Seven tips for cheaper motorcycle insurance

With motorcycle riding season just around the corner, there’s no better time to go over some of the top tips that will help you save money on your motorcycle insurance. 

1. Cancelling your motorcycle policy at the end of the riding season will not save you money
Motorcycle insurance, in Canada, is seasonal and the premiums are seasonally adjusted. If you cancel the insurance for the winter you will not get any premium refunded.

2. New rider? Take a motorcycle training course
If you’re new to riding, then take an approved rider training course. Not only will you be a better rider for it, but you could be eligible for a discount that will lower your motorcycle insurance premium.

3. Ride carefully
It likely comes as no surprise that multiple tickets and accidents will increase how much you pay in motorcycle insurance coverage. Tickets affect your insurance rates for up to three years and accidents stay on your record for at least six! With a bad record, you can find yourself paying a lot of extra premium over the years.

4. Equip your bike with an anti-theft device
There are a wide range of anti-theft devices designed specifically for motorcycles and some insurance companies will offer you a discount if you have an approved one installed on your bike.

5. Ride a bike that costs less to insure
The type of bike you choose will affect your motorcycle insurance rate. For example, young riders may find that motorcycles designated as “sport” bikes can carry a premium surcharge (making it more expensive for coverage.) Also, avoid motorcycles that are attractive to thieves; a bike known to be a target will cost more to insure.

Other considerations? Know that sometimes the engine size and the replacement cost of the bike are used as part of the calculation in determining your rate. It will likely be more expensive to insure a $25,000 cruiser with an engine size of 1600 cc’s (cubic centimeters) then it was to insure a $3,000 scooter with a 50 cc engine size. Yes, this is an extreme example, and not always the case, but important to point out nonetheless.

4. Insure all your motorcycles with the same insurer
Most insurance companies offer a "Multi-vehicle discount" for customers who have more than one motorcycle to insure.

5. Ask about other discounts you might be able to get
In addition to multi-vehicle and anti-theft discounts, other common discounts include the:

•  Age discount: A discount on your insurance as you pass certain age milestones. If available, the qualifying age differs from insurer to insurer.
•  Motorcycle club discount: Available if you are a member of a motorcycle rider’s club, like the CMA.

While the availability of discounts will vary depending on your insurer, where you live and whether you meet the eligibility requirements, asking about them could save you significant money.

5. Increase your deductibles
Insurance was really meant to cover you for damages you could never afford on your own. So keeping in mind the value of your bike, raise them as high as you can afford knowing that the deductible is how much you’ll have to cover if you need to submit a claim.

6. On older bikes, consider dropping collision coverage
If you have an older bike, you may want to think about dropping the collision coverage. You need to think about this one though and speak to your insurer, as you have to weigh the cost of the collision coverage with the value of your ride and your chosen deductibles.

7. Motorcycle insurance rates vary across insurers
Don’t assume that the first quote you get is the best quote you’ll get. Just like car insurance rates, each insurer’s motorcycle insurance rates are so unique to them that it’s safe to say that no two are alike. Remember, when comparing rates, include the same coverages and limitations so you’re comparing like rates. At comparison sites where you can actually compare competing rates side-by-side, they’ll do this for you.  The only way to make sure you are getting the best price for your policy is to shop around for quotes from competing insurers.

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