Now that summer is here, we understand that you want to spend your weekends and days off riding your motorcycle on the open road. It may not be on the top of your to-do list to look into and purchase motorcycle insurance, but it’s critical and mandatory to your safety and your wallet to do so. Navigating motorcycle insurance options can seem complex and confusing with several details. Fortunately, Leibel Insurance motorcycle insurance experts have laid out the important details for you below to ensure you get back on your bike and on the road sooner.
Read on for everything you need to know about motorcycle insurance in Ontario and why it is not just mandatory, but important, to have.
1. Motorcycle Insurance Is Mandatory In Ontario
This is surprisingly not something many people are aware of, however, it is true that you are required to have motorcycle insurance in Ontario. You must have a valid motorcycle insurance policy to ride your bike within Canada. In addition to this, you are required to wear a helmet while on your motorcycle. If you plan on riding your motorcycle on the public roads, you must have liability insurance under your belt to protect you in the event you get injured in an accident. Liability insurance for motorcycles often has a number of benefits and accident coverage.
2. Factors Affecting Premium Rates
Just like any other insurance, motorcycle insurance premiums can be affected by many factors that can either raise the rate or reduce it. Some of these factors include:
- N number of years licensed as well as number of years’ experience riding a motorcycle
- Age of the principal operator
- The year, model, and make of your motorcycle including its Cylinder Capacity (cc)
- Overall value of certain modifications to the motorcycle
- The area you reside in
- Your insurance claim history
- Type of insurance coverage you will need for the type of motorcycle ad value
3. Type of Motorcycle
The type of motorcycle you own does have an effect on your insurance coverage premium. The more powerful and expensive a bike is, the higher insurance costs will likely be. Most insurance providers are happy to provide insurance rates to standard, cruiser and touring motorcycles. However, they may not always be as willing to cover sport or high-powered motorcycles due to the increased risk of accidents.
4. What Can Motorcycle Insurance Cover?
Motorcycle insurance commonly covers a number of components, including:
- Loss/Damage Coverage: This covers the bike if it becomes completely totaled while in an accident. It can also protect the motorcycle against additional risks, including theft, fire, vandalism and more.
- Third Party Liability: If you cause damage to a third party’s property or the person’s wellbeing, you will be covered. Recommended minimum coverage for the driver to have is at least $1M or even $2M.
- Accident Benefits: If you or your passenger becomes injured while on the road from an accident, you will be covered with this insurance.
Leibel Insurance offers motorcycle and other auto insurance options for Toronto, Mississauga, Ottawa, London, and Etobicoke. Our insurance rates cannot be beat! Contact us today for your motorcycle quote today at https://ligroup.ca/personal/motorcycle-insurance/ or call us at 1-866-484-8880.
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