Tips on choosing the right motorcycle insurance

When choosing the right motorcycle insurance to fit your needs, it's important to know what kind of coverage is required, what optional coverage is available, what contributes to the cost and where to find the best coverage.

Unless the vehicle is being operated on private property, motorcycle insurance is a mandatory requirement for driving in most parts of Canada. Many factors contribute to what kind of insurance you will need and how much it will cost, including where the vehicle is registered and the engine size of the motorcycle.

The most common form of motorcycle insurance is liability. Third party liability insurance is mandatory for motorcycle operators across most of Canada and covers damages you may inflict on others. Each province has specific regulations that determine how much, in dollars, an individual's policy must cover. Ranging from $50,000 in Quebec to over $200,000 in other areas, the amount of monetary coverage the policy offers will also be part of what determines the overall cost.

Other types of motorcycle insurance are usually not mandatory but may be a good fit for you. Physical damage insurance covers any damage you may do to objects, including public and personal property. Medical insurance covers the costs of treatment or hospitalization resulting from riding a motorcycle. In addition to these policies, there are a variety of plans that cover damage to the motorcycle itself. These policies include collision coverage, which will pay for repairs from accidents, and all perils coverage, in which everything from fire to theft is covered in addition to accidents.

Motorcycle insurance is often offered as an add-on to automobile insurance. If this is the case, it will be less expensive for those with existing policies. Purchased as a standalone plan, motorcycle insurance can be expensive, especially if you have accidents on your driving record or little driving experience. One way to save money on standalone motorcycle insurance is to join a motorcycle drivers association, which may have special arrangements and discounts set up for members.