Interesting Niches —Motorcycle Coverage
With Helen Riquinha, VP, Personal Lines Sales, Canada, NFP Insurance
Dalton Timmis Insurance, now part of NFP Insurance, is one of the most well-known motorcycle insurers in Ontario.
What falls under motorcycles?
Motorcycle insurance includes 3-wheel vehicles like Spyders, but not ATVs, which fall under recreational vehicles like snowmobiles, though it depends on the province and licensing of the unit and driver. Licensing around 3-wheel vehicles is a live issue that the Ontario Government is looking at to reduce the licensing burden required. Ron Calderon from Dalton Timmis has been involved in discussions with the government.
What about e-bikes?
There are electric motorcycles, but e-bikes are bicycles with a motor and those fall under homeowner’s policies. It depends on the CCs of the motor.
Are sidecars covered under an extension?
Sidecars fall within motorcycle policies, though they’ll be treated differently if it came with the motorcycle or was retro or custom-fit.
What’s the largest issue facing brokers in this space?
They’re seasonally rated, meaning the premium and the cost of the insurance is all earned in a certain timeframe. For motorcycles it’s March to October. But riders might try to cancel their coverage in the off-season. This is probably the question we get the most—in our office it’s the loaded question. In reality there are no savings if they cancel their policy. They open themselves to losses from fire, theft and vandalism. And by not cancelling, the rider would have coverage for the full 12 months in case they did want to take their motorcycle out in the off-season. There are better rates for continuously insured riders, so they could actually be increasing their rates by canceling their coverage.
How is Dalton Timmis/NFP Insurance dealing with this issue?
We’ve published a handout that we distribute at motorcycle shows that speaks specifically to the issue.
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