With an M1 licence you can only get insurance through the facility association. While they work with insurers to find you the best rate, it may only be around $4,000 per year. If you’re under 21 and you only have your M1, you could be looking at over $7,000 annually to be insured.
Also, some insurers won’t even offer insurance if you only have your M1, such as Aviva and Wawanesa.