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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)
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 would it be insurance fraud?
Last edited by mo-gsxr; 04-13-2012 at 03:18 AM.
To the original poster:
This is Ontario, insurance sucks for everyone at all times, except the insurance companies.
With less than six months' riding experience, on my first bike -- a 600 cc, 110 BHP crotch rocket -- I rode 21,569 km around North America solo in 2011: ridermike.blogspot.com
Don't let anyone tell you it can't be done, because I am living proof otherwise.
Space has a terrible secret. We are here to protect you from the terrible secret of space.
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)
I'm actually insuring my 08 CBR125R on Monday, I spoke to Jevco on Friday and he told me that the quote went up from $25XX to $33XX (liability only)
Male, 21, M1 in March, 1 speeding ticket. I pretty much have everything set except for insurance so there's no turning back for me!
Dude, on your behalf, I feel like committing mass insurance industry genocide. Holy ****, that's the kind of highway robbery highway robbers themselves get held up at gunpoint for. The cost of that bike isn't even worth one year's worth of insurance. The mathematics suggest that Jevco expects you to total your bike within one year and cause $200k worth of damages, plus pay their expenses for providing you the "service" of insuring you.
CBR125R is basically a bicycle with a motor, how the HELL do they expect $200k plus a total writeoff within one year.
Insurance: You're so full of **** you make a **** factory look like it's deprived of all the **** in the universe.
With less than six months' riding experience, on my first bike -- a 600 cc, 110 BHP crotch rocket -- I rode 21,569 km around North America solo in 2011: ridermike.blogspot.com
Don't let anyone tell you it can't be done, because I am living proof otherwise.
Space has a terrible secret. We are here to protect you from the terrible secret of space.
I read rants like this and have to laugh. You've based your mathematics on entirely the wrong cost items. The cost of fixing or replacing your bike has very little to do with the cost of insurance.
The biggest cost factor in your motorcycle insurance is costs incurred to fix YOU after a crash, to pay for your caregivers, your basic income replacement when YOU get hurt, or the death benefit when you get more than hurt. The costs associated with even a minor injury can far outstrip the value of your bike, never mind if your injuries are serious enough to require a long period of convalescence or even life-long disability support. Another big cost factor is the liability incurred when YOU cause serious injury to a third party, whether that third party is your passenger or someone else on the street.
The cost of the bike itself is almost inconsequential in the greater scheme of things, but by all means rant away. I'll just laugh.
I looked around and paid $120 a month for my first bike which is a 250cc ninja. I had no experience, was 22 at the time but no speeding tickets or anything on my record. I went through State Farm. I did find however that different SF agents gave different rates so it does pay to look around. One year later I'm looking at 600cc bikes and the cheapest rates I can find seem to be around $220-240 a month Might wait on that.
Your M1 is hurting you. Do the course and get your M2 and see how your rates improve. If they're still lousy, you'll have to put up with sitting on your license for a year to "build up that experience" just like everyone else.
Give TDMM a shot. $1300 liability only for an 09 Ninja 250, 21, DM2 with a clean record... in BRAMPTON.
Last edited by Torcida; 04-16-2012 at 06:08 PM.
^ I just insured the bike. I don't mind as I can afford it and its within the budget I set out for
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)
So paying 1 grand for a 125 is not worth it? Buy a bike, any bike, and then be told that you gotta wait a year in order to get reasonable quotes. Im willing to ride a 50cc, pink, with hello kitty graphics on it at this point.
The one year rule is ###### bul##### btw. Hey look at me, im more patient because i can wait for a year, and forget everything I learned in training --> way lower risk IMO
My bike: 82' Yamaha XS400R DOHC
Happy 30th year!
Its not meant to be a system where when you're patient and wait a year, you're seen as a more experienced rider. Its meant to be a system where in that year, you're riding and gain experience thus becoming less of a risk. I find that system messed up but rather have that than paying first year rates yearly.
Last edited by PLau; 04-18-2012 at 09:21 PM.
Precisely. Jevco used to make you have one year of insured experience, but that relaxed that definition to simply one year licensed (although I'm not sure why). I agree that it's a stupid rule, but it certainly works to the advantage of patient new riders who want to exploit the system to get cheaper rates.
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)
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