Vintage motorcycle insurance Ontario

There are numerous benefits to motorcycle riding, and nothing beats hitting the open road on your motorcycle on a warm, sunny day. If you're the owner of an older bike, protecting your classic motorcycle becomes all the more important, which is where vintage coverage in Ontario comes into play. To learn more about this specialty coverage and whether your classic bike qualifies, stick around!

What is a classic motorcycle?

For insurance purposes, a classic motorcycle can vary between insurance providers. However, if your bike is over 25 years old, has no modifications to it, is driven by a rider who is over the age of 30, and is only ridden 2,000 kilometres or less a year, riders will qualify for classic motorcycle insurance upon passing a professional appraisal.

What is classic motorcycle insurance?

Vintage motorcycle insurance, also known as classic motorcycle insurance, is a type of car insurance specifically designed for classic motorcycles in Ontario. And, because car insurance is legally mandated for all motorists in Canada, the policies available from an insurer are similar to those you'd purchase when insuring a vehicle. Here's a closer look at the types of mandatory classic motorcycle insurance policies you'll need for your bike:

Third-party liability

Third-party liability, often known as liability car insurance, is a form of insurance policy required in Ontario. This coverage is intended to protect policyholders in the event of a car accident resulting in bodily injury or property damage to a third party. If a third party files a claim against them for damages, it will pay for medical bills, legal fees, repairs, and additional settlement expenses.

Accident benefits coverage

Accident benefits are also mandatory for all motorcycle owners in the province. This motorcycle insurance will cover the cost of medical bills, rehabilitation costs, lost wages, and other expenses if you are in an accident and suffer injuries. Additionally, accident benefits coverage extends to your passengers and pedestrians, and kicks in regardless of who is at fault.

Uninsured automobile insurance

Uninsured automobile insurance is another required policy for Ontario motorcycle owners. This bike insurance can protect you if you are involved in a collision with an uninsured or underinsured driver, including hit-and-run motorists. With this motorcycle insurance, all bike repairs or replacements required will be compensated by your insurer.

Optional classic motorcycle coverage

Beyond standard classic motorcycle insurance, those who want additional peace of mind during their ride can purchase optional policies, including the following:

Comprehensive coverage

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

Collision insurance

Collision car coverage covers you if damage is caused to your bike in an at-fault collision by paying for replacement or repair costs for physical damage up to your coverage limits. Again, you'll have to pay a deductible to your insurer before the remaining costs are covered.

Direct compensation - property damage

As of 2024, direct compensation - property damage is optional for all Ontario riders. If you are involved in a motorcycle accident and your bike is damaged, this coverage kicks in and allows you to negotiate exclusively with your own insurance company instead of the other motorists. The goal of this type of coverage is to make sure that policyholders are quickly compensated for their damages without delays.

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 collision claim.

Note: coverage varies by province.

Is classic motorcycle insurance cheaper than other motorcycle insurance?

Yes, compared to motorcycle insurance costs, insuring your bike as a classic motorcycle can help customers save up to 40% on their insurance. However, customers will need to undergo an appraisal of their bike to ensure that it meets the prerequisites of what a classic bike entails before a discount will be added to their file.

Remember, an insurance company will also look at different factors to determine your premiums beyond the type of motorcycle you ride, as it helps them develop a risk profile. The factors used can vary between providers. But for the most part, an insurance company will consider the following:

• Your age.
• How long you've had your licence.
• Where you live.
• What type of coverage you choose.
• The engine size of your motorcycle.
• Your driving record.
• Your insurance history.
• And more.

How often do I need to have my classic motorcycle appraised?

Generally speaking, you should have your classic motorcycle appraised every year, especially if you're moving between insurers. However, if you are staying with the same insurance company, they may keep your original appraisal on file and be fine with you using the same one over the years. We recommend speaking with your insurance company directly to confirm what documents you require when renewing your coverage.

Can I get classic motorcycle insurance if I am 25 years old?

No, you will not be able to purchase classic coverage for your vintage bike if you are 25 years old. One of the prerequisites for this type of coverage is that you must be over the age of 30. While you're still able to purchase standard coverage for your bike, you won't be able to qualify for the classic motorcycle discount.

Should I buy year-round or seasonal motorcycle insurance?

If you're in the process of buying a motorcycle for the first time, you may be debating whether to purchase year-round or seasonal motorcycle insurance. Unfortunately, most providers won't insure motorcycles for only 6 months out of the year. However, the option to cancel your coverage or pause it may be available, depending on who you have your insurance with. That said, there are some risks with pausing or cancelling the coverage for your bike during the winter, including the following:

Cancellation fees

If you cancel your insurance policy before the end date, your insurance company may charge you a cancellation fee.

Uninsured damage to your bike

If your bike is damaged or stolen throughout the winter, you will have to pay for any repairs or replacements out of pocket.

Leasing or financing issues

If you lease or finance your motorcycle, cancelling your insurance coverage may breach your contract, requiring you to return the bike to the dealership or face problems from your lender.

Can't enjoy a sunny winter day

Imagine a wonderful day of sunshine coming during the winter. With no insurance, you will find yourself unable to enjoy your time on the road.

How can I save on classic motorcycle insurance premiums?

While older bikes with appraisals tend to have lower insurance premiums, there are still several ways you can lower your yearly costs. Here are some of our best tips and tricks to do so:

Shop around and compare quotes

Before purchasing coverage, shop around with different insurers and compare classic motorcycle insurance quotes. By doing so, you can find the best deals available without having to sacrifice your level of coverage.

Work with a broker

Brokers work independently from insurance providers, which allows them to shop around for different coverage options with ease. Beyond this, brokers can provide unbiased advice, help you find discounts, and guide you throughout the process of choosing the right coverage for your budget and riding style. The best part? Brokers work free of cost, so you can access these services without having to pay a fee!

Bundle your policies

If you have home insurance or more than one bike, consider bundling your policies together with the same insurance company. Most insurers offer a discount to customers who have more than one policy with them as a way of saying thank you for the business.

Ask about discounts

Beyond bundling your policies, there may be other discounts available to you as a customer. This includes having a clean insurance history, having certain safety features on your bike, and being a member of a professional organization, among others! So, don't hesitate to ask your insurance agent or broker whether you qualify for additional savings.

Pay for insurance upfront

Insurance providers add administration fees to customers who opt to pay for their insurance monthly, given that it costs them money to process their payments. To avoid these additional fees, consider paying for your coverage in one go.

Increase your deductible

If you can comfortably afford to do so, you may also want to consider increasing your deductible. Remember, your deductible is the amount you owe to your insurance company before they will cover the remaining expenses when you file a claim. By increasing your deductible, you're taking on more of a financial burden, which can help lower your premiums.

Consider your coverage options

Lastly, consider the type of coverage you need. If you're not riding your bike often, you may be able to lower your coverage limits and opt out of certain additional policies to save money.

How can I keep my classic bike safe while on the road?

Before heading out to explore motorcycle routes around Alberta or wherever you're headed, it's important to brush up on motorcycle riding safety tips, especially if you're travelling in a group. Here's a closer look at some group motorcycle safety reminders below:

• Inspect your bike: Before leaving, make sure you conduct a thorough inspection of your bike. There's nothing worse than dealing with a mechanical failure while on the road.
• Fill up your tank: Make sure you have a full tank of gas before leaving to prevent numerous delays.
• Exchange contact info: Check that you have the contact information for every member of the group in case of an emergency.
• Take breaks: Take frequent breaks to refuel, use the restroom, and eat with your motorcycle group.
• Stagger riders: Rather than riding side to side, try to stagger your motorcycles. This will help to keep a safe distance between each rider and reduce the possibility of colliding with others.

How can I share the road with motorcycles while in a vehicle?

Given how vulnerable riders are to road hazards, many motorists may feel uneasy about sharing the road with motorcycles. To ensure you get to where you need to go and keep everyone on the road safe, here are some ways you can share the road with bikers:

• Monitor your blind spots: Because motorcycles are smaller than vehicles, they may be difficult to see while driving. Always double-check your blind spots while driving to ensure your safety.
• Look before turning: When changing lanes or turning left, scan your rear and side mirrors, blind spots, and the intersection itself to be sure no other riders are coming your way.
• Keep your focus on the roadway: To prevent colliding with another vehicle or rider, keep your eyes on the road ahead and steer away from your mobile device and other distractions.
• Give them space: Allow motorbike riders enough space to travel. Keep in mind the three-second or two-car-length driving rule.
• Follow highway laws: Don't speed, do shoulder checks, let riders pass if required, and drive defensively to avoid dangers.

How BrokerLink can help

At BrokerLink, we help motorists find affordable insurance. With access to multiple auto insurance policies from some of Canada's top insurers, we're able to customize your coverage, compare quotes, answer your questions, clarify any myths about motorcycle insurance, unlock discounts, and more!

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