Average Cost For Motorcycle Insurance In Ontario
Ontario is the most populated province in Canada and has a significant number of motorcycle riders. If you are a motorcycle rider in Ontario, it is important to have insurance coverage to protect yourself and your bike in case of an accident. The cost of motorcycle insurance in Ontario can vary depending on a number of factors. In this article, we will look at the average cost for motorcycle insurance in Ontario and factors that can affect it.
Factors That Affect Motorcycle Insurance Rates In Ontario
There are several factors that can affect the cost of motorcycle insurance in Ontario. These include:
- Driving Record: If you have a clean driving record with no accidents, tickets or claims, you are likely to pay less for motorcycle insurance.
- Type of Motorcycle: The type of motorcycle you ride can also affect your insurance rates. Generally, sport bikes and high-performance motorcycles are more expensive to insure than cruisers or touring bikes.
- Age: Younger riders under the age of 25 may pay higher rates, as they are considered more risky to insure.
- Location: Your location can also affect your rates. Riders in urban areas may pay more for insurance than those in rural areas.
- Usage: How often and for what purpose you use your motorcycle can also affect your rates. If you use your motorcycle for commuting, you may pay more for insurance than if you only use it for pleasure.
Average Cost For Motorcycle Insurance In Ontario
The average cost of motorcycle insurance in Ontario is around $1,500 per year. However, this can vary depending on the factors listed above. For example, a rider with a clean driving record and an older, less expensive motorcycle may pay less than $1,000 per year, while a younger rider with a high-performance bike may pay over $2,000 per year.
How To Save Money On Motorcycle Insurance In Ontario
While motorcycle insurance can be expensive, there are ways to save money on your premiums. Here are some tips:
- Shop Around: Don't just go with the first insurance company you find. Shop around and compare rates from multiple providers to find the best deal.
- Bundle Your Policies: If you have other insurance policies, such as home or auto insurance, consider bundling them with your motorcycle insurance to save money.
- Take A Motorcycle Safety Course: Completing a motorcycle safety course can not only make you a safer rider, but it can also qualify you for discounts on your insurance premiums.
- Increase Your Deductible: Increasing your deductible – the amount you pay out of pocket in the event of a claim – can lower your premiums.
- Choose The Right Type Of Coverage: While it may be tempting to go for the cheapest coverage, make sure you have the right amount of coverage to protect yourself and your bike in case of an accident.
Conclusion
Motorcycle insurance is an important investment for any rider in Ontario. While the cost of insurance can vary depending on several factors, there are ways to save money on your premiums. By shopping around, bundling your policies, taking a safety course, increasing your deductible, and choosing the right type of coverage, you can find the right insurance policy that fits your needs and budget.