Hows your insurance rate?

[Garz747]

The co is security national.  My bike is 100 Kms from TO and only used there .

[rlambke19]

8 hours ago, Garz747 said:

Here in Canada everything costs more. Weve had to get used to it over the years. However, when my policy renewal arrived in the mail I had to do a double take!   What was costing $700 last year for my "19 Tracer was suddenly $1451!! I have no claims and a clean record and am over 60 years old.  I called another broker and was quoted $1060 .   On a slow day at work - you have to wait on hold forever- I got through to another rep at the original carrier and asked for an explanation of the 100% increase. After a 15 minute hold he came back and said there had been an error and that the policy should be $680!  An $800 difference is a hell of an error!  He said the "computer " had made an error on their bike policies. Two weeks later the docs arrived. Glad I called to question the outrageous premium. I'll bet some clients have just sucked it up and sent payment.

There was a thread for this on the GTA Motorcycle Forum around TD Insurance (Security National) policies.

Their system was sending out renewals without riders' licensing or experience taken into consideration. I'm hoping that by the time my renewal arrives it's been corrected. Even just seeing an ridiculous increase would be annoying. And yes - you shouldn't have to call them for them to be correcting this. 

Rob 

 

[Wintersdark]

Man, Ontario gets so screwed for insurance rates.  BC did too, at least when I lived there.  Alberta insurance rates have risen dramatically in the last couple years, but it's still pretty darn reasonable for most people.  

My Tracer 900GT and my Tenere 700, both with full coverage (Cringe all you like Kilo, here at least that means maximum third party liability, basic coverage, collision and comprehensive, and is consistent between insurers) - plus extra addons (full gear and accessory coverage, and full purchase price valuation for the first two years ownership) cost me $480/year together.  

My understanding is that they charge based on the length of the "riding season" and then extend that over the year with the assumption that the rider is actually just paying for insurance for a couple months in the summer then parking it over the winter.  The fools!

 

[knyte]

1 hour ago, Wintersdark said:

BC did too, at least when I lived there

Oh they still do, and hard.  My dad was quoted $800 for one-way insurance for 6 months.  Clean driving record.  He's looking at over $2400 for collision etc.  ICBC is in BIG trouble.

[Wintersdark]

1 hour ago, knyte said:

Oh they still do, and hard.  My dad was quoted $800 for one-way insurance for 6 months.  Clean driving record.  He's looking at over $2400 for collision etc.  ICBC is in BIG trouble.

Ooof.  Back when I lived there, 10 years ago, even with max safe driving discounts, no tickets, etc, I'd pay over $2000/year for a mid 90's shitbox and an 80's motorcycle, both with bare minimum coverage.  When I insured my first bike here in Alberta (82 XJ750), and they told me it was going to cost $135... I asked "Per month?" and the adjuster looked at me funny, "No... per year."

 

[knyte]

When I moved from BC to AB in the early 90's, it was exactly the other way around.

AB was way expensive, and BC was cheap.  Wasn't unusual back then to see a LOT of BC plates parked around AB...you know...belonging there, but 'sold' to a relative for $1.  And that relative just happens to be visiting AB every day...driving them to work, driving them home...

...and now Dad is seriously contemplating selling me 3 bikes for $1 each...

[keithu]

On 2/9/2022 at 10:31 AM, roy826 said:

I do live in a state where 28% of the people on the road driving have NO insurance at all. That could be a problem in all this.

Yeah, insurance rates vary widely by locale. Prevalence of uninsured drivers, theft, and accident rates all factor into it.

[roy826]

Dropped state farm as I said I would on both street bikes. The GSXRR1K went down to $638 a year full coverage and the Tracer $203 a year full coverage. Both through Progressive using an independent agent my Dad was good friends with. After I paid the full amount on both they sent me a credit refund for $41 since I had an old Scion car and two old Ford trucks with them left over from my Dads estate after he passed last Sept. We will see how long the rates last but for now that is a huge savings in a year over what state farm was ripping me for.

[NormR]

Full (replacement) insurance coverage for my ‘19 GT was quoted at $200 but after they ran my license it went up to 240$🙄
In Quebec it’s our motorcycle registration that is ridiculous because we have No Fault accident coverage that covers personal injury care. You can’t sue the other driver if they are responsible. It’s going to creep up to $800 this year 😡

[gerrychuck]

5 hours ago, NormR said:

Full (replacement) insurance coverage for my ‘19 GT was quoted at $200 but after they ran my license it went up to 240$🙄
In Quebec it’s our motorcycle registration that is ridiculous because we have No Fault accident coverage that covers personal injury care. You can’t sue the other driver if they are responsible. It’s going to creep up to $800 this year 😡

That's the case in Saskatchewan as well; "plate insurance", which is minimum legal liability, collision with a fairly high deductible, and no-fault medical, wage replacement, rehabilitation, etc. would be close to $200/month with no discount for my 2019 GT.  Very similar for my old XR1200.  You get discounts (or surcharges) depending on your driving record; I'm paying a little over $150/month.  I take the plates off during the winter, and pay for an insurance package that increases my liability and covers the bike when stored with no active registration.  Anything classified as a "sport bike" is WAY worse.

To make it worse, SGI (our provincial insurance company) says they are still losing big money on motorcycles, because of the cost of wage replacement and medical/rehab under the no-fault part of the coverage. They were planning to hike rates a bunch more last year, but pushback from riders has at least delayed that.  I filed one brief pointing out that jurisdictions with tort coverage (where at-fault parties and their insurance are held responsible through the courts for all damages) have much lower rates due to the proportion of motorcycle accidents that are the fault of the other driver.  Their position is basically that no matter whose fault it is, motorcyclists accept greater risk of accident and injury by climbing on a bike, so we should shoulder the extra cost.  Interestingly, any motorist can elect tort coverage instead of no-fault when you register your vehicle, but there is no difference in price.  My point was simply that if they are offering tort coverage as an alternative to no-fault, that the option should accurately reflect the difference in cost/claim experience.  I understand they are still studying the issue, so we'll see what they come up with.  The current insurance structure has literally killed the entire motorcycle sales industry in the province.  My local dealer basically doesn't even bring bikes in any more; they just rely on selling quads, snowmobiles and boats, and have given up on bikes completely.

[NormR]

2 hours ago, gerrychuck said:

That's the case in Saskatchewan as well; "plate insurance", which is minimum legal liability, collision with a fairly high deductible, and no-fault medical, wage replacement, rehabilitation, etc. would be close to $200/month with no discount for my 2019 GT.  Very similar for my old XR1200.  You get discounts (or surcharges) depending on your driving record; I'm paying a little over $150/month.  I take the plates off during the winter, and pay for an insurance package that increases my liability and covers the bike when stored with no active registration.  Anything classified as a "sport bike" is WAY worse.

To make it worse, SGI (our provincial insurance company) says they are still losing big money on motorcycles, because of the cost of wage replacement and medical/rehab under the no-fault part of the coverage. They were planning to hike rates a bunch more last year, but pushback from riders has at least delayed that.  I filed one brief pointing out that jurisdictions with tort coverage (where at-fault parties and their insurance are held responsible through the courts for all damages) have much lower rates due to the proportion of motorcycle accidents that are the fault of the other driver.  Their position is basically that no matter whose fault it is, motorcyclists accept greater risk of accident and injury by climbing on a bike, so we should shoulder the extra cost.  Interestingly, any motorist can elect tort coverage instead of no-fault when you register your vehicle, but there is no difference in price.  My point was simply that if they are offering tort coverage as an alternative to no-fault, that the option should accurately reflect the difference in cost/claim experience.  I understand they are still studying the issue, so we'll see what they come up with.  The current insurance structure has literally killed the entire motorcycle sales industry in the province.  My local dealer basically doesn't even bring bikes in any more; they just rely on selling quads, snowmobiles and boats, and have given up on bikes completely.

In Quebec we can't opt out of no-fault, in fact if I still owned my Ninja 900 I'd be paying $2,200 for my plates because it falls in the hi-risk motorcycle category. Full coverage insurance for a superbike is almost unattainable in quebec. Not many companies want to take the policy and those that do charge you stupid money. Imagine paying 3-4,000$ before you even start your bike in the spring.....

[2and3cylinders]

I rechecked my Liberty Mutual motorcycle insurance policy.  Not a terrible premium I guess considering the coverage & limits, actual cash value payout and deductible, and given that I live in a Chicago bedroom burb.

I think my gear is also covered...maybe under the "Customizing Equipment".

Now that I've reviewed my policy again, I've got to check before renewal in late June if I should also buy the Better Bike Replacement; any thoughts on that?

[Heli ATP]

About to renew my insurance policy. A little unsure about all the options:- uninsured, underinsured, liability, bodily injury, property damage, collision, medical, parts and equipment etc etc etc.
 I want ‘full coverage’, without the full premium. What to buy?

[2and3cylinders]

After my last post I switched to Progressive and significantly lowered my premium AND improved my coverage but what you need if you want "full coverage" is clearly listed in what I posted before.

So why are you still confused?  Do your own due diligence.  You get what you pay for but don't expect any agent to have your best interest at heart.

Ask around.   Who handles your car insurance?  It's not much different.  

[Heli ATP]

51 minutes ago, 2and3cylinders said:

After my last post I switched to Progressive and significantly lowered my premium AND improved my coverage but what you need if you want "full coverage" is clearly listed in what I posted before.

So why are you still confused? 

I wouldn't say confused but definitely not that knowledgeable about the options. Always wonder if the insurance guy is upselling but don't want to be wiped out if in an accident so I usually just go with what they suggest. For me other insurance such as home, life etc seems straight forward compared to auto.