Riceburner
Well-known member
Currently with a subsidiary of Co-Operators. Was with Personal a decade ago. They were alright at the time.
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Riding Multiple Bikes
- Thread starter DarR
- Start date
Currently with a subsidiary of Co-Operators. Was with Personal a decade ago. They were alright at the time.
Riceburner
Well-known member
I put forward this scenario since someone stated that insurance companies would charge you for each bike you ride even though you can only ride one at a time - the rational being that friends could take your other bikes out?
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When you lend your bike you lend your insurance. That means that if your buddy goes down both you AND your friend have a claim attached to them. If he was at fault for the accident, you're BOTH at fault. That's the insurance risk of lending your bike out. I don't have a friend that I'd trust with my insurance history.
Is that this year only ? I asked about that last year 2016 and they said they don't have a 'storage' option so I have 1 bike at home with no insurance / no plates on it.
My Porsche 944 has been stored most winters since I got it about 5 years ago including until last month. I have not tried it with a bike.
They call it "suspended liability coverage".
This won't work for bikes because the premium is weighted for the riding season. You're being charged for 6 months but that charge is being spread over 12 months of payments. So if you were to suspend your coverage from October to April, you'd still end up paying the same amount of premium.
But that's not what we're talking about. We're talking about storing one for 3 months of the riding season while riding another.
Even in your example it should still be possible. You'd just save next to nothing depending on the months you stored it.
It CAN be done, it just doesn't make much sense to do it.
There are two endorsements that you need. OPCF16 suspends coverage and OPCF17 reinstates coverage. As per FCSO the insurer may refund a portion of the premiums they would normal be entitled to while the OPCF16 is in place:
<>2.In return for the refund, you agree that the described automobile will continuously taken out of use and not operated as of the effective date of this change.
- Section 3, “Liability Coverage,”
- Section 4, “Accident Benefits Coverage,”
- Section 5, “Uninsured Automobile Coverage,” and
- Section 6, “Direct Compensation – Property Damage Coverage.”
- You also agree that the following coverages will be cancelled for the described automobile, newly acquired automobile and temporary substitute automobile:
- Section 7, “Loss or Damage Coverages (Optional)”
- All Perils, but only for loss or damage caused by Collision or Upset, and
- Collision or Upset.
- We may choose to refund a portion of your premium when you sign this change or when we reinstate your coverages.
BUT - here is the caveat:
<>2.5We will not pay a refund if you suspend your coverage for less than 45 consecutive days.
https://www.fsco.gov.on.ca/en/auto/...-Application-and-Endorsement-Forms/1300E.html
If you want to flip between bikes, your company should send you an OPCF16 form to sign and return. The number of days that the suspension must be in force for is the most important part.
Well I would be requesting a copy of the endorsement. I've never seen any duration other than 45 days. I'm not saying that it's not possible, but I wouldn't be taking the word of a broker without seeing the form. I know that the vast majority of companies use 45 days.
Interesting, I'd have to call again, I am with ThePersonal as well and I asked about that and they said they didn't do it for bikes only for cars. Perhaps the CSR I got didn't know ...
Well if they said only cars I've only done it with a car so that might be true.
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