Recently purchased bike covered by existing policy? | GTAMotorcycle.com

Recently purchased bike covered by existing policy?

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fusion2k

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I have bought and sold many cars over the years and I know that as part of the 'Ontario Vehicle Insurance Act' there is a little-known section that extends an existing insurance policy on to a 'newly aquired' car. Basically, if you had a policy on a Toyota Corolla, and went out and bought yourself a Honda Civic, you would be covered for the first 15 days of owning the vehicle, as long as you reported it to your insurance company. So if your newly purchased car was damaged on the way home from the sellers house, you were covered, even if you had not informed your insurance company at that point.

Does anyone know if this is the same for motorcycle insurance? If so it still 15 days?

Thanks
 
I would say yes, because it's "Vehicle Insurance Act" and a motorcycle is a vehicle.
The best place to ask though is your insurance broker.
 
I thought it was 10 days but I could be wrong, double check with your insurance company.
 
There are many conditions that apply to this section of the policy. Refer to Section 2 of the Ontario Automobile Policy.

You're over simplifying it, but you're on the right track.

And yes, since motorycles are also insured in accordance with the "Ontario Automobile Policy" the same extension is available. But again, there are other conditions that apply, you need to know them before just assuming your "newly acquired automobile" is insured. The types of coverage that flow to the newly acquired automobile will also vary depending on the coverages you have on your other vehicles.

Again, I can't stress enough, you better understand this section of the policy before finding things out the hard way.
 
Are yiu talking about trailering a bike home or riding it home. Hour don't need insurance to trailer a bike. You need a new policy because a car insurance won't cover your bike.
 
Platinum Cycle said:
Wrong. It's the same policy that insures cars and motorcycles.
Click to expand...

Really? My car insurance company doesn't cover bikes. I'm assuming most don't, hence the reason why I always hear the same handful of motorcycle insurance companies being talked about.
 
You can take my advice which comes with over 20 years insurance experience and file it where you want.

I add my two cents here and that's all I can do.
 
Platinum Cycle said:
You can take my advice which comes with over 20 years insurance experience and file it where you want.

I add my two cents here and that's all I can do.
Click to expand...

Wow, maybe I'm reading too much into this response, but it sure does seem like you took offence to something that someone said. If that someone was me questioning you, I really don't know where you would take offence from it.

You say you have over 20 years insurance experience? How the hell is anyone supposed to know that, lol. What experience exactly? I have over 10 years of insurance experience too, but of course that's just paying for insurance (experience nonetheless).
 
imnothng said:
Wow, maybe I'm reading too much into this response, but it sure does seem like you took offence to something that someone said. If that someone was me questioning you, I really don't know where you would take offence from it.

You say you have over 20 years insurance experience? How the hell is anyone supposed to know that, lol. What experience exactly? I have over 10 years of insurance experience too, but of course that's just paying for insurance (experience nonetheless).
Click to expand...

He's an insurance claims adjuster, and knows what insurance covers (and what it does not cover) VERY well.
 
Thanks for the responses guys. I was talking riding the bike, not trailering it. I have read the section of the insurance act and understand it. I just wasn't sure if it was strictly automobiles or bikes as well, because the act refers to 'automobile'. I only have liability on my current bike, and I understand that if something happens (at fault accident/vandalism etc) the new bike isn't covered. I was just worried about if I was pulled over and got stung with the $5000 no insurance ticket.

Thanks for the advice

Oh..and Vifferfun...new bike is a 01 vfr800...LOVE IT! :)
 
fusion2k said:
Oh..and Vifferfun...new bike is a 01 vfr800...LOVE IT! :)
Click to expand...

Nice -- I will probably end up with a VFR as my next bike too :) It's a nice blend between sporty and comfortable/practical.
 
So I've read section 2 of the Ontario Automobile Policy but am still a little unclear about it.

I'm possibly picking up a used motorcycle on Saturday. Does this mean that I could ride this newly acquired motorcycle without notifying my insurance company first? The MTO wouldn't give me a plate without proof of insurance but apparently I would be covered as long as I notify my insurance company within 15 days of acquiring the bike... Something doesn't add up.
 
Steve 220s, yes you are basically right. There are some other conditions. If the new bike is a Replacement or Additional vehicle the coverages that extend will be different. The conditions are basically as follows:
1) Your current insurer insures all your vehicles.
2) If it's an "additional" motorcycle it is only covered for the coverages that you have on all your vehicles. i.e. if one of your vehicles didn't have collision your new additional vehicle would not have coverage
3) If it's a replacement vehicle. i.e you sold motorcycle A and bought motorycle B to replace it motorcycle B will have the exact same coverages motorcycle A had.
4) You also have 14 days to advice your agent / broker, if you don't tell them within that period you're screwed.

This isn't a simple section of the policy to understand. If you PM me your phone number I'd be happy to call you back and explain it simple easy to understand language.

Viffer, thanks for the kind words.
 
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