5 Questions to Ask Before Getting Motorcycle Insurance

Compared to cars, motorcycles are economical, nimble and more fun to drive. However, they also present more risks, as motorcycle riders are more likely to be seriously injured in an accident. That’s why it’s important to have good insurance, and here are five questions you should ask yourself when shopping for a policy.

1. What’s the actual cash value of my motorcycle?

Knowing the actual cash value (ACV) of your motorcycle ensures that you don’t under- or over-insure it. A motorcycle’s ACV is equal to its replacement cost minus depreciation. This figure determines how much you’ll receive if your motorcycle becomes damaged. 

Note that even if your bike is brand new, the ACV won’t be equal to the purchase price. The fact is that a motorcycle’s value starts to depreciate as soon as you leave the dealership. An insurance broker can help you understand how ACV is calculated.

2. What forms of insurance coverage are mandatory?

This varies from province to province. In Nova Scotia, you have to carry motorcycle liability coverage as well as accident benefits. Liability insurance covers you in the event that you’re at fault for an injury or accident. Accident benefits cover you and your family in the event that you’re hurt or killed in a traffic accident.

3. What optional coverage can I get?

Additional insurance options include collision, comprehensive, all perils and named perils insurance. Speak with your insurer for more information about these coverages.

4. How can I save money on insurance?

You may be eligible for one or more discounts offered by your insurance company. For example, most insurers will give you a deal if you have other insurance policies with them. Being an experienced rider with a good record can also make you eligible for cheap insurance. To get the full rundown of available discounts, speak with your insurance agent or broker.

5. How much insurance do I need?

There’s no universal answer to this question. To determine what kind of coverage you need, you and your broker will need to discuss considerations such as the age and value of your motorcycle, your financial situation and the situation of your dependents, if you have any. 

Motorcycle insurance in Nova Scotia

At Eisenhauer Insurance, we customize your motorcycle insurance so as to meet your specific needs and save you money. Contact us today to request a quote.