With the costs of fuel and vehicles seemingly perpetually on the rise, some Ontarians may be thinking about riding a motorcycle instead – at least during the summer months. But while motorcycles themselves tend to be much less expensive than cars, the insurance for these vehicles usually costs more. This is because there are some major differences between cars and motorcycles.
Motorcycle insurance has three main areas that it covers: liability, property damage, and medical coverage. Liability covers injuries or property damage caused to others, property damage covers your bike against damage or theft, and medical coverage covers medical costs and potentially also lost wages and funeral costs.
Here are five reasons why your motorcycle insurance is significantly different than your auto insurance.
- Risk
Riding a motorcycle is inherently more dangerous that driving a car. In fact, in the event of a collision, a motorcyclist is 5 times more likely than a driver of a car to be injured, and 29 times more likely to die. Common causes of accidents involving motorcycles include panic braking, lack of visibility, and taking corners at a high speed.
You may be able to reduce the cost of your coverage however if you have a good driving record and/or a less expensive bike. When riding a bike, you should ensure that you have collision coverage in your policy.
- Personal Injury Protection
Motorcycles simply cannot offer the same kind of rider protection that cars with seat belts and airbags do. When a motorcycle is involved in an accident, there is a much higher chance that the rider will be thrown from the vehicle which increases the chances of injury or death.
This is why it is so important that medical coverage and liability are included in your motorcycle insurance coverage.
- Passenger Coverage
When you purchase auto insurance, anyone riding with you in your car is usually covered in the event of an accident. Since motorcycles are often one-passenger vehicles however, the coverage can be a bit different.
You may have the option to include guest passenger liability on your motorcycle insurance however this often applies only if you are liable for the accident. If you are planning to take a passenger on your bike, it is extremely important you talk to your insurance broker and make sure that they are covered.
- Lay Up Coverage
Here in Ontario, motorcycles are a seasonal vehicle. Since you won’t be driving your bike during the winter months, you can reduce the costs of your premiums by getting lay-up insurance for that time period. This will protect your bike against anything that may happen to it while it is being stored such as fire or theft.
It is important to note however, that your bike will not be covered if you take it on the road during this time period.
- Optional coverage add-ons
With most insurance companies, you will be able to customize your coverage to a certain extent and get add-on coverage such as roadside assistance, coverage for your bike while it is being transported in a trailer, or coverage for accessories.
With comprehensive coverage, you’ll be protected against most non-collision related incidents including theft, fire, and vandalism.
Motorcycle and auto insurance differ in a number of ways because they are two very different types of vehicles. The important thing to remember is that you have the proper insurance in place for each and every vehicle that you have.
Contact ICD Insurance today
To speak to a broker about motorcycle or auto insurance, contact us today.