All About Motorcycle Insurance
Spring is in the air, which means it’s time to get back out on your motorcycle and enjoy the open road! If you’re a motorcycle owner or you’re thinking about buying your first motorcycle, here’s everything you need to know about motorcycle insurance:
Motorcycle Insurance is Mandatory in Ontario
Similar to car insurance, you must have motorcycle insurance to ride a motorcycle in the province of Ontario, although motorcycle insurance is not required if driving the vehicle on private property.
Your Insurance Premium Depends on a Number of Factors
Another way that motorcycle insurance is similar to car insurance is that the premium you pay depends on a number of factors. This includes:
• How long you’ve been riding.
• How much you expect to ride your motorcycle (i.e. the mileage).
• Motorcycle specifications, including make, model, year, and modifications.
• Whether you’ve made any claims in the past.
When you apply for motorcycle insurance, all of these questions (and more) will factor into determining your insurance premiums.
Reducing Your Motorcycle Premiums
If you’re a new motorcycle driver with little riding experience, your premiums may be higher than an experienced driver. However, one way to curb this is to take an approved safety course. While it’s true that a safety course will cost you in the short-term, the long-term pay-off is worth it. Other factors like having a secure location where you store your vehicle, or having an anti-theft system, can help lower your premiums.
Insurance Policies Are Year-Round
In Canada, riding a motorcycle is generally a seasonal activity, but this is not reflected in your motorcycle insurance. Motorcycle insurance covers an entire year, like car insurance, so you don’t need to cancel your insurance during the winter months.
Consider Your Motorcycle Insurance Options
Not all motorcycle insurance policies are the same. In fact, they can be quite different. You’ll want to make sure you’re choosing a policy that covers a wide range of situations, including theft, vandalism, and fire. Other insurance options will cover you in the event of a collision with another vehicle or with the road.
Keep in mind that in the province of Ontario, all motorcycle owners are required by law to have the following coverage:
• Third-Party Liability: Protects you in the event that you’re responsible for a third-party’s injury or property damage.
• Accident Benefits: Pays for any medical costs in the event that you’re in an accident, including medical treatment, rehabilitation, income replacement, and more.
• Direct Compensation: Pays for any damage incurred by your motorcycle in an accident where another driver is at fault.
• Uninsured Automobile Coverage: Protects you if you’re in an accident caused by an uninsured or unidentified driver.
Bundle Your Insurance
Typically, if someone is insuring a motorcycle, they also have other property that is already insured or that they need insured. Instead of getting individual policies for your motorcycle, house, and car, consider bundling your insurance. Bundling your insurance policies often results in better rates and/or discounts — and you’ll get the peace of mind of having all your policies with the same insurance company. At Jeffery & Spence Insurance, we’re proud to provide you with home, auto, commercial, motorcycle insurance, and more, so you’re covered for anything.