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Discussion Starter #1 (Edited)
Hey guys, hope everyone is having a good year so far. I am an insurance broker in cloverdale, and i find that a lot of customers are surprised when they find out that they have the option of getting private insurance for their bike. They are even more surprised when they find out how much the price difference is compared to ICBC!

I took the time to write this article as an overview of how motorcycle insurance works in BC, and how everyone can save some money. Let me know if you find it helpful, and please share it with other riders. Thanks, looking forward to your comments!

http://globalins.ca/motorcycle-insurance-in-bc-what-you-need-to-know/

I've also created a page on my company website which you can use to get a quote for private motorcycle insurance in BC:

Get A Quote: http://globalins.ca/motorcycle-insurance-bc/

If you have any questions, feel free to contact me directly at [email protected]
 

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after dealing with icbc with my nightmare for the last 18 months i learned one important thing about insurance. insurance on the bike is secondary. if you want use beacon i did and had no issues but that is only on the bike. whats more important is your carcass. the part 7 coverage that icbc gives you for your rehab and disability payments are not even close to being sufficeant to exist on. you can by an extension on your basic coverage to double your part 7 coverage.with that you can exist without loosing everything to put a roof over your head at night and one decent meal in your mouth every day.
 

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Discussion Starter #3
you have raised a really good point. 10-20k for a bike is nothing compared to the injuries and loss of wages you would sustain in the case of a serious accident. i'll look more into this during the week and get back to you guys
 

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No need to investigate, it's a maximum of $1200 per month... or the lesser of $300 a week, and 75% of your average gross weekly earnings.

Now, for many people this is a moot point. If you have extended medical benefits through your employer, you will have short and long term disability benefits to cover your wages.

IF you are self employed, or do NOT have extended benefits, then you are stuck surviving solely on the part 7 benefits provided by ICBC. Apparently you can buy additional insurance, to increase those benefits. Probably a good idea if you have no personal insurance policies to cover yourself.

Unfortunately most people do not find out about these shitty benefits of $1200 a month, until it is too late... post accident.

Your income can go from $5000 per month, to $1200 in the blink of an eye.

You can buy 3rd party disability insurance if your employer does not have a plan. If you do not have benefits, you are seriously at risk of a financial disaster in the event of an accident.

This isn't just a vehicle accident situation, you may have health reasons that you can't work, then what are you going to do?

Accidents change lives, BIG TIME. Insurance helps to mitigate some of the impact, never all of it.

Good idea to get excess underinsured insurance if you ride lots in the usa. Their insurance costs are very low, because their insurance requirements are the shits... and if you get plowed into by someone with $25,000 worth of insurance, you will be seriously up the creek. You have $1,000,000 worth of underinsured insurance I believe automatically, and for $25 a year I think... you can DOUBLE it.
 

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you can by an extension on you basic coverage to double your part 7
coverage
Not from ICBC. The maximum payable by ICBC for medical and rehab is $150,000. (that's not including the $300 per week Total Temporary Disability payments).

I agree, self employed individuals, or those without insurance to guarante their income in the event of illness or injury *must* insure themselves in the private sector.
 
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