To drive your motorcycle on the road in Canada, you must carry a form of liability insurance called motorcycle insurance. The basic version of this insurance will get you on the road legally, but there are many more options you may want to consider when insuring your motorcycle. We sat down with our motorcycle expert, Bonita Paisley, in our Sherwood Park office to get a better handle on all of the ins and outs of motorcycle insurance.
Start with the Basics
Motorcycle insurance starts with liability coverage. This is the mandatory coverage that is required by law to drive your motorcycle on Canada's streets. Liability insurance pays for damage you may cause to someone else or their property while driving your motorcycle. This does not cover repair costs to damages to your own motorcycle. For that you will want to add collision coverage.
You can also add comprehensive coverage for your motorcycle. This will cover you in the case of your motorcycle being stolen, catching on fire, vandalism and a host of other causes not caused by a collision.
There are many options that you can add to your motorcycle insurance policy. These may be recommended by your broker, but are not included by default.
Waiver of Depreciation
If you have a brand new motorcycle, you can purchase the waiver of depreciation coverage. This coverage protects the purchase price of the motorcycle if it is involved in a total loss accident within the first 2.5 years.
You can also add replacement cost coverage to your policy for new and used motorcycles up to 10 years old. This coverage would give you a brand new motorcycle if yours was involved in a total loss accident.
Loss of Use
If your motorcycle is in the shop after an accident, Loss of Use coverage will cover the cost of a rental for you.
Emergency Service Expense
This coverage gives you access to roadside assistance if your motorcycle breaks down.
You can get an additional coverage for the value of motorcycle accessories including your helmet, saddle bags, jackets and other riding gear.
Some drivers can be eligible for accident forgiveness depending on their experience.
As with most insurance products, there are many intricacies to your motorcycle insurance policy. It's important to understand what is included in your policy and what options are available to you. If you have questions about motorcycle insurance, we'd be happy to help. Give us a call 1-855-475-0959.