What Determines your Motorcycle Rate in Ontario?
The average price of motorcycle insurance in Ontario ranges from $1,500 to $3,000 per year. However, your insurance rate can fluctuate based on several factors which are all weighed differently between different providers. Those variables include:
- Demographics: Age, gender and marital status can influence how much you pay for insurance.
- Location: If you live in an area with high crime rates or a densely populated area, you’ll pay more for your insurance.
- Driving record: If you’ve been involved in numerous at-fault accidents, have plenty of speeding tickets or a conviction on your record, your rates will be higher.
- Coverage limits: The more coverage you have, the higher your limits, the more you’ll pay.
- Condition of bike: The make, model and age of your bike can determine your premium amount. Typically, newer bikes in good condition may have lower premiums.
- Discounts: Any discount you may be eligible for will impact your rate. Discounts include loyalty, group and bundling two policies.
If you’re looking for a more accurate assessment of your premium, get a free, online motorcycle insurance quote today.