Please can someone explain why?!

[chr1s]

Ok, i've just come from the UK. Had a full car licence since 1989. Had a full bike licence since 1992.

I bought a Toyota yaris, worth 7K...cheapest quote was $1700 for collision and comp. The company i went with was the only one to give me 6 years of experience discount after taking into account my UK driving history and good record. Other quotes were 6K!!

Fast forward a couple of months....I've just tried to get several quotes from companies for my bike, a 2012 FZ8 on a NEW M licence that i hope to get soon. Noboby i've spoke to will acredit me for my UK bike history unlike for the car. However the quotes are approx $900 for collision and comp.

So how does that make sense? 2007 Yaris, worth 7K, 6yrs experience is nearly twice as much as the bike quote which is based on no experience, worth 10.5K, and lets face it, is more dangerous?


Please can someone with insurance knowledge maybe explain the logic?

[dr_sarcasm]

...you used "logic" in the same sentence as "insurance" - the two are differing concepts here in Canada... (an oxymoron, if you will).

[DaveTheCanuck]

Welcome to Canada, you're gonna need it.

[VifferFun]

Ok, i've just come from the UK. Had a full car licence since 1989. Had a full bike licence since 1992.

I bought a Toyota yaris, worth 7K...cheapest quote was $1700 for collision and comp. The company i went with was the only one to give me 6 years of experience discount after taking into account my UK driving history and good record. Other quotes were 6K!!

Fast forward a couple of months....I've just tried to get several quotes from companies for my bike, a 2012 FZ8 on a NEW M licence that i hope to get soon. Noboby i've spoke to will acredit me for my UK bike history unlike for the car. However the quotes are approx $900 for collision and comp.

So how does that make sense? 2007 Yaris, worth 7K, 6yrs experience is nearly twice as much as the bike quote which is based on no experience, worth 10.5K, and lets face it, is more dangerous?


Please can someone with insurance knowledge maybe explain the logic?

What bike insurer is writing you for only $900 on the FZ8 with 0 years experience?

[TwistedKestrel]

There's no problem - both of those rates are pretty low. Once you crest a certain age, the cost of insurance for motorcycles seems to fall below car insurance.

[wormburner]

Yeah, those rates are pretty competitive.
Pay the bill, and enjoy the ride.

[rideitlikeyoustoleit]

By his thread title it sounds like he's complaining about having 0 years experience and getting a $900 insurance premium. Someone ban this guy. I think he's on drugs.

[chr1s]

By his thread title it sounds like he's complaining about having 0 years experience and getting a $900 insurance premium. Someone ban this guy. I think he's on drugs.

Would be shame to ban me i've just joined.

I'm not complaining about the $900 quote, in fact i aint complaining about either of them, i'm asking why there appears to be no logic in the 2 prices. I thought it was clear in the original post but clearly not eh?

I'm 41 y/o and the quote was from Jevco for the bike. In fact i'm quite happy with that price, about 2x what i'd pay in the UK but over there i have 20 years experience. For the Yaris i'm paying about 5 times more than the UK. C'est la vie.

[Jayv]

How much would a yaris cost in the uk? Probably twice as much.

Price of petrol

[DownUnder]

Would be shame to ban me i've just joined.

I'm not complaining about the $900 quote, in fact i aint complaining about either of them, i'm asking why there appears to be no logic in the 2 prices. I thought it was clear in the original post but clearly not eh?

I'm 41 y/o and the quote was from Jevco for the bike. In fact i'm quite happy with that price, about 2x what i'd pay in the UK but over there i have 20 years experience. For the Yaris i'm paying about 5 times more than the UK. C'est la vie.

Who did you go through with the car and what did you have to show them to prove youve been licensed for x amount of years? Im kinda in the same boat.

[chr1s]

How much would a yaris cost in the uk? Probably twice as much.

Price of petrol

Actually no it's more expensive here. I've just looked on autotrader.co.uk and they'r about 4000GBP for a similar age/mileage model. That's $6200 CAD. I paid 7K and that was a great private deal. As for the fuel, yes in the UK it's twice as expensive but then again it's better quality!..Less sulfur content means over there the oil change interval is twice as less as NA intervals.

[chr1s]

Who did you go through with the car and what did you have to show them to prove youve been licensed for x amount of years? Im kinda in the same boat.

I found only one company that would give me credit for my UK history and that was Johnson Inc insurance. http://www1.johnson.ca/

I had to provide insurance letters stating claims free history for the last 8 years and also a drivers abstract from the DVLA (place that issues driving licenses in the UK). Just shout if you need more info.

[DownUnder]

I found only one company that would give me credit for my UK history and that was Johnson Inc insurance. http://www1.johnson.ca/

I had to provide insurance letters stating claims free history for the last 8 years and also a drivers abstract from the DVLA (place that issues driving licenses in the UK). Just shout if you need more info.

Cool, thanks mate.

[VifferFun]

If you consider that, in a normal season, a bike can only be used for about 6MO a year in Ontario, you are effectively paying $900 for six months of insurance coverage (where as your Yaris is covering you for 12MO). If you compare your premiums on a monthly basis, the bike and the car become more similar.

This year is a pretty sweet deal for riders, because the season started really early!

[CruisnGrrl]

you are slightly more likely to survive an accident in a yaris

[GayManLoveIsOK]

i would say for the car, you didn't call around enough...but yeah, watch your bike renewal though and don't be surprised if it triples...

[chr1s]

i would say for the car, you didn't call around enough...but yeah, watch your bike renewal though and don't be surprised if it triples...

Well, i would be very surprised...can you explain why it would triple after one year?

[chr1s]

If you consider that, in a normal season, a bike can only be used for about 6MO a year in Ontario, you are effectively paying $900 for six months of insurance coverage (where as your Yaris is covering you for 12MO). If you compare your premiums on a monthly basis, the bike and the car become more similar.

This year is a pretty sweet deal for riders, because the season started really early!

Thanks. Yeh, it's been a gentle intro for me to Ontario with all this mild weather...i feel sorry for the polar bears but i hope it continues.

[Aleks Hara]

Most of the big claims in insurance these days come from bodily injury and third party lawsuits. You can in theory pack your Yaris with 4 passengers and then crash into another vehicle carrying 4 more (working in insurance gives me a colourful imagination). Now you're going to have 4 people claiming injuries in your Yaris, and 4 strangers suing you for negligence and their own injuries etc.. Whereas on a bike, you're more likely to do damage just to yourself.

[Corey McNeely]

gfnm