How much is motorcycle insurance in Canada?

Are you in the market for motorcycle insurance? If so, then one of the main questions you may have is, “How much does motorcycle insurance cost in Canada?” Below, we'll answer this and more about motorcycle insurance costs.

How much does motorcycle insurance cost?

There isn't a straightforward answer for how much motorcycle insurance costs in Canada. This is because motorcycle insurance rates vary depending on many factors, including where in Canada you live, the type of motorcycle you ride, and personal factors like your age and gender.

That being said, motorcycle riders in Canada can expect to pay anywhere from a few hundred to a few thousand dollars a year for their motorcycle insurance premiums. For example, motorcycle insurance in Ontario can cost on average around $1,600 a year whereas in Alberta, the average sits around only a few hundred dollars.

What affects motorcycle insurance rates?

So, why do insurance premiums across Canada vary so much? Like we said, insurance companies take several different factors into consideration when calculating your risk for your motorcycle insurance rates, just like they do with car insurance. That's why average insurance rates in Ontario vary so differently from, say, average rates in Alberta, Quebec, or British Columbia. Here are some of the most common factors that insurance companies consider:

• The make and model of your motorcycle
• Where you store or park your motorcycle when not in use
• Whether you have completed a motorcycle safety course
• What motorcycle licence class you have
• Your age and gender
• Where you live and ride
• How often you ride
• Your driving record
• Your claims history
• Your coverage and deductible(s)

What does motorcycle insurance cover?

There are many things you need to know before buying a motorcycle, and one of them is motorcycle insurance. Motorcycle insurance is important in Canada, not only because it's mandatory, but because it's a part of necessary motorcycle riding safety.

In Canada, the most basic motorcycle insurance policy includes third-party liability coverage and accident benefits coverage. Depending on where you live, you might also need uninsured automobile coverage and direct compensation-property damage (DCPD) coverage. Beyond that, there are optional coverages many riders go for, like collision, comprehensive, and accident forgiveness coverage. Here's what these coverages cover:

Third-party liability coverage

Motorcycle accidents can be especially dangerous. That’s why third-party liability coverage is a must. It’s similar to liability car insurance —it protects you if you cause an accident and someone sues you for property damage or injuries. In Canada, every motorcycle rider is required to have a minimum amount of third-party liability coverage, but the exact amount varies depending on your province.

Accident benefits coverage

Accidents come with a lot of risks. Besides property damage, there’s a chance you could face injuries—and, sadly, sometimes accidents can even result in loss of life. If you, a pedestrian, a driver, or a passenger are injured in an accident and require medical attention, it is the accident benefits portion of your motorcycle insurance policy that will cover expenses related to the accident.

Uninsured motorist coverage

A hit-and-run is always a tough situation, especially if there are no witnesses—you’ll likely have to cover the damages yourself. The same goes for getting hit by an uninsured or underinsured driver, even if they don’t flee the scene. That’s where uninsured automobile coverage comes in handy. It's required in certain parts of Canada.

Direct compensation-property damage coverage

If you’re in an accident and it’s not your fault, direct compensation–property damage (DCPD) has you covered. It simplifies the claims process by handling everything through your own insurance provider instead of dealing with the other party’s insurer. Just keep in mind, this coverage is only available in provinces with no-fault insurance systems.

Collision coverage

Collision coverage is an optional add-on that helps pay for damage to your bike if you’re in an accident, whether you hit another vehicle or something stationary like a tree, pole, or guardrail. The best part? It covers you even if the accident was your fault. Just a heads-up—if your motorcycle is leased or financed, your lender might require you to have a certain level of collision coverage.

Comprehensive coverage

Comprehensive coverage is another optional extra that protects your motorcycle from non-accident damage. Think weather damage, falling objects, fire, theft, or vandalism—it’s your safety net for the unexpected. If you live in an area with higher crime rates, comprehensive insurance is definitely worth considering. And if your bike is leased or financed, there’s a good chance your lender will require it.

Accident forgiveness coverage

One final type of optional insurance coverage popular among Canadian riders is accident forgiveness. Accident forgiveness is additional coverage that can be added to your motorcycle 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

Other types of coverage that some motorcycle riders may consider adding to their policy include emergency roadside assistance, loss of use coverage, trip interruption coverage, trailer insurance, and personal effects coverage.

What is seasonal motorcycle insurance coverage?

Seasonal motorcycle insurance is when you only insure your bike for part of the year—typically during the riding season. For the winter months, when the bike is parked, some people choose to cancel or suspend their policy.

In most cases, seasonal policies last around six months, but the truth is that most insurance providers don’t offer standalone six-month auto insurance plans. Instead, depending on where in Canada you live, they might let you pause, cancel, or adjust your policy during the off-season.

That said, cancelling your policy in the winter might not be the best idea. Even if you’re not riding, your bike is still vulnerable to risks like fire, theft, vandalism, or other damage while it’s parked. Comprehensive coverage can give you peace of mind all year long, even when your bike is off the road.

How to save money on motorcycle insurance

No matter what you’re paying for motorcycle insurance, wouldn’t it be awesome to lower your rates even more? At BrokerLink, we’re here to help you do just that. Our licensed insurance specialists are here to help you find the right coverage at a price that fits your budget. We’ll handle the hard work, making the process easy and stress-free, and we’ll do our best to stay within your budget—or even beat it!

Our experts have also put together some of our best tips for saving on motorcycle insurance. Check out these helpful suggestions below:

• Buy a motorcycle with a high safety rating
• Enrol in a motorcycle safety course
• Bundle your motorcycle insurance with other insurance policies
• Install a telematics device
• Install an anti-theft device
• Store your motorcycle somewhere safe
• Increase your motorcycle insurance deductible
• Maintain a clean driving record

Contact BrokerLink for a free motorcycle insurance quote

Do you want to find out how much motorcycle insurance will cost you? Are you looking for cheap motorcycle insurance quotes? Get in touch with BrokerLink today to request a free quote. You can take advantage of our free online quote tool that can provide you with a competitive quote in minutes.

You can also reach us by phone, email, or in person at any one of our locations throughout Canada. No matter how you choose to get in touch, a BrokerLink insurance advisor will be happy to assist you.

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FAQs about motorcycle insurance

What kind of motorcycle insurance do I need?

In Canada, driving without insurance is against the law. You’re required to have third-party liability, accident benefits, uninsured automobiles, and direct compensation - property damage coverage. However, the specific requirements can vary by province. Before you hit the road, talk to your insurance broker to make sure you’ve got the coverage you need.

What can increase the cost of motorcycle insurance?

A poor driving record is one of the fastest ways to see your motorcycle insurance rates go up. Frequent at-fault accidents or a stack of speeding tickets can quickly drive up your premium. Opting for low deductibles or increasing your coverage and limits can also raise your insurance costs. Keeping these factors in check can help you save.

How can I save on motorcycle insurance?

Keeping a clean driving record can help you score better rates on your motorcycle insurance. You can also save by bundling your motorcycle insurance with your car insurance policy. And that’s just the start—there are plenty of other ways to lower your insurance costs. Talk to an insurance broker to explore all your options.

What types of motorcycles require motorcycle insurance in Canada?

All types of motorcycles require motorcycle insurance in Canada. This includes cruising, touring, and sports motorcycles, as well as restricted-speed motorcycles, like scooters and mopeds.

If you have any questions, contact one of our local branches.