Meloche Monnex lets me pay in 12 payments!

**canuckerjay** · 03-26-2012, 04:29 PM

Never been offered a 12 payment plan from tDMM. But I've been happy with them - they now handle my bike, car and home. I tried them for bike ins. 7 years ago, and they were pricing me through the roof at over 2400$. Lowest I could find for years was Riders Plus at around 1100$. TDMM was always cheapest for my car and house, though, and then they just cold called me and said their bike rates had changed, boom -- under 700$. I added some coverage and made out at around 780 or so -- still a happy cold call for once.

**daught** · 03-27-2012, 11:35 AM

IBEW just joined Meloche Monnex

. My renewal is in a few weeks. I called them for a quote and I saved $450 over JEVCO. They offered me 12 payments.

**TheNewDude** · 03-28-2012, 05:09 PM

I've gotten a quote from the following:

1. Riders Plus (Cheapest)
2. TD Meloche Monnex (Very close to being the cheapest)
3. JEVCO ($400 over the cheapest)
4. RBC (Wouldn't insure me because I'm a new rider)
5. StateFarm (Will be giving them a call soon)

Any other companies I should be trying??

And what's the word on "Collision Coverage Deductible"? Do we need it even need this insurance. If yes, what deductible is good?
All Perils Coverage?

**VifferFun** · 03-29-2012, 10:08 AM

Originally Posted by TheNewDude

And what's the word on "Collision Coverage Deductible"? Do we need it even need this insurance. If yes, what deductible is good?
All Perils Coverage?

When you make an claim for damage to your vehicle when the collision is your fault, you must first pay the Collision Deductible and then your insurer will pay for the remainder. For example, suppose you hit a tree and cause $3000 damage to your car. If you have a $500 Collision deductible, then you would pay for the first $500 of loss and then your insurer will cover the remaining $2500. Obviously, the lower the deductible, the better the coverage.

Similiarly, you will have a Comprehensive Deductible (for claims of Fire/Theft/Vandalism).

All Perils is essentially the combination of Collision and Comprehensive, where both coverages will have an identical deductible. For example, an All Perils coverage with a $500 deductible means that you have Collision with a $500 deductible, and Comprehensive with a $500 deductible.

**TheNewDude** · 03-29-2012, 10:25 AM

Originally Posted by VifferFun

When you make an claim for damage to your vehicle when the collision is your fault, you must first pay the Collision Deductible and then your insurer will pay for the remainder. For example, suppose you hit a tree and cause $3000 damage to your car. If you have a $500 Collision deductible, then you would pay for the first $500 of loss and then your insurer will cover the remaining $2500. Obviously, the lower the deductible, the better the coverage.

Similiarly, you will have a Comprehensive Deductible (for claims of Fire/Theft/Vandalism).

All Perils is essentially the combination of Collision and Comprehensive, where both coverages will have an identical deductible. For example, an All Perils coverage with a $500 deductible means that you have Collision with a $500 deductible, and Comprehensive with a $500 deductible.

Thanks a lot of the explanation.
So I'm thinking I don't really need the Collision coverage. I'm going to be getting a $3000-$3500 bike and to have a $1000 deductible really doesn't make much sense. The saving for removing that quote is about $110/year. So, i'm not sure if it's worth it or not.

**VifferFun** · 03-29-2012, 03:56 PM

Originally Posted by TheNewDude

Thanks a lot of the explanation.
So I'm thinking I don't really need the Collision coverage. I'm going to be getting a $3000-$3500 bike and to have a $1000 deductible really doesn't make much sense. The saving for removing that quote is about $110/year. So, i'm not sure if it's worth it or not.

$110 is reasonable. You will wish you bought it if you are in an at-fault collision that writes off your bike. The decision really depends on the individual's financial situation and their likelihood of causing a crash. FYI, new riders are quite likely to crash . . .

What is the annual premium for a $500 deductible?

**TheNewDude** · 03-29-2012, 04:18 PM

Originally Posted by VifferFun

$110 is reasonable. You will wish you bought it if you are in an at-fault collision that writes off your bike. The decision really depends on the individual's financial situation and their likelihood of causing a crash. FYI, new riders are quite likely to crash . . .

What is the annual premium for a $500 deductible?

$1000
If I want $500 deductible, that ups the rate by $100/year.

I'm planning on getting a $3000 250cc bike to start with.

**VifferFun** · 04-03-2012, 11:28 AM

Originally Posted by TheNewDude

$1000
If I want $500 deductible, that ups the rate by $100/year.

I'm planning on getting a $3000 250cc bike to start with.

So $110/yr for a $1000 and $210/yr for a $500 deductible on a $3000 bike. That doesn't seem terrible. It really depends on your financial situation, risk tolerance, and your likelihood of crashing at fault.

**TheNewDude** · 04-03-2012, 02:23 PM

Originally Posted by VifferFun

So $110/yr for a $1000 and $210/yr for a $500 deductible on a $3000 bike. That doesn't seem terrible. It really depends on your financial situation, risk tolerance, and your likelihood of crashing at fault.

It's
$900/year = No Coverage
$1000/year = $1000 deductible
$1100/year = $500 deductible

Well for now I'm looking for the right bike for me. When I find the one I want, then I can look further into the insurance. But as long as it's around $1000/year, i'm okay with it.