If you drive a motorcycle in Canada, it is mandatory to buy insurance. While the cost of insurance can vary within different provinces, all of them can financially protect your bike from accidents and theft risks.
However, if you are not shopping around to assess prices, motorcycle insurance might cost you a lump sum. According to Canada MotoGuide, Ontario has the most expensive motorcycle insurance in the country. On the bright side, there are various ways to save yourself the hassle of buying overly costly policies for your bike.
All you have to do is follow the tips mentioned in this article. Meanwhile, if you are looking for the best coverage at comfortable prices, check out motorcycle policies at Surex today!
How To Reduce Insurance Rates
The following tips can come in handy in lowering your premium rate on your motorcycle insurance in Canada:
Take a Motorcycle Training Class
Riding safely can definitely lower your premium. Taking a certified training clause can help you learn about responsible riding, safety tips, and more. Also, you shall receive a certificate upon completing the course. Insurers believe that riders with the certificate have the requisite knowledge of driving safely.
Your motorcycle training certificate can help you receive a 10% to 20% rebate on your annual insurance payments. Of course, make sure that the insurers of your choice offer this discount based on your training course certificate.
Raise Your Deductibles
If you raise your deductibles and guarantee lower claim rates, you can attract affordable insurance policies for your bike. A deductible is an expense you pay for the damages before your insurance claim kicks in.
Raising your deductible shows that you are ready to pay a large portion of the expenses from your pocket. In addition, showing lesser reliance on your insurance policy can help avail discounted rates based on your responsible decisions.
Of course, make this choice only if you can afford to bear the higher percentage of expenses. Raising your deductibles depends on your financial abilities.
Choose Bikes that Lower Insurance Rates
The bike you opt to insure can either raise or reduce your insurance rates. For example, sports bikes are high-speed motorcycles that have higher risk rates. They are agile and known for their speed. These bikes can cost a fortune to insure. Moreover, a less-experienced and young rider with an expensive bike is a recipe for overpriced insurance rates.
The same rule also goes for the bike’s engine size. Any motorcycle with an engine capacity higher than 650 cubic centimeters is sure to attract higher rates. The trick here is to go for older, non-sport bikes with lesser engine capacity. These motorcycles have lower theft risks and affordable repair rates. Not to forget, mid-sized motorbikes are safe for new riders who need to build up enough experience to take up high-speed bikes later on.
Secure Your Motorbike
You must work towards being a responsible bike owner. For example, opting to store your bike in a garage helps keep it away from theft and other damages. You can also install high-tech security gadgets like automatic locks, trackers, and alarm systems. Chains and wheel locks also come in handy in securing your bike from theft. These measures prove that you want to assure the bike’s safety and rely less on the insurance policy.
Timely and regular maintenance also helps to upkeep the bike’s condition. This, in turn, can help you save on the policy as insurers would be willing to offer a discount for a well-maintained bike, even if it is older.
Maintain Insurance During Winter
Many bikers opt to cancel their motorcycle policies during winter as riding is only possible for around eight months maximum in Canada. The motorcycle insurance policy is valid for the whole year, even if the premium depends on the riding months. There are various risks like ice storms, which can damage your motorcycle if you have no garage. Therefore, maintaining it can help prevent damage claims from winter calamities.
Not to forget, insurance companies do not offer refunds for canceled policies. Therefore removing the policy coverage for winter is not a profitable decision. Along with no refunds, you would also not receive any additional discounts on renewed policies after winter. Canceling your policies frequently makes you a risky prospect for any insurer. On the other hand, opting for long-term insurance with one insurer can help maintain a discounted policy rate.
Maintain a Clean Driving Record
Riders with a no-fault driving record can enjoy discounted premium rates on their motorcycle insurance. In general, it is imperative to maintain a clean driving record. Frequent traffic violations might portray you as an irresponsible driver, thereby raising your insurance premium cost.
Try not to be dishonest if asked about past driving violations, as all insurance companies assess the last three years’ traffic violations and driving history records. If you have a violation record such as speeding tickets, drunk driving, etc., it will affect your policy rate.
However, if you agree to pay extra premium rates for now and maintain a current clean record, you can later avail yourself of the “good driver” discounts.
Shop Around to Compare Insurance Rates
The concept of window shopping helps find the most affordable rate for a product you want. Doing the same for cheap motorcycle insurance can help you find the best prices too. Research and compare policy prices of different insurance companies to find ones that match your needs.
Each company might have a different risk assessment method to evaluate your motorbike’s insurance rates. Try comparing insurers for less confusion, and find one that provides the best coverages at affordable rates.
Endnote
Being a responsible biker is the best way to avail yourself of discounted rates for your bike’s safety. Consider bundling your insurance to obtain better quotes. Don’t switch insurers often, and you are sure to save a considerable amount in the long run. Always consider taking professional help if you are confused while choosing an insurer.