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Well I gave Avi a call today and basically it would cost me around $3500 up front payment for the year which is way too much for me. I feel that my best bet would be to just wait another year for the bike. The rates drop much lower if I decide to wait just one year. Hopefully they don't decide to change their policies around and make me wait a couple more years.
Once you get 1 year on the M1 the premiums become pretty awesome =)Originally Posted by gsmokez
I have 2 months to wait so I'm considering getting it for the high rate and canceling...but it's pretty troublesome.
P.S. Avi is awesome, he didn't yell at me yet even though he probably wanted to =)
Proud owner of a 2001 Kawi 250 (low side count: 3)
UWaterloo '13-14 - Fin. Analysis, Com. Sci. (SE) Double
(don't hate on the sig...ye have been warned...)
Yeah he put it down short and sweet when advising me. I appreciate the advice he gave me though. I just find it a shame that something as dumb as insurance can come between someone and their passion/hobby. Oh well guess I've got a year before I can ride.
If you're that passionate about it get a quote for a 50cc and ride that for now. Worked for me. No shame in buying what's within your budget.
Are insurance prices going to get higher when the new hst tax comes in ? If they are you better get it now before july 1st comes and you will have to pay more than 4000.
on topic, got my first bike insured at 16 im 17 now and im with cornerstone, excellent company, i would defintately recommend them easy to work with and they gave me the lowest rates compared to all the other companies out there. If you have one year experience or get your m2 im pretty sure your rates go down.
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M2 doesn't matter (you'd think it would but no...) so all you need is a year on the M1...if I knew Id waste a couple hundred continuously retaking my M1 from the time I was 16...lmao. My rates would rock right now if I did that...
Proud owner of a 2001 Kawi 250 (low side count: 3)
UWaterloo '13-14 - Fin. Analysis, Com. Sci. (SE) Double
(don't hate on the sig...ye have been warned...)
M2 in many cases does make a difference, but that's a matter of the insurance company and it's particular policies.
M2 --> M as far as I've seen does not make a difference however.
That's probably because the only difference between the two is the alcohol restriction.
Ya it was in an underground garage at a condo and some guy backed into my bike and my buddies gixxer. But it was caught on camera and it was basically a vehicle collision which i wasn't at fault for.Totaled while hit in storage? Sounds interesting
Have you tried quoting with Jevco for this season yet? Their rate might be better.
As for better rates, State Farm quoted me a pretty sweet rate if I bring my car over and as long as I have my G and turn 21.
"Bro... it's an exotic..."
SOAR Novice #37
I had my M1 a few years back when I was 17 but then let it expire. I ended up getting M1 again last year and my M2 shortly after. Am i allowed to use my M1 date from when I was 17 even though it expired?
"Bro... it's an exotic..."
SOAR Novice #37
Good question. I would call up and ask. I think because of the lapse of the time, the answer would be know, since in effect you had your license... and then didn't, and then did again. That said, it's still worth calling up and asking about, and then coming back to report your findings here
PS: I think as far as the ministry is concerned, you can use your original M1 license date and upgrade 60 days from that, rather than 60 days from the issuing of the second M1, but the ministry and insurance companies definitely aren't the same, and one company's policy on this might be different than another, so don't give up at the first rejection.
Last edited by adri; 03-26-2010 at 03:50 PM.
lol I've already got a 110cc bike in my basement which I'm pretty bored of. There would be no point of me getting a 50cc.
You can't ride on a freeway with the M1, you also cannot have a passenger or ride at night. So the M2 is a pretty big difference in classification compared to M1.
" Run as fast as you can, then jump and slide on the pavement. Now think of traveling at 80 MPH and doing the same. Don't be a squid, wear proper gear. "
If he was talking about alcohol he was talking M2 -> M. Only diff between M2 and M is that you can drink and drive (and it doesn't expire).
-Jamie M.
Scarborough group ride 4.0! Every Sunday, 1:30, Timmies at KC!!! Facebook group!!^^^ OMG ROFL!!! ^^^
Dress for the crash, not for the ride...
You do not currently pay taxes on automobile insurance. So I would think that the HST will not impact your premiums directly.
HST will increase the cost of claims to the insurer (since they are currently GST exempt on many products and services). When the cost of claims increases, then the premiums must increase as well. I don't think HST will have a very significant impact though.
I'm an Actuarial Analyst for a Major Canadian Insurance Company. I analyse claims patterns to determine overall rate changes, as well as relative premium differences by various risk characteristics (eg. age, experience, claims, convictions, usage, etc.)
Unless it's private, please post insurance-related questions in the forum rather than sending me a PM.
Current: 2001 Suzuki GSXR1000 (4th Season)
Previous: 1996 Honda VFR750F (4 Seasons)
Previous: 1998 Kawasaki Ninja EX250 (3 Seasons)
Just out of curiosity, as I am in a similar position as OP-- would the expected insurance rates be significantly lower with 1 year of M1/M2 (hence receiving premium rates from say... Jevco) AND trying to insurance a Honda CBR 125?
I was all for the Ninja 250r, but seeing as I may have to pay over 2k in insurance alone, the 125cc is starting to look a lot better day by day. And you can find it for less than 2k fairly-new on Kijiji. I mean if it is cheaper I'll gladly ride for a couple of years on the CBR 125 (better than a 50cc scooter).
Sorry for the threadjacking
The rate for the CBR-125R and the 250R will be the same, BUT the rate with one year licensed is significantly less (probably about $1000).
So I guess by next year, the only reason to go with the 125 would be the lower up-front costs (used are about half the price of a 250)?
What about maintenance? Do either of the bike different in requirements for maintenance (I realize this is vague as that would greatly depend on the initial condition of the bike) but I mean generally?
If you don't want to ride your 110cc, which should be lower insurance, then skip this season. I'm with Adri. Riding a 50cc is better than not riding at all.
You could also try getting quotes on older bikes and only insuring for liability. That might lower your rate a little.
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