Got Full M, no change in $ though

[Dr_Laxative]

I contacted my insurance broker today and he's advised me that insurance companies no longer care about m1/m2/m and that's it's all about age + new rider/experienced rider. I got my M in November 09 and was expecting a lower amount this year.

Can anyone confirm this?

I've have my M2 since 2006, M since Nov 09, going on my 5th year of insurance, 1 no-fault accident, 0 tickets and I'm paying 1300 for basic + theft/fire. Does this make any sense? I'm not driving a supersport either.

[woobie]

I didn't know there was ever a drop for M2->M. There used to be with the M1 -> M2 with kingsway but that's all I ever heard about.

[Dr_Laxative]

I didn't know there was ever a drop for M2->M. There used to be with the M1 -> M2 with kingsway but that's all I ever heard about.

Really? That's odd I was always under the impression there was.

Guess I'll just shop around and see what I can find.
Does 1300 sound reasonable though?

[joelsephstalin]

Really? That's odd I was always under the impression there was.

Guess I'll just shop around and see what I can find.
Does 1300 sound reasonable though?

You haven't really given us much information to decide whether 1300 is 'reasonable'. What company are you with now? How old are you? We know you're not riding an SS, but what ARE you riding?

It pays to choose a company that caters to your type of bike. For example, I got a quote on a 38 year old 450cc of over $1400/yr for basic liability, but on my 30 year old 650cc, I only pay $577/yr for the same coverage.

[Jayv]

Are you insured through State Farm?

[slowbird]

It makes sense that there should be.

But then again.....the insurance hardly makes any real sense.

[Dr_Laxative]

You haven't really given us much information to decide whether 1300 is 'reasonable'. What company are you with now? How old are you? We know you're not riding an SS, but what ARE you riding?

It pays to choose a company that caters to your type of bike. For example, I got a quote on a 38 year old 450cc of over $1400/yr for basic liability, but on my 30 year old 650cc, I only pay $577/yr for the same coverage.

Jevco, 29 in May, Motto Guzzi Breva 750

[Dr_Laxative]

Are you insured through State Farm?

No.. I believe they won't insure you unless you've had your license for at least 5 years.

[Hytham Bayoumi]

Really? That's odd I was always under the impression there was.

Guess I'll just shop around and see what I can find.
Does 1300 sound reasonable though?

That sounds about right, Jevco only has 2 different rate groups:

1. Under 1 year of M1/M2/M is a "0" rating which means new rider

2. Over 1 year of M1/M2/M is an "other" rating which means you
get the prefered rating

To answer your question, yes it does seem reasonable. Once you hit the 30 years old mark your rate will drop, if you remain with the same company and their rates stay the same.

Hope this helps.

[Serialize]

No.. I believe they won't insure you unless you've had your license for at least 5 years.

I got statefarm insurance when i got my M1 (winter of 2005) and unless that's changed since then you should be able to get insured without being licensed for 5 years.

[Nyx13]

You might as well check around, Jevco should have a good rate with your bike, so I expect it's the age issue....so not much you can do there. Try TD or State Farm for quotes, some people have had good luck with TD. SF is best for SS bikes but may also have a number you'd be happier with. I think, as I recall, someone said they got a good rate with Desjardins.

[Chantie]

State Farms didn't give me any breaks on price when I got my full M license. It's too bad, I was under the impression they would...

They told me to call back in 2 years when I turn 30.

[Dr.Manhattan]

I got statefarm insurance when i got my M1 (winter of 2005) and unless that's changed since then you should be able to get insured without being licensed for 5 years.

You need to have 5 years of driving experience for State Farm.

[VifferFun]

Regardless of what people may tell you (and what most people seem to believe), most companies do not change your rates when you go from your M1 to M2, or M2 to M. Your rate is usually based on other factors such as age, experience, etc.

Some companies may REQUIRE that you have your M2 or M before they will even consider insuring you.

By the way, State Farm indeed requires that you be five years licensed AND have your full G license before they will consider insuring you.

[JBizzle]

In 11 years of biking (16-27) - I never saw any rate decrease based on experience, or license changes. Given there were a few different bikes throughout that time, years with the same bike still increased.

As a younger person, dont ever fall for their 'it will get cheaper' BS. If you ride the same class bikes, it will only get more expensive.

[VifferFun]

In 11 years of biking (16-27) - I never saw any rate decrease based on experience, or license changes. Given there were a few different bikes throughout that time, years with the same bike still increased.

As a younger person, dont ever fall for their 'it will get cheaper' BS. If you ride the same class bikes, it will only get more expensive.

Who are you insured with. I can assure you that your premium should decrease as your risk profile improves, especially prior to 25yo (i.e. as you gain experience, become older, etc.). If your premium did not decrease in the years prior to 25yo, then you should probably be shopping around.

[MassNutrition]

You need to have 5 years of driving experience for State Farm.

Are you sure? Either my agent was REALLY COOL and lied for me, or 5 years exp isn't necessary...

[tigster]

Who are you insured with. I can assure you that your premium should decrease as your risk profile improves, especially prior to 25yo (i.e. as you gain experience, become older, etc.). If your premium did not decrease in the years prior to 25yo, then you should probably be shopping around.

Been following your posts, have a question for you.

Turning 30 in may, 07 GSXR 750, Full G for 8 years now, my 5th bike with no claims, no accidents. One 10km/hr over (ticket) last year, with StateFarm ever since my first bike.

What would you say I should be paying? (Just based on your experience, roughly)

TIA

Edit: forgot to mention, FULL coverage

[VifferFun]

Been following your posts, have a question for you.

Turning 30 in may, 07 GSXR 750, Full G for 8 years now, my 5th bike with no claims, no accidents. One 10km/hr over (ticket) last year, with StateFarm ever since my first bike.

What would you say I should be paying? (Just based on your experience, roughly)

TIA

Edit: forgot to mention, FULL coverage

How much you should be paying with State Farm? This depends on whether or not you also have a car with them. If you have your car with State Farm, you are likely paying in the neighbourhood of $90/mo. Without your car, you are likely paying in the neighbourhood of $125/mo. These are just guesses

Since you are turning 30, it would be well worth you while to try getting a quote with TD/Meloche Monnex/Primmum. If you are a member of a professional organization, try quoting with Meloche first, assuming that the policy will take effect after your 30th birthday.

[tigster]

How much you should be paying with State Farm? This depends on whether or not you also have a car with them. If you have your car with State Farm, you are likely paying in the neighbourhood of $90/mo. Without your car, you are likely paying in the neighbourhood of $125/mo. These are just guesses

Since you are turning 30, it would be well worth you while to try getting a quote with TD/Meloche Monnex/Primmum. If you are a member of a professional organization, try quoting with Meloche first, assuming that the policy will take effect after your 30th birthday.

Thanks for the reply, I reside in Thornhill, and my car is not insured with SF, they quoted me $150 a month (up from $140 last year)

I will try to get a quote from Meloche once I turn 30 in May, maybe they can offer me a better rate. A Friend of mine is my age, has a car and his home insured with SF, and he's paying $90 a month, dead on