Insurance woes....

So I went to Canada Brokerlink to get insurance....so that I can safety the bike, plate it and then take the M1 and M1 exit test [written test / short handling test - cones / figure of 8 etc...] to get my M2 license......basic Insurance: $1485.00......oh!! The bike was $700 with $500 put into it.....IF I have my M2 license for a year, Insurance is $840....but to get my M2, I need the bike on the road!!....or take the local rider training scheme (I rode for 30 years in Britain.......) which costs $485.00 to get my M2 ....leave the XJ in the garage til next year...and then insure it....or just sell it and go fishing...........

 

That is outrageous... your risk pricing market is rigged and obviously not in your favor... And I assume there is no or little medical coverage?

 

Jeepers. I'm 20, male, have, and have the maxed out health coverage, for only $22 a month. Daymn.

 

Oh ... yeah...that is BASIC coverage - no fire / theft / collision / medical is covered only by Provincial health.... and max $1 million third party......the Brits have a great word for how I feel....Gobstruck.......60 year old in great health with a 30 year-old bike.....Had another try this p.m. to find anything reasonable....fail!! I think my only recourse is to finish the reno on the XJ and sell....I can't afford to do this............

Dave

 

that is ridiculous. and sad. i wish there was another way..

 

You could move to Wisconsin...

 

Now Fitz....don't get me started.....gotta admit, I'm at a loss... the best I can do is try and borrow a bike long enough to get my test done...and save the $485 course fee...the let the bike sit for another year before taking out insurance....thing is, I'm not sure I can do that [guess it would give me a lot of time to play with the carbs..]...so I may just option to sell..........

 

Yammadof
I had the same problem last year. I had to pay $1150.00 for my first year. Parking the bike for a year will not help you....the insurance company will still consider you a first time rider, even if you have your M2. You have to be insured one complete year in Ontario before the rate goes down.

Kenneth

 

Holy lord you guys get killed. I have two bikes insured and it costs me a grand total or 170 dollars a year. One of these bikes is a street bike too which carries a higher premium. I always liked Canada but now I'm not so sure lol.

 

Huh?

 

Must be an old fart

 

My 650 is only $100 a year.

 

How about $1300.00 per year every year. Forever. And ever. Makes me wanna scream hearing what some guys pay. But, if you wanna ride??????

 

Wow, I feel your pain. That is about what I pay for auto insurance per 6 months, and that vehicle SITS 95% of the time. Only drive it on rainy days and in the snow.

My bike is another story. Somehow with an insane number of DMV penalty points, insurance points in the double digits, being 24 and living in the most expensive state to insure a vehicle (NJ) I somehow only pay $96/yr. I couldn't possibly imagine that kind of cost for a bike...

 

This is a "Cut and paste" reply to my quote inquiry with BrokerLink (the people who put "Broke" in their company name for a reason) here in London Ontario. 55 yr. old male no tickets, no accidents, no claims for as far back as I can remember. Been riding since the 70's and had insurance every year for the past 27 yrs.
Here's what they said:

Hi Graham,



Thanks for getting back to me. Best price I have is $698/year for basic Liability, due to the age of your bike they will not allow full coverage which is not what you wanted anyway, just wanted to advise. If you wished to go on monthly, it’s an annual policy, but they do the monthly payments over 6 months and would need one month down, so $120 we would need.



Any questions, or if you want to go ahead and set up, feel free to e-mail me back or give me a call.



Thanks Graham,



Carlena Semeniuk
Insurance Advisor| BrokerLink (formerly Insurance Central)
T: 519.434.1955 | T: 800.465.1955 | F: 519.434.1433 | csemeniuk@brokerlink.ca | www.brokerlink.ca
Canada Brokerlink ( Ontario) Inc. 69 Wellington St - Unit A, London , Ontario N6B 2K4

 

Thanks for the tons of input folks....begs the question "Why the HUGE variation?

Ken: Thats what bugs me most....Brokerlink said "Insure for a year and price goes down" ...meanwhile the Jevco agent states: "When you've had your licence for a year.."....So, I'm gonna give it 2-3 days of calls to all the ins. co. agent I can....no wonder the CEO's get such handsome "bonuses"......

 

I'm 21, have only have insurance in my name for just over a year a few tickets and I got a quote for $623 a year for liability only....

 

Yammadof,
In my experience you really can't rely on anything you hear about insurance in this province. Some people have told me that State Farm is the cheapest for bikes, and yet they're some of the highest quotes I've gotten. I am just starting with my second year of coverage with Jevco; $1405 last year for liability only, and up to $1475 this year for the same coverage, and the only explanation I got was that Jevco raised their prices. It really is ridiculous that you're going to pay more than the cost of the bike every year just so your a$$ is covered. If you're feeling brave I think the fine for riding without insurance is less than what you'd pay for the year

Best of luck!

 

That's crazy, I think I pay like $25 a month for my shadow, no ins. on the maxim yet, I think it'll be around $35 when shes ready...

Don't give up, be sure to mention the price quotes to the other places you call, maybe you can start a bidding war...

 

Damn dude that blows. I pay $24.99 a month with Geico and that is full coverage with $300,000.00 limits across the board.

 

Well...what a difference a day makes.....Talked to Bob [bobbybonez] and then phoned his broker in Sioux Lookout...Bob is with Wawanesa...so the broker up there tells me.."Jevco..$1300.." I ask "what about Wawanesa..?" and he tells me they wont accept me without an "M' [full] licence!!! So I phoned Wawanesa head office who directed me to Lifestyle Ins here in town...Talked to them....Wawanesa likes 6 years of "no trouble " on my car licence and if I switch my cars/house insurance, they'll insure me for......$365!!! Over three years I save $2000 compared to Jevco......Celebrated by pulling the front wheel and and re-do bearings + speedo......and said farewell to Brokerlink. Still difficult to figure the ways of Insurance comps.......pays to shop.....

Dave

 

Hey Dave
I think it's illegal for an insurance company in Ontario to tell you, you have to insure your cars and house to get a deal.
Ask them for quotes on the car and house and see if they are giving you a deal on the bike but screwing you on the car and house.

 

Geico gave us a 10 or 15% discount for the motorcycle safety course certification.

Ben's Harley was $270/year for full coverage including roadside/towing. Just added the Maxim. It's $463/year for full coverage and roadside/towing on both.

Big diff between Canada and US... Is it because of the public healthcare?
I think CAD and USD are pretty comparable right now...

 

Wow! A dollar a day eh? I might have to make another phone call after the long weekend. Sucks that my insurance payment for the year just came out on monday...

 

It really sucks when you live in a place where certain people decide what's best and safe for everyone else. Big problem is, it's getting that way all over.

 

Hi folks:

Maxim: Sorry for the misread there - the original quote from Lifestyle was $505...but if they bundle all together, that reduces the fee. Seeing as the quotes for the cars are comparable, but the house ins. is way lower, it enables me to go back to Brokerlink and say ...goodbye....and give them a reason for my departure....

Veggie: Congrats on getting the bike! and yes, I think the public health care does have some part to play.....however, with 'no fault' insurance, costs are being driven by rehab fees, lawyers etc

XJ: You know, even between brokers, independent or not, there is apparently a huge discrepancy.....being loyal nowadays appears to have fallen by the wayside....it's worth it to make some calls - if not for this year, then next year for certain..

Orange: Big money rules....most of what happens on this planet is there to distract us from the real agenda.....not a conspiracy..just a reality...keep the masses entertained and distracted while we get on with the real business of amassing wealth...nice thought for the day..eh?

Dave

 

That's right, as you get older you realize just how "free" you are. :roll:

 

Welcome to Ontario, the land that fun forgot.

I am amazed that you found anyone to insure your bike at all, since in Ontario, all bikes magically transform into Kryptonite when they hit their third decade. I'm trying hard to sell an 83 GS1100 and there are no takers. Ontario has to be about the most bike unfriendly place in Canada.

 

Sad to hear... There'd be plenty of buyers down here in my neck of the woods. I went to Ontario when I was in high school for a shakespeare festival. Loved it. But you guys probably don't have as long of a riding season, do you? I imagine it's quite a bit colder more of the year...

 

With a rate that high, it feels like you're insuring a car. Are there any other solution to it? Another companyperhaps to get a quote?

 

Or Minnesota. Right now I only have the XS on my policy and it's costing me just a hair over $100. And that's given that I only got my motorcycle endorsement in June.

I still like Canada as a place to visit. The country is pretty, the people are friendly. Wouldn't want to live there because of goofy laws and stuff like this.

 

DAMN! You don't have an option of insuring for a shorter period?

Here in BC, 3 months is the shortest. Otherwise you get "temporary permits" which is up to 2 weeks and while expensive, it may be cheaper if 2 weeks is all you need.


my insurance is $1200 a year and that's also basic. I guess I'm young and insurance here in BC is a ripoff, but compared to what I could be paying for a car and such, it's a bargain.

I dream of a day where it costs $500 to insure a vehicle for a year..... oh what a beautiful day that would be.......

and I also wish that some insurance companies start charging a fraction of the price for a second or third vehicle/motorcycle if the owner signs on contract stating that he is and will be the ONLY operator of the vehicles with no exceptions. Because he will only ever be able to drive one at a time, so realistically, they are insuring only one vehicle at a time. The other two are at most covered for theft and vandalism if he purchased that option.

one day......