Over the past few years, more and more drivers have been swapping their cars and trucks for motorcycles.
Motorcycles have been growing in popularity over the past few years for a number of reasons, including their lower price point (in comparison to cars), vast customization options and overall convenience.
If you've been collecting motorcycles for years, then you likely have a few classic motorcycles in your collection. That brings us to today's question — "what is classic motorcycle coverage, and do you need it in Ontario?".
Continue reading to learn everything that you need to know about classic motorcycle insurance Ontario.
What is a "classic motorcycle"?
The exact definition of a "classic motorcycle" varies from provider to provider. But, most insurance experts would agree that a classic motorcycle is a model that is over 25 years old and looks the same as the manufacturer initially intended (no major modifications).
That being said, some providers do consider modified motorcycles that are 25-years old (or older) as classic models, but the modifications can influence your rates.
Additionally, some motorcycle insurance providers also consider 20-year-old bikes as "classic" models, but this isn't always the case. If you'd like to confirm your provider's age requirements for classic motorcycles, be sure to reach out to your Surex insurance advisor.
Bonus — Click the following link to learn about high risk motorcycle coverage in Ontario.
What is classic motorcycle insurance and why is it important?
Classic motorcycle insurance is a type of coverage that financially protects classic motorcycle owners if a collision and/or unforeseen event results in physical damage or injury (depending on the type and level of coverage that you have).
In Ontario, all basic classic motorcycle insurance policies feature the following types of coverages:
- Third-party liability
- Direct compensation
- Uninsured automobile coverage
- Accident benefits
Third-party liability
A type of coverage that protects classic motorcycle owners from legal fees (relating to physical damage or an injury) resulting from an at-fault collision. Third-party liability insurance is required for all motorists in Ontario and the rest of Canada.
Direct compensation
Direct compensation protects classic motorcycle owners from physical damage when a third-party motorist who has insurance is at fault. Motorcycle owners can submit a direct compensation claim for an accident to their own insurer for repairs.
Uninsured automobile coverage
A type of coverage that safeguards motorcycle owners from repair costs related to an accident caused by an uninsured motorist.
Accident benefits
Accident benefits supplies financial aid to motorists (and their families) who are injured or killed in a motorcycle collision.
Motorcycle owners that would like to purchase additional coverage for their classic bikes can speak with a Surex insurance advisor about the following types of optional coverage:
- Collision or upset coverage
- All perils coverage
- Specified perils coverage
- Comprehensive coverage
- Accessories and personal effects coverage
- Roadside assistance
- Emergency vacation expenses
Is classic motorcycle insurance cheaper than coverage for a new bike?
In some cases, yes, classic motorcycle insurance is less expensive than coverage for a new bike. But, in certain situations, it can be more expensive.
The price of your classic motorcycle insurance is influenced by a number of individualized variables, including:
- The age of your classic motorcycle
- The type of classic motorcycle you wish to insure
- The level of classic motorcycle coverage that you intend to buy
- Your drivers record, motorcycle licence level and motorcycle driving history
How does the age of your classic motorcycle influence your insurance rates?
Most older motorcycle models are significantly less powerful than their modern counterparts. Because of this, many insurance providers consider classic bikes to be less of a risk than modern models.
How does the type of classic motorcycle you own influence your insurance rates?
Certain types of classic motorcycles simply cost more to insure, regardless of their age or condition. This is due to the fact that some bikes cost less to repair or replace than others.
For instance, a vintage moped typically costs less to insure than a classic touring motorcycle. This is partially due to the fact that the average price of a touring motorcycle is generally much higher than that of a moped.
Touring motorcycles are also seen as a riskier model than mopeds, which can influence the overall insurance price even more.
How does the level of coverage you choose for your classic motorcycle influence your insurance rates?
The level of coverage that you choose for your classic motorcycle will play a huge role in determining your rates. If you have the minimum level of third-party liability coverage, then you'll likely pay significantly less than a policyholder that has a high level of third-party liability insurance and a number of forms of additional coverage.
For example, comprehensive coverage can be expensive for classic motorcycles, as the parts are hard to source and replace (compared to modern models).
So, as you can see, classic motorcycle insurance can be less expensive than traditional motorcycle coverage. But policyholders still need to do some research beforehand to ensure that they get the best bang for their buck.
How can you get quotes for classic motorcycle insurance in Ontario?
In the past, motorcycle owners needed to spend hours chatting with brokers on the phone in order to find classic motorcycle insurance quotes. Although this process works, it can be time-consuming, especially if you're the type of policyholder that likes to shop around with various providers.
Thankfully, you can now find competitive motorcycle insurance quotes online when you shop with Surex. Surex is one of the only Canadian insurance brokerages to offer quality motorcycle quotes online and over the phone. Offering both options gives you the freedom to choose whichever method you're most comfortable with.
Our insurance advisors work closely with the best motorcycle insurance providers in Ontario, like Intact and Wawanesa. Working with the top insurance companies in the province gives our team the ability to offer some of the industry's most competitive deals and discounts.
Get started today and receive classic motorcycle insurance quotes in ten minutes or less!
Classic motorcycle insurance Canada — what have you learned?
Whether you're a weekend rider or use it as one of your primary modes of transportation, you need to make sure that you have sufficient classic motorcycle insurance for your bike. Thankfully, depending on the age, type and level of coverage you want, you may be able to save a pretty penny on your classic motorcycle coverage (in comparison to traditional motorcycle insurance).
