The Cost of Motorcycle Insurance in the Province of Ontario

How much will motorcycle insurance cost? I can’t tell you. Not because I don’t want to but because it is complicated. There are many different factors that will play into your insurance premiums and so you need to talk to an insurance agent or get a quote on the Internet. Even then there may be some small discrepancies between the amount you’re quoted and the amount you pay.

One thing we can say is that you’re probably going to spend significantly less insuring a motorcycle than you would a car, truck or van. Some factors that play into the cost of your insurance include your age, your driving record and your motorcycle. A 1980 Honda Goldwing is going to be cheaper to insure than a brand new Harley-Davidson motorcycle. Factors used to help determine your insurance premiums in Ontario include:

  • Insurance company - Prices will vary greatly between policies and there are over 100 insurance companies in Ontario. Finding one that specializes in motorcycles can sometimes save you money. This isn’t always the case though.
  • Riding History – They also might take into account your driving record if you normally drive vehicles with four wheels.
  • Coverage – The amount of coverage you receive will directly effect your premiums. It’s that simple.
  • Location – Big cities tend to have more expensive insurance but sometimes that is not the case. Auto insurance can also be expensive in cities where a lot of theft or auto insurance fraud. To learn more about some of the problems with fraud click here. Halfway down that page is a list of recent news articles on the topic.
  • Discounts – Does your insurance company have discounts for hybrid vehicle owners? Do you have a hybrid car? Perfect! You save money on your insurance. There are numerous discounts for insurance in Canada so check your insurance providers’ list of potential deals and see what you might be eligible for.

Now you can see why it gets pretty hard to even give a rough estimate of how much you might end up paying. Some motorcycles are dirt cheap to insure and they might cost $175 per year while more expensive bikes might cost $2,200 per year for a rider with a bad record. But you can’t use those estimates to figure out how much your insurance will be – you need to get some quotes.

Take Your Time

If you care about how much you pay for insurance then don’t wait until the last minute to purchase or renew your insurance. Spend some time reviewing prices online, phone a few local insurance brokers and ask a few friends. You should be able to find something that is reasonably well priced and still has all the protection you need. Good luck with your insurance search!