Ever wonder what that speeding ticket will do to your motorcycle insurance rate? Many people have visions of huge rate increases, but often this is not the case.
Each insurance company calculates their rates differently, which is why you could find significant differences between how your insurer treats a ticket and how your friend's insurer does. To illustrate, online motorcycle insurance quotes were obtained for a 35-year-old from Toronto riding the popular 2005 Suzuki GS 500F.
| Company | Clean driving record | 1 minor ticket (like speeding up to 45 km/h over limit) |
2 minor tickets (like speeding up to 45 km/h over limit) |
||
| A | $899 | $942 | 4.8% | $984 | 9.5% |
| B | $1036 | $1036 | 0% | $1076 | 3.9% |
As you can see, some companies will increase your rate after one minor traffic ticket while others won't increase your rate unless you are dinged twice with minor tickets.
If you have just been caught speeding, fear not-even if your current insurer raises your rate, you can still get a good rate on your motorcycle insurance elsewhere. The secret is to shop around and compare rates from several insurers. Don't assume that your current policy is the best deal.
Motorcycle accidents
Motorcycle accidents have somewhat different characteristics than car accidents. Some of the most commonly reported causes involve 'right of way' accidents, loss of control on bends or corners, and accidents caused by riders taking advantage of the more frequent passing opportunities this type of vehicle affords.
At-fault motorcycle accidents can have a significant impact on your motorcycle insurance rate. To illustrate, online quotes were obtained for a 35-year-old from Toronto riding the popular 2005 Suzuki GS 500F.
| Company | Clean driving record | 1 not-at-fault motorcycle accident | 1 at-fault motorcycle accident | ||
| A | $899 | $899 | 0% | $1077 | 19.8% |
| B | $1036 | $1036 | 0% | $1316 | 27.0% |
The good news is that, rest assured, a not-at-fault accident will have no impact on the premium you are quoted. But note what happens if you have an at-fault. One at-fault accident within the past three years could increase your quote by as much as 27%!
Accidents happen, but you shouldn't have to pay high insurance premiums. Each insurance company calculates their rates differently and these rates are frequently updated. So by comparing motorcyle insurance quotes at Kanetix each year will ensure you are getting the best rates going.
