5 things You Should Know About Motorcycle Insurance in Canada

Canada is a veritable motorcyclist’s dreamscape, chock-full of exciting and diverse places to explore. But before you tackle the open road with your cruiser, touring or sport bike, scooter or moped, you need motorcycle insurance. After all, in the event something does go wrong, you want to ensure you have a plan in place to protect you and your loved ones.

Whether you’re a novice in search of your first policy or a seasoned motorcyclist looking for different insurance options, here are some educational basics—a sort of “Motorcycle Insurance 101”—as well a few tips to help you keep premiums down.

1:. You must have insurance to ride a motorcycle in Canada

In Canada, motorcyclists MUST have basic liability coverage including:

• Third-Party Liability—If injury or damage happens to others and their property
• Accident Benefits—For you and your family, if you are injured or killed in a motorcycle accident
• Uninsured Automobile Coverage—Covers medical costs and damages if an uninsured rider is at fault

2. There are also optional insurance coverages to choose from

In addition to the above, you might want to purchase additional coverage including:

• Collision—Damage to your motorcycle caused by a traffic collision
• Comprehensive—Covers all other insured damage caused to your motorcycle like natural disasters and theft
• Specified Perils—Protects your vehicle from loss caused only by Fire or theft
• All Perils—Combines Collision or Upset and Comprehensive coverage plus increased theft protection

3. Motorcycle insurance is year-round, not seasonal

While you may only drive your bike during the warmer months, most policies are still annual policies you must pay throughout the year. However, insurance companies realize most drivers don’t generally use their motorcycles in winter—and have factored this into the annual cost already. 

4. Many variables affect the cost of motorcycle insurance

How much will you need to pay for motorcycle insurance? The short answer is, it depends. Here are just a few things that may affect your price tag:

• Your age—Younger drives are more at risk of accidents, so their rates tend to be higher
• Where you live—If you live in an area with high instances of motorcycle theft and accidents
• The type of motorcycle you own—Generally speaking, sport motorcycles built for speed are more costly to insure
• Whether you will be carrying passengers
• How often and how far you plan to drive your motorcycle

5. Safety, training and bundling may decrease your premiums

Inexperience is a big risk factor to insurance companies—so until your insurance company has a track record for how you perform as a “risk,” your rates will likely be higher. The good news is that if you keep your driving record clean, your premiums will likely decrease in subsequent years.Meanwhile, taking a recognized motorcycle training course can help bring the cost down—after all, the more competent a driver you appear to the insurance company, the less of a risk they will believe you pose.

Finally, insurers will often provide discounts if your bundle your new motorcycle insurance policy with other types of coverage (like your car, home, life, etc.). Sometimes this amount is as high as up to 15-20 percent.

The Gifford Carr difference
As you can see, there are many factors to consider when choosing the right motorcycle insurance for your needs. Meanwhile, there are a ton of different policies available—many of which sound similar, but may be difficult to compare. So how do you ensure you’re getting the best coverage at the best price?

At Gifford Carr, our experts not only know insurance inside and out—we are committed to helping you understand your policy. Our approach involves breaking down all your options and explaining it to you like a friend. It’s important to us that you feel confident you have the plan that’s perfect for you.

But our relationship doesn’t end with you signing the dotted line. On those days you need to make a claim, you want the peace of mind to know you will be well taken care of. Rest assured you’re always in good hands with Gifford Carr.

Questions about Motorcycle Insurance? Connect with us!

Canada is a veritable motorcyclist’s dreamscape, chock-full of exciting and diverse places to explore. But before you tackle the open road with your cruiser, touring or sport bike, scooter or moped, you need motorcycle insurance. After all, in the event something does go wrong, you want to ensure you have a plan in place to protect you and your loved ones.

Whether you’re a novice in search of your first policy or a seasoned motorcyclist looking for different insurance options, here are some educational basics—a sort of “Motorcycle Insurance 101”—as well a few tips to help you keep premiums down.

1:. You must have insurance to ride a motorcycle in Canada

In Canada, motorcyclists MUST have basic liability coverage including:

• Third-Party Liability—If injury or damage happens to others and their property
• Accident Benefits—For you and your family, if you are injured or killed in a motorcycle accident
• Uninsured Automobile Coverage—Covers medical costs and damages if an uninsured rider is at fault

2. There are also optional insurance coverages to choose from

In addition to the above, you might want to purchase additional coverage including:

• Collision—Damage to your motorcycle caused by a traffic collision
• Comprehensive—Covers all other insured damage caused to your motorcycle like natural disasters and theft
• Specified Perils—Protects your vehicle from loss caused only by Fire or theft
• All Perils—Combines Collision or Upset and Comprehensive coverage plus increased theft protection

3. Motorcycle insurance is year-round, not seasonal

While you may only drive your bike during the warmer months, most policies are still annual policies you must pay throughout the year. However, insurance companies realize most drivers don’t generally use their motorcycles in winter—and have factored this into the annual cost already. 

4. Many variables affect the cost of motorcycle insurance

How much will you need to pay for motorcycle insurance? The short answer is, it depends. Here are just a few things that may affect your price tag:

• Your age—Younger drives are more at risk of accidents, so their rates tend to be higher
• Where you live—If you live in an area with high instances of motorcycle theft and accidents
• The type of motorcycle you own—Generally speaking, sport motorcycles built for speed are more costly to insure
• Whether you will be carrying passengers
• How often and how far you plan to drive your motorcycle

5. Safety, training and bundling may decrease your premiums

Inexperience is a big risk factor to insurance companies—so until your insurance company has a track record for how you perform as a “risk,” your rates will likely be higher. The good news is that if you keep your driving record clean, your premiums will likely decrease in subsequent years.Meanwhile, taking a recognized motorcycle training course can help bring the cost down—after all, the more competent a driver you appear to the insurance company, the less of a risk they will believe you pose.

Finally, insurers will often provide discounts if your bundle your new motorcycle insurance policy with other types of coverage (like your car, home, life, etc.). Sometimes this amount is as high as up to 15-20 percent.