Owning and riding a motorcycle provides a thrilling and fun experience to motorists. And, it is considerably cheaper and easier to fix compared with cars. However, like automobiles, motorbikes are prone to accidents, and such mishaps can cause severe injuries to motorcyclists. Due to this, motorists must have insurance coverage.
Motorcycle insurance is mandatory in Ontario, as it is in every other province and territory in Canada. Availing of insurance coverage will not only allow you to abide by laws, but it will also help you protect your bike and your life, health, and safety.
Motorcycle insurance provides you financial protection against costs of repairs and replacement costs, medical bills for persons injured in an accident, and also the cost to fix any property damaged in an incident. Instead of paying for these out of your own pocket, your insurance provider will help you afford the necessary financial responsibilities.
Advantages of Motorcycle Insurance
As motorcycle insurance financially protects you and your motorbike, it is essential to understand how your policy provides you protection if an accident happens. Here are the advantages you can reap from your motorcycle insurance:
Third-party liability protects you against financial responsibilities if you are at fault in an accident that may have caused property damage and bodily injury to other people (third party). Your insurance company will pay for legitimate insurance claims against you, the insured, up to the limit of your insurance coverage, as well as the cost of settling claims.
Besides liability protection, your motorcycle insurance policy also provides accident benefits to help you recover if you are involved in an accident, in spite of who caused it. Such benefits include:
- income replacement if you have lost income;
- payment of medical, rehabilitation, and care expenses;
- compensation if you are a non-earner who suffer complete inability to carry on their usual day-to-day life;
- payment of care expenses if you cannot continue to act as primary caregivers for a household member;
- payment of funeral expenses; and,
- compensation to survivors of persons killed during the accident.
Uninsured Automobile Coverage
Motorcycle insurance policies typically include uninsured/underinsured automobile coverage. It financially protects you and your bike from accidents if an at-fault driver turns out to be uninsured or left the accident site (hit-and-run driver). The uninsured motorist coverage helps you pay for lost wages, any medical attention you require, as well as repair damage to your motorcycle.
Direct Compensation for Property Damage
A motorcycle insurance policy can also cover direct compensation for property damage. It allows you to collect an insurance claim from your insurance provider in the event that your bike gets damaged in an accident, regardless of who is at fault.
Motorcycle insurance policies are flexible.
In Ontario, you are required to have a motorcycle insurance policy that includes standard coverage items (such as accident benefits, third-party liability, and uninsured automobile coverage). But aside from getting the basic coverages, you can also avail of optional insurance coverage to have a more comprehensive insurance policy.
Note that optional insurance coverage is not required under the law, but it is available (of course, with an extra cost) for motorcycle riders. Getting optional insurance coverage allows you to have higher third-party liability coverage limits and increased accident benefits coverage. It also provides coverage for motorcycle physical damage or loss.
There are three common types of insurance coverage for physical damage:
- Comprehensive Coverage (includes fire, theft, vandalism and falling or flying objects).
- Collision or Upset Coverage (covers damage when an insured motorcycle is involved in a collision with another object, tips over, or is dropped).
- All Perils Coverage (includes all risks covered by the collision or upset and comprehensive insurance coverages).
Having a motorcycle insurance policy will certainly provide you benefits such as financial protection in case you get involved in an accident. Coverage for third-party liability, uninsured automobile, property damage, and accident benefits are among the advantages you can reap from your insurance plan.
There are different ways to get motorcycle insurance in Ontario, Canada. Aside from working directly with an insurance provider, you can also work with an independent insurance broker. Insurance brokers are people who are licensed and authorized to sell products by one or more insurance companies. Hence, when you choose to work with a broker, you can gain access to a broader range of insurance products from different providers. This will allow you to compare Ontario motorcycle insurance rates.
Experienced insurance brokers at My Insurance Broker and Open Road are dedicated to providing you with recommendations on the best insurance policy for your needs and who has the cheapest motorcycle insurance in Ontario.