Mileage

N

Newblet

Well-known member
I have put just over 6000km on my bike since July [policy start date] and it just occured to me that I told my insurance company that I was using my bike for commuting to work and back only [less then 5km per day, both ways]. Now, that was my intention but as you all know riding a bike around and exploring is highly addictive.

So I was wondering how this effects my policy and when I go to renew my sticker in February or whenever it expires what will they do with my mileage.

I guess my question is does the MTO have any relationship with insurance companies? If so what is it? Also because, if I remember correctly, I told the MTO and the insurance company what the bike was worth [lets say 2500] and I also told both what I "paid" for it [Waaaayyyy less then 2500]

And also what is my next step for next year? I am sure I will ride this bike next season and I am not sure if I should change my insurance from communting to recreational use.

Any imput helps. Thanks.
 
For the most part, motorcycle polices don't vary the premium whether it is "Pleasure" use, or "Commute" use. Likewise, motorcycle policies usually don't vary the premium based on your annual mileage. If you were to write off the bike, unless you have a defined payout policy (VERY rare except for show vehicles), you will be paid the market value of the bike (which has nothing to do with your stated value with the insurance company or the purchase price with the MTO).

Don't worry about the mileage this year. At renewal, I suggest you tell your broker/agent about your new commute and annual mileage, bt I'm guessing it won't affect the premium anyway.
 
Do you know how a market value is determined because the mto package sasy my car is worth $3500 retail value and $1750 wholesale value, but the car sells for $7000 and kelly blue book is around 8000, a friend of mine crashed his car and wondering if he should go claim it just fix it up himself and ride it...
 
umesh840 said:
Do you know how a market value is determined because the mto package sasy my car is worth $3500 retail value and $1750 wholesale value, but the car sells for $7000 and kelly blue book is around 8000, a friend of mine crashed his car and wondering if he should go claim it just fix it up himself and ride it...
Click to expand...

The MTO valuation of your vehicle has nothing to do with an insurance settlement. Your settlement will be the market value of the vehicle if you were to sell one of similar options and conditions in the local market.
 
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