Everything you need to know about motorcycle insurance
Motorcycles are one of the most enjoyable ways to get around. But they also come with risk.
The Insurance Institute for Highway Safety points out that people are about 27 times more likely to die on a motorcycle than in a car on a per mile basis. You should hope to ride safely enough to never get into trouble, but it pays to be prepared for the worst. One of the things you need to know about if you plan on riding motorcycles is how to insure yourself.
Motorcycle insurance is similar to regular old auto insurance in terms of what perils are covered, but the coverage itself differs due to the different risks involved. Here’s a quick breakdown what you get with motorcycle coverage:
Motorcycle policies have the same minimum coverage as cars
Any personal vehicle on the road is required to have insurance coverage the minimum of which typically means:
Third party liability. At least $200,000 of liability coverage is required in most provinces to cover the cost of settling lawsuits in the event you kill or injure someone, or damage their property.
Statutory accident benefits. Quite possibly the most important coverage for a motorcycle rider, these benefits help cover the cost of medical service, rehabilitation, attendant care, income replacement, and death benefits
Uninsured driver coverage. Just in case an uninsured or hit-and-run driver damages your vehicle or injures you, it’s good to have something to cover the damage.
Available optional motorcycle coverage
Just like with other insurance policies, you have the option to increase the amount of coverage you have. This includes increasing benefit amounts as well as extensions for coverage related to a wider variety of perils. This is usually done by getting collision, comprehensive, or, if you really want your bike covered, all-perils coverage.
In serious collisions, the likelihood of sustaining catastrophic injuries is much higher on a motorcycle, even with the correct safety gear. If you ride regularly, there’s a good chance you want to increase the benefit amounts available to you if you hurt yourself and are unable to work.
You can also get coverage for any aftermarket or custom parts you add to your bike as long as they’re permanent additions.
Does year-round coverage make sense?
Winter is a big part of life in Canada. The long periods of snow and cold temperatures mean most people only ride between the months of March and October. This might lead you to think the best move financially is to get coverage for those months only and cancel during winter. However, as motorcycle insurance is a specialty product not offered by many companies, the ones who do offer might adjust your premium to account for winter.
If you need motorcycle insurance be sure to check with your auto insurance provider to see if you can bundle the policies to help save a little extra money.