People have been saying the rates are going up, but i got my lowest rate ever

I dont know if it has to do with companies, I was with SF last year for my R1 but will be with TD this year when I get my bike. I was paying $1600 for the year just for comp with SF, it was a 2003 R1. I am 33, one minor ticket and live in Ajax with a full M.
Now this year, I just got my quote with TD for a 2008 R1 with full coverage, same info as before, I did get the ride and drive discount ( 10% i believe) and my rate would be $1300 with full coverage! Thats a huuge difference!

Anyone else have that much of a difference with quotes from TD and SF?

I just insured my bike with Meloche Monnex and was very surprised with the rate. Less than $600 for my Triumph Tiger, full coverage all around, $500 deductible. The biggest shock for me was that it is $200 cheaper a year to insure the bike in Ontario than it was in California, with less coverage in CA.

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Originally Posted by revrandy

I just insured my bike with Meloche Monnex and was very surprised with the rate. Less than $600 for my Triumph Tiger, full coverage all around, $500 deductible. The biggest shock for me was that it is $200 cheaper a year to insure the bike in Ontario than it was in California, with less coverage in CA.

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Ya thats what im saying, seems like it actually got cheaper. Maybe just we are getting older : (

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Originally Posted by revrandy

. The biggest shock for me was that it is $200 cheaper a year to insure the bike in Ontario than it was in California, with less coverage in CA.

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Things have definately changed the last few years, some people still think its 50% cheaper in the USA.

When you hear of rate increases, these are AVERAGES. Suppose in a simplistic scenario with two insureds, there is the following rate changes:

INSURED A: $1000 --> $1150 = 15% Increase
INSURED B: $1000 --> $900 = 10% Decrease
OVERALL: $2000 --> $2050 = 5% Increase

Overall rates have increased by 5%, but A saw a greater increase of 15% and B actually saw a decrease of 10%.

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Originally Posted by ajaxguy

I dont know if it has to do with companies, I was with SF last year for my R1 but will be with TD this year when I get my bike. I was paying $1600 for the year just for comp with SF, it was a 2003 R1. I am 33, one minor ticket and live in Ajax with a full M.
Now this year, I just got my quote with TD for a 2008 R1 with full coverage, same info as before, I did get the ride and drive discount ( 10% i believe) and my rate would be $1300 with full coverage! Thats a huuge difference!

Anyone else have that much of a difference with quotes from TD and SF?

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Yup TD MM quoted me $16,000 a year yes let me spell that out for you Sixteen Thousand Dollars. They also wont insure my regular vehicles since they are all modified as well. Needless to say I will stick with State Farm.

Recent forms to the auto legislation appears to be lowering overall claims settlements.

This in turn allows insurers to charge lower premiums.

Despite all that you read on this forum premiums do in some cases go down, apparently this thread is proof of that fact for some people.

Nice to see, I'm all for it. Now I look forward to my own renewal.

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Originally Posted by ajaxguy

I dont know if it has to do with companies, I was with SF last year for my R1 but will be with TD this year when I get my bike. I was paying $1600 for the year just for comp with SF, it was a 2003 R1. I am 33, one minor ticket and live in Ajax with a full M.
Now this year, I just got my quote with TD for a 2008 R1 with full coverage, same info as before, I did get the ride and drive discount ( 10% i believe) and my rate would be $1300 with full coverage! Thats a huuge difference!

Anyone else have that much of a difference with quotes from TD and SF?

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I noticed a difference between SF and EVERY other insurance company, tbh.
According to my SF rep, the biggest factor in determining motorcycle insurance with them is whether or not a person is above or below the age of 25. She said that my insurance rate would remain the same whether or not I held an M1 or an M - kinda gay, imo. Virtually every other insurance company offers a substantial reduction in rates after a person has held their license for a year... just sayin...
Like you, I'll be changing companies next year :)

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Originally Posted by Scary

According to my SF rep, the biggest factor in determining motorcycle insurance with them is whether or not a person is above or below the age of 25. She said that my insurance rate would remain the same whether or not I held an M1 or an M - kinda gay, imo. Virtually every other insurance company offers a substantial reduction in rates after a person has held their license for a year... just sayin...
Like you, I'll be changing companies next year :)

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State Farm considers your car experience and motorcycle experience to be one and the same. If you have 5 years of car insurance and get a motorcycle, you will be treated as if you have 5 years of bike experience (which is a huge benefit to new riders). When you go to renew in the next year, you will have 6 years of car/bike experience, which isn't much of a drop from the previous year where you had 5.

Other companies consider your car experience and motorcycle experience separately. If you have 5 years of car insurance and get a motorcycle, you will be treated as if you have 0 years of bike experience (which means high rates for new riders). When you go to renew in the next year, you will have 1 year of bike experience, which could be a significant drop from the previous year where you had 0.

As a result of SF's weird combination of car/bike experience, it is often cheaper for a new rider (with previous car experience) to go with State Farm -- at least in the first year or two. After the rider has built up some real motorcycle insurance, then other companies will probably be cheaper for non-SS bikes.

^ Hey thanks for clearing that up! Makes sense in a bizarre kind of way....

I got quoted $1550 for a 2006 r6 in Mississauga from state farm. First year riding. The 696 is $2025. Everyone else i called was stupid high.

$1500/yr at TD for 2007 gsxr1000

Just got my renewal today. $100/yr less than last year. Same coverage same record. So it does go down. First time it's happened to me. yay state farm.

Article: Auto insurance rates stabilizing

Auto insurance rates stabilizing

http://www.moneyville.ca/article/116...es-stabilizing
The average auto insurance premium in Ontario declined slightly last quarter – a sign that rates may finally be stabilizing after years of sky-high increases.

The Financial Services Commission of Ontario, the body that regulates auto insurance, said the average premium fell 0.18 per cent.
Drivers may see their rates go up or down depending on their insurance company and their driving record – but the overall decline, based on requests from 17 different companies, is a step in the right direction, industry experts say.
“What is significant is that rates are not going up,” said Anne Marie Thomas, manager at InsuranceHotline.com
For 2010, the average increase was 12.3 per cent. During the second quarter of 2011, rate increases by individual insurers reached as high as 13 per cent.
“It appears that rate stabilization is starting to occur. That’s my hope,” Thomas said.
Last quarter’s rate changes ranged from an increase of 5.39 per cent by Certas Home and Auto Insurance company to a decrease of 4.46 per cent by Co-operators General Insurance Company.
There were more requests for decreases than increases, the regulator said.
Some of the approved changes have already taken effect, and remaining changes will be implemented by the end of July.
State Farm Mutual Automobile Insurance Company, the biggest player in Ontario’s auto insurance market requested no rate change for the first quarter.
A slate of auto insurance reforms brought in by the Ontario government starting in September, 2010, were designed to stabilize rates.
The changes introduced a cap of $50,000 for medical and rehabilitation benefits for non-catastrophic injuries, half the previous level.
The change also limited medical and rehabilitation benefits for minor injuries to $3,500.
The auto insurance industry argues that the spiraling cost of unnecessary assessments and fraud is raising costs for all drivers.
Insurance company executives say sketchy medical clinics and rehabilitation centres milk the insurance system by sending victims of minor accidents for dozens of questionable medical assessments.
Accident benefits still account for about one-third – the biggest chunk – of overall auto insurance premiums.
The province’s insurers are required to get approval from the Financial Services Commission in order to change their rates.
Similarly, Kanetix, an online auto insurance comparison site, found that rates declined in Ontario, Quebec, and Alberta during the first quarter.
Rates were down by 3.6 per cent in Ontario compared to the year-earlier period, the company said.
“It appears the market is starting to stabilize,” Thomas said. “If you have a good driving record, insurance companies are likely going to want you, so shop round for the best deal.”