How to insure multiple motorcycles

Do you own more than one motorcycle? Are you currently insuring your motorcycles separately? If so, you could be missing out on significant savings by not taking advantage of a multi-bike policy. To learn more about this motorcycle insurance and how you can insure more than one bike, stick around!

Is it possible to insure multiple motorcycles?

Yes, it is entirely possible to insure more than one bike under the same insurance policy with your insurance company. Similar to how those with two cars or more do, if you have more than one rider in your household and have more than two bikes, you can opt for this type of insurance without having to sacrifice full coverage.

Insure multiple bikes with multi-motorcycle insurance

Whether you're planning to explore motorcycle routes in Alberta or use your motorcycle as your means of transportation day-to-day, you're legally required to purchase some form of motorcycle insurance. While the specific policies and coverage levels will vary between provinces, here's what you can expect from a multi-car insurance plan if you have multiple vehicles or motorcycles:

Third-party liability insurance

Third-party liability, often known as liability car insurance, is a form of insurance policy required in all provinces. However, coverage minimums vary. In the event that policyholders are involved in a car accident that results in property damage or bodily harm to a third party, this coverage is intended to protect them. Liability insurance will cover medical bills, legal fees, repairs, and other costs related to your settlement if the third party makes a claim against you for damages.

Accident benefits coverage

All provinces, except Newfoundland, require accident benefits coverage. Accident benefits coverage compensates you, your passengers, and pedestrians for medical care, rehabilitation fees, lost wages, and other expenses if you sustain injuries in a motor vehicle collision, irrespective of who is at fault.

Uninsured automobile insurance

Uninsured automobile insurance is another required motorbike insurance policy in Canada. This motorbike insurance can protect you if you are involved in a collision with an uninsured or unidentified driver. This policy also covers you if a hit-and-run driver hits you. The purpose of this motorcycle insurance is to ensure you are not responsible for paying out of pocket for any damages and are fairly compensated for your losses.

Optional motorcycle insurance

Beyond standard insurance requirements, if you want to further protect your motorcycle on and off the road, you may want to consider purchasing these optional coverages:

Comprehensive coverage

Comprehensive car coverage will reimburse you if your motorcycle is damaged in a non-collision accident. Common risks covered by comprehensive coverage include theft, vandalism, falling objects, fire damage, and extreme weather. When claiming with your insurance company, you must pay a deductible before your provider will cover the remainder.

Collision coverage

Collision car coverage protects you in the event that you cause damage to your motorcycle during an at-fault collision by paying the cost of repairs or replacements up to your policy limits. Collision insurance also requires consumers to pay a deductible before any leftover repair costs are reimbursed.

Accident forgiveness

One final type of optional car insurance coverage popular among motorcycle riders is accident forgiveness. Accident forgiveness is additional coverage that can be added to your car insurance policy as an endorsement, to protect your driving record and to help prevent your insurance premium from increasing if you have an at-fault accident claim.

Note: coverage varies by province.

Direct compensation- property damage

Direct compensation for property damage is motorbike insurance coverage that is only required in Alberta and New Brunswick. If you are involved in a motorcycle accident and your bike is damaged, this coverage kicks in and allows you to deal solely with your own insurance company rather than the other motorists. The goal of this type of insurance is to ensure that policyholders are quickly reimbursed for damages caused by a collision by removing the middleman.

What are the benefits of insuring multiple bikes under one insurance policy?

Opting for a multi-bike insurance plan with an insurance company offers some pretty great benefits, including the following:

Savings on premiums

One of the main advantages of insuring your bikes under one policy is that it can provide a substantial discount on your premium. If you want to keep more money in your pocket while ensuring that all bikes in your household have full coverage, then this is a great strategy to do so.

Easier to oversee

Instead of having to oversee and manage numerous separate insurance plans, insuring your motorcycles under one plan can also help you streamline your coverage. You'll get to pay one monthly bill for all of your motorcycles and have all communications streamlined with your insurer.

Flexibility

Lastly, because all bikes and riders are different, you can still assign different coverage limits and levels to each motorcycle, making this option incredibly flexible to your unique needs.

How many bikes can I insure under a multiple motorcycle insurance policy?

How many motorcycles you can insure with one plan will vary between different companies. Therefore, if you're buying a motorcycle policy for more than one bike, we recommend speaking with different insurers beforehand to determine whether or not they can accommodate your needs and motorcycles.

How can I qualify for this type of motorcycle insurance?

To qualify for motorcycle insurance in Canada, you will need to carry a valid license. Furthermore, for every motorcycle on the insurance, you must provide the year, make, model, VIN, purchase price, usage, claims history, and your current address.

Additionally, you need to supply the names, birthdates, driver's license numbers, driving and claims history and bikes of choice for every rider intended for the insurance. Lastly, the insurance term, start date, and end date must be the same for every bike, and the policy must list not only the drivers but also the owners of the motorcycles.

How much is multi-bike coverage?

The average motorcycle insurance cost in Canada varies between provinces and depends heavily on the individual driving profiles of all riders intended for the multi-vehicle policy. For example, insurers typically consider the following factors when calculating premiums for all motorists:

• The age and gender of each rider.
• Where the rider lives.
• How often they intend to ride their motorcycle throughout the year.
• The driving experience of each rider.
• The previous insurance histories of each rider.
• The deductible chosen for the insurance plan.
• The coverage types and limits chosen for all motorcycles.

Should I get year-round or seasonal motorcycle insurance?

One thing you have to consider, regardless of whether you're choosing to insure one bike, two bikes, or numerous other bikes under a single insurance policy, is whether to get year-round or seasonal motorcycle insurance. Essentially, seasonal motorcycle insurance is a type of coverage that only lasts for part of the year. The idea behind it is that, come winter, your bike loses insurance as you won't be riding it when the weather is gross.

It's important to note that most insurers don't offer this as an option. You may, however, be able to cancel or pause your policy. But, even so, this may not be the best idea. Here's why:

1. Risk of insurance fines: If you break your policy before its expiration date, your insurance company may require you to pay cancellation fees.
2. Damage to your bike: You would be liable for any out-of-pocket expenses related to repair or replacement if your motorcycle were stolen or destroyed during the winter.
3. Having trouble purchasing insurance: Early policy cancellations will appear on your insurance history, which is accessible to all Canadian insurance providers. Regularly terminating your policy may raise your risk profile and make it more challenging for you to get insurance in the future.

Is it possible to save on my insurance premium?

Beyond getting a discount for insuring your bikes under a single policy, there are other ways riders can save on their premium. Check out some of our best tips and tricks below:

Look around and compare estimates

Compare estimates for motorbike insurance from several providers before deciding to buy coverage. By doing this, you can get the best rates without compromising the extent of your coverage.

Partner with a brokerage

Brokers are able to easily compare various coverage alternatives because they operate independently of insurance companies. Brokers may also help you find discounts, provide you with impartial advice, and walk you through the process of selecting the best coverage for your riding style and budget.

Ask about other available discounts

As a customer, you may be eligible for additional discounts in addition to combining your insurance. This involves belonging to a professional organization, having specific safety features on your bike, and having a clean insurance record, among other things! Therefore, don't hesitate to inquire with your broker or insurance agent about your eligibility for any additional savings.

Purchase your premiums upfront

Because it costs them money to handle payments, insurance providers charge administration fees to clients who choose to pay for their coverage monthly. Pay for your coverage all at once to avoid these extra costs.

Increase your deductible

You may want to think about raising your deductible if you have the money to do so. When you file a claim, your deductible is the sum you owe your insurance provider before they will pay the remaining costs. Your premiums may go down if you raise your deductible because you're taking on more of a financial burden.

Think about your coverage

Finally, think about the kind of coverage you require. You might be able to save money by lowering your coverage limits and choosing not to purchase certain extra policies if you don't ride your bike frequently.

The importance of motorcycle riding safety

While there are many benefits of motorcycle riding, without the proper motorcycle riding safety knowledge, you can put yourself and others at risk of injuries and other losses. The same can be said when you're sharing the road with motorcycles as you're in your vehicle.

To ensure you get to where you need to go safely while on your bike, remember the following:

• Check your bike: Make sure you check your bike thoroughly before you go. Dealing with a technical issue while travelling is the worst thing in the world.
• Fill up your tank: To avoid any delays, make sure your petrol tank is full before you go.
• Take breaks: Take breaks if you're travelling long distances to refuel, eat, and use the restroom.
• Wear protection gear: Even if it's a sunny day, remember to wear your helmet and protective clothing.
• Follow traffic laws: When on your bike, follow traffic laws as you would in a vehicle. Check your blind spots, follow posted speed limits, give other motorists enough space around you, and stay off your phone at all times.

How BrokerLink can help

At BrokerLink, we help motorists find affordable insurance coverage. Our insurance brokers have access to multiple auto insurance policies from some of Canada's top insurance companies, allowing them to customize your coverage based on your unique needs and budget. So, whether you're looking to insure more than one motorcycle, have questions about motorcycle insurance myths, group motorcycle safety, or other concerns, know that our team is always willing to help.

Looking for competitive quotes? Take advantage of our free online quote tool to get a competitive insurance quote within minutes right to your phone!

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