Do I need motorcycle insurance?
Whether you own a cruiser, touring or sport bike, you need motorcycle insurance. Perhaps the number one reason for needing motorcycle insurance is that it is required by law in Canada. And, the same rules apply for restricted speed motorcycles (scooters and mopeds). Another reason to get motorcycle insurance, just like car insurance, or any other insurance for that matter, is to protect yourself and your investments from unforeseen events.
What does standard motorcycle insurance cover?
The most basic motorcycle insurance policy in Canada requires third-party liability coverage, accident benefits and uninsured automobile coverage. This basic coverage covers you for things that commonly occur on the road. Third-party liability can help protect you from lawsuits or claims against you, as a result of riding your motorcycle. Accident benefit coverage can be helpful in the event of an injury resulting from an accident. Depending on the circumstances, this type of coverage could potentially help pay for lost income and/or medical care. While basic coverage is a necessity, our brokers will work with you to determine if you may require additional coverage to ensure you are properly protected.
Additional options for motorcycle coverage
Having basic coverage is required by law, but it’s wise to be prepared for anything that comes your way. Here are some common motorcycle insurance coverage options (depending on your province your options may differ).
- Civil liability
- Comprehensive coverage (hail, fire, theft, vandalism)
- Collision coverage
- Accessory and upgrade Loss of use
- Roadside assistance
- Accident forgiveness
- Motorcycle replacement coverage
How speaking to a broker can help you save on motorcycle insurance
There are many things to consider when choosing the right motorcycle insurance. It involves asking the right questions to determine your vehicle usage and then making sure you are protected where it matters most. In other words, making sure all the “i’s” are dotted and the “t’s” are crossed when going over your coverage options. Navigating insurance with a broker makes finding affordable and relevant coverage a little easier. Not only will you save the time you would have spent learning about insurance, but you’ll be able to choose your plan faster and with more confidence thanks to the guidance of an experienced professional.
Factors that could affect your motorcycle insurance policy
- Your choice of motorcycle - Different types of motorcycles may have different insurance implications. For example, some sports motorcycles have the potential to go significantly faster than other types. Because of their increased capacity for speed, they can often be more expensive to insure.
- Your driving record - Since this document shows insurance companies your driving history to date, it is often used as a way to measure your responsibility on the road. If your record shows previous accidents or irresponsible acts, your insurer may look at you as a higher risk and charge you more for coverage.
- Where you live/park your motorcycle - The security of your neighbourhood can play a role in assessing your motorcycle insurance premium. If your area has high crime rates there could be a higher chance of your bike being stolen or damaged. Higher claim risks could mean higher insurance premiums.
- Completing a safety course - Taking a motorcycle safety course is a great way to improve your comfort on the road and learn potentially life-saving skills. In terms of motorcycle insurance, the more competent you are as a rider, the less of a risk you pose. Therefore, it’s important to mention any training courses you have taken to your insurance broker so they can see if there are any additional savings to be had.
- Age - Insurance companies may evaluate statistics on the number of motor vehicle accidents by age group and use the data to calculate different risk factors. If the data shows younger drivers are more at risk of being involved in an accident, their rates are likely to be higher. Similarly, the data may show a higher frequency of accidents for people past a certain age with rates adjusted accordingly.
Get a quote for motorcycle insurance with BrokerLink
Want to learn more? Let us be your resource for all things motorcycle insurance. From start to finish, our brokers handle the legwork to make sure you walk away satisfied. Give our brokers a call today and we’ll find the motorcycle insurance coverage that works best for you.