High Risk Motorcycle Insurance in Ontario

Whether you’re an everyday rider or a weekend warrior, few things are more enjoyable than hitting the streets with your motorcycle. Riding a motorcycle is truly exhilarating and makes you feel as free as a bird, especially once you’ve mastered the necessary techniques.

However, much like cars, you can’t ride your motorcycle in Ontario unless you have valid motorcycle insurance. In comparison to car insurance, motorcycle coverage is relatively cheap. But, if you’ve got a spotty driving history, you may need to purchase high risk motorcycle coverage in Ontario.

Continue reading to learn the basics of motorcycle coverage, the factors that make you a high risk motorist and more facts about high risk motorcycle insurance Ontario.

Do you want to save on motorcycle insurance in Ontario?

Is your lack of insurance the only thing stopping you from enjoying your motorcycle? Our team at Surex is here to help.

Surex is the only brokerage that offers online motorcycle insurance quotes, putting us a step ahead of the local competition. Within ten short minutes, our team of licensed insurance advisors can provide you with upwards of ten cheap motorcycle insurance quotes in Ontario.

If you’d like to save even more, ask one of our advisors about bundling your motorcycle coverage with your home or auto insurance policy. Doing this can help you save up to 50%!

Motorcycle insurance Ontario — what is it and why is it important?

Motorcycle insurance is a type of coverage that allows motorcycle owners to financially protect their motorcycles from on-and-off-road risks. If your motorcycle gets damaged (more on that below), then your insurance provider will cover a portion or all of the associated costs.

Is motorcycle insurance legally required in Ontario?

Yes, motorcycle insurance is legally required in Ontario. The Ministry of Transportation requires motorcycle owners to have at least reasonable liability coverage on the bike before hitting the road.

If you get caught driving without motorcycle insurance, you can face serious consequences, including a fine ranging from $5,000 to $25,000.

That being said, you can technically purchase a motorcycle without insurance; you just won’t be able to drive it home. So, unless you intend to use the bike as a decoration, we suggest you invest in motorcycle coverage in Ontario.

What does motorcycle insurance cover in Ontario?

Most motorcycle insurance policies in Ontario can include the following coverage components:

Loss or damage coverage — A type of coverage that financially covers your motorcycle if it gets damaged in an accident or by other risks (fire, theft, vandalism, etc.).

Third-party liability coverage — As the name implies, third-party liability insurance covers damage that you cause to a third-party (another driver, a pedestrian, etc.) and/or their property. As mentioned earlier, motorcycle owners need to have liability coverage in Ontario. Many motorcycle owners generally purchase one to two million dollars worth of liability coverage.

Accident benefits — A type of coverage that financially protects drivers and passengers that get hurt in an accident.

Hit-and-run coverage — For those that don’t know, a hit-and-run is the act of getting into an accident and fleeing the scene before the authorities arrive. If you have hit-and-run coverage, you’ll be financially protected if you’re involved in such an event.

How much does motorcycle coverage cost in Ontario?

The average price of motorcycle insurance in Ontario ranges from $1,500 to $3,500 a year (this equates to $125 to $292 a month).

Unfortunately, we can’t provide you with an exact cost because several variables influence the price of motorcycle coverage in Ontario. We can say that if you’re paying closer to $3,500, your motorcycle insurance company likely considers you a “high risk driver”.

Speaking of which…

What is high risk motorcycle insurance in Ontario?

High risk motorcycle coverage is a type of insurance for motorcycle owners that are seen as more of a risk than the average motorist. If you’re more of a risk, you’re more likely to cause damage to public or private property, which, in turn, results in more claims.

Most motorcycle insurance companies want to work with drivers that are low risk, as they are less likely to get into accidents. This means that motorcycle insurance companies can spend less time, effort and money on low-risk drivers.

In order to off-set the risks associated with covering a high risk driver, motorcycle insurance companies need to charge more for coverage.

It’s also worth noting that if you pose too much of a risk, you may not be able to find a traditional insurance company that wants to work with you. If you have no other option, you can obtain guaranteed coverage for your motorcycle, but doing this is extremely costly.

What makes a motorcycle owner a high risk driver?

As mentioned above, you may need motorcycle insurance high risk coverage if you pose more of a risk than the average motorist in Ontario.

So, how does a motorcycle insurance company determine your risk level? For starters, they look at the number of insurance claims you’ve made.

If your driving history is chock-full of claims, that indicates that you’ve been involved in a number of accidents or collisions.

Providers will see this as an even larger red flag if you’ve made a significant number of car insurance claims in a short period.

It’s also worth noting that variables like your traffic tickets, license level and age play a large role in determining your overall risk level. For instance, drivers under the age of 24 are generally seen as more of a risk because they don’t have a significant amount of on-road experience.

So, in order to balance the risks, motorcycle insurance providers generally charge young motorists more for coverage.

How can you lower your motorcycle insurance rates?

Here are a few quick tips for decreasing the price of your motorcycle insurance rates in Ontario:

• Pass a rider-training course
• Bundle your motorcycle policy with your home or auto coverage
• Increase your deductible (be prepared to pay more upfront if you get into an accident)
• Use an online brokerage (like Surex) to find deals on coverage