Wow - massive price differences between The Personal and other companies

[unL33T]

So I'm moving from Guelph area to Toronto and The Personal tells me my insurance is going to go up by $412/yr. Figured I should shop around a bit since the last time I got a quote there were several companies within a few hundred of their number so maybe something else is more competitive in the GTA.

Well so far I'm getting quotes up around $6000-8000 from everyone else. My current policy is $3034/yr and it's going up to $3446/yr. Why is everyone else suddenly so high? Even with a Union discount for RBC and a pile of other discounts (including a discount for getting renter's insurance which The Personal does not offer) their quote was $7531/yr without the bike (they won't insure me as I am a few months short of having 3 years experience). StateFarm quoted $5953/yr (with the bike, includes an extra discount for having renter's insurance with them). Last time SF was within $300/yr of The Personal and would have been even closer with the extra discount.

What's up with these rates? Can anyone recommend a company that might be more competitive with The Personal?

Here's what I've got insured:
1987 Porsche 944 (non S, non turbo)
1997 Saab 900se, 5 dr hatch, 2.0 turbo
2009 Ninja 650R
$1 mil liability, comprehensive, no collision, $500 deductible. All vehicles insured year round. All parked in private driveway.

27 year old single male, no tickets on record, no at fault accidents on record (I believe there are 2 not at faults still on record). GM2 license. Also took a "skid school" driving course last year. Doing the M2 exit course/test sometime within the next few months.

[jay-d]

Because you're moving to a high traffic city. Your odds of getting in to an accident are greatly increased.

I live in the heart of Mississauga and I pay $175/month for my car. Just to see what kind of quote I would get if I was in Burlington, the same coverage, my premium dropped to $72/month.

[unL33T]

I understand the $400 per month increase. What I don't understand is why all the other companies have quotes that are 2-3 times higher than what The Personal wants to charge me. We're talking price differences of $3000/yr or more.

[Corey McNeely]

Try an broker, they deal with many insurance companies. Should help narrow your search.

[DOHC1]

The fact that your bike has a cup holder and your car does not might be throwing the premiums off...

[jay-d]

I understand the $400 per month increase. What I don't understand is why all the other companies have quotes that are 2-3 times higher than what The Personal wants to charge me. We're talking price differences of $3000/yr or more.

It could be that other insurance companies classify the 650R as a super sport bike.

Jevco for example, doesn't classify the VFR800 as a super sport, but Pembridge does. I think that's why you're seeing a huge difference.

[VifferFun]

I'm actually surprised at how low the premium is with the Toronto address compared to Guelph - I would have expected a lot more than $412/yr difference. Toronto car insurance rates are much higher in Toronto compared to Guelph. Hopefully they aren't quoting you wrong? What area of Toronto are you moving to?

[unL33T]

I'm actually surprised at how low the premium is with the Toronto address compared to Guelph - I would have expected a lot more than $412/yr difference. Toronto car insurance rates are much higher in Toronto compared to Guelph. Hopefully they aren't quoting you wrong? What area of Toronto are you moving to?

Oakwood & St. Claire area.

[TwistedKestrel]

I'm actually surprised at how low the premium is with the Toronto address compared to Guelph - I would have expected a lot more than $412/yr difference. Toronto car insurance rates are much higher in Toronto compared to Guelph. Hopefully they aren't quoting you wrong? What area of Toronto are you moving to?

Gotta agree here, if the $3446 number is a valid quote I'd jump on it. Also, I'm putting in a call to The Personal myself I think.

[unL33T]

It could be that other insurance companies classify the 650R as a super sport bike.

Jevco for example, doesn't classify the VFR800 as a super sport, but Pembridge does. I think that's why you're seeing a huge difference.

If they do, they really shouldn't since The Personal doesn't insure any sport bikes (nevermind super sport) at all (or so they told me) and they cover the 650R. Although I did have to argue with at least one agent because as soon as she heard "Ninja" she said they don't cover any bikes with "Ninja" in the name. Apparently they have it classed as a sport tourer or something so they do cover it after all.

The quote from RBC didn't even include the motorcycle so I don't think that would be it.

I told her the address twice but without the postal code and then had to look up the postal code to give that to her so I think they got the address right. If you guys are saying I should be paying more then I guess I'll just call them back and tell them to put it into affect for my move in date.

Was getting quotes for renter's as well but I'll probably be putting that with StateFarm instead since it was $76 a year cheaper than The Personal. RBC's rates for that were crap, as well. The girl I talked to said it would be $350-450/yr while everyone else is $200-250.

[VifferFun]

If they do, they really shouldn't since The Personal doesn't insure any sport bikes (nevermind super sport) at all (or so they told me) and they cover the 650R. Although I did have to argue with at least one agent because as soon as she heard "Ninja" she said they don't cover any bikes with "Ninja" in the name. Apparently they have it classed as a sport tourer or something so they do cover it after all.

The quote from RBC didn't even include the motorcycle so I don't think that would be it.

I told her the address twice but without the postal code and then had to look up the postal code to give that to her so I think they got the address right. If you guys are saying I should be paying more then I guess I'll just call them back and tell them to put it into affect for my move in date.

Was getting quotes for renter's as well but I'll probably be putting that with StateFarm instead since it was $76 a year cheaper than The Personal. RBC's rates for that were crap, as well. The girl I talked to said it would be $350-450/yr while everyone else is $200-250.

For reference, with my employer, moving from Guelph-N1G to York-M6E will see the following approximate increases:

N1G to M6E:
Bodily Injury: +210%
Accident Benefits: +64%
Collision: +30%
Comprehensive: +75%

I would make double sure that they got your quote right -- your small premium difference between Guelph and Toronto seems almost too good to be true. I'm not saying it's wrong (perhaps Personal sucks at Territory segmentation?) but I'd hate to get a nasty surprise later. Make sure that they entered your postal code correctly, since that will determine the territory you belong to.

[unL33T]

How about N0B to M6C?

[VifferFun]

How about N0B to M6C?

M6C is significantly better than M6E (at least, with my employer's data . . . it will vary by company, sometimes but a large margin). For N0B to M6C, the rate changes are approximately as follows:

N0B to M6C:
Bodily Injury: 83% Increase
Accident Benefits: 107% Increase
Collision: 106% Increase
Comprehensive: 20% Increase

Our rates actually vary within N0B (since it covers a large geographical area). I assumed that you live closer to Eden Mills (according to the location under your name).