Everything you wanted to know about Motorcycle Insurance!


Wikipedia defines a motorcycle as a two or three wheeled motor vehicle. Also known as a motorbike, bike, moto or cycle (depending on where you are in the World), the types and styles of motorcycles vary greatly depending on the use they are designed for.  Touring bikes provide comfort and room for long distance travel, Cruisers are great for navigating city traffic, sport and racing bikes satisfy the thrill seekers and dirt bikes are fun for off-road conditions.  There are also some great trikes and three-wheelers manufactured, or you have the option of having your two-wheel converted into one.

Before getting into the nitty gritty Insurance stuff, we thought we would share with you some interesting motorcycle facts that we stumbled upon. As these come from different on-line sources, we make no guarantees on their accuracy!

Did you know….?

The first motorcycle created was the SH Roper 1869 steam cycle
Early bike helmets were lined with cork
The first Honda motorcycles were pushbikes
Harley-Davidson built push-bikes from 1917 and 1923
Ducati once made radios
Kawasaki also makes spaceships
Yamaha makes swimming pools and unmanned helicopters
Sport bike tires don’t contain any natural rubber
Front tires disperse water at three times the rate of rear tires
When cornering, 75% of a bike’s grip comes from the front tire

Know of any more cool motorcycle facts? We’d love to hear them @ admin@costeninsurance.com.

Just like there are many different types and styles of motorcycles, there are many types of motorcycle insurance.  Some Insurers offer it as an added service to their other product lines, and then there are those who specialize in and write only motorcycles.  The type of motorcycle you ride, your age, and your years of motorcycle licencing and experience are all factors that greatly impact which market you qualify for.

Similar to automobile insurance, a credit applies for new riders completing an approved motorcycle driver’s training course.  Many Insurers also offer discounts for experience riders, for insuring multiple motorcycles, and some for combining your motorcycle with your automobile insurance.  The coverage available on a motorcycle insurance policy is also similar, with the option to purchase liability coverage only, or adding Collision and/or Comprehensive coverage. Many of our Insurers also offer the Waiver of Depreciation endorsement on motorcycles purchased new.

One way in which a motorcycle insurance policy differs from that of an automobile insurance policy is on how the earned premium is calculated.  With an automobile policy, vehicles are generally driven year-round and the premium is earned evenly over the 12 month period.  With a motorcycle policy, motorcycles are seasonal vehicles and the riding season is considered to be from March to October.  A small percentage is earned for the months of March and October, a larger percentage is earned for the months of April, May, and September, and the largest percentage is earned for the months of June, July and August.  What this means is that most of the premium is earned through the riding season, so if someone were to cancel their policy during the winter months while they are not riding, the refund would be minimal (if any).

Motorcycle insurance policies are available on an annual term only, and many Insurance Companies request payment to be made in full.  Several of our Insurers do offer a monthly payment option for motorcycles and our Brokerage provides several financing alternatives as well.  As a Broker, we have access to a large number of these motorcycle insurance markets and can find you the best rate, coverage and payment plan to suit your needs.

Costen & Associates is excited about the upcoming motorcycle season.  We had a great time at the 2013 Calgary Motorcycle Show and are gearing up for some great Charity rides, tradeshows, and sunny days ahead!

Thank you,

The Costen & Associates Team