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Insurance Pricing


Guest Ayrhead
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Guest Ayrhead

Hi Everyone: New to the forum here. Has anyone else noticed that the $$ to get your motorcycle insured are getting way too high? As an example I own a 2003 Suzuki Intruder VL1500LC since new. No accidents or tickets and I can't find anyone to insure the bike for less than $1,100.00. That's way more than what I pay for my 2012 CAR. Anyone else noticing the gouging as well? :???:

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I ride a 2008 Kawasaki Nomad 1600 and it costs me $1072 for this coming season. (2015) That's $100 more than last year and $180 more than two years ago. Like you, no tickets or accidents. I have always been with Primmum which is now TD.

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I agree with you guys. Same happened to me. Solution: I bundled my house, car, MC with one carrier and ended up saving $500 overall! MC portion went down 10%

Keep checking around. Loyalty only goes so far.

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Guest Ayrhead

The real kicker is: if I go down to an 800 cc motorcycle the rate drops to around $750.00. So now I have a motorcycle that I have owned since new and love and may have to sell it and get a lower CC motorcycle in order to get my insurance $$ lowered.

What a rip-off.

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Give this fellow a call, he maybe able to help you out on insurance costs.  Welcome to the CMC too :)

 

Duane DeJong

 

Agent

Allstate Insurance Company of Canada

1187 Fischer Hallman Road Kitchener ON, N2E 4H9

Tel:  519-578-9037 ext. 5012

Toll Free: 866-594-1398

Fax: 519-581-0978

ddejong@allstate.ca

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Guest Ayrhead

I will give him a call but I'm not holding my breath as I have called about 6 different companies. Let's see what he can do. If not, I am seriously considering giving up motorcycling and going to something like a Jeep with the doors off and the top down. The insurance for that is going to be between $500.00 and $800.00. Don't want to do it but I'm not going to pay close to $1650.00 for the 2 motorcycles that we now own when we only drive about 2,000 km's per year. :???:

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Guest Ayrhead

Hi Again:

I gave the gentleman a call and for the 2 motorcycles I'm looking at $1,800.00++. Guess this will be the shortest time you have had a member because we are going to sell both bikes and get into a Jeep Wrangler. No doors, no top and drive it in the summer. Don't really want to but I work to hard for my money and I'm not about to just throw it away to some insurance agency. After 6 quotes the cheapest I've found is $1,650.00. That's with two bikers who have had their licence since the 1970's, no at fault accident's or tickets in the last 5 years at least. We drive on average 2,000 km's per season. About 7 rides a summer which is about $225.00 per ride.

Thanks for everyones input but it is time for us to give up the motorcycling and move on. ?If anyone wants a really nice 2003 Suzuki Intruder VL1500Lc with less than 28,000 km's, one owner bike, it is officially for sale for $6,000.00 Comes with an extra stock exhaust. It has had Vance and Hines longs shots on it since new.

My wifes bike is a 2003 Honda Shadow VT600VLX. Bought since new. Just over 31,000 km's. Both bikes have never been dropped or abused. We will sell her bike for $3,700.00. With the money from both bikes we will invest in a Jeep Wrangler. Don't hesitate to e-mail me at harry@hillsidelakepark.com if anyone wants to see the bikes. I'll try to upload a couple of pics.

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Guest Ayrhead

I don't see how to upload, I can send anyone interested pics if they respond to my e-mail. Both nice bikes,,,both black on black with windshield saddle bags and back rests etc....

 

 

harry3_zps28a545e3.jpgHarry2_zps06d5cb1d.jpg

Harry6_zpsce893ca1.jpgHarry5_zps5e2a473c.jpg

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Hi Again:

I gave the gentleman a call and for the 2 motorcycles I'm looking at $1,800.00++. Guess this will be the shortest time you have had a member because we are going to sell both bikes and get into a Jeep Wrangler. No doors, no top and drive it in the summer. Don't really want to but I work to hard for my money and I'm not about to just throw it away to some insurance agency. After 6 quotes the cheapest I've found is $1,650.00. That's with two bikers who have had their licence since the 1970's, no at fault accident's or tickets in the last 5 years at least. We drive on average 2,000 km's per season. About 7 rides a summer which is about $225.00 per ride.

Thanks for everyones input but it is time for us to give up the motorcycling and move on. ?If anyone wants a really nice 2003 Suzuki Intruder VL1500Lc with less than 28,000 km's, one owner bike, it is officially for sale for $6,000.00 Comes with an extra stock exhaust. It has had Vance and Hines longs shots on it since new.

My wifes bike is a 2003 Honda Shadow VT600VLX. Bought since new. Just over 31,000 km's. Both bikes have never been dropped or abused. We will sell her bike for $3,700.00. With the money from both bikes we will invest in a Jeep Wrangler. Don't hesitate to e-mail me at harry@hillsidelakepark.com if anyone wants to see the bikes. I'll try to upload a couple of pics.

Well that sucks, dang insurance companies :(

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I will give him a call but I'm not holding my breath as I have called about 6 different companies. Let's see what he can do. If not, I am seriously considering giving up motorcycling and going to something like a Jeep with the doors off and the top down. The insurance for that is going to be between $500.00 and $800.00. Don't want to do it but I'm not going to pay close to $1650.00 for the 2 motorcycles that we now own when we only drive about 2,000 km's per year. :???:

 

I bought a Jeep TJ a couple of years ago. Not super easy to find one in decent shape. Depending on mods done on them some insurance companies won't touch them unless you remove the modifications (jacked up or oversize tires). It's not as easy as you think to take the top and doors off. I had the 4.0, forget decent gas mileage. The top and doors off was a blast but don't go too fast on winding roads since they are easier to roll.

 

I currently have two bikes, a 2007 Honda Shadow 1100 Spirit and a 2012 V Star 1300 Tourer I picked up in September. Come spring the Honda is going up for sale leaving me with just the V Star 1300.

 

Dan

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I guess there are probably different prices for different regions.  We are in a smaller city (47000) and our insurance we feel is reasonable.  1200/yr  for a 2011 1700 Nomad and a 2011 650 vstar.  My wife and I both ride over 20,000 kms a year so we feel we are getting our money's worth.

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Well I just re-insured for the year, for a '05 Yamaha 1100cc, at a cost of $1111.12 or $92.59mth. No tickets, etc and get full discounts available of 43%. That is through ICBC, who we have to go through for basic insurance/plates. I also pay $42.63mth for extra coverage, such as theft and vandalism, through BCAA, also gone through Beacon Insurance for extra coverage in the past. This saves roughly $200-500 a year depending on coverage.

 

We pay roughly the same, for my wife's '06 Suzuki S50 Boulevard 800cc, but just over half amount as only insured for 6months of the year. She only puts on 2500km-5000 a year, as I ride year round, and do over 20,000km. Did 208km today, 5c under foggy conditions, but dry roads :-P

 

Our rates have increased steadily over the last decade as ICBC continues to gouge us, as their is no other options for basic insurance here in BC.

 

But...We love to ride, myself more then being in a cage, so yes it is worth it for me, even with the continued increases.  :cool:

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I have a 2001 Nomad 1500.  My insurance is through Pembridge (Dalton Timmis) and just renewed. It is $820/yr for full coverage.  Actually decreased $60 this year.

 

Insurance on my pickup is only $710/yr again for full coverage (different insurance company), so between the two, it still costs me less than some companies charge for only the bike.

 

BTW, when I moved up from my Vulcan 750 to the Nomad, my insurer wanted to raise my premium from $840 to $2350.  I imagine he is still somewhere on the road taking that long walk to Hell like I told him.  Guess it really pays to aggressively shop around.

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Guest Ayrhead

Thanks for everyone's input. I have tried Dalton Timmis as well and the cheapest I can find is around $1,850.00 for my 2 bikes. Got my eyes on a really nice Jeep. Looks like I'm hanging up the Motorcycling so anyone looking for a Sweet Deal...I'm ready to let the 2003 Intruder VL1500LC and 2003 Shadow VT600VLX go for a good price. I have them both currently listed in the Classifieds of this site but no takers...not even an enquiry...So I'm ready to deal if someone out there is ready to come with cash to take one or both away. :-P

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I have TD Meloche Monnex as well.  2 bikes, a 2009 500cc Vulcan and a 2006 900cc Vulcan. (1 rider - me)  total 879 for the year.  I get a reduced rate by going through my alumni for St. Lawrence College.  if you are a university or college grad, join the alumni (costs nothing) and tell TD which school and you'll get a discount.  I think they are the only ones that do this and they seem to have all the schools on their list.  I also have my car and house with them for the multi-discount  

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  • 1 month later...
Guest Ayrhead

Hi All:

So to touch base with what we have done... :grin:

We are selling the 2 motorcycles. I am surprised that I have not had even one enquiry as of yet. We have purchased a 2015 Jeep Wrangler. Delivery one day before my wife's birthday. B) Pushing for bonus/brownie points for that one...So if anyone out there wants some really well maintained bikes with low mileage...email me at harry@hillsidelakepark.com and maybe we can make a DEAL ;)

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  • 2 weeks later...

For what it's worth, I'm still on my M2. A couple of years ago I had an 85 Shadow 750 and only put liability insurance on it which still ran about $550. Last year I bought an 02 Venture (Yamaha Royal Star Midnight Venture 1300) and put full insurance on it which rang up to about $1079. that's with State Farm and includes multi-line, multi year discounts and a good driving record. My agent gave me a breakdown and $750 of that was for accident benefits alone (e.g. medical, wage replacement, etc). I'm wondering if that's what's really the big hit for everyone else too.

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  • 3 weeks later...

in Saskatchewan most guys are paying between 170 and 240 dollars a month for insurance. we have no choice here and the only way to get any cheaper is to go down to 400 cc. 

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  • 1 month later...
Guest Ayrhead

Hi All: Thanks for everyone's responses. My solution!! I sold both bikes and bought a brand new 2015 Jeep Wrangler 2 door. Insurance...$650.00 for the year.

What a joke. They want to scalp us for motorcycle insurance... :-P

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WOW the insurance on my 94 Vette was only $345 a year. AMAZING isn't it, mind you I have my house , my 08 HD Ultra, My F150 and my Ciivic and some RRSP's all with the same company. Think that I am around $4300 for everything, State Farm.

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The issue of insurance rating seems to be a bothersome situation each and every year for many members. Let me start by stating that I have been an insurance broker for more than 30 years and I once paid $300 for my bike insurance many years ago on a 1100 Yamaha Maxim with full coverage. My Triumph Thundebird LT 1700 premium is approx $1,300 for full coverage through TD General and I am NOT licensed to sell through them.

Here are the issues regarding Insurance for Cars, Home Bikes, Boats ATV's and pretty much anything else that moves using an engine.

First, you are rated for the Postal Code you live in so living in Toronto where there is a higher risk of occurance than say, Parkhill ON,  means that the premium base is higher.

Your exact age and yes sex still affects rates.

How long you've had and exactly WHICH license you have makes a difference. M1, M2, Full M, G2, Full G.

How long you have owned and operated your vehicle and if you can verify past insurance coverage makes a difference in some insurers.

The make, model and engine size makes a difference.

The coverage limits you wish to insure for make a difference ( I run with $2 Million Liability, $500 deductible on Collision and $300 on Comprehensive plus Loss of Use and Waiver of Depriciation.)

Your past history of Convictions and Accidents may affect your premium.

The actual insurer base their rates on Losses sustained over a past time period. The basic principle of insurance is that " The premiums of the many pay for the claims of the few". If any single insurer has paid out an extraordinary amount of claims, for the few, in a given time period they are likely to raise their premiums, of the many, to help pay for the claims. This will vary amongst insurance companies, hence premium differences. Where one company is showing great premiums this year, they could be the worst next year.

Many of us try to compare our auto insurance rates with what we pay for motorcycle insurance - WRONG !

Take a look at your auto policy and see what you are paying for the "Accident Benefits" portion of the insurance premium. Now take a look at your motorcycle insurance for this same benefit. What do you see? This is telling us that in the event of a motorcycle accident the insurer recognizes that the accident benefits will likely be paying out large sums to look after you if injured. This is also likely to be the largest premium portion of your policy and it is a mandatory premium. Ever woner why some USA states have allowed for riding without a helmet? The death benefit is cheaper for an insurance company to pay-out than if you are injured or disabled?

Bottom line - Shop around for the best rate for you THIS YEAR and expect that your rate may increase next or maybe (but not likely) go down next. :cool:

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  • 6 months later...

Hey Guys

I'm with Intact Insurance under a bike policy for collision, comprehensive, fire, and theft and my premiums are quite a bit less than what everyone is posting.  My suggestion is to make some phone calls and check out package bike policies on line.  I think a number of companies are finally coming around to realizing these specialty package bike policies are money makers. That's of course until all companies are on the band Wagon.   AXA Insurance was the first company to initiate a specialty policy named "Legends" through an Alberta brokerage, TSG Insurance, next on the band Wagon was Intact Insurance with the British Columbia bike policy program. My advice  is to check around   Good Luck!

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Guest Ayrhead

Hi Everyone: You may not like my solution to the insurance pricing... I ended up selling both motorcycles and bought a 2015 2 door Jeep. My insurance on this Brand New vehicle was $675.00. We can take the top off, the doors off and it's like being on a side by side motorcycle. It didn't cost me that much after the sale of the 2 bikes and insurance savings. As well, we now have a second vehicle that can be used all year round. In the long run it was a 'win - win for us here. Cheers, Ayrhead

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