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Driving a motorcycle means a completely different type of driving experience, and having and enjoying a bike comes with a price tag. Similar to car insurance, motorcycle insurance is mandatory in Ontario, similarly to other Canadian provinces. This article summarizes the key aspects of motorcycle insurance that you should know. Remember, though, that motorcycle insurance rates can vary across provinces. Once you are ready to move forward with insurance quote, we can provide you with affordable motorcycle insurance quote.

1. Does your license dictate a type of motorcycle?

Yes, it does. There are three different types of motorcycle insurance: M, M1, and M2. From the insurance perspective, if you have an M1 license, you should stay away from sports bikes and go with a standard or cruiser motorcycle.

2. How do different insurers treat different driving licenses?

The overview below shows how motorcycle insurance providers treat different motorcycle insurance licenses. Note that M1 licenses are not treated favourably by several insurance providers.

License type
M1 license
M2 license
M license

“–” – insurance is not offered
“✔” – insurance is offered

Insurance providers may also have additional requirements. For example, Wawanesa insurance generally wants six years of holding a license. An experienced insurance broker can help you get cheap motorcycle insurance and guide you through the details of motorcycle insurance coverage.

3. Does the type of motorcycle affect your motorcycle insurance?

Yes, it does. Typically, the more powerful and more expensive your motorcycle is, the higher your insurance costs.

Some insurance providers specialize in particular types of bikes. See the overview below that shows insurers prefer certain bikes. The overview highlights that all insurers are happy to insure standard, cruiser and touring motorcycles, but some are less inclined to cover sport motorcycles or provide coverage under particular conditions.

Motorcycle type
Aviva
Echelon
Intact
Wawanesa

Standard motorcycle

Sport motorcycle
It depends1
It depends2

Cruiser motorcycle

Touring motorcycle

1. Only if you have a license longer than 4 years
2. Only below 1,000 cm3

4.What does motorcycle insurance cover?

A typical motorcycle insurance policy consists of several components, which are shown below:

Loss or Damage Coverage
Third Party Liability
Accident Benefits
Hit and run coverage

This insurance component covers your bike, should it be damaged or totalled in an accident.

It also protects you against other risks, such a theft, fire, vandalism, etc.

This insurance component kicks in, if you caused damage to the third party’s property or personal wellbeing.

Provincial laws require a minimum amount (e.g. $200K in Ontario), but it is recommended to have $1M or $2M.

Should you or your passenger become injured as a consequence of an accident, this insurance component covers you.
Unfortunately, not everybody has insurance despite the fact that it is mandatory. This insurance component covers you, if an at-fault-driver left the accident site or turned out to be uninsured.

5.What are motorcycle insurance rates in Ontario?

To give you an idea of motorcycle insurance cost in Ontario, we have compiled a few sample insurance profiles below. It is important to know that motorcycle license class (M, M1, M2), your motorcycle make/type, and your driving history will strongly impact your motorcycle insurance rates in Ontario.

Motorcycle Insurance Premiums – Example 1 (2018 rates):

Driver: Male, 47 years old, License class: M, lives in Toronto
Motorcycle: Yamaha YZF R6 2015, owned, purchased for $12,000
Driving History: No tickets or claims in the last 10 years
Insurance details: Liability coverage: $1,000,000 and $500 deductible

Approximate motorcycle insurance rates: $91 / month (or $80 / month with a multi-line discount*)

 

Motorcycle Insurance Premiums – Example 2 (2018 rates):

Driver: Female, 35 years old, License class: M, lives in Mississauga
Motorcycle: BMW F800R, owned, purchased for $10,580
Driving History: No tickets or claims in the last 10 years
Insurance details: Liability coverage: $1,000,000 and $500 deductible

Approximate motorcycle insurance rates: $84 / month (or $72 / month with a multi-line discount*)

 

Motorcycle Insurance Premiums – Example 3 (2018 rates):

Driver: Male, $26 years old, License class M2, lives in Hamilton
Motorcycle: Honda XR650L, owned, purchased for $6,750
Driving History: No tickets or claims in the last 10 years
Insurance details: Liability coverage: $1,000,000 and $500 deductible

Approximate motorcycle insurance rates:$131 / month (or $118 / month with a multi-line discount*)

* Multi-line discount means that you get both motorcycle and home insurance from the same insurer

What types of motorcycle insurance discounts are there?

If you are buying motorcycle insurance, keep these possible insurance discounts in mind. Not all insurers offer these discounts, but never hesitate to ask your insurance broker if these money-saving discounts are available.

Different insurance companies can offer various insurance discounts, some more common than others.

Secure storage
Anti-theft system
Clean driving history
Lack of claims
Being a member of something, e.g. CPA
Rider training discount
Advanced rider training discount
Home-bundle discount
Auto-bundle discount
Seniors discount

We hope that the information and tips provided will be helpful for you as you search for a new motorcycle insurance policy to protect your favourite ride. If you want to get a fair comparison of motorcycle insurance quotes, our insurance broker will be happy to help you and answer all your questions.