New Member With Insurance Question

[ringadingh]

Of everyone that I know and ride with, we are all paying around $900.00 to $1200.00 a year here. Some younger fellas on sport bikes are paying up to $4000.00

[smokier]

Greetings and Welcome,

I too would give Progressive a call / online visit. They gave be really good rates for full coverage on the last three bikes. Only recently pulled everything under one umbrella.
I'd guess Progressive will likely be considerably less.

[Onlydad]

Originally Posted by ringadingh

Of everyone that I know and ride with, we are all paying around $900.00 to $1200.00 a year here. Some younger fellas on sport bikes are paying up to $4000.00

Sobering isn't it. Thanks for your post, I've heard the same thing, I also hear of people paying much less.
$ 4,000 a year is not sane, who pays that?? They need to get rid of the sport bike and ride a DR for a few years..

Thanks to all for your suggestions, I have a list of insurers to contact and will get at it next week - will post my conclusions..

[canuckrider]

I'm pretty sure that province that you live in has a pretty big bearing on insurance rates. I'm insured through a local broker but the Insurance company is Intact. I have 2 bikes insured with them; for the '08 Nomad I pay $544 for 12 months coverage. I have $2M liability, Collision with $500 deductible, Comprehensive with $250 deductible as well as accessory coverage up to $3K.

I pay just slightly more for the Honda ST1300 for the same coverage.

I've been with Intact now for 6 or 7 years (previously Jevco which was actually bought out by Intact) and all in all, I'm happy with the service they've provided me.

[dhuttonkc]

It doesn't matter (really) what I pay here or who provides my coverage. Insurance really is a personal thing based upon a wide range of variables, even including Credit Score(FICO)! You are from another country with completely different Laws and Regulations regarding Liability and Recovery of Loss.

Rates will vary considerably based on location. Another forum member here is paying $900-1200/year in a year round climate (Florida USA) in a "blue hair driver" and year round riding state. I have no idea what coverages he has selected. Nor yours.

I don't expect the Insurance Industry sales reps are going to ASK YOU about Rider Training unless YOU ASK FIRST for applicable discounts. My understanding is that Canadian Insurers MUST offer a discount to insured riders who have completed the Skills Course. YOUR training must be recorded by MTO once you have registered and completed the course. And MTO gets $20 of the course fee for recording this information for your Insurer.

The CMA (Canandian Motorcycle Association) offers their course right in your home province for $465CDN/$350USD. https://motorcyclingcanada.ca/rider-...se-gearing-up/

Seems the Canadian Authorities, or at least Ontario Province, have promoted Motorcycling Safety to new extents in their own Laws and Regulations. You just have to take advantage of that.

since you asked.....

In MO, USA. On the 2005 Nomad with $3000 accessories rider (KBB now says about $4k+ acc). Comp/Collision/Liability 100/100/50, Road Care ($1k), Medical ($4k) and Uninsured/Underinsured my monthly is $25.71mo/$300yr. I auto-pay one month in advance and choose paperless billing. The more expensive bike I own at nearly 5x value is $42/month. I had just better not be caught riding more than one bike at a time. I keep a $500 deductible on the motorcycles.

The standard bike alone rate is $60+ USD/month on the Nomad after deductible. The balance of the discount is the multi-policy and certification discount. I just turned 60 this year and re-ran the numbers with my sit down State Farm Agent face-to-face.

I choose to insure year-round, but can drop my rates by cancelling liability coverage for up to three winter months per year. I store my bikes in a garage, and they have alarms or interlocks. The garages have a security system. I own my homes and garages where the bikes are stored. Each of these is a factor in determining my rates.

The MSF certification from 20 years ago is still "worth" about $25/month. ($300 savings/yr x 20 years = $6000 - <$200 at the time =$5800 policy savings/20 years) My clean, accident free driving record, no tickets in 15yrs/no own fault losses in 35yrs, makes little difference. I last wrecked a bike at age 17. Insurers look at three years in the actuarial tables based on age, NO DUI, three year loss history, three year driving record, and location to determine YOUR risk.

As my Agent friend tells me "......with rampant recreational and illegal drug use, road rage, driving while distracted, increasing traffic congestion, rising under-insured numbers, and other factors..... it matters NOT your long term history. Insuring against loss these days is all about the Risk of Loss today and tomorrow. Factors that you are trained to control or risk avoidance will statistically reduce risk and lower rates." That is what Basic Skills teaches a Rider, Control and Avoidance.

I insure my cars/truck/homes/motorcycles/trailer/boat with the same company. And have done so since I was 16. My folks made me meet with the Agent way back then to discover insurance and risk protection. Two Agents in all of that time. Online insurance premium shopping is a convenient way to find deals, but a personal agent's experience and advice can save money.

Example, Medical $4k/Road Care $1k including tow and storage, added $4/month and was discounted 40%, to $2.60/month. This is coverage paid on top of any other coverage I may have in the event of a loss/injury/breakdown. To the Agent that is a $30/sale or $5/year commission to him. Online that option is not even mentioned because that agent can't afford to take the time to sell the option. But, if it pays out, it is a big deal. Average bike tow $400, road call $100, Medical $15k ER. I used the tow coverage one time years ago. The ticket was $500 including hotel, tow and storage. Out of pocket, zero $$ and I double dipped on another road tow coverage for tow fees and transport.

I am the only "named" driver on the motorcycles. No other operator has coverage, unless they are also licensed and covered under their own bike policy. No thrill rides allowed. Uninsured/Comp covers loss in the event of Theft and Loss. I can "add a named driver" for $5/month when my Son comes to visit, or if I put the bikes in the trailer and go see him. The policy also covers me on a Rental or shop loaner, less a $2000 deductible in event of Loss. I did a fly-ride vacation a few years ago. AMEX covers that deductible when the rental was charged to my card. This was very important advice provided by an Agent. A dealer offered me a Loaner a few months back when a bike was in for a recall service. I insisted on a drastically discounted rental contract rather than a "loaner", charged to AMEX, that would provide me protection against any loss. The business manager understood my purpose in doing so.

You don't get that kind of policy shopping or insurance counseling online. This was an experienced Agent's advice over coffee, not the phone or the Internet. We meet every two years.

I am former MIL, former LEO, still hold a Commercial Truck (DOT Class A+ hazmat, zero loss) license, multi engine pilot's license, and have completed a number of safety, security, escort and performance driving schools over the years. Those skills and experiences don't matter here. The actuarial tables run an individual's risk against the insured pool in a postal zipcode for potential future risk of loss.

End of story.... sorry for the long post....

You might also check with your local M/C dealership, HD included. As an Associate HOG member I am allowed to take Rider's Edge. $45/3years, plus discounted cost of the RE course. Many offer tuition discount vouchers provided by the manufacturers.

MSF was Manufacturer founded and funded. Not every new bike owner takes away the voucher at time of purchase and many can be transferred in the interest of promoting motorcycling safety. I have been an Instructor for years and have seen the vouchers handled in this way many times here. The dealerships each receive their own satisfaction ratings increases for the number of vouchers redeemed each year. The cost to the dealer is minimal, and they gladly use them to gain a potential customer in the future.

[Onlydad]

Extremely useful epistle Don, thank you! You're well presented and comprehensive. The"CMA" being Stony creek based would have just been crossed off my radar in my big city way of thinking, I'm reevaluating. The most useful tidbit is the link to CMA motorcycle insurance brokers, oddly my unhelpful and unconcerned broker is on the list.
I will make my insurance calls next week, but I will also massage a relationship with a broker if I can click with one and see where that takes me. I will pointedly ask if a CMA certification will reduce my rates I will also communicate with CMA to see if they offer anything geared toward an experienced rider, either way I think the course is a worthy pursuit. I remember back when I was looking into this last season finding advanced motorcycle training courses offered privately and locally, I brushed them off as they were in the $ 600+ range, I'll look into those again to see if the offer any form of certification and see if it has an insurance benefit.
I'll also contact the local Harley and Kawasaki dealer to see what they may know/offer.

To be continued, Thanks again Don.
Glenn

[meierjn]

Originally Posted by canuckrider

I'm pretty sure that province that you live in has a pretty big bearing on insurance rates. I'm insured through a local broker but the Insurance company is Intact. I have 2 bikes insured with them; for the '08 Nomad I pay $544 for 12 months coverage. I have $2M liability, Collision with $500 deductible, Comprehensive with $250 deductible as well as accessory coverage up to $3K.

I pay just slightly more for the Honda ST1300 for the same coverage.

I've been with Intact now for 6 or 7 years (previously Jevco which was actually bought out by Intact) and all in all, I'm happy with the service they've provided me.

My bikes are with Intact as well. I use a local broker and Intact was much cheaper than adding them to my other Insurer that covers our house and other vehicles. They also have an "accessories and add-on" endorsement that will cover things that are not included in the basic policy like clothing, helmets, leathers, and other "stuff". My bike was recently written off and I've been working with them on a final settlement. They've been really good to deal with and very patient with me!

[Onlydad]

Whew, what a complicated process. So I contacted CMA, the young lady who answered the phone agreed to take my money if I wanted the course however after chatting for a few mins suggested that I may well be more qualified than many of their instructors so there it was left. A beginners motorcycle course is for those who have never sat on a bike, not for me. I contacted a privateer who offers an advanced racing rider type of course locally for $ 700, but they offered no certification whatsoever. I've spoken with 2 providers and 2 brokers today each offer no discount whatsoever for any motorcycle certification course at all. I'm already refereed to as an "elite rider" which I assume is any rider with 3+ years of continuous insurance.
Insurance is an odd game. Many companies do not offer insurance in Canada period.I received two comprehensive quotes today with two brokers, each with different companies and different prices (house, truck, motorcycle) for each but surprisingly similar blended. I also received two quotes directly for the motorcycle only, no better than I have now.
All I learned is that I need to contact my current providers and ask questions about my current coverage, I suspect there are ways to save, as well as additional coverage's to consider. it's quite an affair, I assume it's worth the effort. Overall there's money to be saved, they remind me that I live in the 4th largest city in North America and though my neighborhood is quite nice, Scarborough isn't the most desirable part of Toronto.
And they're blood suckers, Insurance companies, Bankers and Lawyers!! Oh and Dentists!!
Thanks for entertaining my rant, thanks to all for your input, I'll follow up when I have it nailed down.
Glenn

[VARider07]

Yeah, another two cent chime here: looks like you have a newer bike, that's part of it too. It's a luxury and expense to have a motorcycle. It's like a boat owner; two best days of a boat owner's life...the day he buys the boat and the day he sells it. I had a Harley for about 8 years...it cost me about three dollars a day for every day I owned a Harley. Happy expensive riding. Pay the price or don't.

[Onlydad]

Interesting that this thread came back up. Actually I have an 09, insured for liability only, it should be cheap to insure and alas finally it is!! All I can counsel is to just keep calling insurance companies and don't stop until you hear what you need to hear. In my case it became apparent my best rate is to combine house, bike and truck. I got quotes from 6 brokers and 5 different insurance companies direct, that's right I poured over all my details 11 times. It takes time. Each would have a different price for each, bike, truck and house if the house and bike were cheap the truck would be pricey or if the bike and truck were cheap the house would be pricey, I even tried cherry picking each policy with the cheapest company. In the end I found CUMIS, they were suggested by a teller at my credit union, the price for each was the best of all, combined it's so cheap it's as if insuring the bike is free. That's right, the combined price for all three is the same as I currently pay for my house and truck. It's as if the bike is free.
The new policy kicks in next month to avoid cancellation fees with my current providers. I'm stoked. If there's a moral it's don't give up and keep getting quotes until you're satisfied. Thanks to all who replied.
Glenn