Theft Rate: Insurance companies will often charge more to cover a bike that is often stolen, because there is a higher chance they’ll have to pay out for a comprehensive claim.
For this reason, flashy and expensive bikes that are high theft targets will be more expensive to insure.
Are motorcycles more expensive to insure?
Under most circumstances, motorcycle insurance is not only cheaper than car insurance, but it’s a lot cheaper. The reason for this is fairly simple: in general, motorcycles cost a lot less than cars do.
How can I make my motorcycle insurance cheaper?
Here are our tips for saving money on your bike insurance:
- Choose a smaller, older or less expensive bike.
- Avoid modified and unusual motorbikes.
- Limit your mileage.
- Pay annually.
- Improve your motorbike’s security.
- Park your motorbike in a secure area.
- Consider who rides your bike.
- Take a motorbike training course.
Why is motorcycle insurance so expensive in Ontario?
Why is Motorcycle Insurance So Expensive in Ontario? The amount you pay for any type of insurance is primarily based on your exposure to risk. This is one of the primary reasons that motorcycle is more expensive than car insurance: higher risk–of injury.
How much is motorcycle insurance for a 20 year old?
For the typical young male driver, understanding how much is motorcycle insurance for a 20 year old starts with a figure typically reaching $1,000 and often much more per year in premiums for full coverage.