Insuring your brand-new motorcycle is important from both a financial and a security perspective. Since riding a motorcycle is much riskier than driving a car, getting motorbike insurance is a mandatory, legally responsible procedure in Canada.
As with all insurance, consumers want the best price, especially for costly motorcycle policies. Here are five tips that will help you get the coverage you need at the price you can afford.
- Shop around. Don’t assume that the first motorcycle insurance company you see is the best one. Get free quotes from several companies and compare them. Check what is included in the policy, whether or not there are additional charges, etc. Comparison websites comes in handy for this purpose. Remember, choosing a policy that is right for you can save you around 35 per cent!
- Get a bike with a smaller engine. If you haven’t bought a motorcycle yet, you might consider purchasing a smaller model with a smaller engine. The bigger bikes with massive engines are much more expensive, and, therefore, have a higher risk of being stolen. Smaller motorcycles are less risky and more affordable to insure.
- Include experienced riders in your policy. Your policy may also require you to include additional drivers. However, you should be mindful of whom you choose. If it’s a young, unexperienced rider or a rider with a record of convictions, you won’t be able to benefit from a discount. Choose your riders wisely.
- Drive without passengers. When you are giving a ride to someone, you pose an additional risk to their safety. If you don’t have a pillion (passenger seat), your insurance provider can give you a lower premium. Pillion or not, though, try not to carry passengers on your bike if you don’t have insurance to cover them. If you ignore this rule, you could wind up with a hefty fine.
- Try to avoid claims. A clean driving record can considerably decrease your premiums. If you continue to keep your driving history clean for at least the first year of being insured, you may get a discount of up to 40 per cent; with a five-year clean streak, your insurer might grant up to 75 per cent off your premium.
Six factors that can increase your premiums
There are things that you shouldn’t do or should avoid because they can increase your premiums. Here are some factors to consider when purchasing motorcycle insurance.
- Your driving history can significantly impact the cost for your motorcycle insurance. If you had previous at-fault claims or convictions, the insurance company will know that you are high-risk to insure. Also, do not race your vehicle. It is considered dangerous, not only for your life, but for your insurance as well.
- Young or new drivers are regarded as inexperienced. In their case, motorcycle insurance premiums are higher in comparison to drivers with a clean riding record.
- Your motorcycle brand, model, and year: For more expensive and powerful models, there’s a higher chance of the bike being stolen. For this reason, the quotes can be much higher. Additionally, high-priced bikes demand high-priced maintenance when damaged.
- Your place of residence: The quotes for your motorcycle insurance also depend on the area in which you live. If you live in an urban area with a high level of traffic volume and a high crime rate, your premiums will most definitely rise.
- Your mileage: High mileage (over 3,000 miles) might signify that you’re a frequent rider. That is not good for your insurance; the more time you spend on a road, the higher the risk of an accident.
- Security. Motorcycles are very prone to being stolen. To avoid an insurance rate increase, keep your bike in a garage, enable a steering lock, set an alarm system, or use other means to keep your vehicle secure.
Be fully aware of the policy you take – consider all pros and cons. Also, try not to rush things. Buying a motorcycle is a big responsibility that demands a well-thought-out decision when it comes to choosing insurance. Make sure that your insurance covers everything that has to be covered. Think about every detail and possible scenario for your bike, and discuss it with your insurance broker. Remember that your safety and wellbeing are very important, and so is your financial security.