Do you carry basic accident benefits coverage, or do you top up?

[PrivatePilot]

Just thought I'd do a little survey to see who carries what for coverage. My (not riding related) head injury last year was an eye opener about how fast things can change with something as simple as a hit on the head. So, this year I decided this year to jack up all my "accident benefits" coveages to the maximum.



Source: Understanding Optional Benefits for Accident Benefits in Ontario - McKenzie Lake Lawyers LLP

Given how much I ride, plus last years situation (which I'm still dealing with some lingering post concussion syndrome symptons and medical fallout from), I decided that this move made sense. If something happened on 2 wheels ones life could change in an instant, and I decided that leaving my family holding the bag on that wouldn't be a great decision. Yeah, I have some short term disability benefits at work, and some hospital coverage blah blah, but quite a lot of it goes away at 6 months, and the long term disability is total garbage...and after a year or so not working anymore, most of it goes away completely. My wife has great benefits, but not all the important bits for LTD and medical translates to a spouse.

Yes, it's costing me about an extra $600/year now to jack up all my caregiver benefits and wage replacement etc etc etc to the max, which makes the insurance on my new ride a bit more ouchy considering my full (to the hilt) coverage was already about $1200/year now on the new ride, but in the grand scheme of things, $600 a year on an already expensive hobby for the peace of mind it brings shouldn't be a consideration anymore. I think many of us have spent this on a weekend overnighter ride with some riding buddies, so keeping it in perspective, I think it's a decision many should make in our hobby.

 

[timtune]

I talked to my agent recently about upping my liability to 2 million. Everything else is basic - no fire theft collision. Accident benifits I hadn't really considered but will now.

 

[GreyGhost]

I talked to my agent recently about upping my liability to 2 million. Everything else is basic - no fire theft collision. Accident benifits I hadn't really considered but will now.

Given the number of vehicles you have, talk to them about a rider instead. I carry 1M liability on each vehicle and a 1M rider that covers all vehicles. It was far far cheaper to do this than to go to 2M on each vehicle (and I have fewer licensed vehicles than you).

 

[Jay Alexander]

That's an umbrella/excess liability, and can be added to your home policy. It definitely is much cheaper if you have multiple products to extend liability to.

 

[timtune]

Thanks @GreyGhost I'll make a call. @Jay Alexander Are you saying my house guys might cover an extra 1mil on cars they don't have the main policy on? I use 3 different insurance co's since house guys won't do old bikes and bike guys can't touch house price and one more because of solar install and or condo rental issue or something.

 

[Jay Alexander]

Thanks @GreyGhost I'll make a call. @Jay Alexander Are you saying my house guys might cover an extra 1mil on cars they don't have the main policy on? I use 3 different insurance co's since house guys won't do old bikes and bike guys can't touch house price and one more because of solar install and or condo rental issue or something.

Well the concept of it is similar across insurers. But the implementation may be different. Some companies offer excess liability on vehicles/locations that are not covered by them, so long as you meet certain criteria. Residential is not identical like it is with auto, so depends on the company.

In regards to being with different insurers, requote often with the few companies that offer everything. Bundling discounts may outweigh the savings of one individual product at one company.

 

[GreyGhost]

Thanks @GreyGhost I'll make a call. @Jay Alexander Are you saying my house guys might cover an extra 1mil on cars they don't have the main policy on? I use 3 different insurance co's since house guys won't do old bikes and bike guys can't touch house price and one more because of solar install and or condo rental issue or something.

Iirc, I need to tell them all vehicles that live with me and it covers them. They don't need to be insured by the same insurer.

 

[PrivatePilot]

Given the number of vehicles you have, talk to them about a rider instead. I carry 1M liability on each vehicle and a 1M rider that covers all vehicles. It was far far cheaper to do this than to go to 2M on each vehicle (and I have fewer licensed vehicles than you).

I think the difference when I last asked between 1m and 2m liability was something like $50/year, so not a huge expense.

Well the concept of it is similar across insurers. But the implementation may be different. Some companies offer excess liability on vehicles/locations that are not covered by them, so long as you meet certain criteria. Residential is not identical like it is with auto, so depends on the company.

In regards to being with different insurers, requote often with the few companies that offer everything. Bundling discounts may outweigh the savings of one individual product at one company.

I requoted this year for bundle (2 cars and 2 bikes, plus house) and some things were cheaper, and others notably more expensive, so in the end it didn't make sense. We have a corporate plan through one of my wifes's past employers and the discount is still pretty good. Not happy about my new rate on the bike honestly, but again, I know it's high because of all the added coverages.

 

[Jay Alexander]

I think the difference when I last asked between 1m and 2m liability was something like $50/year, so not a huge expense.



I requoted this year for bundle (2 cars and 2 bikes, plus house) and some things were cheaper, and others notably more expensive, so in the end it didn't make sense. We have a corporate plan through one of my wifes's past employers and the discount is still pretty good. Not happy about my new rate on the bike honestly, but again, I know it's high because of all the added coverages.

I guess this is not news for most of us, but due to the fact that motorcycles are a niche product in Ontario, insurance rates fluctuate wildly whenever I get quotes. My car I can find cheap insurance almost everywhere, same for home. But motorcycles is a joke. One company will do $650 for one of my bikes, and I'll see rates go over $3000 at others. I'm wondering which metrics they weigh rating certain people - specifically who to them is actually "low-risk"?

 

[PrivatePilot]

I'm wondering which metrics they weigh rating certain people - specifically who to them is actually "low-risk"?

It should be standardized across the entire industry, but doesn't seem to be.

I should be about the lowest risk out there on a motorcycle based on my age, years riding, accident and claims free, the only exception being the miles that I ride every year. I'm upfront about that and I know I pay more every year because I don't tell them I only ride 5000km a year (which is the typical yearly average for motorcyclists in Canada) when I actually ride 20-30K a year, but I've been led to beleive I'm also placed in a higher risk category by some underwriters because I hold a class A licence and "drive a lot" because of such. Because, that somehow makes sense to connect my operation of a company owned CMV to me riding a motorcycle on my personal time.