Liability coverage | GTAMotorcycle.com

Liability coverage

bigpoppa

Well-known member
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?
 
Willing to take the risk? Hit someone with your bike or in some way cause damage and $1M won't go far.
 
been reading up on it, you only see those massive payouts if its some serious catastrophic, going to be in a wheelchair forever damage. Somehow doubt many motorcycle riders cause those to cagers driving around 4000 lb steel boxes. (Unless you drive headfirst your daytona 675 into a yellow porsche doing 100 mph in blind corner over a double yellow line)

I really need to find someone with some solid stats on this
 
Insurance companies maintain that you are the danger to yourself and some how equate that to suing your own insurance company for like a wheelchair and such for the rest of your life which in reality might be fleeting if you actually have an accident, ya the whole concept is convoluted. The only time I can think of your own liability insurance being responsible for your own loss is if you had a passenger on board :| but the stupid thing is you practically can not buy a single person motorcycle, they don't benefit from reduced insurance and we live in a part of the world that enjoys socialized emergency health care that I already paid into for like ever.
 
Wouldn't it be ok to just get say half a million, and pay a much lower premium?

I'd check the potential cost savings vs. the risk. I don't think there is a huge difference but ask your agent or broker for a quote on 200k, 500k, 1M and 2M and let us know.

You can't really pick and choose what you hit if you have an accident that you are responsible for. What if you hit a 20 year old pedestrian, they end up paralysed and you're on the hook for 50 - 60 years of comprehensive care in a lawsuit.
 
Will speak to agents + brokers and report back.


What ifs never end well....what if you get hit by lightning, bitten by a shark and win the lotto on the same day? Technically it can happen

What if right?
 
So what if you accidentally hit a cyclist or pedestrian who makes 300k a year. It doesn't even take that to add up to 200k. Your best bet is always 2 million or at the very least 1 million.

200k shouldn't even be an option in Ontario.


Insurance is all about "what if". If you believe you're the special one who a "what if" will never happen to, by all means get the 200k. While you're at it, get rid of your home policy. Lots of what ifs when it comes to property.

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So what if you accidentally hit a cyclist or pedestrian who makes 300k a year. It doesn't even take that to add up to 200k. Your best bet is always 2 million or at the very least 1 million.

200k shouldn't even be an option in Ontario.


Insurance is all about "what if". If you believe you're the special one who a "what if" will never happen to, by all means get the 200k. While you're at it, get rid of your home policy. Lots of what ifs when it comes to property.

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Why don’t you stay inside all day long? Because you know....what if?

Pretty sure they offer bowel
Insurance too now for those days you might get constipated, because you never know


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Why don’t you stay inside all day long? Because you know....what if?

Pretty sure they offer bowel
Insurance too now for those days you might get constipated, because you never know


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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.

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none of us can afford all the insurance we should have, but this one is mandatory
 
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.

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I suspect a vested interest, what do you do for a living if I might ask?

if it were up to the lawyers we would all require 100 million coverage mandatory. Nothing a lawyer loves more than a large lawsuit with a big payout, no point in chasing wild geese that doesn’t result in any money$&$


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The difference between 1m and 2m liability on all our vehicles amounted to <$20/year on each vehicle. I think it's something like $10/year on each bike.

I supposed I could drop it to $200K instead and save maybe a grand total of $60-$80, but it seems to be that it would be insanely stupid to do that, so I won't.
 
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The difference between 1m and 2m liability on all our vehicles amounted to <$20/year on each vehicle. I think it's something like $10/year on each bike.

I supposed I could drop it to $200K instead and save maybe a grand total of $60, but it seems to be that it would be insanely stupid to do that, so I won't.

My broker isn’t working on Sunday but if that is the case then i definitely agree.


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I suspect a vested interest, what do you do for a living if I might ask?

if it were up to the lawyers we would all require 100 million coverage mandatory. Nothing a lawyer loves more than a large lawsuit with a big payout, no point in chasing wild geese that doesn’t result in any money$&$


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Im an Adjustor. but why would I have a vested interest in you getting 1 million Liability? If you bought 200k liability that means 800k+ that an insurance company doesn't have to spend in the event if a liability claim. In a 1 million dollar lawsuit that 800k would come out of your own pocket.

If that's what you call a vested interest then sure...

I'm talking to you on a human level. Working in insurance I've heard of the liability claims that float around. They're not pretty.

Like i said you're looking at this with an awful mindset.

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What we pay for 1m is a bargain, in the United states the insurance is so cheap because some insurances offer as low as 25k liability which is insane. Definitely worth the extra couple bucks for peace of mind.
 
What we pay for 1m is a bargain, in the United states the insurance is so cheap because some insurances offer as low as 25k liability which is insane.

It's also what a lot of people opt for and then people on this side of the border are all jealous because they read about people in the USA being able to insure a supersport for $10/month. Meanwhile that policy is barely worth the paper it's printed on if they actually get in an accident - minuscule liability, minuscule medical coverage, etc.

And if they actually get into an accident where they get sued, they move into a cardboard box under a bridge somewhere because they loose everything.

Or if they get in an accident where they need medical coverage, they go bankrupt paying for it, and then move into a cardboard box under a bridge somewhere because they lost everything.

Our insurance system in this province has issues, sure, but our insurance system in general in Canada is vastly superior in the end.
 
Terribly irresponsible idea. Incredibly short sighted. :banghead:
 
After the insurance industry lowered the amount to 1 mill from 2 mill a couple years ago (as standard), I bumped it right back up. On all 4 vehicles I own it's something like $60 more total for all of them. It's a no brainer.
 
Hit a pedestrian or cyclist, and paralyze them.

If you have $500,000 liability for instance, you'll need your own lawyer.
The insurance company will do the math on whether they'll end up paying the $500,000 or not.
If you're being sued for $2,000,000 then the insurance company might try and settle, paying out $500,000 and leaving you on the hook for the $1,500,000.
If you're sued for $10,000,000 then good luck, but your lawyer is more likely to bargain them down to $2,000,000 than to $500,000.
 

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