Insurance for a 20yr old

[housekeys]

Hello, this is my first post on the forum, and I'm looking to get a bike soon. I am 20 yrs old, I got my M1 in June of 2011, and my M2 in August of 2011, when I completed a rider-training program. I am looking to purchase a Honda CBR 250r, preferably the ABS model. I have started contacting insurance companies for quotes before I buy, and most companies have told me that they won't insure me because I am under 21/25, and I have to wait until June, when I have had my licence for a year. In June, I am looking at $3200 a year for insurance. Is this normal for someone my age on a 250cc bike? I know its not that extreme, but I was expecting something closer to $2500, given the size of the bike.

Here comes the real question for you insurance guys out there. My Dad has had his full M license for over 30 years, but hasn't owned a bike in 20 years. Would it be possible to insure the bike under his name? We would both be riding it. Would this lower rates, or would insurance companies still apply high rates because of my experience (or lack thereof)?

Thanks for your help, and I look forward to being a part of this great forum for us motorcycle riders!

[zakarov]

I believe you should read this tread :
http://www.gtamotorcycle.com/vbforum...-the-best-rate
It explain lot of things.
I also believe that waiting till June is kind of out of question. For your dad, I think you can do that even if he didn't own a bike. It’ll save you lot of money. It’s all about months of experience from the driver's license. (It’s the same as when they asked you to wait until June, they count it as a year of riding experience knowing that you didn't ride much/ever since you got your M1)

Ps: there's one tread about this same situation but couldn't find it.

[Bweixz]

Hi I'm 20 at TD MM paying $1325 a year for a 09 ninja 250. Had my M2 for a year since sept 2010. They give student discounts depending on what school you attend.

Yes, your father should be able to insure the bike (not seeing why not lmao) if the both of you are riding it and can put you in as secondary rider, that would definately decrease your insurance rate significantly depending on the insurance company. Many people would argue that it is insurance fraud but you'll be savings thousands of dollars :S i see it as long as your insurance company knows you ride the bike as well and are okay with it then its fine. I would say shop around and explain the the insurance company it's your dad who will be the primary and you to be the secondary rider - see how they take it.

[housekeys]

Actually read that thread before I posted, didn't specifically answer my questions, so that's why I posted. I've done my research, just wondering if anyone can help me out!

[housekeys]

I've realized that most companies will use the highest risk driver, so there's no point insuring my Dad on the bike if I plan to drive it more than he does.

[jeffjones]

Here comes the real question for you insurance guys out there. My Dad has had his full M license for over 30 years, but hasn't owned a bike in 20 years. Would it be possible to insure the bike under his name? We would both be riding it. Would this lower rates, or would insurance companies still apply high rates because of my experience (or lack thereof)?

If you went on your dad's insurance they would rate it for you under your experience.
If he wanted the cheap rates, he would have to get you to sign a policy stating you will not ride the bike, which doesn't help at all in your case.

Your best bet for lowest insurance is to take the course and wait till June till you have 1 yr experience and then try Jevco or TD.

[GateKeeper]

I've realized that most companies will use the highest risk driver, so there's no point insuring my Dad on the bike if I plan to drive it more than he does.

YUP, and that right there boils my blood.............

I go from 600 bucks a year for insurance, to over 2500 a year, just because the son wants to ride, does not have his license for one year yet, and it really don't matter on the bike, be it my 750 or the new 250's.....

And with most, it don't matter if you took the course either, they could care less,,,,,only good about the course is for your benefit, you will learn something, but you will more than likely save nothing..............

Insurance companies are no better than any of the gangs that are into extortion, the only diff is the insurance companies get away with it legally.......and rate went up again this year,,,,,I ask my self why..........

They had a profitable last year, so why the increases....?

Bloody CROOKS !!!!!!!!!!!!!

[housekeys]

The only thing that bothers me is that i've completed the rider training course, and am looking to purchase a great beginner bike, and the insurance is still killing me. I can't even get insurance right now, the companies (Jevco, Surnet) won't even write me insurance until I had the license for a year in June. All this trouble, and I still see guys riding around with GSX600's in their t-shirts. I just want a nice beginner bike, and I can't even get insurance. I guess my one additional problem is that I can't insure it with auto or home (most companies prefer) because I own neither. My Mom works for an insurance company that doesn't insure motorcycles, so I'm out of luck on a bundle insurance deal.

Looks like I'm waiting til June and looking at $3200

[ifiddles]

keep shopping around...there are tons of insurance companies out there, not just jevco and surnet (although i've never heard of them)...my bf's son just turned 21 in august 2011 and he got his M2 with me in may 2011...he pays $3600 for a 1999 cbr 600...he's with prudential i believe...they wanted the who premium up front but it was the lowest quote he got...i believe he had his G for five years as of october 2011...

[Tiggy]

Facility will insure you..but it might not be cheap. Try cornerstone and Royal and sun alliance.

[jeffjones]

he pays $3600 for a 1999 cbr 600......

Thats more then the bike is worth lol.

[NBR]

Hmm, I got quoted with these prices.

TDMM

Honda hornet 599 : $2092
Ninja 250: $1429


I've had my M2 for over a year now, However no other insurance other than secondary driver on a Car. Oh, And I'm located in Richmond Hill

So; wait a year. It Drops like crazy! I still think I'm getting quoted way too much. Oh well.

[toysareforboys]

I've realized that most companies will use the highest risk driver, so there's no point insuring my Dad on the bike if I plan to drive it more than he does.

I'm not suggesting you do this, but if you change the address on your drivers license to "unit #2" and sell the bike to your dad for $1 he can insure it and you can drive it all you want, because you don't live at the same address

-Jamie M.

[klr_guy]

I'm not suggesting you do this, but if you change the address on your drivers license to "unit #2" and sell the bike to your dad for $1 he can insure it and you can drive it all you want, because you don't live at the same address

-Jamie M.

[toysareforboys]

lol

I wouldn't call it "making" money, but "saving" money maybe?

-Jamie M.

[VifferFun]

YUP, and that right there boils my blood.............

I go from 600 bucks a year for insurance, to over 2500 a year, just because the son wants to ride, does not have his license for one year yet, and it really don't matter on the bike, be it my 750 or the new 250's.....

And with most, it don't matter if you took the course either, they could care less,,,,,only good about the course is for your benefit, you will learn something, but you will more than likely save nothing..............

Your insurance doesn't have to go up -- simply get your son to sign an OPCF28a stating that he will never ride your bike under any circumstance and your premium will stay at $600/yr:

http://www.fsco.gov.on.ca/en/auto/au.../a-03_05-1.pdf

If you want your son to ride, then you have to pay the rate to match the risk. Unfortunately, putting your son on your policy as an "occasional" isn't possible due to abuse of the system (where a young rider would put their parent on as the prinicpal, even though the young rider uses the bike more than 90% of the time).

Insurance companies are no better than any of the gangs that are into extortion, the only diff is the insurance companies get away with it legally.......and rate went up again this year,,,,,I ask my self why..........

They had a profitable last year, so why the increases....?

Bloody CROOKS !!!!!!!!!!!!!

Not all companies were profitable -- insurance is not the license to print money like many people think it is. Below I have posted the dollar amount paid out for every $1.00 received for various companies over 2011. Obviously, an amount over $1.00 means an underwriting loss, and an amount under $1.00 means an underwriting profit. Not all companies are making a profit, and State Farm especially (one of our favourite SS insurers) is doing terrible.

$1.37 -- State Farm (Yikes, that's terrible!!)
$1.17 -- Certas
$1.07 -- Dominion
$1.04 -- Wawanesa
$1.04 -- Personal
$1.01 -- Economical
$1.01 -- RBC Insurance
$1.00 -- Aviva
$0.99 -- Co-operators
$0.98 -- TD
$0.97 -- Intact
$0.97 -- Belair
$0.97 -- Nordic
$0.97 -- Royal & Sun Alliance
$0.96 -- Jevco
$0.96 -- Echelon
$0.96 -- Allstate
$0.91 -- Chubb
$0.86 -- Zurich

[VifferFun]

Thats more then the bike is worth lol.

The value of the bike has no correlation with the potential for the rider to cause bodily harm to himself or others. Really, your motorcycle insurance policy is covering human bodies MUCH more than it is covering hardware.

[VifferFun]

I'm not suggesting you do this, but if you change the address on your drivers license to "unit #2" and sell the bike to your dad for $1 he can insure it and you can drive it all you want, because you don't live at the same address

-Jamie M.

That's illegal. Might as well claim fake donation receipts during tax time while you're at it.

[toysareforboys]

That's illegal. Might as well claim fake donation receipts during tax time while you're at it.

lol Viffer *hugs*

-Jamie M.

[VifferFun]

lol Viffer *hugs*

-Jamie M.

haha