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Motorcycle insurance is a must, but overpaying for it is not
You may not necessarily be driving your motorcycle or scooter all year round, but chances are you need year-round coverage to ensure your bike is protected no matter what the season.
If you've just bought a new motorbike or you’re paying too much for your current motorcycle insurance coverage, compare quotes today at Kanetix.ca! We search for the best rates available for motorcycle enthusiasts of all kinds, whether you have a Yamaha motorcycle or a Vespa scooter.
What is motorcycle insurance?
The purpose of motorcycle insurance is to protect you from certain financial losses that may occur as a result of owning or operating a motorcycle. At its most basic level, motorcycle insurance is a contract between the policyholder (usually the registered owner of the motorcycle) and the insurance company. It is a contract where if you pay your agreed upon premium, the insurance company in return agrees to pay for any motorcycle-related losses that may occur as outlined in the policy.
Yes, but not any licence will do. If you plan to drive a motorcycle you must have a motorcycle licence, even if you have a licence already that allows you to drive cars.
If you’re caught driving a motorcycle with an invalid licence or no licence, the penalties may be hefty; your motorcycle may be impounded and you’ll likely face considerable fines too. Motorcycle licensing requirements vary across Canada, so make sure that you read up on the requirements in the province you reside in before you hit the open road.
Learn more about the motorcycle licensing requirements in your province:
Motorcycle insurance costs vary considerably from one insurance provider to the next, which is why it’s important to shop around for the best motorcycle rates. In general, how much you pay for motorcycle insurance will be determined by:
- Where you live
- How often you ride
- Your age
- The licence you possess
- Your riding experience
- The make and model of the motorcycle you own
Depending on the insurer, you may be eligible for discounts as well. If you’re worried that motorcycle insurance will be expensive, you can always get a quote with us before you buy a motorcycle, that way you know how much you need to budget for before purchasing.
Do I need motorcycle insurance?
It may only have two wheels, but a motorcycle is considered a motor vehicle which means you need motorcycle insurance to ride on the roads, no matter where you live in Canada. And similar to an auto insurance policy, your motorcycle insurance policy has mandatory and minimum coverage requirements. In general, a motorcycle policy offers protection in three main areas: property damage, liability and medical coverage.
Motorcycle insurance coverage will vary from province to province, although policies typically include the following:
Third-party liability: Protects you in the event you are responsible for property damage, or cause bodily injury or death to another person.
Accident benefits: No matter who caused the accident, accident benefits will typically cover the cost of medical treatment, income replacement, death and funeral expenses as well as other things.
Additionally, depending on which province you live in, your policy may also be required to include the following:
Direct compensation property damage: This coverage pays for repairs to your motorcycle (as well as damages to property you may be carting with you) if you’re involved in a collision where another motorist is wholly responsible for the accident.
Uninsured automobile coverage: In the event of a death or injury caused by an uninsured motorist, you’ll be protected.
When you compare motorcycle insurance quotes at Kanetix.ca, the rates you see will include all your province’s mandatory coverage requirements. It may also include optional coverages that are popular with motorcycle riders.
Absolutely! You can modify a mandatory minimum plan to include popular coverage options like collision, comprehensive, or specified perils coverage. Here’s a quick breakdown of what each coverage provides:
- Collision coverage: This covers damage to your motorcycle stemming from an impact or collision with another vehicle or object. It would, for example, pay for the repairs if you accidently dropped your motorcycle or if you were in a collision with another vehicle.
- Comprehensive coverage: This covers damage caused to your motorcycle that doesn’t fall under your collision coverage. It typically covers everything “specified perils” will, as well as damages caused by flying or falling objects (like rocks) or vandalism.
- Specified perils coverage: This coverage is similar to comprehensive, but it is more restrictive. It covers damages caused by specific events that are detailed in the policy. Usually the damages covered will include those caused by theft, fire, flood or hail.
If you want to make sure you have the best motorcycle insurance, then that may mean investing in extra coverage, however, it’s a small price to pay for peace of mind. Keep your motorcycle insurance costs down by comparing rates with us!
You’re probably thinking that it seems like you’re paying for motorcycle insurance when you’re not really “using” your motorcycle for most of the year, but it’s not that simple.
Even if you only ride in the summer, your motorcycle insurance company calculates your premium based on the months of the riding season and will usually bill you accordingly. As a result, you’ll typically only pay your premiums during the riding season, from March to October. This makes cancelling your policy at the end of the riding season a costly idea, as you end up losing the coverage you would otherwise have in the off-season. Before you cancel your policy, it’s a good idea to talk to your broker first.
It’s probably occurred to many that they can cancel their motorcycle insurance policy mid-term, but there are three reasons why that’s a bad idea.
Reason 1: You’ll end up paying more for your motorcycle insurance by cancelling early.
The motorcycle insurance company will calculate the total premium owing, based on the amount of time you had the policy during the riding season. The riding season is the most “expensive” time to insure you, whereas the non-riding season is the cheapest.
For example, usually the month of July will account for 20% of your total premium for the year, but the month of October will only account for 5%. This is because there’s less risk of a motorcycle insurance claim, because riding season is almost over and you’re not likely going to want to drive your motorcycle when it’s cold.
Reason 2: You’ll lose your loyalty discount.
A loyalty discount can be a great incentive to stick with the same insurer, but it could cost you money in the long run.
If you commit to renewing your coverage with the same insurer, year after year, you may not end up paying the lowest rate you can get. You should always compare motorcycle insurance rates to make sure you’re paying the best rate. It only takes a few minutes, and you could save money by changing providers.
Reason 3: Your motorcycle insurance won’t be there to protect you.
This is assuming your policy has optional insurance add-ons such as collision, comprehensive, or specified perils coverage. If you were to drop your bike, or it was damaged or stolen, or it fell victim to a natural disaster or caught on fire, by cancelling your policy, your motorcycle insurance won’t be there to cover any of it. You’ll already have paid for your year’s worth of coverage during the riding season so you might as well make sure it’s protected for all four seasons by keeping a policy in place.
How can I get cheap motorcycle insurance?
There are a number of ways you can save money on your motorcycle insurance, including the following:
- Maintain a clean driving record. This is a great way to keep your rates low, and as you gain more years of experience, you’ll be rewarded for it with lower rates.
- Invest in a security system. The less likely someone is to steal your bike, the better. A security system is an excellent deterrent.
- Get discounts when you join a club. Joining a motorcycle club is not only a great way to get a discount, but also a chance to meet new people who share a common interest with you.
- Get trained and certified. Taking a government-approved training course and getting certified can help you save on your motorcycle insurance premiums, not to mention, make you a safer rider.
- Bundle all your insurance products. The more policies you bundle with the same insurer, the more you can save on your insurance premiums. Look to bundle your auto insurance or home insurance to save.
- Ask for a discount. Always ask your insurance provider if you’re eligible for any discounts that you may not have thought of or they may not have known to offer you.
- Don’t let your motorcycle insurance auto renew. It’s a good idea to compare rates annually, especially before renewal. Rates can change over a year and sometimes, the great rate you got from one company last year, may not be the best rate you can get this year.
What is the easiest way to shop for motorcycle insurance?
We say the easiest way is to shop online… With us!
Find a great rate for motorcycle insurance in minutes with us. Get started now!
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