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While cars require an insurance policy to legally operate on Canada’s roadways, there are plenty of other vehicle types out that also need their own coverage before they can be taken out and operated, and that includes motorcycles.
If you currently own a motorcycle or are considering purchasing one, you’ll need motorcycle insurance. The question is, where’s the best place to get it?
Motorcycle insurance provides coverage in the event of a motorcycle accident, loss, theft, or damage to your motorcycle. More specifically, this policy covers the following:
If you wish to have additional coverage that a standard motorcycle policy does not offer, you may want to top up your policy with additional coverage, including the following:
Covers all causes of loss with the exception of those directly excluded in your policy. All perils can also provide coverage for loss or damage if your motorcycle is stolen or damaged by an additional driver.
Covers the cost to repair or replace your motorcycle if it is damaged as a result of a collision or impact by an object on the ground other than another vehicle, such as a lamp post, street sign, or guard rail.
Covers the cost of repairing or replacing your motorcycle if it’s damaged by other unforeseen situations, such as falling objects, fire, vandalism, theft, natural disaster, or riot.
Covers specific perils that are specifically listed in your policy, such as fire, lightning, hail, earthquake, and theft.
If you’re ever stranded on the side of the road and need help, a roadside assistance policy will cover the cost of things like a tow truck, change of tire, or gas.
When comparison shopping for a motorcycle insurance policy, look for the following features:
Covers the cost of replacing your motorcycle apparel, including safety gear like your helmet.
Covers personal effects that you carry on or in your motorcycle.
Covers the cost of a rental motorcycle, which can come in handy if you depend on your bike to commute.
Provides financial compensation to re-key or re-code the locks on your bike if someone steals your keys.
Provides a new equivalent replacement if your motorcycle is relatively new and is written off after an insured incident.
Offers agreed value as an option if the market value of your motorcycle is not a fair or accurate reflection of its actual worth.
Allows you to customize your costs by determining your deductible size.
The cost of a motorcycle insurance policy will vary from one person to another. That said, the average cost of motorcycle insurance in Canada is approximately $700 a year. Usually, this type of insurance policy costs more during the first year and may taper off somewhat in subsequent years, depending on other factors, including the following:
Looking for more savings? Find out how to save on your car insurance.
If you want to take your motorcycle out on the road, you’ll need an insurance policy to ensure that you’re covered and following the law. But before you take out a policy, make sure you do a little comparison shopping to find the lowest rate, and consider your specific needs so that you’re adequately covered.
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