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Motorcycle Insurance In Canada: Things You Should Know

July 9, 2010

Motorcycle Insurance In Canada: Things You Should Know

In Canada, motorcycle owners must have insurance by law. But each insurance company makes its own assessment of risk when setting rates for a given rider, based on a long list of variables. The end result is that rates can vary significantly from insurance company to company.

Motorcycle insurance is distributed to consumers through different networks of licensed insurance professionals. They are:

  • Insurance Brokers – Provide independent and expert advice, advocacy and support to consumers with respect to their motorcycle insurance needs and typically work with, and sell policies for, a number of different insurance companies.

  • Insurance Agents – Provide expert advice, advocacy and support to consumers with respect to their motorcycle insurance needs and work with, and sell policies for, one insurance company.

  • Direct Writers (Direct Response Insurers) – Provide expert advice, selling and servicing property and casualty insurance products, including motorcycle insurance, in Canada through direct response marketing and distribution for one insurance company.

Have Motorcycle Insurance?
Motorcycle insurance protects riders in the event of a future loss. A standard motorcycle insurance policy covers the following:

  • Third-Party Liability
    Protects you in the event of an accident causing loss or damage to another person when you are at fault.
  • Accident Benefits
    Offers benefits to protect you if you are injured in an accident, regardless of who caused the accident.
  • Uninsured Automobile Coverage
    Protects you in the event of death or injury caused by an uninsured motorist or by a hit-and-run.

    Other Optional Coverage Available On Most Motorcycle Insurance Policies:

  • Loss or Damage Coverage
    Includes All Perils, Collision, Comprehensive and Specified Perils. You can purchase a combination of these coverages to protect you against loss of, or damage to, your motorcycle caused by collision, fire, theft, and a variety of other unpredictable risks. 

    Considerations When Buying Motorcycle Insurance:

  • Shop Around
    Motorcycle insurance rates can vary significantly from one insurer to the next, so only by checking around for comparative quotes can you be sure you have the best price available.
  • Motorcycle Riders Training Course
    You may be able to lower your insurance premium by taking a training course.

    • Josh

      Can i be a secondary driver on a motorcycle at the age of 16 with an M2?