I just read over my shiny new policy and I'm covered if I lend the bike to a licensed person and they have a crash. If I take money for it my policy is void.
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Looking to Rent/Loan a Motorcycle
- Thread starter jay17
- Start date
I just read over my shiny new policy and I'm covered if I lend the bike to a licensed person and they have a crash. If I take money for it my policy is void.
Yes you can lend but not charge but keep in mind any claim resulting from the person you lent it to goes on your record. Not worth it to me otherwise I'd always be lending out my cars. I don't even like letting other people drive my cars when it's to make things more convenient for myself.
I've rented from them around 7 years ago and it was a good experience.
Ditto. There is an added risk in that the person borrowing is quite likely less familiar with the vehicle. IIRC claims stay on your record for 6-7 years. One crash oopsie could cost you the price of a decent bike over the stretch.
Also our diminished medical coverage comes up. The typical $50K limit on rehab can get used up fast. If the borrower decides to sue you because you failed to advise them of some hidden characteristic etc it could get pricey.
I wonder what constitutes payment. What if you let a someone use your bike and he lets you use his boat, cottage, time share etc? Maybe someone buys you a nice gift and you let him ride your bike???
Do cottagers that rent out the shack for a few weeks a year declare it?
Somewhere it has to equate money and benefit.
plutoz
Well-known member
Reviving this thread as I'm contemplating letting a friend ride one of my bikes. No money will change hands.
Couldn't you negate this by requiring the rider have their own insurance policy with an adequate third-party liability coverage (>$1M)?
The owner should really only be responsible for the damage to the vehicle, not outcomes that occur as a result of the rider's actions. Not saying that is how it is, but that's how it should be
Couldn't you negate this by requiring the rider have their own insurance policy with an adequate third-party liability coverage (>$1M)?
The owner should really only be responsible for the damage to the vehicle, not outcomes that occur as a result of the rider's actions. Not saying that is how it is, but that's how it should be
plutoz
Well-known member
I get that, but does that apply to damage/injury to a third party as well? It makes sense that the vehicle owner's insurance would be responsible for paying for damage to the vehicle.
The third party should be coming after the driver/rider first for damages, if they are not properly insured or don't have the resources then I can see them coming after the vehicle owner.
That's just not the way it works in Ontario. As meme said, all the insurance coverage follows the bike, including damage/injury to a third party.
You can lend your bike to a friend, and many people do it often, but just be aware of the fact that your insurance covers them while they are on your bike... and vice versa, if you were to borrow your friends bike.
You can lend your bike to a friend, and many people do it often, but just be aware of the fact that your insurance covers them while they are on your bike... and vice versa, if you were to borrow your friends bike.
plutoz
Well-known member
That's pretty ******. I wonder if there is some sort of rider (the insurance kind, not the human kind) you could purchase for your policy to allow you to loan your bike on occasion without having their crash affect your record. Maybe the insurance co would need to see proof of their driving record etc. Probably not possible, but one can dream.
Our insurance system is so inflexible and antiquated. We almost need to scrap it and start anew, but the entrenched interests would never allow that.
Our insurance system is so inflexible and antiquated. We almost need to scrap it and start anew, but the entrenched interests would never allow that.
Do you know of another place that has such an insurance system?
plutoz
Well-known member
LOL, no not specifically. There does seem to be more flexibility in other jurisdictions (I can't name any off the top of my head) especially in recent years to make it easier for different ownership/use models (peer to peer car sharing for example). Our system of insurance makes anything like that next to impossible.
Edit: OK found some info
http://www.canadianunderwriter.ca/news/driving-change/1001961438/?&er=NA
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Interesting - I wonder if that would be limited to family members or something else. And I wonder if the insurance premiums are shared among the sharing parties or other things they do to set that up. Maybe start a thread in the insurance section on here and some of the underwriters and brokers can chime in.
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