6 Main Factors that determine Your Motorcycle Insurance Rates

“In this article, we would like to show you some factors that rider can control in order to try to lower their motorcycle insurance quotes rates”


In the findings from Transport Canada, just 3% was the percentage of motorcycles on Canada’s roads but they accounted for over 10 % of the fatalities on the road. Whereas, while passenger vehicles made up for just over 92 % of the vehicles on Canada’s roads in 2013, they only accounted for 72 % of the fatalities. It came to a conclusion that the fatality rate for motorcycles is much higher than regular passenger vehicles.

Rates for motorcycles are considerably higher because companies rate drivers based on the injury and death rates of their specific vehicle. This makes motorcyclists difficulty find cheap insurance rates. So, take 6 elements into consideration and they will help to obtain some advantages.

1. Choose the Right Bike

If you want to save on insurance, it is noticeable to skip the speeder. Sports bikes are faster and handle better than cruisers—they were deliberately born for speed. Unfortunately, when you buy a fast bike, insurance companies know that you’re likely going to drive it fast. And, it’s obvious that driving faster leads to higher rates of injury and death.

Insurance companies increase premiums to offset the increased risk of a loss when certain bikes have a higher rate of injury or fatality. Therefore, Make and year of the bike will also have a significant impact on your premium.

Furthermore, by law you have to inform your insurance company if wanting to upgrade your bike with performance parts, . Otherwise, they could deny a claim because they weren’t collecting the correct premium for the increased risk. These modifications can seriously drive up your motorcycle insurance rates, so if you can, it’s best to keep the bike in its stock configuration.

2. Keep a Clean Record

Your motorcycle insurance premium has been impacted by your driving histor. Insurance companies spend years doing research and analyzing data to show that drivers with bad records tend to make these mistakes again; and because motorbikes are already at a higher risk, the increases to motorbike insurance for a driver with a bad record can be exponential, So, your rate is influenced by at-fault claims and convictions on your record.

Stunt driving or careless driving can make motorcycle insurance too exorbitant to buy, while it almost goes without saying, severe and criminal convictions on your record such as DUIs.

In some cases, If you have too many convictions and claims (or serious or criminal convictions), you will not be offered by some insurance companies, in which case you might have to look for a high-risk company or even the government’s high-risk program. At this point, the premiums are often in the multiple thousands of dollars.

3. Choose the Right Coverage

Make sure that your insurance company know if Most motorbikes aren’t daily drivers. This is due to the fact that the less you’re on the road, the lower your probabilities are of having a crash. So as to get the lowest rate, Try and keep the yearly mileages below 3,000.

To reduce your premium, you have to consider cutting your liability limits or dropping collision coverage. These coverages are significant in the event of a collision, if you have no options, this serves as a last resort.

4. Take Driver’s Training

If you want to reduce your premium, you had better participate in motorcycle safety courses. In these courses, they will instruct you how to apply necessary safety techniques required to ride a motorbike. By something given through motorcycle safety courses, Insurance companies will know which level of competency riding you have to determine your premium. Not only will it lower your motorcycle insurance rates, but it will provide you with potentially life-saving advice about operating a motorcycle.

5. Don’t Take Passengers

In case that you inform your insurance company that you’ll never take passenger, they might reduce your rate because many motorcycles are designed to be driven solo. However, insurance companies could deny your claim and cancel you because of misrepresentation in case that you tell them you’ll always ride alone and you’re in an accident. Well, it is considered as common sense. Always remember that you never lie to your insurance company! It could give rise to dire consequences if they deny a claim.

5. Pay in Full

If you are in the good financial status, you had better pay in full. This is because paying in full saves you 3% financing fee that insurance companies charge for monthly payments. If your premium costs you a fortune (the same happens with bike), you could be looking at hundreds of dollars.

These great insights about motorcycle insurance rates mentioned above are based on ShopInsuranceCanada.ca. We would like to share with our readers and hope that relevant information will help you guys take some advantages before choose the right motorcycle insurance.

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