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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.
“–” – 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.
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:
It also protects you against other risks, such a theft, fire, vandalism, etc.
Provincial laws require a minimum amount (e.g. $200K in Ontario), but it is recommended to have $1M or $2M.
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.
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.