Insurance Cost For 18 Year Old With M2

[arazumien]

I guess I am extremely lucky I got my M1 last march, Bought a CBR125r and insured it through Kingsway Insurance for $2600 (was 17 at that time) which I wasnt to happy about but I paid it since I had no other choice if i wanted to Start riding. I got my renewal in the mail in Feb telling me Kingsway and Jevco have merged and I would now be insured with Jevco, and my new rate for my CBR125r was going to be $1200 for the year. I Upgraded to a 250 ninja before my new policy started and just switched the insurance over and I am now paying $1533 for my Insurance on my 2009 Kawasaki Ninja 250, I am 18 right now (19 in may) If I woulda waited till May (id be 19) My insurance would have been $1200 for my Ninja and $900 for the 125 unfortunately I didn't wanna wait till may. So im just sticking it out paying the $1500 which I guess now that I think of it im lucky :P. But my record is clean and I have my M2.

I got quoted for the record $2600 for a 2009 EX500 for this year but I decided to go with the 250 ninja .

Im really glad I got the ball rolling last year. Sorry to hear about the problems now.

That's an amazing price from quotes others are getting. I will have to make calls to Jevco, and everyone else. I would be extremely happy if I could get it under $2000. $1200 would be superb! My record is clean as well, I have no tickets on my G licence (if that makes a difference).

Thanks for sharing!

[Favre]

unfortunatly if its your first year riding than your gunna be in around $3000 - 4000, my insurance dropped for me having a year under my belt and being older. Last year I couldnt consider the 250 ninja unless I wanted to pay 3000+ for insurance. Its all about getting that one year experience and every year ou get older upto 21 you will have your premium drop. 21-23 it will stay about the same.

[adri]

That's why I started on a 50cc scoot as a teen. My first year of insurance was ~$500.
Sure, I upgraded to a 250 within less than a year... but even then I paid just under $1,000 (it was a beat up old cruiser). Probably didn't look as cool as all the squid kids on their 600cc SS'... but the money I save on insurance is enough to send my *** to Europe or to a couple all-inclusives down south every year.

I think Favre made a good call sticking with the 250, just to correct though, as far as I understand:
21-22 is one bracket, meaning when you turn 21, it will go down. When you turn 22 it will be the same as 21
23-24 is another bracket, meaning when you turn 23 it will go down, 24 will be the same as 23.

and then 25+ you're magically so much less of an accident threat, whether you've had 6 years on the road by then, or 0

[arazumien]

Another option i've looked into is being insured as an occasional driver under my dad's name-making him the primary on the Ninja250. The online quote that John Duffy gave me was $700. Sure, it's cheap being insured as an occasional driver (secondary), however i'd also like to build up that 1 year as a primary driver for the future when I would put my name as the primary.

Any comments on being insured as an occasional driver under a parent. Pro/Con?

[VifferFun]

Another option i've looked into is being insured as an occasional driver under my dad's name-making him the primary on the Ninja250. The online quote that John Duffy gave me was $700. Sure, it's cheap being insured as an occasional driver (secondary), however i'd also like to build up that 1 year as a primary driver for the future when I would put my name as the primary.

Any comments on being insured as an occasional driver under a parent. Pro/Con?

There was a discussion on this very topic within the last week (I believe Sushii posed the question). In short, it's not an option unless your Dad truly operates the bike more than 50% of the time (and even if he does, most insurance companies will still assign you as the principal operator because you are a much higher risk and have access to the bike).

[VifferFun]

as far as I understand:
21-22 is one bracket, meaning when you turn 21, it will go down. When you turn 22 it will be the same as 21
23-24 is another bracket, meaning when you turn 23 it will go down, 24 will be the same as 23.

and then 25+ you're magically so much less of an accident threat, whether you've had 6 years on the road by then, or 0

The specific age bands depend on the insurer, but most companies use the following (or something similar):

16-18
19-20
21-22
23-24

BOTH age and experience are accounted for in your rate, but there is a significant drop at age 25 because your claims experience is grouped with everyone who is 25+ (which has a MUCH MUCH MUCH better claims experience than those under 25yo).

[adri]

Yeah, you keep telling me. It's nothing personal, I'm just in denial

[Favre]

The specific age bands depend on the insurer, but most companies use the following (or something similar):

16-18
19-20
21-22
23-24

BOTH age and experience are accounted for in your rate, but there is a significant drop at age 25 because your claims experience is grouped with everyone who is 25+ (which has a MUCH MUCH MUCH better claims experience than those under 25yo).

When I contacted my broker who deals with Jevco I asked "is there really a MAGIC Number for age" and she flat out said "Not for motorcycle" She said you may hear people say oh the Magic number is 25 she said thats correct with cars but not for motorcycles, she said your best rate jump will come from 28 - 30. But as you age your gunna get more knocked off but 25 is not going to be anymore of a % drop than 18-19 is so on and so forth. I asked this because my buddie is 23 and was going to wait till hes 25 to buy a bike, she said its completely false about the whole 25 BIG DROP thing (at least with Jevco) as it is from 17-18 my insurance premium dropped $1200 on my 125, im paying 800 less for my 250 ninja than I did for my 125 last year. Next year my 250 ninja will be about $900 bucks if all goes to plan.

[VifferFun]

When I contacted my broker who deals with Jevco I asked "is there really a MAGIC Number for age" and she flat out said "Not for motorcycle" She said you may hear people say oh the Magic number is 25 she said thats correct with cars but not for motorcycles, she said your best rate jump will come from 28 - 30. But as you age your gunna get more knocked off but 25 is not going to be anymore of a % drop than 18-19 is so on and so forth. I asked this because my buddie is 23 and was going to wait till hes 25 to buy a bike, she said its completely false about the whole 25 BIG DROP thing (at least with Jevco) as it is from 17-18 my insurance premium dropped $1200 on my 125, im paying 800 less for my 250 ninja than I did for my 125 last year. Next year my 250 ninja will be about $900 bucks if all goes to plan.

I've bolded the key words in your response. Every company is different. TD/Meloche/Primmum has a big drop at 30yo, most companies have a big drop at 25yo, and Jevco might not have a big drop at all. It all depends on the company's rating structure.

Almost all companies have a big premium drop at 25yo or 30yo for auto insurance. Some companies (and I would argue that most companies) have a big premium drop for bike insurance at 25yo or 30yo as well.

[Hytham Bayoumi]

When I contacted my broker who deals with Jevco I asked "is there really a MAGIC Number for age" and she flat out said "Not for motorcycle" She said you may hear people say oh the Magic number is 25 she said thats correct with cars but not for motorcycles, she said your best rate jump will come from 28 - 30. But as you age your gunna get more knocked off but 25 is not going to be anymore of a % drop than 18-19 is so on and so forth. I asked this because my buddie is 23 and was going to wait till hes 25 to buy a bike, she said its completely false about the whole 25 BIG DROP thing (at least with Jevco) as it is from 17-18 my insurance premium dropped $1200 on my 125, im paying 800 less for my 250 ninja than I did for my 125 last year. Next year my 250 ninja will be about $900 bucks if all goes to plan.

Well thats unforunate, your broker is clearly misinformed. Even with Jevco once you hit 25 your premium is going to be less from when you were 24. Its like Viffer said, the "claims experience" compared to those who are 25, and those are 24 are different. They just charge so much more when your 18-19. So it is safe to say when your 25, your going to be paying much less than when you were 18-19 or even 24.

[gsmokez]

I gotta say after reading all this it seems I'm not the only person who hates motorcycle insurance after all lol. Can't wait till next season and I was so excited for the snow to go away. Oh well, at least I can snowboard a bit more until next summer comes around. Can't wait to get that 250r.