Additional coverage - Insuring your motorcycle - Insuring - Motorcycle - Vehicle | Infoinsurance.ca

Motorcycle

Insuring your motorcycle

Once you’ve chosen your motorcycle insurance, you can add additional coverage. You will need to evaluate your needs to see whether this would be useful.

Three popular endorsements

What is an endorsement?

An "endorsement" enhances your coverage. You add more extensive coverage to your policy, which thus provides more extensive protection.

You pay a supplement for this type of coverage. A number of endorsements are available on the motorcycle insurance market to meet your needs.

Replacement cost

Replacement cost coverage pays out an indemnity that does not factor in depreciation.

Two such products have been offered in Quebec since October 2010:

  • Replacement insurance
  • Endorsement 43 – Change to loss payment. This coverage offers several options. Ask your agent or broker about it.

Both products are sold mostly for new motorcycles. They pay out an indemnity without depreciation in case of a total or partial loss.

What are the differences?

Replacement insurance or Endorsement 43 for a new motorcycle

Replacement Insurance Endorsement 43
Specified duration of up to eight years without renewal Although there is a defined period (three to five years), it is renewed each year, at the same time as the policy.

Partial loss

Damaged parts are replaced by new original parts (up to an amount determined in the policy), even if the original

Partial loss (43A)

Damaged parts are replaced by new original parts only if they cannot be repaired.

Total loss (or theft) – new vehicle

Obligation to replace the vehicle as per the option chosen when the policy is purchased:

  1. Replace the vehicle by a new vehicle of equal or greater value from the dealer designated in the policy; or
  2. Receive payment of the indemnity and replace the vehicle from the dealer of your choice.

Note: If you replace your vehicle with a vehicle of a greater value, you pay the difference.

Total loss (or theft) – new vehicle (43E)

Choice to be made at the time the claim is made:

  1. Replace the vehicle by a new or used vehicle of equal, lower or greater value (from the dealer of your choice); or
  2. Not replace the vehicle (cash indemnity).

Note: If you replace your vehicle with a vehicle of a greater value, you pay the difference.

Following a claim

The policy ends and cannot be transferred to another vehicle. The insurer reimburses you the unused portion of the premium.

Following a claim

The policy does not automatically end. The new vehicle could be insured by the same policy.

Looking to
save money by
not telling your
insurer everything?

Looking to save money by not telling your insurer everything?

By choosing to hide information from your insurer, your run the risk of not being indemnified should you have an accident, or of just being partially indemnified.

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