What with the high cost of living, combined with high insurance costs in Alberta, we know people are trying hard to save where they can and still do all the things they enjoy doing. And there is nothing quite like the freedom a motorcycle provides.
It’s never a bad idea to revisit your insurance coverage to see if you may be able to find a better policy at a better price. The best time to do it is during your renewal period, as you will not incur any penalties if you choose to switch companies. However, insurance holders are able to change their policy at any time, and the penalty may minimal in comparison to what you save. Here are a few places to start.
Use an insurance broker
Using the expertise of experienced insurance brokers such as us at Lane’s is your very best bet to access lower motorcycle insurance rates. Our brokers have contacts with a number of respected insurance providers, which allows us to cross-compare policies and find you the best coverage available for your particular circumstances. We know the right questions to ask to find you lower motorcycle insurance rates.
Our record of accomplishment speaks for itself. We receive special pricing from insurance companies because we provide them with an excellent calibre of customer and do the vetting for them. Because we are so well trained, we work more efficiently and save you both time and effort.
Raise your deductible
Your deductible is what you agree to pay towards an insurance claim before your coverage takes over. They work to deter unnecessary claims by ensuring that policy holders are always conscious of working to avoid loss and damage. Generally speaking, the higher your deductible, the less your monthly premium will be.
Ask us about accessing discounts
Insurance companies often offer discounts for bundling your insurance policies. By consolidating your home, auto, and motorcycle insurance all under one company, you could save a substantial amount. Discounts are also often offered to certain alumni groups and people in certain professions. Of course, if you have a claims-free insurance record, you will always have access to the best rates.
In addition, many motorcycle insurance companies also provide seasonal ratings, which reduces premiums during months when you are less likely to be out on the roads, such as early spring, autumn, and the winter.
Choose a safer bike
Insurance premiums are influenced by the claims history of your motorcycle’s make and model. Generally, bikes with lower CCs are less costly to insure because they have fewer accidents and lower injury rates.
Secure your bike
Newer, more valuable motorcycles are targets for theft. Install a certified anti-theft system and store your bike in a secure location to reduce the risk of it being stolen. Your bike’s storage location affects your premium significantly, so provide accurate details when getting a quote.
Motorcycle insurance explained
In Alberta, all motorcycle owners must carry at least $200,000 in third-party liability coverage for property damage or bodily injury that occurs when you are riding your motorcycle. Alberta policies must also provide accident benefits for medical expenses.
As with auto insurance, motorcycle insurance policies offer both collision and comprehensive coverage. Collision insurance, which we recommend in most circumstances, will cover damage to your motorcycle after an accident and pay for repairs up to its fair market value. Comprehensive coverage provides for repairs for damage caused to your bike by perils other than collision or upset. Vandalism, flood, hail, theft, windshield damage and fire are all examples of events usually covered by comprehensive motorcycle insurance.
If your motorcycle is older and not worth much, you may consider comprehensive coverage. While it doesn’t cover for theft or accidents, it may be sufficient for a motorcycle of lesser value. We can help you figure out which sort of policy is best for you and your bike.
Trust Lane’s for all of your insurance needs
Whether you ride occasionally or regularly, we offer coverage for all types of motorcycles. Our representatives will help you select the best policy or tailor one to your specific needs and we work with the best brands for home, auto, and motorcycle insurance in Alberta.
Learn more about motorcycle insurance from our experienced brokers at our Calgary, Edmonton, Banff and greater Alberta offices.
