Insurance for 20 Year Old M1 Driver

[sieg777]

Hey guys,

Just to let everyone know, I am new to this forum, I have searched the forum, and have not been able to find a thread which answers this question to this exact degree. From my situation (as well as what you can tell from the title) I understand I am going to be financially raped by this, but I guess you just have to eat it for the first year or so.

Now the problem is, finding a goddamn insurance company that will even consider me without a 4-6 thousand dollar upfront fee. I will have finished the Gearing Up Humber course at the end of the May long weekend, and was looking at buying a 2006 Suzuki GZ250. I got my M1 on April 10th of this year, and will have my M2 on June 9th. I've been licensed as a driver for 3 years about now (got my G1 in Nov 2008 ). I was hoping to buy the bike the week after I finish up at Humber. Given my situation, I've looked around at like...about 10 different insurance companies, and they drop their crap about needing a minimum of 3 years experience or 5 years driving experience to even be considered. If you guys can sort of steer me in the right direction, I would be greatly appreciative of it. I am fine with paying a 3 term, 7 term, or monthly, its just that this full payment up front thing is a joke. What bothers me more, is that the company I am currently under with my car insurance (Grey Power) was going to insure me, then when I went to verify a quote I had gotten from them literally the day before, they tell me I was misinformed, and that by the time I buy the bike, the policy won't apply to me anymore since they are changing it to needing 3 years minimum experience next month. Yay!

The thing I find hilarious about these insurance companies, is that they all claim to want experienced riders, yet someone who just gets licensed has no method of gaining legitimate experience without being insured. Makes no sense to me.

PS: Driving record is spotless, I've been insured on a G2 since May 2010. No accidents, no tickets. I live in Sauga

[VifferFun]

Welcome to GTAM. Did you happen to read my sticky post?
http://www.gtamotorcycle.com/vbforum...-the-best-rate

Jevco will take riders with no experience and an M1, but it won't be terribly cheap given your age. Your rate should decrease each year for the next three years as you build your motorcycle experience. Try giving John Duffy a call (and his contact info should be in the broker sticky).

I find it weird that you are insured by Grey Power, since their target market is the 50+ crowd. Unless you are under your parents' policy with the car, I would think that you could probably find your auto insurance to be cheaper elsewhere (such as maybe Belair Direct).

[jeffjones]

At your age and experience make sure you have Vaseline handy...

[sieg777]

I called John Duffy Insurance Brokers after reviewing your sticky earlier actually, and they quoted me at something like 3900, and it was an upfront fee with no option for payment terms. And yes, I am under my father's policy with Grey Power. Is that really my best bet though? I understand it will be a lot no matter what at this point, I am just trying to avoid a one pay deal... Thanks for the reply by the way :] Looking forward to contributing to the community as I get more experience with a motorcycle!

[sieg777]

At your age and experience make sure you have Vaseline handy...

Multiple jars man.

[rideitlikeyoustoleit]

You're going to hear this a lot. Wait one year then buy a bike. Yea, you wanna be the cool guy with a motorcycle but its not worth spending 4-5 thousand dollars just to be cool.

[Aznkid2000]

same situation as you. But i have GM2 got it beginning of April and quote was 3700$ liability only on a 250 ninja..

Its either suck it up for 1 year or wait 1 year.

[sieg777]

I'm not buying it to be cool lol. I'm buying it because I'd rather pay a bit more per month for insurance for my 35km commute to work everyday and back than pay 230ish a month for Sauga transit+metropass and have to sit in a subway crammed full of coughing sneezing people. Plus I get to build up motorcycle insurance history so I'm not paying up the *** later when I have to move out and cover rent also :P

I'm just trying to look for help on what is legitimately the most affordable insurance option for my situation. If it comes down to it, I'm going to bite the bullet and pay, but if I can save 1k somewhere, then I'm all for that. At least I build up something that will pay off later by doing this. I don't get reimbursed later in life paying for public transit ]:

[sieg777]

same situation as you. But i have GM2 got it beginning of April and quote was 3700$ liability only on a 250 ninja..

Its either suck it up for 1 year or wait 1 year.

You got your M2 beginning of April and it was 3700 for liability only? Where did you get quoted that? I got quoted at 4600 for a GZ250 by TD Auto lmao /bringonthevaseline

[jeffjones]

I'm not buying it to be cool lol. I'm buying it because I'd rather pay a bit more per month for insurance for my 35km commute to work everyday and back than pay 230ish a month for Sauga transit+metropass and have to sit in a subway crammed full of coughing sneezing people. Plus I get to build up motorcycle insurance history so I'm not paying up the *** later when I have to move out and cover rent also :P

I'm just trying to look for help on what is legitimately the most affordable insurance option for my situation. If it comes down to it, I'm going to bite the bullet and pay, but if I can save 1k somewhere, then I'm all for that. At least I build up something that will pay off later by doing this. I don't get reimbursed later in life paying for public transit ]:

Just to let you know, majority of motorcycle insurance companies go by if you took the safety course and how long you have had your license, Not how long you have had insurance. So if you had insurance this year or not it will be the same as if you didn't have insurance.

And wait till winter when you are paying for insurance and a metro pass.....

[VifferFun]

I called John Duffy Insurance Brokers after reviewing your sticky earlier actually, and they quoted me at something like 3900, and it was an upfront fee with no option for payment terms. And yes, I am under my father's policy with Grey Power. Is that really my best bet though? I understand it will be a lot no matter what at this point, I am just trying to avoid a one pay deal... Thanks for the reply by the way :] Looking forward to contributing to the community as I get more experience with a motorcycle!

Which company was he quoting you on? It's my understanding that Jevco now offers a payment plan (perhaps four instalments or something like that). You could try quoting with TD as well.

[-Sunny-]

Which company was he quoting you on? It's my understanding that Jevco now offers a payment plan (perhaps four instalments or something like that). You could try quoting with TD as well.

When I was 19 (currently 20 turning 21 this upcoming May) TD Primmum insured me on a 2009 Kawi Ninja 250r for $3400 WITH a M1... I got my M2 Exactly two weeks after and my insurance dropped to $2500. I also had 1 minor ticket on my car no claims/accidents/etc etc (15 over speeding)

At that time NO company besides TD would insure.

Luckily Jevco is accepting us now

[xyz999]

So here's my info for your reference: I had G1 in 2008. I was 18 in 2010 and I got my M1 and M2(via safety course) in that summer. The best quote I got is $3500 - $3700 for a sv650 or a ninja 250. I decided to wait it out. So comes 2011, with 1+ year M1 I went with Jevco and paid $2400 in 3 installments on a sv650 (very good bike, planning to stick with it for a few years). This year, rate went up to $2700. Mind you that for the entire time (2010-now) I had 2 minor convictions on my abstract and the quote is only for liability + DCPD

I guess the takeaway point is that for young riders like us SF is out of question and Jevco seems to be the best bet. This year jevco offers 6 installment option. you probably find out already that Jevco charges around 40% surcharge if you dont have m1 for a year yet, but imo it's worth paying since you have an entire riding season ahead of you!

So ya, good luck finding an insurance and a good bike.

[sieg777]

Update on the situation.

So basically we threatened to switch our insurance over to another company, and then Grey Power randomly said they could insure me through Jevco. So for a used 2007 Suzuki GZ250, its going to be $980/yr granted I have my M2 (which should be in effect June 9th). Just so the same thing doesn't happen again, we confirmed it through the supervisor we were dealing with, and everything should be good. Guess I got lucky o.o

I kind of wish there was a way to sneak through the mandatory 60 day thing now if you have a safety course w/ road test. The fact that I have the money for the bike makes the wait so harsh hahahaha XD

Thanks for all the feedback everyone, I'm looking forward to contributing to this forum once I get some more experience. See you on the road ;]

[ViperZ]

You can buy a bike now if you can find a well-priced one, just insure it against theft until you will get your M2 in June and let it sit in your garage until then.

[Insurance Guy]

Update on the situation.

So basically we threatened to switch our insurance over to another company, and then Grey Power randomly said they could insure me through Jevco. So for a used 2007 Suzuki GZ250, its going to be $980/yr granted I have my M2 (which should be in effect June 9th). Just so the same thing doesn't happen again, we confirmed it through the supervisor we were dealing with, and everything should be good. Guess I got lucky o.o

I kind of wish there was a way to sneak through the mandatory 60 day thing now if you have a safety course w/ road test. The fact that I have the money for the bike makes the wait so harsh hahahaha XD

Thanks for all the feedback everyone, I'm looking forward to contributing to this forum once I get some more experience. See you on the road ;]

I don't like to be the bearer of bad news, but I believe your representative is mistaken. Below is the Jevco rule that they are probably are not up to speed on:

Prohibited Risks
A) We will decline to issue, terminate or refuse to renew a contract of insurance for the following reason(s).
2) All drivers aged 16 to 20 with a "0" * driving record whether they are principal or occasional drivers (excluding off-road motorcycles).

* driving record "0" applies to riders that have held a motorcycle license for less than 12 months.

Again I take no pleasure in informing you of the bad news. I'm just trying to give you a heads up to expect trouble when the application gets to the Jevco underwriting department.

[sieg777]

Is that like super recent? Cause for the past month I've been asking around for quotes, and every single broker has quoted me through Jevco.

[jeffjones]

...

[Insurance Guy]

Is that like super recent? Cause for the past month I've been asking around for quotes, and every single broker has quoted me through Jevco.

Yes. Effective March 15, 2012 for New Business and May 15, 2012 for Renewal Business.