Motorcycle Insurance – Prince Edward Island
There isn’t much in the world that can compare to a summer motorcycle ride. From cruise nights with friends to your main mode of transportation before the snow falls, motorcycle season is exciting to many. Let us help navigate what motorcycle insurance is right for you.
As your insurance experts, we know that each motorcycle in Prince Edward Island is unique in its own way. From those who commute to work in Charlottetown every day, to those who are out on the open road catching sunset ocean views, we’ve got you covered.
We understand it’s vital to protect what’s most important to you and your family. Our expert insurance advisors are here to ensure you’re protected and provide peace of mind so you can focus on what’s important in your life.
Why Choose Westland?
We know that your insurance needs to match your goals, your lifestyle and your budget. Our expert insurance advisors get to know you, so that they can tailor a policy to your exact needs.
We’ll find the best coverage for you at the right price so that you can continue to live your life the way you want to.
Insurance can be complex sometimes. Let our expert insurance advisors do the heavy lifting! We’ll help you find a policy that you feel is the best fit and provides peace of mind. To learn more about the benefits of being a Westland client, click here.
Who needs to buy motorcycle insurance?
If you drive a motorcycle, moped or scooter on any public roadway, you will need to insure your motorcycle. The actual definition of a motorcycle, other than sweet, beauty, beastlike, or just plain cool, is as follows:
- Can be two tandem or three wheels
- Engine size is over 50cc’s
- Includes mopeds and scooters
What motorcycle coverage is mandatory in Prince Edward Island?
What happens if you’re in an accident and cause injury to another driver or property damage? Medical expenses and rehabilitation costs can add up, which is why third party liability covers you, at least some, for expenses that may occur out on the road. Under basic coverage, you’re covered up to $500,000. We always recommend to increase the third party liability above the mandatory amount. Any expenses above and beyond that will be directly out of pocket.
Regardless of who causes the accident, income replacement, supplementary medical, attendant care, rehabilitation, caregiver, non-earner, and death benefits may also be provided. Please contact your broker to see what coverage you have.
Covers damage to your motorcycle or off-road vehicle when the other driver is determined to be at fault for an accident that occurred in the province of Ontario and is insured within Ontario.
Provides financial compensation if an unidentified driver or uninsured driver causes death or injury to you or your family.
Optional Motorcycle Coverages in Prince Edward Island
Under the mandatory coverage, damage to your motorcycle isn’t covered. That’s where optional collision and comprehensive coverage comes to play. If in an accident you’ll pay your deductible, similar to car insurance, and the damage will be repaired. If your sweet new ride costs a pretty penny, you’ll want to explore damage coverage to protect your investment.
Will $500,000 be enough in an accident? These days, probably not with the cost of medical expenses and property repairs. Are you prepared financially for out-of-pocket expenses if an accident causes costs above and beyond $500,000? Increased third party liability coverage provides that peace of mind while out one the open road.
How do you calculate the insured value of a motorcycle?
When you go to insure your ride, you will be asked to select the declared value which will determine the limit of coverage you will purchase. Originally this will be part of the bill of sale but you will also want to take into consideration modifications you have made to make yours the stand out beauty that it is! And of course, you will want to consider depreciation over the years. Elements that will form the value of your motorcycle include:
- Make and model
- Engine size
- Level of customization
Try to be accurate with your declared value as the amount that will be paid out to you in the event of a total loss will be based on fair market value.
What does motorcycle insurance cost?
Once you have determined the declared value of your motorcycle, the premium you pay for insurance will also be impacted by how you use your motorcycle (just pleasure? to and from work?) as well as where you live (do you ride in the city or rural?). Your driving record will also affect your premium. And of course, the optional coverages and deductibles you select will play a role in the cost as well.
What about coverage for a moped or scooter?
How is a scooter or moped defined differently from a motorcycle? Basically, if your ride falls within the following description, you can register as a scooter or moped:
- Two tandem or three wheels
- Wheels larger than 250 mm
- Maximum engine displacement is 50cc’s or it has an electric motor
- Maximum speed of 50kms per hour
- If the maximum cc’s or maximum speed exceeds these limits, your bike must be registered as a motorcycle.
Review Your Insurance and Get a Quote with Westland
Ready to discuss your insurance needs? Our expert advisors are here to review your current insurance policies, discuss your unique needs, and find the perfect motorcycle insurance policy for you. Whether it’s over email, the phone or in person we are ready to help! To get started on a quote now and see price estimates for your motorcycle coverage, click the button below. Our advisors will contact you right away and help navigate your risk management needs. Of course, we are always available to talk over the phone or in person. Check out our locations page to connect with an office closest to you!
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Whether you’re looking for insurance for your first home or wanting to discuss your existing policy, our team is ready to help. Connect with us today.
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