Navigators Insurance Brokers delivers specially tailored motorcycle insurance programs for all motorcycle (and moped) enthusiasts. Count on us to provide the right amount of protection whether you use your motorcycle for work or pleasure. Riding with peace of mind depends upon the knowing that your motorcycle insurance policy is designed to protect you from all sorts of peril. Understanding the details of any policy can be a bit intimidating, but with the help of a specialized broker, all the tools and answers are at your fingertips.
There are so many advantages to riding a motorcycle, especially in urban centres: environmental, reduced parking expenses, lower gas costs and (of course) lower insurance premiums. But regardless of the savings on expenditures, policy protection is key to reducing costs incurred due to an accident or another driver’s behaviour.
Motorcycle insurance (the same as for a car) is mandatory in Ontario. A motorcycle is defined as being a two-wheeled vehicle that is self-propelled and can carry from one to two people. While mopeds and some scooters fall into the same category, it may be unclear to you whether motorcycle insurance applies to your particular vehicle (for example: electric bicycles). This is why it’s important to talk with a broker about your unique driving needs. It is their job to untangle the confusion and provide you with clear advice on what coverage is appropriate for you.
How are motorcycle insurance policies calculated?
In much the same way as car policies are dependent on prior driving history and the vehicle type, weight and age, your motorcycle insurance policy is regarded in much the same way. Consideration is given to how you use your motorcycle, for example: is it your primary transportation to work? Is it only considered a recreational vehicle used for personal pleasure? Depending on your answer, there will be a difference in coverage. Here are the main factors that influence premiums:
- Make & model of motorcycle
- How you use your motorcycle?
- Number of years you have been insured?
- Driver and claims record
What motorcycle insurance coverage is required
In Ontario, there are specific mandatory coverages that must be included in your motorcycle insurance policy. Some of these include the following:
- Third-Party Liability. In the event that you may be held legally responsible for causing damage or harm to property or persons. It can defend against civil law suits and make payments should you be required to pay for damages. This is an important area where drivers tend to choose a higher level of protection to add on to their base-level, mandatory amount of motorcycle insurance.
- Direct Compensation – property damage. In the event that you are involved in an incident where you are partially or totally not at fault, you can be compensated for the amount of damage incurred. The amount of reimbursement, however, depends on the level to which you are not at fault.
- Uninsured Automobile. If an accident occurs where the driver of the other vehicle carries no insurance, you are able to recoup losses as if the other driver’s coverage existed. Again, compensation will vary depending on the degree of your being found at fault.
- Accident Benefits. Regardless of being found at fault, you or your beneficiary can be reimbursed for a portion of expenses that can range from: medical bills, rehabilitation (like physical or cognitive therapy), loss of income, death benefits or funeral expenses.
Is additional motorcycle coverage required?
While not mandatory, some riders decide to include added coverage that goes a step beyond for better protection. This may apply to you if your motorcycle is particularly valuable and worth protecting.
- All Perils. A broad coverage that protects against random acts of Nature like flooding or falling branches.
- Collision or Upset. Extra protection in the event you drive into an object or damage occurs due to flipping over off-road.
- Comprehensive. Added security against vandalism, theft or fire.
- Specified Perils. Together with Comprehensive, it secures against specific perils listed in the policy such as fire and theft. It also addresses the case where a vehicle is stolen and is either recovered with damage or never recovered at all.
- Enhanced Accident Benefits. Because the implications of a spill or collision can be much more severe and costly, many wise riders opt to “buy-up” additional medical rehabilitation coverage. Speak to your broker.
Optional additions to a policy can also include provisions for Accident Forgiveness. This will apply best if you have a spotless record. As well, adding Waiver of Depreciation coverage can recoup the loss of a new motorcycle based upon its original cost.
Contact a broker today
It’s important to remember that loss or damage coverage is subject to limits, deductibles and exclusions. This is why discussing your issues with a broker is essential to establishing an accurate quote and a total understanding of exactly for what you may be financially and legally responsible.