Although auto insurance is mandatory, when it comes to your favorite motorcycle you would want it to get insured even if it was not required by law. While most types of motorcycles are covered under regular motorcycle insurance, custom motorcycles are difficult to insure. Most often custom motorcycles are one-of-a-kind which leads to difficulty in finding the right insurance and also increases the premium cost of the policy.
That being said, it’s obviously not impossible to insure your favorite motorcycle that you built with such passion. All that you need to do is find the right way to get the best deal on custom motorcycle insurance.
If you want to know how to get the best deals on custom motorcycles in Ontario, you have come to the right place. Always look for the best car insurance quotes in Ontario before you purchase any insurance product.
What Are Custom Motorcycles?
Before you proceed to buy motorcycle insurance, it’s important to know if your bike qualifies to be a custom motorcycle or not.
Basically, every bike that’s not one of the mass-produced factory bikes is termed as a custom motorcycle. This includes choppers, bobbers, trackers, scramblers, etc. However, whether you will need special insurance for your bike or not will depend on the extent of customization that you have done on the bike and the cost of replacing it.
The costlier the motorcycle is, the more important it becomes to insure it. You would not want to go through a financial drain if anything happens to your custom-built costly beast. In fact, with the increase in the price of the motorcycle, the cost of insurance premiums also tends to increase.
Why Do I Need Custom Motorcycle Insurance?
Most of the states by law require all motorcycle riders to have liability insurance that will pay for bodily injuries as well as property damage in case they hit another driver on the road. However, this kind of insurance is of no use when it comes to protecting your own vehicle and yourself.
While for other people, it’s a choice to opt for other insurance policies along with liability insurance to protect themselves, for custom motorcycle owners it is not a choice. The reason behind this is custom motorcycles cost way more than regular factory-made motorcycles. Starting from the imported custom parts to the hours of labor that goes into building a customized bike, all of it adds up to a huge cost.
Even if you’re not planning to drive on the road, something costly like a custom motorcycle is highly prone to be stolen or even vandalized. In that case, comprehensive coverage will come in handy for you to cover up all the charges of building it in case it is vandalized or paying for your loss in case it is stolen.
What Does Custom Motorcycle Insurance Cover?
Apart from the mandatory liability insurance, you would need some kind of coverage to protect your motorcycle as well as yourself in case of an accident.
In this case, the first two options that you can choose from are either comprehensive coverage or collision coverage.
- Under the comprehensive coverage, your bike will be protected In case it is damaged by any factor other than on-road collision. These factors may include vandalism, storms, fallen tree branches, and even theft.
- Collision coverage covers the damages that your motorcycle can retain from on-road accidents.
The only problem with using comprehensive or collision coverage for your custom motorcycle is that these types of insurance policies have high deductibles which become even higher in the case of a custom motorcycle.
The reason behind the higher cost is that apart from the high cost of the bike itself, the cost of repairing those customized parts is significantly higher. And in case the damage is severe and the part needs to be replaced completely, it will again add up to a huge cost. Keeping all these things in mind, insurance companies charge higher for custom motorcycles.
You also need to protect yourself and get insurance for your medical bills in case you get in a severe on-road accident. For this, you can opt for medical payment coverage. Under this policy, all your medical bills, as well as the bills of the injured pillion rider will be taken care of by your insurance company.
You can also consider getting uninsured motorist coverage. This insurance comes in handy to cover your expenses in case you were hit by a driver who ran off without sharing his contact or does not have enough insurance.
Although you can always challenge the driver in court and file a lawsuit claiming compensation, you need a plan that will take care of the immediate expenses. This policy would not only take care of your bike’s damage but will also provide coverage on bodily injuries.
How Can You Get Custom Motorcycle Insurance In Ontario
The process of getting motorcycle insurance in Ontario is the same as getting motorcycle insurance in any other state. You just have to do a little research online and you will soon have the list of the best insurance companies in Ontario.
Some insurance providers might require you to get a valuation done. This becomes important as there is no established standard cost (as is the case with mass-manufactured bikes). You can decide the amount of coverage required based on this valuation report. Your insurance provider would also factor in this report before quoting a premium and a deductible.
A custom motorcycle is a complex piece of machinery that may require a combination of various insurances. Always seek professional help before purchasing a policy. Make sure you visit different insurance providers before purchasing a policy.
Compare costs and look for discounts. Most of the process can be done online with just a few clicks, and you’d only be required to physically visit your insurer once or twice, depending on the provider.