Why Motorcycle Insurance is Experiencing a Rut

The entire insurance industry is experiencing increased insurance rates, and motorcycle insurance is no exception. Here’s everything you need to know regarding the current climate and how it will impact your wallet.
Why Motorcycle Insurance is Experiencing a Rut, StreetRider Insurance, Ontario

Have you recently received your motorcycle insurance renewal and noticed a significant increase in premium? I know you are all saying, “YES” angrily out loud.

Why is this happening?

When it comes to motorcycle insurance, we’re experiencing a time with increased losses and the severity of those losses are unparalleled.

Taking road quality, the number of vehicles on the road and distracted drivers into account, it makes sense that the frequency and severity of motorcycle accidents have increased.  More importantly, the increase in accident benefit issues and costs resulting from accident injuries continues to skyrocket.

But, why does this impact my insurance?

At the end of the day, when insurance companies are facing substantial losses, they must make the necessary changes to sustain profitability. They cannot pay claims if they don’t have the money to do so.

What can I do?

Speak with your trusted StreetRider Insurance Broker, they can help you navigate this challenging time. Remember, often the cost of your insurance is relative to the coverage you have. It’s important that you have the protection you need, rather than become consumed by the cost. A cheap premium can be the most expensive insurance you’ve ever had if you experience a significant loss.

The rut we’re currently experiencing is impacted by many factors, and could last for upwards of 24 months – so hold on to those handlebars, take a deep breath and ride into the sunset knowing it will eventually get better.

Disclaimer: The information provided on this blog is for educational purposes only and is not intended as professional insurance advice. The coverage, terms, and conditions of each insurance policy are unique and subject to individual circumstances. The information provided does not guarantee the availability or suitability of any insurance policy for your specific needs. You should not rely on the information in the blog as an alternative to professional advice from your insurance broker or insurance company. If you have any specific questions about any insurance matter, please consult a licensed insurance broker for personalized advice and guidance.