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Motorcycle and Recreational Vehicle Insurance

Just like any other vehicle, both RVs and motorcycles need to be insured before hitting the road. The only difference is that they require special consideration when creating insurance policy. Different insurance companies offer different auto insurance covers therefore, it is important to compare auto insurance in order to identify which one suite you best. Once you've known an insurance company of your choice you go on to work on getting the right cover. To help provide information about buying insurance for your motorcycle and recreational vehicle here is a complete guide for getting the right cover:

a)      Mandatory Insurance    

In Ontario, Canada according to car insurance resources, insurance coverage on motor vehicles in mandatory; in this case motor vehicle includes RVs, motorcycles and mopeds. Failure to this attracts a fine of between $5,000 and $50,000. The law requires four kinds of coverage:

  • Third-party liability and property damage – the coverage requires the owner to pay a minimum of $200,000 in the case of a motorcycle. This cover takes care of personal injuries and property damage caused by the driver to other parties or to themselves.  
  • Uninsured automobile coverage – the coverage takes care of your insurance needs when the vehicle that hit you to cause the accident is untraceable.
  • Statutory accident benefit insurance cover – the cover takes care of the basic level of income replacement, death and funeral benefits, attendant and supplementary medical care benefits among others.
  • Direct compensation for property damage cover – the insurance policy gives you the liberty to request a claim from your insurer for any damages on your automobile caused by another person. To receive compensation, you need not to be at fault.

b)      Optional insurance coverage

Legally, there are some optional insurance coverage that is not required by law, but may be important given your circumstances.  Insurance companies may offer them to their customers for their own protection. These covers are usually offered at a higher cost as compared to the mandatory covers. They include:

  • Higher third party liability coverage – if indeed you subscribe to this, you can say goodbye to lower car insurance. These covers can go as high as $2 million.
  • Increased accident benefits coverage – the cover has the effect of increasing the ultimate benefits in terms of higher weekly income replacement amount, increased funeral benefits, increased death benefits among others.
  • Insurance coverage against RV/motorcycle physical damage or loss – This way you get to purchase an insurance cover against certain perils.

Ensure you are getting the proper coverage and compare auto insurance quotes.