Motorcycle insurance canada
Purchasing and carrying a minimum motorcycle insurance policy is legally mandatory in Canada. Once you purchase your motorcycle insurance from an insurance provider authorized to do business in Canada, you will receive the pink card, which is your Canadian Inter-province motor Vehicle Liability Insurance Card. This card is to be used as a proof of you having the sufficient amount of motorcycle insurance that you are legally obliged to carry in Canada. This card is valid anywhere in Canada and in United States. You must produce in when a concerned authority asks for it. It is needed during the first registration of your motorcycle and whenever you renew your license plate sticker.
Mandatory motorcycle coverage in Canada Accident benefits this coverage pays for the injuries and/or loss of death that occur to people (pedestrians included) in a motorcycle accident. This coverage is mandatory except in Newfoundland. In Quebec, the provincial government provides this coverage to its citizens.
The following are the main benefits covered under this coverage.
1. All medical expenses that are not covered by a medical, surgical, dental or a hospital policy.
2. Funeral expenses of those who got killed in an accident
3. Disability compensation
4. Payment following the death of an insured person
Direct compensation property damage coverage- This pays for the damage of your motorcycle caused due to an accident for which you are either partially responsible or not responsible at all. This coverage is for riders in Ontario only.
Third party liability this coverage, which is also known as civil liability coverage in Quebec, covers a claim made by anyone against you in the event when you are legally responsible for an accident that results in death/injury to another person(s) or damage to property.
Uninsured motorist coverage This coverage provides cover against the bodily injury occurring to you and/or your passengers in an accident caused by an uninsured driver in Canada. In some provinces it is not included in the insurance policy, like for instance, in Quebec, it is provided thru a special fund managed by the SAAQ.
It may be noted that though each province in Canada requires a minimum level of motorcycle insurance to be carried by the riders, it is always better to purchase more insurance, as if a claim exceeds your coverage amount, you would have to find the remaining amount from your own sources. In general it is found that a liability insurance coverage worth at least $1,000,000 is advisable to be carried.
Optional coverage these are insurance coverage which although are not mandatory by law to be purchased, it is advisable to carry as per the individual needs and situations.
Collision coverage compensates when your vehicle is damaged in a collision.
Comprehensive coverage pays for the loss of your motorcycle due to causes other than collision. For e.g., fire, theft.
Specified perils coverage This insurance pays for the physical damage caused to your motorcycle due to anyone of the following. Theft, fire, lightning, windstorms, hail, earthquakes, explosions; riots or other civil unrests; falling or forced landing of an air craft or parts of it; stranding, sinking, derailment or collision of the vehicle used for the transportation of your motorcycle by land or water.
Family protection coverage- this provides compensation for you and your family if an underinsured driver causes you trouble in an accident. This coverage is not available in Quebec.
Fire and theft deductible this endorsement which applies to Ontario and Alberta, is an agreement that you will pay your full deductible in the event that your motorcycle is either lost or damaged completely due to fire or theft.