Spring has sprung, the days are longer and motorcycle enthusiasts are revved up to cruise the open road. Right now, your BrokerLink broker can help you receive additional savings on new and existing motorcycle insurance policies. Whether you are a new or seasoned rider, it is important to understand the different types of coverage available for your motorcycle and review your coverage every season to ensure it still meets your needs.
Motorcycle Insurance 101
Just like your car insurance policy, comprehensive, collision and liability insurance lay the groundwork for your motorcycle insurance policy.
Is optional and will cover the cost to repair your motorcycle in the event you have a collision with another vehicle or object.
Is optional and will cover physical damage to your motorcycle that does not result from a collision or upset. This could include damage caused by theft, fire, vandalism and more.
Should you choose to select both types of coverage and want the same deductible for both, ask your broker about all perils coverage, which is collision and comprehensive combined.
Specified perils coverage
Allows you to purchase coverage for specific perils separately without purchasing comprehensive coverage. Talk to your BrokerLink broker to see if purchasing specified perils separately can lower your premium.
No matter what type of vehicle you drive in Canada, including motorcycles, you must have some form of liability coverage. Liability coverage helps to protect you financially if you are found legally responsible for injuring someone or causing property or vehicle damage. The standard amount of liability coverage begins at $1 million but many people prefer to carry higher limits. Your BrokerLink broker can help you determine what limit is recommended in your situation.
There are many different types of endorsements you can add on to your motorcycle insurancepolicy for additional coverage. Consider if any of these are right for you.
- Loss of Use Endorsement: Is your motorcycle your primary mode of transportation? In the event of an incident where your motorcycle requires time in the shop, this additional coverage will pay for the use of a rental motorcycle until the repairs are complete.
- Emergency Service Endorsement: In the event of an accident or mechanical failure of your motorcycle, this coverage will provide you with coverage for towing and emergency service expenses if your motorcycle becomes immobile.
- Accessory Coverage: It isn’t just your motorcycle that can be expensive. The price of many accessories such as gloves, helmets and jackets can add up quickly. Coverage is available where a rider can be protected for any damage to accessories.
Talk to your BrokerLink broker to determine if you are eligible for any of these endorsements. Our brokers can help customize a coverage plan that’s right for you.
Discounts on your policy
Below are ways you could be eligible to save on your policy. Talk to your BrokerLink broker to see if you qualify for any of the following discounts that your insurance company may provide:
- Experienced rider discount: If you have operated your motorcycle as the primary rider for a minimum of 6 years, you could be eligible for a discount on your policy. If you are 60 years of age or younger and have had no at fault accidents, talk to your broker about potential savings.
- Bundle and save: If you have an existing car and/or home insurance policy ask about any discounts you may be eligible for by bundling your coverage.
- Multiple motorcycles: If you have multiple motorcycles on the same policy, you may be eligible for a discount.
- Renewal and loyalty: If your policy is up for renewal and you plan on continuing with the same carrier, you may be eligible for a discount.
- Driver training: If you have recently obtained your motorcycle licence and have completed an approved motorcycle safety course, you could qualify for additional discounts.
With brand new rates, be sure to contact your BrokerLink broker about coverage for a variety of motorcycles at a competitive price. With the right coverage in place you can sit back, relax and enjoy the open road.