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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.
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.
Mmm, Toronto Motorcycles
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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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...)
Mmm, Toronto Motorcycles
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.
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
"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.
Mmm, Toronto Motorcycles
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.
" 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. "
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Dress for the crash, not for the ride...
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).
Mmm, Toronto Motorcycles
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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