Every year when the days get longer, motorcycle enthusiasts get revved up to cruise the open road. Did you know that a 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 diverse types of coverage available and give it a review 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.
Collision coverage is an optional add-on that can help cover the cost to repair your motorcycle in the event you have a collision with another vehicle or object on the road, no matter which driver is at fault.
For additional peace of mind, you can choose to include comprehensive coverage to your motorcycle policy. This will help cover physical damage to your motorcycle that does not result from a collision, such as 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
If you would like to purchase coverage for specific perils separately, without purchasing comprehensive coverage, opt for specified perils coverage. Talk to a BrokerLink broker to see if purchasing specified perils separately can lower your premium.
No matter what type of vehicle you drive in Canada, you must have a form of liability coverage. Third party liability coverage provides protection if you get into an accident that injures another person or results in property damage to another person’s property. 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 to your motorcycle insurance policy for additional coverage. Consider whether the following 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 is right for you.
Discounts on your policy
Below are ways you could 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 to continue 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.
- Group discounts: Do you work or volunteer for one of our eligible partners? You can qualify for a discount on not only your home and auto policies but also your motorcycle policy.
Contact your BrokerLink broker to learn more about motorcycle coverage at a competitive price. With the right coverage in place you can lean forward, relax and enjoy the open road.
If you live in Alberta, you may enjoy a change of scenery on your next ride. Check out four motorcycle routes around Alberta that stop at major attractions and scenery.