Motorcycle Insurance Costs and Other FAQs, Answered

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The internet is chock full of good, reliable information about car insurance – where to buy it, how much it costs, and how to save money on your premiums. Less readily available is dependable info on insuring a motorcycle.

Don’t worry riders; we’ve teamed up with TD Insurance to answer some of the most frequently asked questions about motorcycle insurance.

Now you can get an insurance quote and buy online in just minutes!

FAQ: What Factors Impact Motorcycle Insurance Cost?

In general, motorcycle insurance is less expensive than coverage for a car, truck, or SUV. This is largely to do with the seasonal nature of riding, number of kilometres typically traveled, the motorcycle’s comparatively lower value and lower repair costs, and the simple fact that a motorcycle, being smaller and weighing significantly less, generally can’t do as much damage to a car in a collision as another car can.

The cost of motorcycle insurance can vary widely depending on a range of factors, including

  • age and/or experience of the driver,
  • the value of the bike,
  • its engine size and type (suitable proxies for its level of performance), and
  • what sort of coverage is purchased.

Simply put, a 1100cc, high performance sport bike will cost more to insure than a much smaller 250 cc standard motorcycle, assuming similar coverage. And it gets even more complicated once you start accounting for how a policy can be tailored to a rider with specific types of coverage. Although it can vary by province, standard, mandatory coverages typically include:

  • third-party liability, which covers injury and damage to others and their property in the event of an accident,
  • coverage protecting you in the event of a run-in with an uninsured motorist,
  • accident benefits to cover you and your family if you’re injured in an accident, and
  • direct compensation, which pays for repairs to your bike after an accident to the extent that you’re found not at fault.

That may sound like plenty, and it’s generally enough to meet the minimum required insurance, however, there are other important coverages to consider, including Collision or Upset coverage and Comprehensive coverage. There’s also “All Perils” coverage, which couples the two together, and “Specified Perils coverage,” which covers individual, specific risks like theft or fire.

Since there is no set formula that all insurers follow to determine your premiums, your best bet is to get a quote from your insurer and take the guess work out of the equation.

FAQ: How Much Coverage Do I Need On My Bike?

How much coverage you need for your motorcycle is largely up to you, although there are legally mandated minimum insurance requirements you will have to adhere to.

Those requirements typically deal with the minimum amount of third-party liability you’re permitted to carry, and they can vary by province. Liability coverage provides you with financial protection if you’re found to be responsible for causing damage or injury to another person or their property due to an at- fault accident. 'Your insurer can help you better understand your coverage needs, depending on where you live'

Depending on the value of the bike and what you could reasonably afford to pay out-of-pocket in the event your bike was lost or damaged for reasons other than a not-at-fault accident, it may be wise to purchase “Collision or Upset” and/or “Comprehensive” coverage. Collision or Upset coverage pays toward your motorcycle’s repair bill in the event of a crash with another motorist or an accident involving some other, more stationary object, if you are at-fault. If the bike is deemed a total loss – that is, the cost to repair approaches or exceeds its fair market value – Collision or Upset coverage will pay out an amount based on the value of the time at the time of the accident, considering its age and condition. Comprehensive coverage will provide coverage for loss or damage to your bike resulting from incidents not covered under Collision or Upset. Most commonly, this covers theft, fire and vandalism but can cover other losses, like damage due to flood. Alternatively, if you’re only worried about someone stealing your bike, you could just opt for “Specified Perils” coverage, which would cover theft and a couple other incidents, such as loss due to fire, lighting, and a few others.

TD Insurance also offers Accident Forgiveness for motorcycle drivers, whereby your premiums won’t go up at renewal due to your first at-fault accident – so long as you meet certain criteria. Accidents in which you’re deemed entirely not-at-fault don’t count; here, we’re just talking about accidents that you’re determined to be responsible for, either partially or completely.

FAQ: How Can I Save On My Motorcycle Insurance?

One of the questions we hear most often is how bikers can save on their motorcycle insurance. Motorcycle drivers will be thrilled to know that there are numerous ways to save. Here are some of the ways you can save with TD Insurance.

Insure Multiple Motorcycles

Motorcycles are a lot like potato chips and slices of pizza: it’s hard to have just one. Insure more than one bike on the same policy and you could qualify for a discounted insurance premium, whether it’s two of your bikes, your bike and one belonging to someone else in your household, two of your bikes and one owned by a family member at the same address – the more the merrier!

Bundle Your Bike with your Car & Home Insurance

Insurers may offer a discount if you bundle coverage. For example, TD Insurance, offers a “Ride and Drive” discount when you insure both your car and your bike through them, as well as a “Multi-Line” discount when you bundle your home and bike coverage together.

Consider Getting A Different Bike

If you’re already head-over-heels with your high-powered sport bike and you’d sooner give up breathing than sell it, this bit of advice won’t be of much use to you. But if you’re still shopping for your next bike, or you’re open to getting something new, you might be able to save simply by purchasing a more modest bike. No, we’re not talking about stepping down to a moped or scooter – but bikes with less emphasis on speed and acceleration may yield lower premium. If you are simply contemplating between a standard motorcycle, sport bike, cruiser, or touring bike, it’s always a good idea to get insurance quotes to ensure you understand the differences in premium. It’s easy and can be done completely online in just minutes with TD Insurance.

Maintain A Clean Record

Of all the things within your control that can affect how much you ultimately end up paying for motorcycle insurance, keeping a clean driving record is among the most important. Any type of insurance is priced according to the level of risk assessed for the owner and/or operator, so it stands to reason that a demonstrably “safe” biker should be cheaper to insure than an “unsafe” one. We know, accidents can happen, even to the safest riders out there, that’s why TD Insurance offers Accident Forgiveness to eligible motorcyclists to help protect your premiums from increasing at renewal for your first at-fault accident. If you qualify, and you happen to get into an accident for which you’re at least partly to blame, you won’t see your premiums increase as a result. And of course, your riding record as it pertains to traffic violations and citations can adversely affect your premium, so be safe out there, ride defensively, and obey all traffic laws.

Learn more about Motorcycle Insurance Discounts & Savings, and get a quote to see how much you could save.

Now you can get an insurance quote and buy online in just minutes!