Just like you, all insurance policies are unique. Although this information can help you navigate your insurance questions, this is not insurance advice and some details may not pertain to your specific risk. If you have a question about your insurance policy or coverage, never hesitate to give us a call.
Motorcycle Insurance
Like your auto insurance policy, motorcycle insurance is here to keep you and those you love safe. Not only is Motorcycle insurance here to protect you, but it’s also mandatory in Ontario.
Motorcycle insurance is nuanced as there are some rules that apply which do not apply to your regular auto insurance policy. For instance, most insurance companies will not insure a motorcycle by itself and may require that a motorcycle policy be paired with another type of policy, such as a property or automobile policy. At Cassidy & Young, we have the expertise required to help you navigate purchasing insurance for your motorcycle.
Some insurance companies also require that you be licensed for a certain number of years before they will consider providing you with a motorcycle policy. We most commonly see insurance companies requiring that you have your M license for a minimum of 3 years before being eligible for this product.
Just like your auto insurance policy, there are many different factors that determine how much a motorcycle insurance policy will cost. As mentioned above, your driving experience is important but that’s not the only thing that’s taken into account. Insurance companies also look at other factors such as your claims history, where the motorcycle is parked at night, if you have any other policies with them, and what type of motorcycle you have.
If you’ve got your eyes set on a high-performance sport bike, please give us a call before you purchase. Navigating this niche market requires the expertise of brokers who are well-versed in the industry.
Mandatory Coverages
Liability Coverage
With a recommended coverage of at least $1-$2 million, liability coverage covers you for things like legal fees and the cost of settling a claim if you are responsible for causing damage and/or injury.
Direct Compensation Property Damage
While no longer considered mandatory by the government, our brokerage considers this coverage essential. This coverage applies if your vehicle and/or contents are damaged in an accident that is the fault of another driver. In other words, this is the coverage that you would use if you were not at fault in an accident and your vehicle sustained damage which required repair. Although not common to have a deductible on this coverage, it is an option and can save you money on your premium.
Accident Benefits
This coverage is required in the event you are injured in a car accident and require additional compensation to aid in your recovery. Types of compensation are, but not limited to, income replacement, medical treatments and rehabilitation.
Due to government changes in 2016, which altered the standard coverage available to you under this category, we recommend increasing your accident benefits limits. For more information on this coverage, please call our office at 647-727-4100.
Uninsured Motorist
There are those who are driving without insurance coverage on their vehicles. While we cannot control what others do, this coverage ensures you are not left exposed due to someone else’s negligence. Uninsured Motorist covers you for damage and injuries caused if you are in an accident with a driver who is uninsured or are involved in a hit-and-run accident where the other driver was at fault.
Physical Damage Coverages
Collision
Collision coverage is the one that kicks in when you are at fault in an accident. This coverage is subject to your policies deductible, most often ranging from $500-$2000 and covers you for the cost of repairs/ replacement of your vehicle.
Comprehensive
This coverage complements your collision coverage by stepping in for events that can occur while you are operating your vehicle, while it isn’t in use or for theft. Specifically, comprehensive coverage covers you for fire, theft, lightning, vandalism, glass repair and flying objects. This coverage is also subject to your policies deductible.
All Perils
All Perils is an umbrella physical damage coverage that combines collision and comprehensive coverages but also covers you for the theft of your vehicle by someone who lives in your household or is your employee. This coverage is subject to your policies deductible.