So, you need to insure your motorcycle
Well, if this past weekend didn’t give you the itch to pull your motorcycle out of the garage, it sure won’t be long now.
But before you take to the open road, remember that just like cars, trucks and SUVs, motorcycle insurance is mandatory in Ontario, and every other province and territory in Canada for that matter. Premiums for insuring motorcycles vary widely from province to province, and can even fluctuate depending on which area of Ontario you live in.
If you’re in the market for motorcycle insurance, the brokers and CSRs at DPM Insurance Group are here to help. Call us for a no-obligation review of your current policy, or a quote for a new or renewing policy. In the meantime, here some important factors to keep in mind.
There are three different types of motorcycle licenses: M, M1, and M2. From an insurance perspective, if you have an M1 license, you should stay away from sports bikes and go with a standard or cruiser motorcycle.
Motorcycle insurance providers consider the type of licence and treat each differently. For instance, M1 licenses are not perceived favorably by several insurance providers. Providers may also have additional requirements, such as a specific number of years of holding a motorcycle licence.
DPM’s experienced staff can help you find the best deal for you and guide you through the details of motorcycle insurance coverage.
As well as the type of licence, what type of motorcycle your ride will also affect your rates Generally speaking, the more powerful and more expensive your motorcycle is, the higher your insurance costs are likely to be.
Some insurance providers specialize in certain kinds of bikes. Any insurance provider will take on coverage for standard, cruiser and touring motorcycles, but some companies are hesitant to cover sport motorcycles or provide coverage under particular conditions, like holding a licence for at least four years or only if a bike is under 1,000 CCs.
Just like your car, truck or SUV, a motorcycle insurance policy consists of several components.
- Loss or damage: This covers your bike, should it be damaged or totaled in an accident. This coverage also protects you against theft, fire, and vandalism.
- Third party liability: This covers you if you cause damage to someone’s else’s property or personal injury, such as striking a pedestrian for instance. The minimum liability insurance legal for Ontario is $200,000 though it is recommended to carry $1-2 Million.
- Accident Benefits: The covers you if you or a passenger suffered injuries as the result of an accident.
- Hit & Run coverage: While insurance is the law regardless of what kind of vehicle you drive, not everybody does. This will cover you if an at-fault-driver left the scene of the accident or is uninsured.
Keep in mind that motorcycle licence class, your motorcycle make/type, and your driving history will all have a significant impact on your motorcycle rate. And just like most insurance policies, discounts may be available in certain situations. Not all insurers offer such discounts the staff at DPM Insurance Group will work with you to find the ones that do.
Possible discounts include:
- Secure storage
- Anti-theft system
- Clean driving history
- Lack of claims
- Being a member of something, e.g. CPA
- Rider training discount
- Advanced rider training discount
- Home-bundle discount
- Auto-bundle discount
- Senior’s discount