How Much Does Motorcycle Insurance Cost in Canada?

In Canada, like in many other countries, if you want to drive a motorcycle you need to buy motorcycle insurance first. Similar to car insurance, motorcycle insurance covers you, your motorcycle and the property of others. However, there are more insurance companies that are willing to insure cars than there are those that are willing to insure motorcycles, which are often considered to be too high risk. If you want to drive a motorcycle, the first thing you need to do is to just locate an insurance company willing to insure your motorcycle. This can be quite a task all by itself.

You’ve Found a Company That Will Insurance Motorcycles. Now What?

Once you’ve found some insurance companies willing to insure motorcycles, the next thing you need to think about is the cost. How much is motorcycle insurance? There’s no simple straightforward answer – there are many different factors to take into account when calculating motorcycle insurance premiums. Motorcycle insurance will cost anywhere from $50 to $400 a month. On average you can expect to pay around $150 to $250 a month. Any motorcycle insurance package will include liability coverage – to get additional coverage, you’ll have to spend more money.

Age is Important

One of the factors that explains why there’s such a huge variance in prices has to do with age. It’s a fact that younger drivers will be charged higher premiums. The reasoning behind this is that young drivers are more likely to drive faster and in riskier ways, and thus will be involved in more accidents. High performance bikes deliberately designed to go fast will also raise your premium. Another factor is the make and model of the motorcycle. If you have an older motorcycle, your premium will probably be lower unless despite (or because of) its age, the motorcycle is worth a lot of money.

Where Do You Live?

The place where you live can affect the cost of your motorcycle insurance – different provinces have different minimum insurance requirements. Obviously, your driving history also plays a huge role in determining your motorcycle premium. If you have a driving record that includes several accidents, the insurance company assumes that you are likely to get into yet another accident in the future. In order to protect itself ahead of time, the company will slap you with a higher rate. Having a bad credit history will raise your premium too, since the insurance company will assume you have trouble paying your bills on time and view you as a financial risk.