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Motorcycle insurance is required by law. Besides that, it can protect you from losing your house or life savings or both if you're responsible for causing personal injuries or property damage. It can also cover your medical bills, theft, and damage from vandalism. If you have a loan or lease, the lender will usually make you buy coverage for the bike itself.
Motorcycle coverage breaks down into various coverages, like an auto insurance policy:
This can pay for medical bills, pain and suffering, and loss of wages for people you kill or injure in an accident you cause. Sometimes you don't have to be completely at fault. Even if you're partially responsible for the accident you may still have to pay.
This coverage can pay for repairing or replacing the property of other people, like cars, telephone poles and so forth. This coverage will also pay for your defense costs if you're sued as the result of an accident. Please consider buying more than the minimum amount of coverage required in your province.
This can cover expenses caused by other drivers with little (underinsured) or no (uninsured) auto insurance. It can cover things like your medical bills, lost wages and pain and suffering. It even protects your riders and other people covered by your policy while they're riding in/on other vehicles or when they're pedestrians.
This can cover a small amount of medical or funeral expenses (or both) for you and your riders, in addition to other people covered by your policy while they're riding in/on other vehicles or when they're pedestrians.
This coverage can pay for damage to your bike not related to an accident (e.g. fire, flood, vandalism, theft, and animal collisions).
This coverage can pay to repair or replace your motorcycle if it's damaged in an accident.
These are some of the smaller and most-overlooked coverages, but they're all relatively cheap for the protection they provide.
This can pay for damage to, or loss of, accessories like modifications, custom paint, safety equipment (like motorcycle helmets), wheels, and more.
This can cover towing, minor repairs, and fuel delivery if your bike breaks down, gets stuck near the road, or runs out of gas.
This can cover the cost of renting a replacement motorcycle if your motorcycle is in an accident.
This covers a trailer used to transport your motorcycle.
These are what you agree to pay before your insurance takes over. You can choose different deductibles for different coverage.
These are situations your policy specifically mentions that it won't pay for. Examples include wear-and-tear and intentional acts. Racing is also excluded.
Your policy lists a dollar amount for coverage limits. Anything over this amount will not come from your motorcycle insurance company.