Average Motorcycle Insurance Coverage

The price you will pay for motorcycle insurance premiums will be determined by a number of factors.

We can’t just throw out a number and expect that it will be accurate because everyone will pay different premiums. Some of the factors that determine the amount you pay include the following:

1) Your Age, Gender, & Marital Status

Inexperienced and unproven drivers pay more for motorcycle insurance. Unfortunately for those riders, there is no way around this fact. Their demographic is responsible for a larger than average percent of motorcycle claims, which means insurance companies need to increase their premium amounts. As time goes on your premiums will decrease (if of course, your driving record remains clean). In many cases motorcycle riders receive better pricing if they are married and female riders may pay less than males, depending on how the insurance company calculates their rates.

2) Your Driving Record

This is a major factor in determining your premiums. Think about it from the insurance company’s perspective: if you have a history of at-fault accidents and moving violations then why would they want to offer you affordable insurance? You are a risk to them. If your record is very bad then some insurance companies won’t want to insure you at all – no matter how much you’re willing to pay for coverage. To learn more about high-risk drivers, auto insurance fraud, and why insurance is so expensive in Ontario click here.

3) Your Location

If you currently live in a large urban city with lots of cars on the road then statistically you have a greater chance of being involved in an accident. You might also live in an area with a lot of auto theft or fraud and these factors will also mean that you pay more when you go to renew your coverage. If other demographic factors are the same then rural Albertans and Torontonians will find that their insurance premiums are significantly different.

4) Your Commute

More time on the road means more risk of being in an accident. Again, the statistics speak for themselves on this one. If you take your bike out once a month then your risk level is very low, whereas someone that commutes for three hours every day is at much higher risk of being in an accident and sustaining an injury. Insurance companies factor in your daily commute and the amount you drive each year into their premiums so expect to pay more if you drive more. There isn’t anyway to get around this without moving closer to your workplace or school.

5) Your Motorcycle

The age, make, and model of your motorcycle will affect the amount you pay. If you own an expensive motorcycle then your insurance coverage will also be more expensive, but there are exclusions to this rule. You will likely pay significantly less if you are insuring a scooter or moped also.

6) Your Insurance Company

There could be as much as a $2,000 difference in premiums from one insurance company to the next. Some companies that specialize in motorcycle coverage include Kanetix Canada, InsuranceHotline.com, TD Auto Insurance, JD Smith Insurance, Aviva Car Insurance, and RBC Insurance.

7) Your Coverage

Every province in Canada has minimum coverage requirements for motorcycle insurance. These requirements will include things like third-party liability and accident benefits coverage but you will also have the choice of extra protection. As you add more additional types of coverage to your policy, your insurance premiums will increase also. This means that the “average” policy will vary greatly depending on the amount of coverage you want to carry.

8) Your Deductible

If you choose to carry a large deductible then your motorcycle insurance will be more affordable. If you want a lower deductible then your insurance will cost more. Your insurance agent can help you pick a deductible or you can read more on our deductibles page.

Now you can see why learning about the average cost of motorcycle insurance is irrelevant. There are many factors that affect your premiums, which means the only accurate way to find out about coverage costs is to get a quote from an insurance agent or company.