How to Save Money While Insuring Your Motorcycle

Motorcycle ownership in Saskatchewan comes with the responsibility of having proper insurance coverage. While motorcycle insurance is mandatory, there are ways to save money without compromising on protection.

Before diving into money-saving tips, let’s first understand the basics of motorcycle insurance in Saskatchewan. Motorcycle insurance provides coverage for potential damages, theft, and liability in case of accidents. It is regulated by SGI (Saskatchewan Government Insurance), the provincial insurer. SGI offers different coverage options and discounts to ensure riders have affordable and adequate protection.

Coverage for Motorcycle Insurance

When it comes to motorcycle insurance in Saskatchewan, riders have several coverage options to choose from. Here are some of the most common coverage types:

1. Liability Coverage

Liability coverage is mandatory in Saskatchewan and protects you financially if you cause damage or injuries to others in an accident. It covers expenses such as medical bills, property damage, and legal fees.

2. Collision Coverage

Collision coverage provides compensation for damages to your motorcycle caused by a collision with another vehicle or object, regardless of fault. It helps cover repair or replacement costs.

3. Comprehensive Coverage

Comprehensive coverage offers protection against non-collision-related damages, including theft, vandalism, fire, and natural disasters. It ensures your motorcycle is covered in various scenarios.

Saving Money on Motorcycle Insurance

Now that we understand motorcycle insurance coverage better let’s explore some options to save money on your premiums.

1. Choose to Insure on an Auto Policy

Are you aware that your homeowner’s insurance policy does not provide coverage for your motorcycle? Even if it’s safely parked in your driveway or garage during the winter months, your home insurance will not cover any unfortunate incidents involving it. However, there is no need to fret. You can still obtain an affordable motorcycle insurance policy to ensure year-round protection for your bike.

While possessing an active license plate or permit is still a requirement to ride on the road legally, an Auto Policy offers coverage for the entire year while your motorcycle is in storage. The cost of such policies typically ranges from $70 to $350, depending on the level of coverage you select – significantly cheaper than registration fees.

2. Consider Short-Term Registration for your Motorcycle

In Saskatchewan, you have the option to plate your motorcycle for specific periods, ranging from 28 to 365 days. Instead of paying for year-round coverage, consider plating your motorcycle for the months you actually ride. This can help save on insurance costs during the months when your motorcycle is not in use.

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3. Explore Short-Term Permits

Short-term permits can be a cost-effective solution if you prefer a more flexible option. These permits provide insurance coverage for 24 hours or eight days and are ideal if you only ride your motorcycle occasionally. Just make sure to use them within Saskatchewan’s borders. The 24-hour and 8-day permits are recognized up to 17 km beyond the Saskatchewan-Alberta border unless you have an in-transit permit. The cost of permits effective April 1st, 2022:

• 24-hour permit (including PST) – $26.66
• 8-day permit (including PST) – $75.94

4. Reduced No-Fault Coverage

SGI offers motorcycle owners in Saskatchewan an alternative coverage option when choosing to register their plate registration, which is called Reduced No Fault insurance. This coverage provides injury benefits while riding your motorcycle, although the coverage is lower than the standard No Fault injury benefits offered.

It is worth mentioning that the discounts for choosing Reduced No Fault coverage depend on the engine size of your motorcycle. Motorcycles with smaller engines may receive a 5% discount, while those with larger engines can enjoy a discount of up to 30%. To learn more about the differences in injury coverage and this discount, we encourage you to read: ‘Motorcycle Insurance: Benefits of Reduced No Fault Coverage.’

Saving money on motorcycle insurance in Saskatchewan is possible with the right strategies and understanding of coverage options. By considering short-term permits or plating options, bundling policies, and maintaining a good driving record, you can significantly reduce your premiums. Remember to review your policy annually and seek professional advice to ensure you have the best coverage at the most affordable price. With these money-saving tips in mind, you can ride with confidence, knowing you have reliable and cost-effective motorcycle insurance.

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