Help with Insurance Quote - Did it online an it said it would cost me $9717/annually!

[turbodish]

As for the old bike its getting restored as I plan to buy another newer bike this winter and I want to get it appraised and insured as a classic. How can I find out what's going on here? Its like a party is going on and I'm not invited.

Several riders at CVMG have multiple classic bikes on the road. I was chatting with one CVMG member earlier this year about the cost of insuring personal fleets of bikes and he mentioned that these riders have no problem getting relatively inexpensive classic bike policies for bikes 25 years or more old.

http://www.homeforchrome.com/
http://www.cvmg.ca/Default.aspx?page...d=49080&tpg=16
http://www.cvmg.ca/Default.aspx?page...ist&eid=470081
http://www.cvmg.ca/Default.aspx?page...d=405727&tpg=3

Maybe you might want to try here to get on on THEIR party. I believe they have a local chapter that meets at the Georgetown Legion on the first Thursday evening of every month. That's tomorrow.

[VifferFun]

Im over 25 (29 ACTUALLY) full GM over 5 Years. No tickets accidents nothing at all. State farm quoted me at $1800 liability only 2 years ago. Am I being punished for something I didn't do? Is it the fact I live in port credit and they assume I got money? I shop so much and no one ever has given me a price lower then what I pay now at. $1200 a year liability only. As for the old bike its getting restored as I plan to buy another newer bike this winter and I want to get it appraised and insured as a classic. How can I find out what's going on here? Its like a party is going on and I'm not invited.

You are riding a CB750f, which has 750cc. In State Farm's eyes, your 1981 CB750f is more dangerous than a 2005 R6 because you have an extra 150cc (which is ridiculous, I know!). State Farm rates by displacement rather than a combination of class and displacement like most other insurers. If you're purchasing mandatory coverages only, the value of the bike has very little to do with the calculation of the premium. If you were to purchase a 2005 R6 like the OP and insure with State Farm, you would be getting a rate very similar to the OP (which is less than you pay on your higher-displacement-but-much-older-and-much-less-powerful CB750).

[VifferFun]

Several riders at CVMG have multiple classic bikes on the road. I was chatting with one CVMG member earlier this year about the cost of insuring personal fleets of bikes and he mentioned that these riders have no problem getting relatively inexpensive classic bike policies for bikes 25 years or more old.

http://www.homeforchrome.com/
http://www.cvmg.ca/Default.aspx?page...d=49080&tpg=16
http://www.cvmg.ca/Default.aspx?page...ist&eid=470081
http://www.cvmg.ca/Default.aspx?page...d=405727&tpg=3

Maybe you might want to try here to get on on THEIR party. I believe they have a local chapter that meets at the Georgetown Legion on the first Thursday evening of every month. That's tomorrow.

To qualify for an antique/classic policy, you generally have to use the bike VERY little, and the usage is restricted (i.e. you can never ride it to work, it should only be used to ride to/from shows or weekend rides, etc.)

[Venom01]

I've been invited to join that group and a few other VJMC clubs. However as much as I love old Japanese bikes I feel as if I should be sitting at the kiddie table. However I was planning to get something newer. I was looking at an RC51 for my next bike because I'd love to try a big ol' sporty twin as I've been on nothing but parallel twins and inline fours. However it seems that there is something I need to get to the bottom of here insurance wise.

[turbodish]

To qualify for an antique/classic policy, you generally have to use the bike VERY little, and the usage is restricted (i.e. you can never ride it to work, it should only be used to ride to/from shows or weekend rides, etc.)

I raised a question about possible usage restrictions with the rider I spoke to, and he said that the terms were rather generous. The Home for Chrome classic insurance stipulation is limited pleasure use, but that may be be sufficient for some rider's needs, particularly if they have more than one bike to spread their riding mileage across. There are discounts for additional bikes held under the classic bike insurance program. The downside is the need for a bike appraisal every two years.

[Venom01]

So its that obvious that the systems is flawed in a major way. Why would any company look at cc's instead of HP? Would that not make more sense? Also seeing how the o.p. is on an m2 with less riding XP would he not be paying more than me for the same bike? These things don't make ANY sense to me.

[Venom01]

Yeah if I had another bike and my 750 was restored I would prob want to use it less and push it less for that matter. My father has an xs1100 insured as a classic with silver wheels (I think silver WHEELS) and I've become quite aware of the stipulations of said insurance. BTW to the o.p. have fun next season man and keep the rubber down!...........at least the rear rubber.

[VifferFun]

So its that obvious that the systems is flawed in a major way. Why would any company look at cc's instead of HP? Would that not make more sense? Also seeing how the o.p. is on an m2 with less riding XP would he not be paying more than me for the same bike? These things don't make ANY sense to me.

They don't make sense to me either, but that's the way State Farm rates their bikes. It defies logic, but works to the benefit of SS riders like myself. If it were up to me, I would be rating strictly on a power-to-weight ratio and scrapping the subjective sport-vs-non-sport garbage.

[Venom01]

They don't make sense to me either, but that's the way State Farm rates their bikes. It defies logic, but works to the benefit of SS riders like myself. If it were up to me, I would be rating strictly on a power-to-weight ratio and scrapping the subjective sport-vs-non-sport garbage.

So I guess its not in the best interest of the company's to do so? I still think something's up with my profile the insurance company's have. I do have a copy of my abstract and its clean. I can't figure out why I'm getting hosed over here. I just want to pay the RIGHT price for insurance. I don't understand what's going on here. I'm going to call the broker the o.p. suggested for a quote on an 05 R6 and see what happens. If its way higher than the o.p's quote then I have no choice but to assume something is very wrong. I just don't want to overpay, no one does.

[VifferFun]

So I guess its not in the best interest of the company's to do so? I still think something's up with my profile the insurance company's have. I do have a copy of my abstract and its clean. I can't figure out why I'm getting hosed over here. I just want to pay the RIGHT price for insurance. I don't understand what's going on here. I'm going to call the broker the o.p. suggested for a quote on an 05 R6 and see what happens. If its way higher than the o.p's quote then I have no choice but to assume something is very wrong. I just don't want to overpay, no one does.

Nothing is wrong with your premium -- you have a higher-displacement bike than the OP. Quote with an 05 R6 and your premium will be very similar to the OP. The old bike is limiting your choice of insurer, to the point where you would be cheaper off buying a newer and more powerful bike with less displacement.

[Aslan]

Is it the fact I live in port credit and they assume I got money?

Probably not, but location could well play a part. I was told my auto rates are largely based on my territory and when I got a quote for a theoretical move to port credit they recognized it as a different territory but the rate wasn't much different. Apparently Streetsville or Meadowvale would make a bigger impact.

How can I find out what's going on here? Its like a party is going on and I'm not invited.

Ask for some quotes if you moved?

[7jai]

Yeah if I had another bike and my 750 was restored I would prob want to use it less and push it less for that matter. My father has an xs1100 insured as a classic with silver wheels (I think silver WHEELS) and I've become quite aware of the stipulations of said insurance. BTW to the o.p. have fun next season man and keep the rubber down!...........at least the rear rubber.

haha will definitely enjoy my next season with my new toy! Now i just gotta get used to it's massive size (as i'm only 5'6 and i am literally tippy-toeing both feet when I on the seat lol)

It seems like my original guess in Post #4 was pretty close . . . I was off by $19

yeh! I know! that's pretty incredible Viffer! Thanks again! You are like a Motorcycle Insurance God or smthing! lol Not only did you help me reduce my bike insurance, but my auto went down SIGNIFICANTLY too. I drive a 2010 civic and as we all know civics are considered high risk cars. So my insurance before was roughly around $4.6K annually (385 a mnth) for both my sis and i. Now, with my moto combined, state farm is giving the auto insurance to me for $2.9K annually ($244 a mnth) for the both of us! thats nuts!

Even if i add the moto and auto insurance, i would only be paying roughly around $320 a month at most! That's even cheaper than before! lol

[VifferFun]

Probably not, but location could well play a part. I was told my auto rates are largely based on my territory and when I got a quote for a theoretical move to port credit they recognized it as a different territory but the rate wasn't much different. Apparently Streetsville or Meadowvale would make a bigger impact.

Your location/territory typically plays a bigger role in auto insurance pricing than motorcycle insurance pricing. Many companies do not even consider your location when setting rates for motorcycle insurance, but all companies consider your location when setting rates for auto insurance. For auto insurance, the territory effect can range from a ~70% discount (i.e. if you are in a low-risk rural area in the middle of nowhere) to a ~70% surcharge (i.e. if you are in a high-risk urban area such as Brampton). The territory differences vary by company.

[VifferFun]

haha will definitely enjoy my next season with my new toy! Now i just gotta get used to it's massive size (as i'm only 5'6 and i am literally tippy-toeing both feet when I on the seat lol)

yeh! I know! that's pretty incredible Viffer! Thanks again! You are like a Motorcycle Insurance God or smthing! lol Not only did you help me reduce my bike insurance, but my auto went down SIGNIFICANTLY too. I drive a 2010 civic and as we all know civics are considered high risk cars. So my insurance before was roughly around $4.6K annually (385 a mnth) for both my sis and i. Now, with my moto combined, state farm is giving the auto insurance to me for $2.9K annually ($244 a mnth) for the both of us! thats nuts!

Even if i add the moto and auto insurance, i would only be paying roughly around $320 a month at most! That's even cheaper than before! lol

I'm glad that things worked out for you. The Civics (particularly the coupes) do have pretty terrible CLEAR vehicle rate groups (which are used to set the rates). You might find this high-lelve CLEAR table interesting (which is a bit out of date, but gives you the picture):

http://www.ibc.ca/en/Car_Insurance/d...CMU_E_2009.pdf

The car you drive (and its associated CLEAR rate groups) affect your Accident Benefits, DCPD, Collision, and Comprehensive premiums. Since Accident Benefits are so expensive in Ontario, you could see a pretty big swing in the AB premium depending on the car. The Civic gets an AB rating of 5/5 (where 1 is the best, and 5 is the worst). This means that people who get into accidents with the Civic are typically hurt pretty bad.

One other thing -- do you have a Homeowners or a Tenant policy with State Farm? It is probably in your best interest to purchase a Tenants policy if you don't already have one. Aside from the fact that your personal belongings will be covered, it will give you an additional ~6% off of your Auto Insurance. This means you would save about $175/yr on your Auto Insurance, and the savings might even exceed the Tenant policy premium (meaning you are getting the coverage for free). Also, if you are a young non-smoker with a clean medical history, consider purchasing a cheap $250,000 20-year Term Life Insurance policy with State Farm -- this will give you an additional 8% discount off of your Auto ($232/yr) which more than likely will exceed your annual Life policy premium (if you are deemed a "super-preferred" Life risk).

[7jai]

Question guys - Do I really need to go to the State Farm office to hand in my VOID cheque and all that jazz? With Belair - all I needed to do was provide them with my credit card number and they charge the amount to my VISA every month. With State Farm, it seems like they only do bank deductions? Is this accurate? Just wanted to double check if this payment style varies from branch to branch. I would rather pay VISA and have them charge the amounts monthly...

[VifferFun]

Question guys - Do I really need to go to the State Farm office to hand in my VOID cheque and all that jazz? With Belair - all I needed to do was provide them with my credit card number and they charge the amount to my VISA every month. With State Farm, it seems like they only do bank deductions? Is this accurate? Just wanted to double check if this payment style varies from branch to branch. I would rather pay VISA and have them charge the amounts monthly...

I believe you can simply fax them a copy of a void cheque. At this time, State Farm doesn't allow for monthly payments by credit card . . . they take direct bank withdrawals only. I wish that they would take credit card payments as well, but this would drive their costs (and hence premiums) up.