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| Sunday, May 19, 2013, 5:27 pm |
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FAQ - Riders Plus Insurance
A: Both Echelon General Insurance Company and Intact Insurance Company only issue motorcycle insurance policies for terms of 12 months. Motorcycle use is primarily seasonal in Ontario, so both insurance companies use a seasonal table to establish how much of the motorcycle insurance premium they keep if you cancel before the end of the motorcycle insurance policy term. What this means is there is no financial advantage to canceling your motorcycle insurance policy in the Fall and starting a new motorcycle insurance policy in the Spring, because Echelon or Intact would retain the majority or all of your motorcycle insurance premium. Besides, there can be some very nice motorcycle riding days either early or late in the season that you would miss if you cancelled your motorcycle insurance policy at an inopportune time. A: Echelon General Insurance is a Canadian owned insurance company, based in Mississauga, Ontario, which is publicly traded on the Toronto Stock Exchange. Echelon General Insurance Company is an insurer that concentrates on specialty and niche insurance products such as motorcycle insurance. Through the combined efforts of Echelon General Insurance and Riders Plus Insurance, a motorcycle insurance program that caters to the mature cruiser and touring motorcycle enthusiast was developed and made available exclusively through Riders Plus Insurance for motorcycle riders who reside in Ontario, from Godercih to Picton, from Stouffville or Markham to St Catharines. A: You can increase your motorcycle insurance deductibles, but that doesn't save very much money on an average Echelon motorcycle insurance policy. Removing Physical Damage insurance coverage (fire and theft, collision, etc) is another way to reduce the cost of your motorcycle insurance policy, but the cost of these motorcycle insurance coverages on an average Riders Plus Insurance motorcycle insurance policy are comparatively low. Riders Plus Insurance recommends that you continue to ride safely and with the utmost care and diligence, and you will be rewarded with the best motorcycle insurance rates that can be offered to you over time. Whether you live in Grimsby, Brampton, Stevensville, or Waterford, Riders Plus Insurance brokers will work with you to develop the motorcycle insurance coverage that suits your needs and your budget. A: Riders Plus Insurance recommends a $2 million liability limit of insurance where the motorcycle owner qualifies and a $1 million liability limit in all other instances because there are situations where even a motorcycle can cause enormous damage or injury. Insurance coverage for fire, theft, collision, and anything that can damage the insured motorcycle is a matter of discretion that requires consideration of the value of the bike, the available deductibles, and the motorcycle owner's appetite for risk. Financed motorcycles must have "full coverage" (which varies somewhat depending on the lienholder). The best gauge of what constitutes satisfactory coverage is the amount of insurance that affords the motorcycle owner peace of mind. A: Insurance rates for beginner motorcycle riders reflect the relatively higher insurance risk that they will experience losses since they are inexperienced and don't have a proven record of safe motorcycle riding. New motorcycle riders can keep their insurance premiums lower by riding motorcycles with smaller engines that are not sport surcharged, for example, and by riding within the speed limit and obeying the rules of the road, and by riding defensively to avoid accidents. A: Insurance company appraisers determine the Actual Cash Value (ACV) of the damaged/lost motorcycle at the time of the loss. ACV is usually close to the Canadian Blue Book's published value for the motorcycle. Any motorcycle accessories or modifications that may add value to the motorcycle would have to be proven by the motorcycle owner for the insurance company to adjust the insurance payout, so having receipts for motorcycle accessories and customizations, as well as pictures of your motorcycle, is always advisable. Motorcycle insurance claims are handled professionally and effectively by Echelon General Insurance and their claims team, and motorcycle insurance claims settlements are handled fairly and with as much speed as possible depending on the circumstances of the motorcycle insurance loss. The motorcycle insurance company can handle motorcycle insurance claims as quickly and effectively if you live in Bowmanville, Fergus, or St Mary's as they would if you live in Etobicoke, Kingston, or Milverton. A: Echelon General Insurance has motorcycle insurance rates that are specific to the Ontario territory in which the motorcycle rider resides. These motorcycle insurance rates reflect the history of insurance claim losses in specific Ontario territories, so your motorcycle insurance rate depends in part on whether you live in Ottawa, Hawkesville, or Windsor, for example. This territorial rating of automobile insurance and motorcycle insurance is used with slight variations by all motorcycle and automobile insurance companies in Ontario because past insurance claims history tends to indicate to some extent the future trend of insurance claim losses.
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