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My related info:
- 2011 Kawasaki ninja 250
- 5+ years "G" license
- 24 years old, 25 in July
- 1 at fault accident (fender bender) in dec. 2009
- Less than 1 year with M2
Here is what I've been quoted by 3 state farm agents as of January this year.
$1000 Deductible: $181.41 (under 25 years old)
$62.35 (over 25 years old)
$500 Deductible: $204.84 (under 25 years old)
$65.84 (over 25 years old)
The under 25 rate seems very expensive as I've seen people on this forum with more infractions / collisions on their license have lower rates. Why is this?
Last edited by Slono; 03-19-2012 at 10:15 AM. Reason: Fixed year on bike
Combing through this forum I was able to find people from Brampton with similar profiles who were able to get cheaper rates. To my understanding Brampton is on par with Scarborough for motorcycle and automobile insurance.
Last edited by Slono; 03-19-2012 at 10:05 AM.
You're under 25, have an accident and less than a year's experience on a bike (new rider). Why are you getting collision coverage on a 2001 Ninja 250? Your deductable is higher than the bikes value. Its a high rate, but I don't think its much above what I would expect.
For motorcycles, rates don't vary by location as much as they do with cars. With some insurers, the rates don't vary by location at all. Perhaps the other members were combining a car with their bike (which usually results in a 30% to 40% discount on the bike). There are a lot of reasons why your quote could be different than someone else's. IMO, you quote seems quite good given your claim history.
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)
It's a 2011 ninja 250, that was my mistake sorry!
About the collision coverage, I thought it might have been worth it. Probably not now that you mention it since its only a 250. BUT doesn't state farm take into consideration that the accident was minor and it was in my car not on my motorcycle?
Don't forget the scenario where you are at fault in a collision and cause damage to another person or property. In this situation, you will have an at-fault claim on your record whether you claim the damage to your bike or not. It would be a double kick in the pants to have a marred insurance history AND a broken bike.
With that said, I have never purchased Collision coverage for any of my bikes because they aren't worth that much, and it wouldn't be the end of the world if I had to replace them out of pocket. The decision on whether or not you should buy Collision coverage really depends on the individual.
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)
How many years do I need to wait before my fender bender in 2009 no longer factors into the cost of my insurance?
Last edited by Slono; 03-19-2012 at 10:31 AM.
You'll have to wait 6 years for it not to impact. An accident is an accident whether its minor or major. I don't want to discourage you from collision, but I would look at your price difference and weigh risks of having to absorb the cost repairing your bike in an accident.
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)
Most insurers track your at-fault collisions for six years. The adverse effect to your rate will diminish with each year that you remain claims free.
I believe that CGI, the independent third party that tracks your claims history, will only keep your info for six years; however, your own insurance company may track internally for a longer period of time (say, ten years).
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)
FYI, if you want to order your own FREE copy of your claims history report from CGI (called the "AutoPlus"), you can get it here:
http://portal.cgi-ibs.com/en-CA/iis/...lusReport.aspx
The AutoPlus is kind of like your credit bureau report of the insurance world (although you won't get a nifty FICO-like score or anything).
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)
What's a history report? The police was there but I wasn't given a ticket or penalized in any way since conditions were bad and I literally just slid into the person going at a super low speed.
Today I called one State Farm agent and got a quote. Then I called 3 other state farm agents to confirm this quote and got different stories with all of them. One of them said they would not insure me if I did not insure my automobile with them, another one said because of my single at fault accident they would not insure me, and the last one said that she needed information of all the drivers in my household including their names and driver's license numbers before insuring me. I got fed up and went with the first State Farm agent who gave me a reasonable quote, which was less than what I had mentioned in my original post because I took off the collision option.
Has anybody else experienced different agents saying different things?
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