways to find affordable motorcycle insurance is to shop around and compare quotes from multiple providers. Rates can vary significantly between insurers, even for the same rider profile. Take the time to request quotes from several reputable companies to ensure you're getting the best deal.
Increase Your Deductible
Raising your deductible, the amount you pay out-of-pocket before your insurance coverage kicks in, can lead to substantial savings on your premiums. However, be mindful of setting a deductible that you can comfortably afford in the event of a claim.
Enroll in a Motorcycle Safety Course
Completing an approved motorcycle safety course, such as the M1 exit course or advanced training, can demonstrate your skills and responsibility to insurers. This often results in lower insurance rates, as it shows you're a safer rider.
Upgrade Your License
Upgrading from an M1 to an M2 license within 60-90 days can significantly reduce your insurance costs. Passing the M license test after 22 months (or 18 months with a recognized safety course) can provide even greater savings.
Bundle Your Policies
Many insurers offer discounts when you bundle your motorcycle insurance with other policies, such as your car insurance or home insurance. Consolidating your coverage under a single provider can lead to substantial savings.
Choose Your Bike Wisely
The type and displacement of your motorcycle can have a significant impact on your insurance premiums. opt for a less powerful, older model bike with a smaller engine size to enjoy lower rates.
Maintain a Clean Driving Record
Insurers closely scrutinize your driving history, so keeping a clean record free of accidents, tickets, and convictions is crucial. Avoid any driving infractions to ensure the lowest possible insurance rates.
Pay Annually
Paying your motorcycle insurance premiums in full on an annual basis, rather than opting for monthly installments, can often result in additional savings. This helps you avoid any interest or administrative fees associated with a payment plan.
Navigating the complex world of motorcycle insurance in Ontario can be daunting, but by implementing these 8 strategies, you can unlock significant savings without compromising the coverage you need. Remember, the key is to shop around, take advantage of available discounts, and make informed decisions about your bike and riding habits. By doing so, you can enjoy the thrill of the open road while keeping your insurance costs in check.
Ready to save on your motorcycle insurance? Contact us today to get personalized advice and find the best rates for your ride. Whether you’re a new rider or a seasoned pro, our expert team at McLean & Dickey is here to help you navigate your insurance options. Find out more about motorcycle insurance, get a quote or call us directly at 705-325-4461. Don’t let high premiums slow you down—secure your coverage and ride with peace of mind!
