A scooter or a moped bike can be a convenient and cheap alternative to a car for running errands or commuting to and from your workplace. However, you need to get insurance for your moped before you strap on a helmet and hit the road.
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What Is A Moped?
Moped insurance coverage differs from one province to another in Canada. Generally, a moped is a two-wheeler with a top speed of not more than 30 miles per hour and an engine not bigger than 30 cubic centimeters. Moreover, it should have less than 50cc worth of power.
This might also include low-speed scooters, classic mopeds, and some other motorcycles. For insurance purposes, a two-wheeled vehicle that travels faster than a moped is a motorcycle or a scooter.
In most provinces, moped bike and scooter owners need to have coverage for bodily injury and other property damages. However, the amount for that coverage is not the same for every province in Canada.
What Does A Moped Motorcycle Cover?
There is no specific policy for a moped motorcycle. Usually, regular motorcycle coverage insurance also covers moped motorcycles and scooters. They pay for bodily injuries as well as for property damage and liability charges.
Under liability insurance, they take care of the other driver’s bills who has been hit in an accident. For your own safety, you have a few mandatory options including uninsured motorist coverage or direct property damage compensation.
Alternatively, you can choose optional coverage like collision coverage, comprehensive coverage, or uninsured motorist coverage.
Which Is The Best Insurance Policy for Moped Motorcycles?
The best policy for you depends on a number of factors. But first, you have to consider the two broad categories of motorcycle insurance in Canada: Mandatory Insurance and Optional Insurance.
To help you understand this better, we will be explaining both of these categories in detail.
Mandatory Insurance For Motorcycle
Mandatory coverage implies that it is required by law and there’s no escaping it. You might be heavily penalized for counterfeiting rules and regulations regarding mandatory insurance for motorcycles in Canada.
Such insurance is made up of five components, namely:
1. Third-Party Liability Insurance:
This coverage will help pay the bills of the other party involved in an accident caused by your actions or negligence. These bills cover property damage as well as bodily injuries and you need to have a coverage of at least $200,000.
2.Uninsured Motorist Coverage:
Uninsured motorist coverage is considered to be the most ideal because it serves as a two-in-one insurance policy that covers both your medical bills and the cost of repairing your vehicle.
Also, depending on your insurance company and the policy you choose, certain uninsured motorist coverage covers the amount of income that you lost owing to medical complications following the accident. And in case the accident proves fatal to you, it also covers the cost of your funeral.
3. Direct Compensation For Property Damage:
Under this policy, you can claim coverage from your own insurance company for the damage caused to your vehicle by another car. However, this policy will only kick in if you were not at fault.
4.Statutory Accident Benefits Coverage:
Under this policy, you will be receiving a disability income, supplementary medical and attendant care benefit, as well as death and funeral benefit. However, it should be noted that death benefits will only be provided in case you have a dependent spouse, parent, or child.
And in some cases, the disability and supplementary medical benefit are only provided if you have no other alternative policies or options.
Other Optional Insurances That You Can Buy
In case you need additional coverage against specific factors for your moped or scooter, you can always add plans to your insurance policy. Apart from the required mandatory insurance, here are some other types of insurance policies that you can consider for your moped.
- Collision and comprehensive coverage provide extensive coverage to any vehicle. Comprehensive coverage would protect your moped from any non-road accidents such as vandalism or falling objects. Collision coverage, on the other hand, is meant specifically for on-road accidents.
- Specified Perils Coverage is an optional plan that will provide you coverage in case your motorcycle is damaged by natural causes like lightning, hail, earthquake, theft, or attempted theft. The only difference between specified perils coverage and comprehensive coverage is that the latter covers more damages. Also, it costs slightly more than specified perils coverage.
- You can also opt for higher third-party liability insurance–it can be increased up to $2 million.
- If you feel that you also need insurance for bodily injuries that you might retain from an accident, you should consider getting medical payment coverage or increased accident benefits coverage. A medical payment coverage will not only cover the expenses of treatment for you, your family member, or any other passengers who were with you on the motorcycle but in case the accident was severe and you did not make it, it will also cover the expenses for your and/or the other deceased person’s funeral depending upon your coverage limit.
Conclusion
Every driver must get his or her vehicle insured. This is because no one can predict the future–we never know what kind of trouble we’ll find ourselves in.
It is not only illegal in the majority of the Canadian provinces to drive without insurance but also a big gamble that could lead to severe consequences physically, financially, and psychologically. Therefore, it is advisable to get adept insurance that promises you peace and security.
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