Newly Acquired Vehicle coverage | GTAMotorcycle.com

Newly Acquired Vehicle coverage

plutoz

plutoz

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I've been looking into insurance on a bike I am picking up in the US and riding home. Because of the age of the bike I am required to get an appraisal for coverage under the vintage program (much cheaper).

The agent told me I had coverage under my existing policy (with another carrier) for 14 days under the 'Newly Acquired Auto' provision of the Ontario Automotive Policy. Here is what it says:

2.2.1 Newly Acquired Automobiles
A newly acquired automobile is an automobile or trailer that you acquire as owner and that is not covered under any other policy. It can be either a replacement or an additional automobile. The replacement automobile will have the same coverage as the described automobile it replaces. We will cover an additional automobile as long as:
- we insure all automobiles you own, and
- any claim you make for the additional automobile is made against a coverage we provide for all your other automobiles.
Your newly acquired automobile(s) will be insured as long as you inform us within 14 days from the time of delivery and pay any additional premium required.
We may inspect the newly acquired vehicle and its equipment at any reasonable time.
Special Condition: Coverage is not extended to a newly acquired automobile if you are in the business of selling automobiles.
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I think I am out of luck however since I have my cars and bikes insured with different providers.

Anyone read this differently?

My other choice is to set up the new bike under the standard insurance until I get it back and get the appraisal done. Will cost a bit more but I sure as heck don't want to take any chances with coverage if something happens.
 
I would call my motorcycle insurance company and describe the situation. Record the call. Hopefully they say that they will cover the new motorcycle. If problems happen, the ombudsman should be able to fix it for you as you checked and they confirmed. What else are you supposed to do as a consumer?
 
GreyGhost said:
I would call my motorcycle insurance company and describe the situation. Record the call. Hopefully they say that they will cover the new motorcycle. If problems happen, the ombudsman should be able to fix it for you as you checked and they confirmed. What else are you supposed to do as a consumer?
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I did already, they said I was covered until I pointed out my cars were insured with another company, then they said nope! What a stupid little loophole...
 
Does the company you want to get vintage coverage from offer normal coverage? You could buy the normal coverage and convert after appraisal? I have been through the whole appraisal before quote process before, it was about 1 month before I actually had coverage, do you want the bike unusable during that much of riding season?

I haven't done it, but I can't imagine riding a bike you just purchased with no clear insurance paperwork over the border is just asking for annoyance (assuming you were covered under 2.2.1).

There is always Option C which is rent/borrow a trailer and tow the bike home with no problems at the border.
 
GreyGhost said:
Does the company you want to get vintage coverage from offer normal coverage? You could buy the normal coverage and convert after appraisal?
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Yeah, I think that is what I'll end up doing.

GreyGhost said:
I have been through the whole appraisal before quote process before, it was about 1 month before I actually had coverage, do you want the bike unusable during that much of riding season?
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Not particularly!

GreyGhost said:
I haven't done it, but I can't imagine riding a bike you just purchased with no clear insurance paperwork over the border is just asking for annoyance (assuming you were covered under 2.2.1).
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I have imported vehicles (cars) before and was never asked by anyone at the border (US or Canadian) for anything related to insurance IIRC. The only place I had to show it was at the DMV in the state of purchase to get a temporary operations permit (plate) & title transferred to my name. And of course at ServiceOntario...

GreyGhost said:
There is always Option C which is rent/borrow a trailer and tow the bike home with no problems at the border.
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That's no fun :p
 
plutoz said:
Yeah, I think that is what I'll end up doing.



Not particularly!



I have imported vehicles (cars) before and was never asked by anyone at the border (US or Canadian) for anything related to insurance IIRC. The only place I had to show it was at the DMV in the state of purchase to get a temporary operations permit (plate) & title transferred to my name. And of course at ServiceOntario...



That's no fun :p
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Also make sure you buy travel HEALTH insurance, god forbid, you were to get hit or crash on the way down or ride back OHIP covers very little in US. The cost is next to nothing.
 
hedo2002 said:
Also make sure you buy travel HEALTH insurance, god forbid, you were to get hit or crash on the way down or ride back OHIP covers very little in US. The cost is next to nothing.
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Covered through work but always a good suggestion for anyone thinking of heading south of the border.
 
Your underderstanding is correct, unless the Newly Acquired Motorcycle is a "Replacement" vehicle for one of the other motorcycles on your policy in which case there is no requirement to have all your vehicles insured with the same company.
There are effectively two types of Newly Acquired Automobiles - Additional or Replacement. Make sure you know what category yours would fit into.
 
Platinum Cycle said:
Your underderstanding is correct, unless the Newly Acquired Motorcycle is a "Replacement" vehicle for one of the other motorcycles on your policy in which case there is no requirement to have all your vehicles insured with the same company.
There are effectively two types of Newly Acquired Automobiles - Additional or Replacement. Make sure you know what category yours would fit into.
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This seems like a pretty subtle distinction. Do I have to dispose of the vehicle the newly acquired vehicle (NAV) is replacing first in order for the NAV to be considered a replacement? What if I have it for sale and am planning to replace it but just haven't found a buyer yet?
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