With the onset of summer comes an increasing variety of motorcycles while driving. Since 2018, Statistics Canada has recorded 729,627 motorcycles and mopeds registered in Canada.
Safety is always the top priority when running a motorcycle. Before you make a rotation, it’s important to make sure you have the right type of motorcycle insurance to protect you and your wheels. In addition, it is important that you understand every aspect of your plan and how it affects you and your motorcycle if you need to file an insurance claim.
Here are 9 questions you should ask your insurance provider or broker when purchasing motorcycle insurance coverage:
- What is the cash value of my motorcycle and how do you determine it?
It is important to know the true value of the motorcycle you are underwriting. If your bike is damaged in an accident, taken, or vandalized, its value has a lot to do with the amount of money you may receive as payment. You also don’t want to overinsure it about its value. Ask your insurance provider how the cash value is calculated and if you do have a dispute it’s best to resolve it before you sign anything.
- How is my motorcycle classified?
Certain motorcycles are considered sporting activity bikes and through higher insurance rates compared to regular motorcycles. What is the difference? Sports activity bikes are designed for high efficiency and are sometimes purchased at a higher price. Because of this, they are statistically more prone to accidents. It has insurance costs for them. If you’re still thinking about buying a motorcycle, take a look at the comparison of several models to see which one is the most affordable to guarantee. Insurance costs can greatly affect the total cost of owning your bike, especially for young drivers.
- Is there a motorcycle education course that can reduce my insurance costs?
If you are new to motorcycle riding, there are several educational courses that will help you get lower insurance costs after effective conclusion. Eligible courses differ depending on your district and insurance company, so be sure to ask which courses are recognized by your insurance provider. In Ontario, the Ministry of Transport provides a list of government-approved motorcycle safety courses. In Alberta, the federal government provides a Rider Guide for motorcyclists, and you can contact Electric Motor Vehicles Alberta to learn more about licensing and safety education.
- What type of motorcycle insurance coverage is mandatory?
Whether you are purchasing motorcycle, moped, or mobility scooter insurance for the first time or renewing a plan, some types of coverage are mandatory, and others optional. Mandatory insurance coverage differs depending on the district you live in, so be sure to ask which insurance you need in your area. Mandatory coverage may consist of:
- Direct-Property Damage Compensation. This coverage allows you to receive payments directly from your insurance company, reducing red tape and getting you money faster than if you needed to go through another driver’s insurance company.
- No car insurance. This coverage covers you against any loss due to an accident with an uninsured or uncharted driver, such as a driver being hit.
- Accident Benefits. This coverage offers points such as impairment benefits, additional clinical benefits and funeral services and death benefits.
- Third Party Liability. This insurance protects you from monetary penalties suffered when you or someone else riding your bicycle is liable in an accident that causes property damage, injury, or death to another person in the collision.
- What optional coverage for motorcycles are available?
Optional coverage consists of:
- Crash. This is an optional type of insurance coverage that pays for the cost of repairing the covered vehicle if it is damaged in an accident.
- Large. This covers all types of damage not related to the collision or specifically omitted from your plans. Extensive insurance covers events such as stoppage, robbery, or triggered damage to your bike when it’s been transferred.
- All danger. All hazard insurance is basically a mix of collision insurance and extensive insurance. This protects you for anything that might happen to your bike apart from certain specific hazards that are omitted from your plan.
- called danger. This is usually a fairly inexpensive form of insurance that only covers you for certain occasions that are detailed in the plan.
There may be several variants in the optional plans available among insurance providers, so it makes sense to look around and try to get the best possible deal for the level of coverage you want.
- Is my motorcycle insurance valid outside of Canada?
If you prefer to travel, you should inquire about options for riding your bike in different countries. Generally, your insurance is usually valid in Canada and Unified Species. If you plan to travel to Mexico, you will need to purchase regional insurance coverage before crossing the border. To drive in another country, contact your insurance professional for more information.
- How much motorcycle insurance do I need?
The amount of insurance you need can vary significantly depending on your personal circumstances, the age of your bike, whether there is a sidecar and whether there are other riders. There is no one-size-fits-all plan. With the help of your insurance representative or broker, you should target your plan to your specific needs.
- How can I get the most affordable premium for my motorcycle?
Insurance providers offer discounts for a variety of circumstances. You should inquire about any discounts you may certify. Here are some examples:
- Multi-Line Discounts. Most insurance providers offer a discount rate if you currently have multiple plans (such as home, life, or auto insurance) with their company.
- Club or Organization. Certain clubs, unions, or professional organizations negotiate deals on behalf of their participants that can give you a discount on insurance rates.
- Age. Usually speaking, more skilled drivers qualify for lower costs.
- Anti-Theft Device. Installing an anti-theft device on your bike can qualify you for insurance discounts. Find out which devices qualify under your insurance company’s standards.
- The amount you have. If you only use your bike for periodic trips, you’re more likely to get a lower rate than someone who owns it all. Be sure to give your insurance professional a reasonable estimate of the range of kilometers you have in a year.
- Your Driving Records. If you have a good driving record, you will qualify for a more affordable rate compared to someone who has multiple accidents or traffic violations on their record.
- What should I do if I need to make an insurance claim for my motorcycle?
Insurance providers may have some variance in their claims treatment from company to company. Make sure you know what to do in the event of an accident and how to file an insurance claim if needed. Generally, if you have an accident, you should immediately contact your insurance company and follow their instructions. Knowing what to do before an accident occurs can save you time, money and stress if you are in an accident yourself.
The key to getting the right insurance coverage for your needs at the right price is twofold. You need to look around for the best rates and getting an insurance estimate online can be the easiest and fastest way to do this.
Plus, your insurance professional is there to help you, so contacting them with any questions or concerns you may have can ensure that you get the right amount of coverage. Most importantly, make sure you understand everything in your motorcycle insurance coverage, so you can be sure that the coverage is right for you.