When the warmer weather arrives, Canada‘s scenic roads buzz and hum with the sound of motorcycles. Single riders. Couples. Clubs. There‘s a camaraderie in motorcycling that‘s not easy to find elsewhere. If your bike is a classic or custom — or maybe you‘re thinking of buying one, you‘ll want the right type of insurance. The cost of motorcycle insurance, just like your car, varies depending on the model, and the driving history, just to name a couple.
A standard motorcycle policy is designed for standard bikes without modifications. Coverages closely parallel those for a standard car and the insured value of the bike drops over time to match the depreciation rate. Most common bikes are on a value path heading toward zero.
Not so for custom bikes, collector bikes, or classics. Customs and classics are valued differently and are handled with care. Often, they see much fewer miles and may even have secure, climate controlled storage. In some cases, the value is going up over time, not down. These are big considerations and you may want a policy that offers agreed value coverage or stated value coverage. These coverage options don‘t automatically depreciate the insured value of the bike.
If your bike is a one-of-a-kind custom or if you’re riding a classic or collector bike, reach out to your broker to discuss your coverage needs. There‘s a way to get the right coverage for your motorcycle but your broker needs all the customization details and appraisals can help establish the insured value of the bike. With a standard policy, there can be a big difference between the insured value and what your bike is really worth. If your bike is involved in an accident, the difference can be thousands of dollars.
With some carriers, you‘ll find discounts for bundling home, auto, and motorcycle insurance. There may also be savings for multiple bikes, for club membership, or for safety course completion. There‘s almost always a way to get the right coverage for your bike without breaking the bank. Contact your broker for a customized quote.