Understanding Motorcycle Insurance And The Discounts Available

Motorcycle insurance is a legal requirement if you want to actually take your bike out on the road. You will need some basic coverages in all provinces. There are also some optional coverages that you can add. Learn more about basic motorcycle coverage and a few tips to help you lower your overall insurance cost.

Insurance Basics

The big three coverages you must carry by law are the following:

  • Liability: This covers you in the event of an accident if you are at fault. It pays for property damage and medical coverage for the other party in the accident.

  • Accident benefits: This is the coverage that will handle your injury and medical treatment. It does not cover any damage to your property.

  • Uninsured coverage: This is required to cover your medical expenses in the event that the party at fault is uninsured.

There are also some optional coverages available for motorcycles, which include those below:

  • Loss coverage: This is the comprehensive option on your policy, which will cover the repair or replacement of your bike in the event that you are at fault or the other motorist is uninsured. It will also handle replacement or repair from theft, fire, vandalism, or other natural causes.

  • Assistance coverage: Some agents offer roadside assistance packages, towing packages, or rental car packages.

Lower Your Costs

Motorcycle insurance can sometimes be costly, since your risks of serious injury are greater on a bike. Insurance companies will make you pay for that risk, so your goal is to do everything possible to alleviate as much risk as you can in the eyes of the insurance company. The following are three common ways to lower your apparent risk and your insurance bill:

  1. Take a motorcycle safety or defensive driving class. If you are unsure where to take a course or which course to take, call your agent and inquire. They can tell you which courses they usually recommend and that qualify for a discount.

  2. Bundle up your bike insurance with other insurance products offered through your agent. For example, multi-car discounts apply if you insure your regular car and your bike together. You may also get a discount if you have home, boat, or life insurance through the same agency.

  3. Stay safe. The longer you go without a driving violation on your record and without an at-fault accident, the more likely you are to qualify for a discount from a company like Klondike Insurance Agencies.