Why Do I Need Motorcycle Insurance in Victoria?

Why Do I Need Motorcycle Insurance in Victoria, BC?

A motorcycle may cost a significant amount less than your average vehicle, but its insurance coverage is just as important. In fact, while the protection may be similar to auto insurance, there are some key differences to note – namely the risk factor, personal injury protection and storage coverage. In this blog post, we’ll detail these differences.

The bottom line? You need motorcycle insurance in Victoria because it’s illegal to operate a motorized vehicle without protection. However, there is more to it than just that, so let’s dig in.

Motorcycle insurance isn’t the same as auto insurance.

Auto and motorcycle insurance in Victoria may both be mandatory, but they do not cover the exact same things. While a motorcycle may be less valuable overall than a car, insuring a motorcycle can actual cost more (but this isn’t always the case). This is because motorcyclists are typically classed as being at a higher risk for accidents and, therefore, will more commonly need to make a claim. In Canada, a motorcyclist is considered five times more likely to be injured on the road and 29 times more likely to perish in a traffic accident than an individual driving a vehicle. You can reduce your costs for insurance if you have a less costly bike and a clean driving record.

Another key difference is that motorcycle coverage typically won’t cover passengers in an accident, since motorcycles typically don’t carry more than one person. You should opt to include guest passenger liability with your motorcycle insurance in Victoria if you plan to ride with passengers frequently. Note, guest passenger liability may only apply if you are not liable for the accident.

Storage is another difference. Storage coverage protects your motorcycle from specific perils that could potentially damage your bike while it’s stored away for the winter, such as theft, fire, etc.

Insurance (vehicle) act in British Columbia.

Coverage for motorized vehicles is mandatory in British Columbia, the same way it’s required in every other province in Canada. In British Columbia, all motorists, including motorcyclists, must purchase third-party liability coverage through ICBC. Once a motorist purchases their liability coverage through ICBC, they have the option of purchasing physical damage coverage through a variety of insurers. At Megson FitzPatrick, we have been offering physical damage coverage for motorcyclists for over 30 years. In fact, we were the first to offer such coverage within the province of British Columbia.

Megson FitzPatrick insures motorcycles in Victoria and includes a number of program features to enhance your coverage beyond the “basics.” Our program features for motorcycle insurance in Victoria include all-perils coverage (comprehensive and collision), a policy that is written on “agreed value” basis, one claim forgiveness with no rating penalty, coverage for the motorcycle while on the road or in storage (with no date restrictions), policy written on annual basis but has the potential to be cancelled if the bike is solid, and monthly financing available with minimum premiums of $300.

How much does motorcycle insurance in Victoria cost?

Motorcycle insurance can cost more or less than auto insurance depending on the individual’s driving record, on the bike being insured, and numerous other factors. The following factors may impact your premiums:

• The make, model, and value of your bike
• Your deductible amount
• Coverage options you choose
• The number of years that you’ve been licensed
• Storage location

Megson FitzPatrick can help you get cheaper motorcycle insurance in Victoria. Get a quote with us today to get started on comprehensive coverage.

Why get optional coverage?

Motorcycle insurance in Victoria is mandatory, but only to a certain degree. The province mandates a certain minimum for basic liability coverage but policyholders can choose optional coverages to enhance their existing protection. Why is this important? Because while the province only mandates a certain amount of coverage, drivers usually need much more than that.

Our brokers, who specialize in motorcycle insurance in Victoria, are here for you. We want your experience to be worry-free, which is why we will work with you to ensure your coverage meets your needs and provides peace of mind. We can discuss additional packages and other important options, such as trip coverage, extended liability, storage coverage, emergency roadside expenses, and so forth. Get a quote or call us today to begin!