Optional coverages for motorcycle insurance

Motorcycle insurance, like car insurance, includes both mandatory and optional coverages.

Collision coverage
Collision coverage pays to fix or replace your motorcycle if it is damaged in a collision.

Comprehensive coverage
Comprehensive coverage is for those times when your bike is not involved in a collision but needs to be fixed or replaced, usually as a result of theft, fire or vandalism.

Specified perils coverage
Specified perils covers physical damage to your bike but only for damage caused by hazards specifically listed on the policy. The list may include:

• Theft
• Fire
• Lightning
• Windstorms
• Hail
• Earthquake
• Explosions
• Riots or civil disturbances
• Falling, or forced landing, of an aircraft or its parts
• Stranding, sinking, burning, derailment or collision of the mode of transportation used to carry or move your motorcycle by land or water

Generally, specified perils coverage does not include vandalism or damage caused flying or falling objects (e.g. rocks).

Family protection coverage (not available in Quebec)
This provides coverage for you and your family from the actions of an at-fault, underinsured driver. If you are travelling in a province or a state where the mandatory liability coverage is low, family protection coverage ensures that you and your family are covered if you are injured in an accident up to your own policy's limits regardless of the other person's coverage levels.

Fire and theft deductible (restrictive endorsement)
This endorsement, used in Ontario and Alberta, means you agree to pay your full deductible if your entire motorcycle is lost or damaged as a result of fire or theft.

Limitation of amount payable (restrictive endorsement)
Some insurance companies set a maximum they are willing to pay in the event of a claim. This maximum is either the actual cash value of your bike (or its damaged parts) or the limit specified in the policy endorsement. Whichever is less.