M1 insurance costs explained
Payments
Down payment
If you choose to make monthly payments, you’ll pay for your first two months of coverage when you purchase your M1 policy.
Monthly payments
Insurance companies sometimes experience billing delays during peak riding season. This may result in them starting your payment schedule later than expected, and then withdrawing multiple monthly payments at once.
Cancelling after the riding season
Although payments may be spread out over the year, most of your annual premium is charged during the prime riding months. You can cancel your policy when the season ends, but you’re unlikely to save any money. Learn more here.
M2 licence
How does the price differ from M1?
Once you have your M2 licence you’ll have more insurance options. We’ll do the shopping to find you the best coverages and prices available.
Cancelling your policy
If you decide to end your policy before renewal, you’ll be charged for “time on risk” and may still owe money depending on when you choose to cancel during the calendar year.
Rider training
When you get your M2 licence, consider taking an approved rider training course. It’ll boost your skills, confidence and safety and could lead to insurance savings too. Learn more here.
Riders under 25
How much does insurance cost?
Motorcycle insurance for riders under 25 can be very expensive. Learn more about insurance prices for riders based on age and CCs.
How can I save money?
While age is a major factor when it comes to motorcycle insurance, the type of bike you ride can also have a huge impact. Choosing a bike with lower CCs can substantially reduce your premium.
What we recommend
If you can, we recommend waiting until you turn 25 to start riding. If you can’t, let us know when you get your M2 so we can shop to get you better rates upon your renewal.
Are you an M1 rider and need insurance?
New to riding? Get an instant quote for M1 insurance and buy your coverage online in minutes. We love motorcycles and created Ontario’s first-ever M1 insurance quoter to make it easier for new riders to get out on the open road. We can get M1 licenced riders insured on any bike with just a few clicks.
No calling around, no hassles. Visit here to get started.
Good to know: Common questions about motorcycle insurance in Ontario
How much is motorcycle insurance in Ontario for an M1 rider?
Here’s the average cost of basic insurance on a bike between 401 – 750 CCs:
Age 16 – 20 $10,621.00/yr or 897.00/mth
Age 21 – 24 $8066.00/yr or $681.00/mth
Age 25+ – $5463.00/yr or $462.00/mth
Learn more about the cost of other motorcycle sizes with an M1 license. Keep in mind that your personal rate is determined by more than just motorcycle size and age, and your premium may be different than the examples above.
You can get an online quote for M1 insurance in minutes here.
Can I cancel my motorcycle insurance in the winter?
You can, but likely won’t save any money. Insurance companies know that Canada has a short riding season. Even though your annual premium might be split into 12 equal payments for convenience, you’re actually charged the full amount between March and October.
You can use our motorcycle cancellation calculator to check how much it will cost to cancel your motorcycle insurance.
What happens when I get my M2 Licence?
In most cases, you can get a new policy with another insurance company for a cheaper price when it’s time to renew. Keep in mind that if you cancel your current policy before renewal, you will be charged for “time on risk”, and may still owe money depending on the time of year your policy was in place. You can use our motorcycle cancellation calculator to check how much it will cost to cancel your current policy.
What if I have questions or need to make changes to my policy?
You can visit our self-serve page or call us at 1-800-731-2228.
