Motorcycle Insurance Discounts

Friday, August 3, 2012

Is there a better way to enjoy Canada’s gorgeous weather and natural beauty than on a motorcycle? The rush of freedom is unparalleled. Before you get too caught up in the moment, though, remember that you need to take some precautions before taking to the open road – namely, buying motorcycle insurance. 

Much like car insurance, motorcycle insurance is mandated in Canada. Requirements vary depending on your province, so find out from the Ministry of Transportation what you need in your area. Then, make sure you compare rates from several insurance providers, since they all calculate premiums differently. Companies may offer discounts as well.

To make sure you get the best rates, be aware of these common ways you may be able to save on your motorcycle insurance premium:

  • If you are still in the shopping phase, choose your motorcycle wisely. Insurance companies look at statistics when they set premiums, so motorcycles that are involved in fewer accidents and that are stolen less often are likely to cost less to insure. Ask a licensed insurance representative which makes, models and years offer the lowest premiums.

  • Be a safe driver. Many insurance companies reward you for driving safely. For starters, take an approved motorcycle training course. The Canada Safety Council offers accredited motorcycle rider training programs – on-bike and in-class training – through a national network of partners that includes the Canadian Motorcycle Association. The council also this year introduced Canada’s first online motorcycle safety program, Motorcycle Safety Online.

  • Beyond safety training, drive safely and conscientiously to avoid accidents and moving violations. Either of these can have a detrimental effect on your motorcycle insurance premium. Be aware that previous theft or vandalism claims can adversely affect your premium, too.

  • Install an anti-theft device. The more theft-proof your bike is, the better. Discounts of this nature vary widely from insurance company to insurance company, so ask which device(s) make you eligible and which earn you the greatest discount.

  • Watch your distance. While it’s true that motorcycles are often used recreationally, and limiting how many kilometres you put on your bike may seem counterintuitive, it will save you money on your insurance premium. 

  • Keep all of your bikes insured through the same company. Own more than one motorcycle? You might qualify for a multi-bike discount. 

  • Bundle your car, home and motorcycle insurance. Buy a combination of home, auto and motorcycle insurance from the same insurance company, and you are likely to get a break on one, both or all three of your premiums. 

  • Enjoy the advantage of getting older. Statistically speaking, older riders tend to be more cautious and less accident-prone than younger ones. Ask if your insurance provider offers a discounted premium based on age.

  • Consider a higher deductible. The deductible is the amount you pay toward a claim before your insurance kicks in. For example, if you are responsible for an accident and your deductible is $300, you pay the first $300 toward vehicle repairs. If instead of $300 deductible you choose $500, you might lower your premium by 10%. Make sure that you will be able to pay whatever the deductible amount is, because you never know when an accident might occur.

  • Mention that you belong to a motorcycle club. Some insurance companies offer a discount for certain memberships. Ask which ones qualify. 

  • Ask about additional discounts. The type of discounts you can get varies depending on your insurance companies and your personal circumstances. Ask your insurance representative for details.