Insurance Cost For 18 Year Old With M2

[kw-ont-75]

wow insurance for a 18 yr old is like being in jail, you end up getting f ucked

[RLapin]

wow insurance for a 18 yr old is like being in jail, you end up getting f ucked

Once you get 1 year on your M1 even with no experience it goes down to under 2k full coverage...just a matter of waiting =)

[gsmokez]

Wow this is terrible, I had no idea it was this hard. Man this is so depressing I was all excited about being able to get a bike for the summer. I can't believe it costs so much to insure a little 250cc bike.

[RLapin]

I already have the bike and everything...might end up waiting till June to get that 50% discount on the insurance tho =)

[gsmokez]

Oh I didn't even notice that you were around the same age as me. So did you just happen to get your m1 early so you were able to build up a record or did you just suck it up and pay the high prices? The issue with me is I have a single turbo manual transmission Toyota Supra to insure for the summer as well and that's not exactly cheap and with this bike on top I think it'll be just a little too much for me to handle.

[RLapin]

I got my gear and license last year but didn't have enough money for both the bike AND insurance so I just got all that, bought my bike near the end of the season and stored it. If I'd known that the difference would be so great, I'd have gotten my M1 much earlier than June so that I could reap the benefits of cheap insurance today =)
In general I'm ok paying 4k for my first year but when given the choice of waiting for 2 months and saving 50% plus getting more coverage...well...I want to ride but the 2k might come in useful

[gsmokez]

Yup definitely, I would wait the 2 months and save the 2k without a doubt. 4k for insurance seems a bit too steep for me though. Unfortunately if I can't find anything more reasonable than that I think I actually may have to forget about everything and think about getting a bike once I'm around 20 or something. I can't explain how much I hate these high insurance prices right now.

[RLapin]

Heheh, same here, I was quite ****** off when I realized I'd have to wait.
I *think* I can get basic coverage for 2k/year now...if that quote is confirmed I'll take it and screw waiting for 2 months =)
Also, no need to wait till 20, just get a year on the M1 and you'll be fine...

[gsmokez]

Yeah I guess I will just have to wait until next summer then. I'll still do my best to get quotes though but worst case scenario I guess there's always next year and yeah basically next year I would be 20 lol.

[toysareforboys]

...is like being in jail, you end up getting f ucked

That's a myth

And purposely avoiding the swear filter will get you an infraction.

-Jamie M.

[VifferFun]

In general I'm ok paying 4k for my first year but when given the choice of waiting for 2 months and saving 50% plus getting more coverage...well...I want to ride but the 2k might come in useful

Who told you that your premium will drop by 50% with Jevco when you have been M1/M2 licensed for one full year? I know the premium drops significantly, but I'm not sure that it's THAT significant.

[RLapin]

Got quotes from 2 brokers now and they gave me approx. the same numbers.
19, k250, m1 < 1 year -> 3.6k just 1kk liability
19, k250, m1 = 1 year -> 1.5k full coverage (I think 1.2k or smth just liability)
So it's actually more than 50%...or so I've been told...

[Jlin]

best thing to do is hold ur M2 until next year and try again, rates go down considerably after a year.

[RLapin]

best thing to do is hold ur M2 until next year and try again, rates go down considerably after a year.

They count from M1 date...which means nothing so I don't know what the reasoning behind that is...

[VifferFun]

Got quotes from 2 brokers now and they gave me approx. the same numbers.
19, k250, m1 < 1 year -> 3.6k just 1kk liability
19, k250, m1 = 1 year -> 1.5k full coverage (I think 1.2k or smth just liability)
So it's actually more than 50%...or so I've been told...

Thanks. I guess the premium drop is more significant than I thought. Are you sure that the broker didn't quote you in the second scenario as being 20yo (meaning you are combining the age and the experience effects)?

[RLapin]

Thanks. I guess the premium drop is more significant than I thought. Are you sure that the broker didn't quote you in the second scenario as being 20yo (meaning you are combining the age and the experience effects)?

Nope, both quotes for 19 =)
I'm amazed myself because between today and June nothing will change that would make me a lower risk customer...oh well.

[VifferFun]

Nope, both quotes for 19 =)
I'm amazed myself because between today and June nothing will change that would make me a lower risk customer...oh well.

I don't know why Jevco doesn't use an incremental Driving Record model like other insurers do. Under the driving record model, your rate decreases for each year that you remain at-fault claims free up to a certain limit (usually three years for motorcycles and six years for cars). Instead of doing this, Jevco lumps everyone in the 1+ years of experience category into the "experienced" group. This has the unintended consequence of new new riders getting their license, waiting a year without gaining any relevant experience on two wheels, and then purchasing their "experienced-rate" policy in the next season. Jevco's rating structure is great for people just starting out, but crappy for experienced riders who would see a lower premium under the driving record model (since they would be better segregated from the inexperienced riders).

[fsilva_mcl]

Insurance during my first year was awfully expensive...

If this gives you any indication as to how much your premium will drop after the first year consider that I had a 2005 GS500F and it cost me $3500 just liability last year. This year it was going to cost me $2400. However my bike was written off during the winter when it was hit in storage so I ended up getting an 08 Ninja 250 and now its $2100. All with TD/Primmum, I'm turning 21 in April and got my M1 last March.

Sometimes you just have to pay to play...

[VifferFun]

Insurance during my first year was awfully expensive...

If this gives you any indication as to how much your premium will drop after the first year consider that I had a 2005 GS500F and it cost me $3500 just liability last year. This year it was going to cost me $2400. However my bike was written off during the winter when it was hit in storage so I ended up getting an 08 Ninja 250 and now its $2100. All with TD/Primmum, I'm turning 21 in April and got my M1 last March.

Sometimes you just have to pay to play...

Totaled while hit in storage? Sounds interesting

Have you tried quoting with Jevco for this season yet? Their rate might be better.

[Avi Singh]

This has the unintended consequence of new new riders getting their license, waiting a year without gaining any relevant experience on two wheels, and then purchasing their "experienced-rate" policy in the next season. Jevco's rating structure is great for people just starting out, but crappy for experienced riders who would see a lower premium under the driving record model (since they would be better segregated from the inexperienced riders).

I see the unintended consequence you mention. The intened consequence though, is that for people who are under 21, they have to wait for a year before they are eligible. Youth, rash decisions, and motorcycles are generally not a good mix.