Motorcycle insurance – there a few options to consider
ICBC and you
Mandatory minimum liability insurance of $200,000 is required for all motor vehicles including motorcycles if they are operated on public highways or crown land. However, once the basic insurance has been purchased there are other options open to motorcyclists including “own damage”. If you want to purchase more liability insurance, which you should consider especially if you carry passengers on the back, you buy this through ICBC.
What is own damage?
This is physical damage done to your own bike which can include collision and upset as well as fire, theft, attempted theft and vandalism. Damage done to others’ property is covered by your basic insurance through ICBC. That’s why we recommend higher liability limits other than the $200,000 minimum. It’s a cost effective way of protecting yourself from unexpected legal costs.
Where can I get this own damage coverage?
You can purchase this either through ICBC or through other licensed insurers operating in B.C. Some people prefer to keep all of their optional own damage coverage with one insurer while others find it more advantageous to purchase the own damage coverage because of premium and/or coverage. For example, ICBC does not coverage for personal items such as riding gear and/ other accessories while the other insurers do offer this. We can offer these coverages through our optional markets.
Can I buy less than one year of insurance - after all, it is BC?
Through ICBC you can purchase a term anywhere from three months to a full year of coverage. However, if you purchase your optional own damage coverage through one of our markets, these are only issued on an annual basis. The good part about this is that your coverage is in effect while you are riding and while your bike is stored for the winter months. So, if we get unseasonal balmy weather you could take a temporary operating permit and enjoy the ride and still have full coverage for your own damage portion of your insurance without having to make any adjustments.