Everything You Should Know About Motorcycle Insurance

Canada is a beautiful landscape filled with wide-open spaces and natural beauty. One of the best ways to explore this diverse country is to enjoy an exhilarating motorcycle ride through long, winding roads and picturesque scenery. 

While this may seem exciting and adventurous, it can easily become a danger and spiralling headache, especially if you don’t have sufficient insurance for your wild ride. 

Remember that in Canada, motorcycle insurance is necessary when you own and operate a motorbike of any kind. This is separate from your typical automobile insurance that covers your car, van or truck. Before you embark on any motorcycle trek, it’s important to familiarize yourself with the facts on motorcycle insurance and everything you should know to keep yourself (and those on the road) safe. 

Keep on reading to gain insight from this comprehensive guide on motorcycle insurance.

Benefits of Motorcycle Insurance 

Motorcycle insurance is very similar to typical car insurance, however; it is exclusive to motorbikes. Essentially, motorcycle insurance protects you should you be involved in an accident or should you be at fault for an accident. It protects against damages to your bike or another vehicle and injuries to you or someone else involved in an accident. 

Damages and injuries are not the only events or situations covered by motorcycle insurance. Motorcycle insurance can also protect you in a fire, explosion or natural disaster. It can also cover theft if your motorbike is stolen or vandalism if it is targeted. 

Ultimately, motorcycle insurance protects you and your motorbike and can save you money, time and aggravation in the long run. 

What Does Standard Motorcycle Insurance Cover?

Standard motorcycle insurance coverage is necessary for any motorbike in Canada. It is essentially the bare minimum of insurance policies. It includes the following: 

Collision and Accident Benefits

This benefit covers the expenses for damages to your motorcycle (or you) sustained during an accident or collision. It includes repair expenses, medical expenses, tow fees and funeral costs as well.

Direct Compensation

Direct Compensation is when you are not at fault for an accident, but you require compensation for repairs, injuries or other expenses relating to the accident. 

Direct compensation means that you will receive the funds directly from your insurance company instead of waiting around for third-party insurers to pay out.

Third-Party Liability

This is used in the event that a third-party person or vehicle is damaged or injured and requires repairs, medical expenses, etc. This will keep you from paying out of pocket for an accident you were at fault for.

Extended Insurance Options for Motorcycles

While certain coverage options are non-negotiable (such as the ones listed previously), some other extended benefit options can be added to your insurance policy for additional fees. 

These provide more coverage should you require it or deem it necessary. Some extended insurance options for motorcycles are: 

All Perils

Refers to other different types of perils that can befall when you drive your motorcycle on the road. This includes fire, theft, falling objects and many more.

Specified Perils

Unlike all perils, this includes specified perils only, namely fire and theft. 

Loss Of Use

In the event that your motorcycle is damaged and cannot be used by you or anyone else, you will receive another vehicle to use in the meantime. This is especially useful if you need your motorcycle for work or on a daily basis.

Waiver of Depreciation

This additional coverage benefit can help you save money by holding your new bike’s initial value for up to 36 months. This is mainly to protect against the depreciation of new bikes when they are driven off the lot.

Factors For Insurance Premiums

Similarly to car insurance, motorcycle insurance premiums are subject to a variety of factors. For example, older, more mature riders will usually receive a more favourable premium than young, inexperienced riders. 

Your driving record, the value of your motorcycle, your location, and the frequency you use your motorcycle will be all factors in determining the amount you will pay monthly for your motorcycle insurance.

How To Lower Insurance Payments

If you want to lower your motorcycle insurance premiums, there are a few things you can do to get better pricing. Firstly, taking motorcycle-driving courses or safety courses will help lower your premiums. Make sure the courses that you take are government approved to get the best deal on your insurance. 

Taking a higher deductible can also decrease your monthly premiums. This is because you receive less of a payout from your insurer should an accident occur. Also, shopping around for the best rates and using an insurance broker can help significantly. 

Make sure that you are making an educated and informed decision when choosing the right insurance policy for your needs.

Stay Safe and Gain Peace of Mind

One of the greatest benefits of motorcycle insurance (or any insurance for that matter) is the safety and security that is afforded. 

You can enjoy driving your motorbike without the additional worry that you are not being safe on the road. Proper insurance means that you gain peace of mind and can be a confident driver, no matter what vehicle you choose.

 Ultimately, it’s important and crucial for your safety that you are responsible on the road. This means taking out the proper insurance for your vehicle, whether that is a car, truck, van or motorcycle. It’s hard to have fun if a lack of safety is at the back of your mind. 

Make sure you have motorcycle insurance before you go for a ride. For more information on seasonal motorcycle insurance in Toronto and the GTA, please contact Ron Johnston Insurance at 705-410-3924 or contact us here. 

Our insurance agents and professionals will be more than happy to help you find the most affordable and beneficial insurance plans for your needs. Don’t hesitate to contact us today and get on a plan for the motorcycle trek of your dreams.