The amount you pay for any type of insurance is primarily based on risk exposure. Motorcyclists face more bodily risk than other motorists, due mostly to a lack of physical protection at high speeds.
Data from a 2017 study done by researchers at the University of Toronto, Sunnybrook Health Sciences Centre, and the Institute for Clinical Evaluative Science shows that Ontario motorcyclists, when compared with automobile drivers in the province, are:
- 3 x more likely to be injured in a collision
- 10 x more likely to suffer serious injuries in those collisions
- 5 x more likely to die from an accident
- Cost Ontario’s healthcare system 6 x as much due to accidents
The higher potential for motorcycle claims generally means higher premiums.
Tips for Motorcycle Insurance
- Faster bikes with a lot of horsepower are more dangerous and will cost higher premiums. Choosing a tamer ride can help keep premiums lower.
- There are significant insurance discounts for completion of rider training and advance rider training programs.
- Most insurance companies are primarily concerned with your riding record, so a ticket-free and accident-free riding history will help save money.
- Ask your broker about bundling discounts if combining your motorcycle insurance with your home and/or car insurance.
- Choosing a higher deductible means lower insurance premiums.
- Optional collision coverage: If your bike has a low replacement cost, it may be worth it to opt for liability only.