Yes, motorcycle insurance is legally required in Ontario. The Ministry of Transportation requires motorcycle owners to have at least reasonable liability coverage on the bike before hitting the road.

If you get caught driving without motorcycle insurance, you can face serious consequences, including a fine ranging from $5,000 to $25,000.

Most motorcycle insurance policies in Ontario can include the following coverage components:

Loss or damage coverage — A type of coverage that financially covers your motorcycle if it gets damaged in an accident or by other risks (fire, theft, vandalism, etc.).

Third-party liability coverage — As the name implies, third-party liability insurance covers damage that you cause to a third party (another driver, a pedestrian, etc.) and/or their property. As mentioned earlier, motorcycle owners need to have liability coverage in Ontario. Many motorcycle owners generally purchase one to two million dollars worth of liability coverage.

Accident benefits — A type of coverage that financially protects drivers and passengers who get hurt in an accident.

Hit-and-run coverage — For those that don’t know, a hit-and-run is the act of getting into an accident and fleeing the scene before the authorities arrive. If you have hit-and-run coverage, you’ll be financially protected if you’re involved in such an event.

The average price of motorcycle insurance in Ontario ranges from $1,500 to $3,500 a year (this equates to $125 to $292 a month).

Unfortunately, we can’t provide you with an exact cost because several variables influence the price of motorcycle coverage in Ontario. We can say that if you’re paying closer to $3,500, your motorcycle insurance company likely considers you a “high risk driver”.

High-risk motorcycle coverage is a type of insurance for motorcycle owners who are seen as more of a risk than the average motorist. If you’re more of a risk, you’re more likely to cause damage to public or private property, which, in turn, results in more claims.

Most motorcycle insurance companies want to work with low-risk drivers, as they are less likely to get into accidents. This means that motorcycle insurance companies can spend less time, effort, and money on low-risk drivers.

Here are a few quick tips for decreasing the price of your motorcycle insurance rates in Ontario:

• Pass a rider-training course
• Bundle your motorcycle policy with your home or auto coverage
• Increase your deductible (be prepared to pay more upfront if you get into an accident)
• Use an online brokerage (like Surex) to find deals on coverage