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Motorcycle Insurance in Canada

You won’t get it if you’re not a motorcyclist. Freedom on the road is incomparable to anything that your standard vehicle could provide. Whether you use your bike for your daily work commute, or you use it for sheer joy, it’s still something to protect with insurance.

Motorcycle insurance is similar to vehicle insurance, but what is being insured is very different. We all have different usages for our bikes, whether it’s taking them to work or using them on the weekend for joyrides. However, understanding how your coverage protects you and additional “tidbits” about your insurance can go a long way.

Every province has its own regulations of what coverage is required for motorcycle insurance. If you’re feeling overwhelmed, Sharp’s motorcycle insurance brokers have your back. Your ride is calling you, but we want you to get the right insurance first. We’ll find you affordable motorcycle insurance when you need it.

What Does Motorcycle Insurance Cover?

Similar to standard vehicle insurance, having motorcycle insurance is a necessity before you ride. Your typical motorcycle insurance policy is likely to include the mandatory coverages per your provincial requirements, but you also have the option to purchase enhanced insurance options (upon your choosing).

4 Mandatory Motorcycle Insurance Coverage Options:

Third-party liability

This mandatory coverage protects you from unexpected expenses pertaining to your personal liability if you get into a wreck and there’s damage to another person’s property or bodily injury.

Direct compensation property damage

This coverage offers protection when you are not at-fault in an accident.

Accident benefits

This coverage protects you, your passenger, other drivers, their passengers and pedestrians if they are injured or even killed in an accident that you were involved in. This can cover medical expenses, rehab costs and funeral expenses.

Uninsured/underinsured insurance

This coverage option helps you when you get into an accident with a driver who is underinsured or uninsured. It may also cover you in a hit-and-run accident.

Optional Motorcycle Coverage in Canada

  • Comprehensive coverage: Not all damages occur because of a collision. Comprehensive coverage is designed to insure your motorcycle for non-collision related events, including falling objects, theft and vandalism, hail and fire.
  • Collision coverage: This insurance covers your motorcycle in the event of a collision with another vehicle or another object.
  • All perils coverage: All perils coverage is the broadest level of coverage you can purchase for any motorized vehicle, combining both collision insurance and comprehensive coverage.

Chat with a motorcycle insurance broker today about the ideal insurance options for your lifestyle and budget.

What Factors Impact Your Motorcycle Insurance Rate?

Like car insurance, the price of motorcycle insurance varies from insurer to insurer, from policy to policy, from motorcycle to motorcycle. Your insurance rate may also vary based on what province you live in.

On average, Canadian motorcyclists pay anywhere from $1,200–$2,500 per year for their motorcycle insurance.

According to recent statistics, “Ontario’s average estimated auto insurance premium rose 12% in 2023 compared to 2021, according to data from the RATESDOTCA Insuramap.”

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Main Factors That Affect Your Premium:

  • Your location: Where you live is a huge factor in your overall insurance rates. If you live in an urban area that sees a lot of crime or high-collision rates, your prices may be higher.
  • Your bike: The make, model and cost of your motorcycle helps to determine your premium.
  • Driving history: Do you have speeding tickets and other infractions? Your insurance rate will reflect your driving history, including how long you’ve been riding your motorcycle.
  • Demographics: Your age, occupation and your marital status can impact your insurance rates based on your risk. Younger drivers, for example, are at higher risk to the insurer so their insurance rates will often be higher.
  • Driving habits: How often you drive every week will determine your insurance rate.
  • Coverage limits and deductibles: Do you have just a basic insurance policy or one with all the fixings? The more complex your coverage is and the higher your limits are, the more expensive your insurance may be.
  • Eligible discounts: Different insurers may offer different discounts, including low mileage, bundling, loyalty, being part of a specific club or a group and more.

Discuss your insurance options with one of our skilled brokers to determine the right amount of coverage that doesn’t leave you underexposed or overinsured. If you’d like a more accurate estimate of your premium, get a free motorcycle insurance quote online with Sharp Insurance today.

Motorcycle Insurance FAQs

If you’ve informed your broker of the modifications, then they will inform you if you are covered or not. If your modifications have manipulated the safety of your bike, increasing its horsepower, or potentially affecting how it drives, your modifications may not be covered. You may also need to purchase optional coverage known as accessories and upgrades insurance to get protection for parts that may need to be repaired or replaced following a claim.

Loss of use is essentially payment for a rental bike if your bike ends up in the shop for repair following an unexpected loss. The actual terms of loss of use coverage can vary from insurer to insurer, but typically a policy may provide coverage for a rental bike for a certain duration or until the bike has been repaired. In some situations, loss of use may have a dollar limit amount which, given the hike in rental costs nowadays, can be quickly capped out. Talk with a broker about loss of use and, if applicable, whether to increase its limits.

Generally, the bikes that are the costliest to insure are the fancier, higher-end models with more horsepower. Insurance rates for different motorbike models will also vary based upon theft rates and safety ratings. Typically, sport bikes will be the most expensive to insure since they feature higher top-line speeds. A Suzuki Hayabusa will probably be far more expensive to insure than a moped or a Harley Davidson V-Rod. If cost is a concern, you may want to err on the side of a more middle-of-the-road bike that has moderate horsepower and no luxury features or tech.

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The freedom of a motorcycle. Just you and the open road. Your ride is calling you, but it’s never worth going out on the road until you’re properly insured. Get a free, no-obligation quote today.

As a Sharp customer, the MySharp app lets you access your insurance documents 24/7, including your pink card. You can also submit a claim, view payment details and submit a policy change request.

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Currently Not Accepting Walk-Ins

Please be advised that due to unforeseen circumstances, Sharp is unable to assist walk-in clients at the moment.

We are happy to assist you with all your insurance needs over the phone at 1.877.218.2008