Riding a motorcycle in Ontario is a thrilling experience, offering the freedom of the open road and nearly unlimited access to the beauty of our great Canadian landscape. However, with this exhilaration comes a crucial responsibility; securing the right motorcycle insurance. Ontario has specific regulations in place to ensure the safety of riders and everyone else on the road. In this comprehensive guide, we’ll delve into what motorcycle insurance you need, and explain why it’s essential…
The Importance of Motorcycle Insurance In Ontario
Motorcycle insurance is not just a recommended precaution, it’s a legal requirement in Ontario. To legally ride a motorcycle on the province’s roads, you must possess a valid M1, M2, or M class license and have the appropriate insurance coverage. This insurance not only protects you but also safeguards other road users in the event of an accident. It’s important to recognize that motorcycles lack certain safety features found in cars, such as airbags and seatbelts, making insurance even more crucial for riders.
Understanding Ontario’s Motorcycle Insurance Regulations
Ontario places stringent requirements on motorcycle owners to ensure the safety and financial protection of all road users. These mandatory coverages provide a strong safety net in the event of an accident:
Direct Compensation Property Damage (DCPD): In the event of an accident that isn’t your fault, this coverage guarantees that your insurer will handle the repair costs for your motorcycle.
Third-Party Liability Coverage: This is a cornerstone of motorcycle insurance, safeguarding you if you’re responsible for injury, death, or property damage to others in an accident. While the minimum coverage required is $200,000, standard policies often provide no less than $1,000,000 of enhanced protection.
Uninsured Automobile Coverage: This critical coverage steps in if you’re in an accident with an uninsured or unidentifiable driver. This also means this protects you in the case of a hit-and-run situation, where the person you are in an accident with has fled the scene. It extends to cover medical expenses and damages to your vehicle, offering peace of mind up to various ranges, averaging around $25,000.
Statutory Accident Benefits Coverage (SABS): This extensive coverage is designed to provide financial support for both drivers and passengers involved in an accident, regardless of who’s at fault. It encompasses various aspects, including medical expenses, rehabilitation, attendant care, caregiver support, non-earner benefits, income replacement, and death benefits, offering comprehensive protection.
At Riders Plus Insurance, we have protection plans that provide a wide range of coverage options for motorcyclists. We always encourage riders to give us a call if they have questions about their insurance options and to learn more about saving big through bundling their home, auto, and motorcycle insurance.
Enhanced Motorcycle Insurance Coverage For Added Protection
While Ontario mandates specific coverage for motorcycle owners, there are additional options available that can significantly enhance your protection on the road. The government does not mandate these, but they provide valuable extra layers of security:
Collision Coverage: Used by many riders, collision coverage ensures that in the unfortunate event of an at-fault collision, the cost of repairing or replacing your motorcycle is covered. This becomes particularly crucial in densely populated areas or during high-traffic times when accidents are more likely to occur.
Comprehensive Coverage: This goes beyond collision-related damages; it safeguards your motorcycle from a range of non-collision incidents, including theft, vandalism, fire, falling objects, lightning strikes, explosions, windshield damage, and even impacts with animals, depending on your plan. Comprehensive coverage offers peace of mind in situations where your motorcycle might be at risk from various unforeseen circumstances.
“All Perils” Coverage: For riders seeking comprehensive protection, “All Perils” coverage is the ultimate choice. It combines both Collision and Comprehensive coverage, providing a robust shield against a wide array of risks. Additionally, it comes with an elevated level of theft protection, making it an ideal option for those who want to safeguard their valuable investment. This type of coverage is particularly favoured by owners of high-end or custom motorcycles.
By opting for these additional coverage options, you’re taking proactive steps to ensure that you’re prepared for a broader range of potential risks on the road. This added protection can be especially valuable if you frequently ride in high-risk areas or if your motorcycle holds significant financial value. Remember that while these coverages aren’t mandated by the Ontario government, they offer invaluable peace of mind for responsible riders.
Interested in the best motorcycle insurance available in Ontario? We’re proud to be the top motorcycle insurance company in the province. Contact Riders Plus Insurance today to get a huge range of coverage options at incredible rates, and if you have any questions about what you need to ride, don’t hesitate to reach out to our expert team!