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Thread: Liability coverage

  1. #21

    Re: Liability coverage

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    Yep just spoke to my broker, both liability and comprehensive cost peanuts, the only real way to get a break in premium is to get rid of collision/upset, which is only there if you damage your bike, but if someone else is at fault and your bike is damaged I am assuming it is covered under liability? (still waiting to hear back from broker on this)

  2. #22

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    Re: Liability coverage

    Well I guess one could roll the dice and hope NOTHING ever goes wrong. BUT let's take the idiot yesterday who ht the pedestrian and fled. The injuries are reported as severe head injuries. $200,000 isn't going to cover that. So your insurer pays out the first $200,000, Then says see you later buddy, Yes we know the rehab costs are likely to be $15 Million, (Not hard, because beside the rehab if the person can't return to their previous job, your on the hook to support them for the rest of their life, if it say a 20 year old that could easily be 70+ years!!! If they were making $100,000 per.... you do the math.

    The cost for me to go from 1 million to $2 million was about $35 per year... VERY small price to pay.

    Roll the dice... it is just the your, your wife, (or future wife, and kids future your gambling with). Bankruptcy does NOT cover court judgments.

    Quote Originally Posted by bigpoppa View Post
    In ontario we are required to have a min of 200k worth of liability insurance(mandatory insurance). From what I read liability is strictly if the other person sues you for damages.

    But as motorcyclists, aren't we far less likely to cause damage to other parties, and much more likely to suffer serious damages ourselves?

    If so, is it worth getting 1 or 2 million in liability if we are likely never to need that much? Wouldn't it be ok to just get say half a million, and pay a much lower premium?

  3. #23
    Riceburner's Avatar
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    Re: Liability coverage

    Quote Originally Posted by bigpoppa View Post
    Yep just spoke to my broker, both liability and comprehensive cost peanuts, the only real way to get a break in premium is to get rid of collision/upset, which is only there if you damage your bike, but if someone else is at fault and your bike is damaged I am assuming it is covered under liability? (still waiting to hear back from broker on this)
    If you get their ins. info it is. Your co. deals with it and they go after the other company to balance the books between themselves at the end of their fiscal period.

  4. #24
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    Re: Liability coverage

    Quote Originally Posted by bigpoppa View Post
    Yep just spoke to my broker, both liability and comprehensive cost peanuts, the only real way to get a break in premium is to get rid of collision/upset, which is only there if you damage your bike, but if someone else is at fault and your bike is damaged I am assuming it is covered under liability? (still waiting to hear back from broker on this)
    This is covered under DCPD, not liability. With DCPD, You are entitled to repairs of your vehicle and rental -- regardless if you purchased loss of use or not. That's only if you're not at fault are you covered for that.

    As the above person mentioned you must have their insurance information in order to qualify for DCPD.

    This also only kicks in if there aren't any conflicting statements between you and the third party. If there are conflicting statements then 50 percent of the damages would be covered by DCPD and 50 percent would be covered by collision if you purchased that coverage. If not 50 percent of the damages would be covered by DCPD and 50 percent of the repairs are covered by you.

    The incident also must occur within a No Fault province for this to kick in.



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    Last edited by Boots; 04-23-2018 at 08:12 PM.

  5. #25

    Re: Liability coverage

    There is always a certain subset from any group that always wants to do things on the cheap; those who otherwise couldn't afford to do what they are doing. Whether it's motorcycles, racing cars, water sports, anything with inherent risk.

    I know a guy who rides, has a wife and young kids, and won't get LIFE INSURANCE because 'it costs more than they can afford'.

    If you CAN'T afford:

    1) Proper bike insurance - in the event of damage to another or to yourself
    2) Gear
    3) Maintenance, tires, oil changes, etc
    3) Life insurance to take care of your family in the event of your demise

    -- YOU CAN'T AFFORD TO RIDE --

  6. #26
    RockerGuy's Avatar
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    Re: Liability coverage

    Lucky my work has life insurance...
    “The problem with socialism is that you eventually run out of other people's money.” ―Margaret Thatcher

  7. #27

    Re: Liability coverage

    Quote Originally Posted by rust0r View Post
    There is always a certain subset from any group that always wants to do things on the cheap; those who otherwise couldn't afford to do what they are doing. Whether it's motorcycles, racing cars, water sports, anything with inherent risk.

    I know a guy who rides, has a wife and young kids, and won't get LIFE INSURANCE because 'it costs more than they can afford'.

    If you CAN'T afford:

    1) Proper bike insurance - in the event of damage to another or to yourself
    2) Gear
    3) Maintenance, tires, oil changes, etc
    3) Life insurance to take care of your family in the event of your demise

    -- YOU CAN'T AFFORD TO RIDE --
    or... you know...


    just do track/dirt

  8. #28

    Re: Liability coverage

    Quote Originally Posted by bigpoppa View Post
    or... you know...


    just do track/dirt
    How does that remove the aspects of affordability from what I listed? lol

    Dirt/Track has it's own risks/costs associated that need to be looked after as well.

  9. #29

    Re: Liability coverage

    PrivatePilot is bang on. The incremental cost of increasing your liability coverage is pennies really, when you look at the upside.

    But one thing that does not seem to have been mentioned is this: the even greater value of purchasing as high of a liability coverage as possible is that your OPCF44R coverage, known as "underinsured" coverage, will then be equal to your liability coverage.

    What's "underinsured" coverage???

    Say a car hits you and you're on your bike. Chances are you will be more seriously injured. But what if the car's liability policy (which most of the time is $1million) is not enough to cover your damages?

    If your liability coverage is more than $1million (say $3 million), you can claim against your own insurance company for the additional $2million (i.e. $1million from the car, and $2 million from yours).

    That's the true value of purchasing the highest liability coverage you can afford, because the cost is negligible, and if something happens to you, you're covered through the OPCF 44R.

    I speak from the experience of being a personal injury lawyer, having represented many bike accident clients who have had the benefit of the OPCF44R coverage after a serious accident, which is when you need your insurance the most.
    Last edited by Thrnhlrdr; 05-03-2018 at 02:43 PM.

  10. #30

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    Re: Liability coverage

    Quote Originally Posted by Boots View Post
    You're approaching this with a terrible mindset.

    If peace of mind and potential financial security isn't worth an extra couple of bucks a month on a policy. You're either A) too immature or young to be riding or B) shouldn't be on the road to begin with.

    All the best.

    Sent from my SM-G930W8 using Tapatalk
    Your reply is from the hip biased and insulting unless you personally know the individual.

    Insurance is financial risk management and everyone has their own game plan. FWIW I upped my Goldwing coverage from 1M to 2M for $59.00, the price of a cheap date because I have assets to protect and I feel I have a responsibility to anyone I may injure.

    Bumping liability is relatively cheap because the majority of claims aren't in that range so not a big deal. If I wanted to reduce my premiums I would first look at eliminating collision or at least going to high deductibles.

    If I guess wrong on theft I risk losing the value of my bike. If I guess wrong on liability I risk losing the value of my house & pensions.

  11. #31

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    Re: Liability coverage

    Are there any companies that even offer $200k liability plans?

    I have never seen one lower than $1MM

  12. #32
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    Re: Liability coverage

    Quote Originally Posted by nobbie48 View Post
    Your reply is from the hip biased and insulting unless you personally know the individual.

    I don't need to know the individual to know theyd be uncomfortable with tossing hundreds of thousands of dollars away because they purchased 200k Lia and injured a pedestrian.

    The gap between losing tops 30k on a stolen bike in the event of an AF crash or theft when you don't have collision or comp, respectably, isn't even close to having a second mortgage to pay off if you are involved in a catastrophic accident and someone gets hurt.

    So I'm not quite sure why that was even brought up because like I said, NO ONE would be comfortable with throwing hundreds of thousands of dollars down the drain.



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    Last edited by Boots; 05-15-2018 at 08:24 AM.

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