Average Cost Of Motorcycle Insurance In Ontario
Ontario is a great place to ride a motorcycle. The scenic routes and beautiful landscapes create an ideal environment for motorcycle enthusiasts. However, before hitting the road, riders need to ensure they have the right insurance coverage. In this article, we will explore the average cost of motorcycle insurance in Ontario, including factors that affect the cost of insurance and ways to save money on insurance premiums.
What is Motorcycle Insurance?
Motorcycle insurance is a type of insurance that provides financial protection to motorcycle riders in the event of an accident, theft or damage to their motorcycle. It covers the rider, the motorcycle and any third party involved in an accident.
The minimum motorcycle insurance requirements in Ontario are:
- Third-party liability coverage of at least $200,000
- Statutory Accident Benefits Coverage
It is important to note that these are the minimum requirements, and riders may need additional coverage depending on their individual circumstances.
Factors That Affect Motorcycle Insurance Premiums
Several factors can affect the cost of motorcycle insurance premiums in Ontario. These include:
- Rider's age and driving history: Younger riders and those with a history of accidents or traffic violations are considered high-risk and may pay higher premiums.
- Type of motorcycle: The make and model of the motorcycle can affect insurance premiums. High-performance motorcycles typically have higher premiums than standard motorcycles.
- Location: Insurance premiums can vary depending on where the rider lives. Urban areas with high traffic and crime rates may have higher premiums than rural areas.
- Usage: How often the motorcycle is used and for what purposes can affect insurance premiums. Riders who use their motorcycle for daily commuting may have higher premiums than those who only use their motorcycle for recreational purposes.
- Coverage options: The level of coverage chosen by the rider can affect insurance premiums. Additional coverage options, such as collision coverage or comprehensive coverage, can increase premiums.
Average Cost of Motorcycle Insurance in Ontario
According to recent statistics, the average cost of motorcycle insurance in Ontario is $1,200 per year. However, this is just an average, and actual premiums can vary significantly based on the factors mentioned above.
For example, a younger rider with a high-performance motorcycle who lives in an urban area and uses their motorcycle for daily commuting may pay significantly more than the average premium.
It is important for riders to shop around and compare insurance quotes from multiple providers to find the best coverage at the most affordable price.
Ways to Save Money on Motorcycle Insurance Premiums
There are several ways riders can save money on motorcycle insurance premiums in Ontario:
- Choose a lower-risk motorcycle: Standard motorcycles typically have lower insurance premiums than high-performance motorcycles.
- Take a motorcycle safety course: Completing a motorcycle safety course can help reduce insurance premiums.
- Bundle insurance policies: Bundling motorcycle insurance with other insurance policies, such as home or auto insurance, can help reduce premiums.
- Choose a higher deductible: Increasing the deductible can help reduce insurance premiums. However, riders should ensure they can afford the deductible in the event of an accident.
- Shop around for insurance quotes: Comparing insurance quotes from multiple providers can help riders find the best coverage at the most affordable price.
Conclusion
Riding a motorcycle in Ontario can be an enjoyable experience, but it is important for riders to have the right insurance coverage to protect themselves and their motorcycle. The average cost of motorcycle insurance in Ontario is $1,200 per year, but actual premiums can vary significantly based on several factors. Riders can save money on insurance premiums by choosing a lower-risk motorcycle, taking a motorcycle safety course, bundling insurance policies, choosing a higher deductible and shopping around for insurance quotes.