RD350 Insurance at 20 Years of Age

[Matt01]

Hello,

I have recently been quoted $1400 a year by Jevco for minimum coverage insurance on my 1981 RD350. I am 20 years of age, have a clean driving record and my M2 & G2 licenses. I am interested in any recommendations that will lower this premium.

Thanks.

[Matt01]

Such as waiting until a certain age or obtaining my G or M. Any input would be appreciated.

[zacm7]

i had a 90' rz350 from 16-18 with m2 and i was paying almost $1600 so i would say your rates are reasonable.

have you taken a moto course? that might lower by 15-25%.

you can get married, have a couple kids and own a house...but thats going to cost a little more then 1400 a year

getting your M will also lower your rates not by much though your still 20, they hate us bro.

[Matt01]

Haha. I have completed the course, will have to obtain my M, other than that I guess I've done all that I can do or willing to do, with respect to the marriage comment. Do you still have the RZ? If not why?

[zacm7]

Haha. I have completed the course, will have to obtain my M, other than that I guess I've done all that I can do or willing to do, with respect to the marriage comment. Do you still have the RZ? If not why?

no i dont have it anymore seriously wish i did though. I was hit and the bike got roughed up about 2 grand in damages the guy payed me cash didnt go through insurance and i bought a new bike (zx7) then i worked little by little on the rz but the engine suffered some damage in the crash so i sold it, i still miss the bike i really would love a rz with upgraded suspension and wheels. i have adopted a new moto sport (dirt biking) and i am looking for a sled for the winter here in BC so i dont imagine i will ever get another 2 smoke street bike.

no its not the section but heres a pic of the blue bomber



had to tape over the oil jug because it would leak out wheelieing lol.

[VifferFun]

have you taken a moto course? that might lower by 15-25%.

Generally speaking, the course will not decrease your rate, but more insurers will be willing to write you. By not taking the course, you are not eligible with many insurers.

you can get married, have a couple kids and own a house...

Marital status rarely affects your bike premium, but it does affect auto premiums if you are under 25. Kids have nothing to do with your rates. Owning a home rarely affects your bike premium, but it does affect auto premiums.

getting your M will also lower your rates not by much though

I have never heard of a company that decreases your rate by getting your M.

You hit many of the insurance pricing myths all in one post
Basically, your bike premium will be cheaper as you age, gain experience, or move to a smaller bike.

[VifferFun]

To the OP, your Jevco premium will decrease when you have been licensed for one full year, regardless of whether or not your owned or insured (or even rode) a bike. For this reason, many people get their M2 a year prior to buying a bike.

[Matt01]

To the OP, your Jevco premium will decrease when you have been licensed for one full year, regardless of whether or not your owned or insured (or even rode) a bike. For this reason, many people get their M2 a year prior to buying a bike.

I have had my M2 for a few years now. Is this likely the lowest premium I could therefore find? Also, I am in Ontario for educational purposes, my folks live out of province. Would I be able to insure the bike in there province where insurance costs much less and ride in Ontario? What are the regulations surrounding this situation?

[Matt01]

no i dont have it anymore seriously wish i did though. I was hit and the bike got roughed up about 2 grand in damages the guy payed me cash didnt go through insurance and i bought a new bike (zx7) then i worked little by little on the rz but the engine suffered some damage in the crash so i sold it, i still miss the bike i really would love a rz with upgraded suspension and wheels. i have adopted a new moto sport (dirt biking) and i am looking for a sled for the winter here in BC so i dont imagine i will ever get another 2 smoke street bike.

no its not the section but heres a pic of the blue bomber



had to tape over the oil jug because it would leak out wheelieing lol.

Looks like a clean RZ. How would you compare your ZX7 to it?

[VifferFun]

I have had my M2 for a few years now. Is this likely the lowest premium I could therefore find? Also, I am in Ontario for educational purposes, my folks live out of province. Would I be able to insure the bike in there province where insurance costs much less and ride in Ontario? What are the regulations surrounding this situation?

I think it's a very good rate.

If you are rding the bike in Ontario, you need insurance in Ontario. The premium is based off of where you do most of your riding, because this is an accurate measure of your risk. You must inform your insurer of your move to Ontario and they wil adjust your premium accordinly. Failure to inform your insurer is misrepresentation fraud and can result in any future claims being denied.

[Matt01]

I think it's a very good rate.

If you are rding the bike in Ontario, you need insurance in Ontario. The premium is based off of where you do most of your riding, because this is an accurate measure of your risk. You must inform your insurer of your move to Ontario and they wil adjust your premium accordinly. Failure to inform your insurer is misrepresentation fraud and can result in any future claims being denied.

Good to know. Thanks for the information. Now if I decided to insure the bike with Jevco and it suffered a catastrophic failure and I wanted to cancel the premium due to the failure, would I be refunded all of my money minus the months that I rode it?

[VifferFun]

Good to know. Thanks for the information. Now if I decided to insure the bike with Jevco and it suffered a catastrophic failure and I wanted to cancel the premium due to the failure, would I be refunded all of my money minus the months that I rode it?

You can cancel your policy at any time . . . you don't need a catastrophic failure, BUT you must understand that most of your premium is "used up" from March to September (meaning you would get very little money back ifyou cancel at the end of the season). I know what you're thinking . . . you're going to try and cancel in September and hope for half of your premium back. It doesn't work that way.

Read the sticky that I linked to in my previous post; although it is specific to State Farm, the concept of Earned Premium for motorcycles applies to all companies.

[Matt01]

You can cancel your policy at any time . . . you don't need a catastrophic failure, BUT you must understand that most of your premium is "used up" from March to September (meaning you would get very little money back ifyou cancel at the end of the season). I know what you're thinking . . . you're going to try and cancel in September and hope for half of your premium back. It doesn't work that way.

Read the sticky that I linked to in my previous post; although it is specific to State Farm, the concept of Earned Premium for motorcycles applies to all companies.

I realize that is the way that many 20 year olds would think, however I am legitimately concerned with the bike breaking down, within the first month I insure it, not being able to dedicate funds to its repair, therefore not riding it and then having to pay a large percentage of the premium. Larger percentages of the premium must be paid during the riding season, if for example the bike broke down within the first month and I paid $300 for that months insurance, what would the refund amount to?

[VifferFun]

I realize that is the way that many 20 year olds would think, however I am legitimately concerned with the bike breaking down, within the first month I insure it, not being able to dedicate funds to its repair, therefore not riding it and then having to pay a large percentage of the premium. Larger percentages of the premium must be paid during the riding season, if for example the bike broke down within the first month and I paid $300 for that months insurance, what would the refund amount to?

The sticky pretty much explains it:
http://www.gtamotorcycle.com/vbforum...ad.php?t=91969

Pay particular attention to the section on the premium earned in each month. You do not pay the same amount of insure to ride each month of the year -- it is dependent on the expected amount of riding in that month. For example, you pay next to nothing in February (2% of your annual premium) but you pay a lot in July (16% of your annual premium). The premium earning schedule is can be slightly different for each insurer, but they are all pretty similar.

[Matt01]

The sticky pretty much explains it:
http://www.gtamotorcycle.com/vbforum...ad.php?t=91969

Pay particular attention to the section on the premium earned in each month. You do not pay the same amount of insure to ride each month of the year -- it is dependent on the expected amount of riding in that month. For example, you pay next to nothing in February (2% of your annual premium) but you pay a lot in July (16% of your annual premium). The premium earning schedule is can be slightly different for each insurer, but they are all pretty similar.

Thanks, that spreadsheet is definitely very useful. If I do insure the bike I absolutely intend to keep it insured for a full year. I am just investigating situations that could arise during that period which will assist in determining whether or not I should go ahead and insure it.