Even though a great percentage of the population dream about having the perfect car, others love riding motorcycles. Apart from the obvious differences between these two motor vehicles, there are other things you should keep in mind, such as the insurance policy. In this regard, many people wonder if seasonal motorcycle insurance in Ontario is the best way to go. To help you decide, here you will find a complete guide for motorcycle policies.
While people can drive a car all year long in Canada, having all the necessary precautions during winter is not the same for motorcycles. When the winter starts approaching, all motorcycle owners will have to store their bikes until next summer begins. But since the use of this motor vehicle is temporary, is it possible to have seasonal motorcycle insurance?
The first thing you should know is that in Ontario, it is mandatory to have insurance for any type of motor vehicle. Apart from that, you need to have a valid driver’s license. Additionally, since you are planning to ride a motorcycle, you should use a helmet at all times.
In the market, you will be able to find different types of insurance packages — to find the perfect one for you, remember to look for the best providers, such as Surex. Plus, make sure you understand the conditions and limits of the policy.
Basics of motorcycle insurance in Ontario
As we explained above, all the owners of motor vehicles need to have a standard insurance policy. However, this coverage could change depending on whether you have a bike, car or truck. In this section, we will talk about the mandatory protection you need to have for your motorcycle. Plus, some add-ons to consider.
1. Third-party liability protection
If you are riding your motorcycle on the road, you will need proper coverage in case you injure somebody or damage their property. The minimum protection is usually $200,000, but some companies will require you to purchase the standard, which is $1,000,000. These will cover all the legal costs involved in the accident.
2. Uninsured auto coverage
This protection is designed for you as the driver for the motor vehicle in case someone who is uninsured damages your property. The uninsured auto coverage also applies if you or your family get injured during the collision. In general, it will cover you up to $25,000.
3. Statutory accidents benefit
This part of the policy is in charge of protecting you in case you suffer from severe injuries after the accident, whether it was or wasn’t your fault. For instance, let’s say you can’t work anymore, you will have income replacement. The other benefits you will receive include a caregiver and any additional medical or rehabilitation expenses.
4. Direct compensation for property damage
Even though this coverage only applies to accidents that happen in Ontario, it is still a vital part of your policy. This protection is what will allow you to file a claim in case somebody else damaged your property during the accident.
Insurance policy add-ons
- Comprehensive coverage
If your motorcycle gets damaged by a falling object such as a tree, the insurance company will pay for all the necessary repairs.
- Collision coverage
In case you are involved in an accident, and your motorcycle cannot be repaired, your provider will issue a check to reimburse for the value of the motor vehicle.
- Perils coverage
This is the type of protection you should get in case you fear something specific could happen, like vandalism or theft.
Now that we understand which types of coverages you should have on your motorcycle insurance. Let’s take a look at how your premiums will be calculated.
What is the cost of motorcycle insurance?
If you are familiar with car insurance, you know that all providers evaluate different factors to determine the cost of your premium. The same thing happens when it comes to bike insurance rates. The good news is that these kinds of policies usually start at $100 per month.
Some of the factors the insurance company will evaluate to give you an estimate of the premiums include, location, driving record, credit history, motorcycle model and value.
Should I get seasonal motorcycle insurance in Ontario?
We would not recommend getting seasonal motorcycle insurance if you are living in Canada because the policy is flexible enough to accommodate your necessities. That means insurance companies will take into account that you will only be driving the motorcycle for a couple of months during the year.
Overall, the insurance company will make sure that the full cost of the policy is distributed during the months you are riding the bike. That way, during winter, you won’t have to worry about making any payments. Even though some of you might be thinking that cancelling the insurance would be a better way to save up some money, that is not how the market works in Canada.
Can I get any benefits by cancelling my policy?
Even when in Canada it makes more sense to purchase a policy that will protect your motorcycle all year long, some people believe it is better to cancel the insurance in September. That way, they won’t have to pay during wintertime, and they’ll just purchase a new policy once spring starts.
We are here to tell you that cancelling your motorcycle insurance during winter is a bad idea. When you have continuous insurance for several years, you can get insurance discounts. Plus, sometimes when you decide to cancel your policy, that will create a gap in your insurance history which will increase the premiums.
Also, think about how much work it will be to get a new insurance policy every year. It’s preferable to choose a company that you like and stick with them for the whole term. Additionally, if you are looking for ways to reduce the cost, you could increase the deductible or reduce some coverage limits.
Finally, even when there are several insurance companies in Ontario, we advise you to get your policy from a provider that has experience with this type of motor vehicle.
Reach out to your insurance provider to learn more about seasonal motorcycle insurance Ontario
If you have any questions, comments or concerns about seasonal motorcycle coverage, feel free to contact your insurance provider. Your provider will be happy to shed some light on your questions.
