Major Jevco Update from John Duffy Insurance

[Insurance Guy]

Effective immediately, the definition of the driving record has been amended as follows:

Driver Record "0"

Driver who has not held a driver's licence for the past 12 consecutive months: class M1, M2, or M; or
Driver having been held responsible of an at-fault motorcycle accident over the past 12 months.

Driver Record "OTHER" (Preferred Rates)

Driver who has held a driver's licence for 12 months or longer: class M1, M2, or M;
Driver not having been found responsible of an at-fault motorcycle accident over the past 12 months.

This means that the requirement to prove at least 12 consecutive months or prior bike insurance within the past 36 months to obtain the preferred rates is gone. This represents a very significant premium savings for riders that have not had prior bike insurance, but have had at least their M1 license for at least 1 year.

Example 1: a 21 year old on a Ninja 250 with no prior insurance and licensed for 1 year would have paid $1467 for a year for $1M liability; now will pay just $893.

Example 2: a 30 year old on a 750 Shadow would have paid $925; now pays $573.

Above examples are based on two or less minor convictions and living in urban area.

[pfbmgd]

How about 42 20 years liscense no tickets or accidents on a 08 600rr ?

[SweetOnion]

Are you currently insured? If so, then the same thing you're paying right now.
Assuming you're insured with Jevco that is.

[adri]

I appreciate you posting this, it could be a big deal to my girlfriend who occasionally rides the "back-up bike" because we cant afford to get her insured as the primary.

This could save our relationship!!!
Ok, not quite, but it's still good news, thanks! =)

[Domon]

Jevco still in business? Did I read somewhere on here that they where going under. If not I'm switching when my policy expires with STATEFARM.

p.s. what about a 29 year old with clean record and M2 license for 3 years.

[Insurance Guy]

Jevco still in business? Did I read somewhere on here that they where going under. If not I'm switching when my policy expires with STATEFARM.

p.s. what about a 29 year old with clean record and M2 license for 3 years.

The news of their death has been greatly exaggerated. Keep in mind they're still not the place to be for a super sport model bike.

[LiNK666]

how do different classes of M affect the rate? m2 vs. m?

[Cabral250r]

So im 21 with m2 for just a few months and no prior insurance, if i insured a 250 ninja my insurance would be 893?
Is that correct or did i understand that wrong

[VifferFun]

As I stated in another thread, Kingsway (Jevco's parent company) and Jevco had a really rough year last year:

KEY: Return on Equity, $ Paid for Every Dollar Received

- Kingsway General: -30.79%, $1.38
- Jevco: -6.41%, $1.03

However, I don't think that they are on the brink of extinction. There are strict requirements that a company must maintain adequate capital to service all claims that are incurred, so I wouldn't be concerned about the solvency of Kingsway/Jevco when deciding whether or not to buy their insurance products. If their situation is dire, the regulators will shut them down.

[VifferFun]

Are you currently insured? If so, then the same thing you're paying right now.
Assuming you're insured with Jevco that is.

Not necessarily . . . it could be more or less, depending on whether or not a rate increase/decrease was implemented at the same time as the definition change.

[VifferFun]

how do different classes of M affect the rate? m2 vs. m?

It sounds like the license class doesn't affect your rate at all.

[alanhung85]

So im 21 with m2 for just a few months and no prior insurance, if i insured a 250 ninja my insurance would be 893?
Is that correct or did i understand that wrong

you understood wrong, to obtain the best rate with jevco in your situation is to purchase insurance 1 year AFTER you received your m1. for example you did your m1 January 1st 2009. You completed motorcycle safety course and upgraded to m2 60 days later. You're still at the "0" (non-prefered) rate until January 1st of 2010.

[VifferFun]

So im 21 with m2 for just a few months and no prior insurance, if i insured a 250 ninja my insurance would be 893?
Is that correct or did i understand that wrong

You have to have your license for a full year first; since you have only been licensed for three months, you would not get the preferred rate.

Basically, if anyone is considering buying a bike NEXT year, they would be lucky if they got their M1 this past Spring. By the time next Spring rolls around, they would have been licensed for a full year (even though they may have next to no experience) and Jevco will give them the preferred rate. I guess Jevco is trying to help out those riders who might be an occasional operator in their first year of riding (such as sharing with their Dad or big brother or something).

[Streetfighter]

You have to have your license for a full year first; since you have only been licensed for three months, you would not get the preferred rate.

Basically, if anyone is considering buying a bike NEXT year, they would be lucky if they got their M1 this past Spring. By the time next Spring rolls around, they would have been licensed for a full year (even though they may have next to no experience) and Jevco will give them the preferred rate. I guess Jevco is trying to help out those riders who might be an occasional operator in their first year of riding (such as sharing with their Dad or big brother or something).

What if I've had insurance since July to the end of September when I got my M1 in April. Would this discount apply to me if I went to Jevco April 2010 after the date of my M1?

[knowledge]

You have to have your license for a full year first; since you have only been licensed for three months, you would not get the preferred rate.

Basically, if anyone is considering buying a bike NEXT year, they would be lucky if they got their M1 this past Spring. By the time next Spring rolls around, they would have been licensed for a full year (even though they may have next to no experience) and Jevco will give them the preferred rate. I guess Jevco is trying to help out those riders who might be an occasional operator in their first year of riding (such as sharing with their Dad or big brother or something).

Holy crap, I'm in luck. I can't wait

First rti class in April last year means 1 year this coming April

Thanks for the news InsuranceGuy...would've repped if I could.

[VifferFun]

What if I've had insurance since July to the end of September when I got my M1 in April. Would this discount apply to me if I went to Jevco April 2010 after the date of my M1?

From what I have read, I would say yes.

[knowledge]

This honestly sounds too good to be true. Is it?
What's the catch? :S

[VifferFun]

This honestly sounds too good to be true. Is it?
What's the catch? :S

There wouldn't be a catch . . . it's just a re-classification on the part of Jevco.

[LiNK666]

It sounds like the license class doesn't affect your rate at all.

Thanks for the clarification.

[e5antos]

When you say have your M1 for a year u mean from the date you got it right? Cause obviously your M1 doesnt last for a year.

And this also sucks balls because I decided to let my M1 expire in August as I didnt have enough money to buy and insure a bike this year, things didn't go as I planned.