6 Ways to Lower Your Motorcycle Insurance Premium
If you’ve owned a motorcycle in different parts of the country, you already know that motorcycle insurance in Canada can vary widely depending on the province of your residence. Like automobile insurance, motorcycle insurance is regulated at the provincial level. That’s what accounts for much of the difference in prices.
Here are six ways you can save on your insurance policy and get out onto the road with a few more bucks in your pocket:
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1. Keep Learning
Even if you’ve been riding for years, there’s always more you can learn. Insurance companies recognize that riders that graduate from a recognized motorcycle safety training course represent less risk as a customer. As an incentive to take a training course, most providers will offer a discount to those that complete a training course.
Many colleges offer motorcycle safety courses, and these sessions generally run for a weekend. There are several privately owned schools that offer beginner and advanced motorcycle instruction as well. The Canada Safety Council provides what many consider the gold-standard in motorcycle training with the Gearing Up For Motorcycle Training program.
2. Bundle with Home and Auto Policies
One of the few ways to earn a discount on your insurance other than completing a safety course is to bundle a new motorcycle policy with an existing home and auto policy. That can be a bit of a challenge; however, as not all home and auto insurance providers will cover a motorcycle but be sure to check as the savings can be significant.
3. Give Up the Sport Bike
If you ride a motorcycle classified as a “sport bike”, you don’t need anyone to remind you that insurance companies charge a premium for machines with this designation. Engine displacement is also taken into consideration, and costs rise dramatically when the engine size exceeds 600 cubic centimetres.
Some insurance companies flat-out refuse to insure certain sport bikes, and several years back, a so-called “black-list”, allegedly authored by a major insurance company, was leaked. While this list has never been officially acknowledged, many riders can tell you from personal experience that in some provinces at least, there are very few providers willing to issue a policy for a sport bike.
4. Improve Your Driving Record
How’s your driving record? Got a couple of speeding convictions in the past couple of years? Maybe a careless charge stemming from an at-fault accident? If so, now is the time to clean up your act. To get the best insurance rate, you need a spotless record, so if you do have a couple of driving infractions, keep it clean for the next two to three years until they are removed from your driving history.
5. Increase Your Deductible
The deductible is the amount you must first pay when you make an insurance claim before your insurance company covers the remainder of the claim. It is common to have a $250 or $500 deductible, and increasing the deductible could result in a lower premium. However, before doing this, consider how much you are saving on your total premium, and if it is worth the risk, should you need to file a claim in the future.
6. Get a Riding Club Discount
What we’re talking about here is a social club for motorcycle aficionados. Some of the larger riding groups including the Harley Owners Group (HOG) and the Goldwing Riders Association provide some pretty substantial benefits to their members. Many riding groups have group rate insurance arrangements in place with several providers that may help you find a lower motorcycle insurance premium.
Founded in 1946, the Canadian Motorcycle Association (CMA) is a national organization that works with government agencies to help promote the sport of motorcycling in Canada. The CMA is open to all riders regardless of the make of your motorcycle or the type of riding you enjoy.