How motorcycle insurance works
Everything You Should Know About Motorcycle Insurance
Insuring a motorcycle isn’t very different from insuring a car. In both cases, insurance is mandatory to cover your liability, that is any damage caused by your actions. Provincial requirements differ. For instance, in Ontario, you also need Accident Benefits, Uninsured Automobile and Direct Compensation Property Damage coverage while in Quebec, your license fees cover any costs related to your medical expenses following an accident. Some Insurance companies will insure your motorbike even if you don’t insure your home or other vehicles with them, though you may be missing out on some interested multi-product discounts.
Coverage for Your Bike
Of course, you also want to protect your “baby” from any harm. The costs of collision coverage and coverage for other perils such as fire, theft and vandalism can vary greatly from one insurer to the next, especially when you factor in the type (sport, custom, etc…), make and model of the bike and your driving record. If you are financing your bike, your bank will most likely require you to get collision, fire and theft coverage.
Bikers and Collectors
Make sure your insurer is well aware of the real value of your bike and any equipment so that you don’t have any problem come claim time. Certain bikes, like Harley Davidson and other vintage bikes will be a challenge to insure, either because they have been linked to criminal gangs or because they are unique and therefore hard to replace. Find an insurer or a broker that is experienced in handling bikes like yours.
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