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Motorcycle Insurance


Motorcycle Insurance – Ontario

Waiver of Depreciation coverage

Waiver of Depreciation coverage defined
Higher premium
Total loss
Depreciation defined
Limitations and exclusions

Waiver of Depreciation coverage defined

How does the Waiver of Depreciation endorsement work?
If your motorcycle is declared a total loss within 24 months of the time of purchase, we may settle the claim based on the original cost of the vehicle.

Higher premium

Will my premium cost me more with the Waiver of Depreciation coverage?
Yes. However, you will not be affected by the depreciation of your motorcycle.

Total loss

What do you mean exactly by “total loss?”
If the estimated repair plus the salvage value of your motorcycle exceeds its cash value prior to the damage, we may decide to treat the motorcycle as a write-off instead of paying to repair it. As your insurance company, we will pay the pre-collision value of your motorcycle minus any deductible that may be applicable and keep the salvage.

If your motorcycle is stolen and not recovered, this is also considered a total loss.

Depreciation defined

Could you define “depreciation?”
Depreciation refers to the decreasing value of a motorcycle once it leaves the dealer’s lot. The older your motorcycle gets, the more it depreciates. Depreciation is also based on, but not limited to:
  • the condition of the motorcycle immediately before the damage occurred
  • the resale value
  • the normal life expectancy


Is the Waiver of Depreciation coverage offered all across Canada?
No. It is offered in Ontario only.

Limitations and exclusions

Are there other limitations or exclusions regarding the Waiver of Depreciation coverage I should know about?
The value of your motorcycle must not exceed $35,000. This includes both taxes and accessories.

You are not eligible if:
  • Your motorcycle is customized/modified.
  • Your motorcycle is listed on the Restricted Manufacture List or Sports Bike List.
  • The value of the motorcycle exceeds $35,000.
  • You don’t reside in Ontario.

Please contact one of our knowledgeable insurance advisors for more details on limitations and exclusions applicable to this coverage.

The information and examples provided in this section are intended as general information only. This does not constitute legal or insurance advice, nor does it pertain to determination of fault. In all cases, you should speak to an insurance advisor before acting. Your insurance policy contains limitations and restrictions which vary by province and may affect your coverage and/or determine whether or not benefits will be payable.

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