Major Jevco Update from John Duffy Insurance

[Freestyle72]

so anyways.... who is gunna insure my 636 for cheap next year haha? God i despise statefarm right now.

[VifferFun]

so anyways.... who is gunna insure my 636 for cheap next year haha? God i despise statefarm right now.

What's wrong with State Farm?

[adri]

Prior to this, to my knowledge, Jevco would not issue a policy to anyone under 20 who didn't hold a license/insured on the road for a year.
How do the new policies effect this? I.e. will the under 20 w/no history crowd be getting screwed as they will be neither eligible for Jevco nor Kingsway?

[Insurance Guy]

Prior to this, to my knowledge, Jevco would not issue a policy to anyone under 20 who didn't hold a license/insured on the road for a year.
How do the new policies effect this? I.e. will the under 20 w/no history crowd be getting screwed as they will be neither eligible for Jevco nor Kingsway?

Just to be clear. Riders under age 21 who have not had their motorcycle license (counting from M1 date) for at least one year do not currently qualify for Jevco. However, it is possible that could change when the rating manual is revised for the next riding season. We will have to wait and see on this issue. The Facility market will continue to be available for those riders in the meantime.

I would recommend that anyone in that age category at least get their M1 license as soon as they are able in order to start the experience clock.

[adri]

Cool, thanks =)

[Freestyle72]

What's wrong with State Farm?

Because apperently they are insuring everyone but me for next to nothing. Last agent I called was like "What did you expect, you are under 25 and have a 600cc bike"...Geez thanks man. The quoted rate was very high, and actually like double what I was quoted with another SF agent, whom I think had possibly misquoted before.

[VifferFun]

Because apperently they are insuring everyone but me for next to nothing. Last agent I called was like "What did you expect, you are under 25 and have a 600cc bike"...Geez thanks man. The quoted rate was very high, and actually like double what I was quoted with another SF agent, whom I think had possibly misquoted before.

That's strange. If quoting the same coverages for the same person and bike, two agents should give identical quotes. It could be that the troublesome agent doesn't want a stand-alone bike policy, because (in general) they perform poorly on his book of business and deteriorate its performance. This is not allowed. I would try another State Farm agent who you can trust. There are plenty of great State Farm agents who are "bike friendly" mentioned on GTAM.

[mccarthy]

Hey I just wanted to say how happy I was when i got $540+ back in the mail after Jevco changed their policy. Love IT! By the way I was paying about $1500 for a 2009 hyosung gt250r and now i pay about 900. Oh and I'm 23 and this is my first bike. Awesome Rates!

John Duffy Insurance is the way to go. Thanks for mailing me the check ! I otherwise wouldnt have had a clue about these insurance rate changes.

The Hyosung gt250R has been awesome and now my insurance is alot lower... Such an amazing first year of riding.

[VifferFun]

Hey I just wanted to say how happy I was when i got $540+ back in the mail after Jevco changed their policy. Love IT! By the way I was paying about $1500 for a 2009 hyosung gt250r and now i pay about 900. Oh and I'm 23 and this is my first bike. Awesome Rates!

John Duffy Insurance is the way to go. Thanks for mailing me the check ! I otherwise wouldnt have had a clue about these insurance rate changes.

The Hyosung gt250R has been awesome and now my insurance is alot lower... Such an amazing first year of riding.

I'm a little surprised that they are issuing rebates. Typically, clients would not experience the new rates until their renewal. Anyways, I'm glad to hear that things worked out well for you!

[adri]

Should I try contacting my broker, just in case? I've gotten a rebate sent to me in the past, from Jerry Kaspard and the insurance co he signed me up with... wouldn't mind another one lol.

[Waldo]

I would recommend that anyone in that age category at least get their M1 license as soon as they are able in order to start the experience clock.

How is this possible if you M1 expires after 90 days? Especially now when there are no riding courses available. Does the experience clock run even if your M1 expires?

[adri]

You can renew your M1 over and over and over and over... for like $10 a pop.

I renewed my M1 about two or three times between writing it, getting a bike (took a little longer than predicted), flunking my M1 exit (unexpected), and waiting for another re-test date. Just go in once every three months and answer the exact same questions.

[vince492]

Because apperently they are insuring everyone but me for next to nothing. Last agent I called was like "What did you expect, you are under 25 and have a 600cc bike"...Geez thanks man. The quoted rate was very high, and actually like double what I was quoted with another SF agent, whom I think had possibly misquoted before.

I got this one:
"you're under 30 y old, we only insured biker over 30"

lol, went to my statefarm agent next my door (1km...) doesn't care, quote me 1114$ at 21 y old for 2007 R6....but i didn't sell my kawa ex650r, so i didn't make the move

I bought a track bike this automn.... it's a kind of compensation....

[Insurance Guy]

Kingsway Financial Services Inc. has issued a press release announcing its intention to dispose of its majority interest in Jevco, while remaining a minority investor.

Jevco has long been the most profitable Kingsway unit. This newly independent company will not be impacted by historic issues within the Kingsway Financial Services group.

This, combined with their recent consolidation of all Kingsway's business in Canada under the Jevco brand, will allow them to go to market as a strong, credible Canadian company. Without the cost structure and complexity associated with being part of a North American group of companies, they will be able to become more competitive.

While it will take a few months to secure the required regulatory approval and finalize the details of the transaction, every effort is being made to expediate the process.

In an Ontario motorcycle insurance market place which suffers from too few insurers it is good news that Jevco Insurance is looking to continue and grow in this sector.

[LiNK666]

Kingsway Financial Services Inc. has issued a press release announcing its intention to dispose of its majority interest in Jevco, while remaining a minority investor.

Jevco has long been the most profitable Kingsway unit. This newly independent company will not be impacted by historic issues within the Kingsway Financial Services group.

This, combined with their recent consolidation of all Kingsway's business in Canada under the Jevco brand, will allow them to go to market as a strong, credible Canadian company. Without the cost structure and complexity associated with being part of a North American group of companies, they will be able to become more competitive.

While it will take a few months to secure the required regulatory approval and finalize the details of the transaction, every effort is being made to expediate the process.

In an Ontario motorcycle insurance market place which suffers from too few insurers it is good news that Jevco Insurance is looking to continue and grow in this sector.

So, Kingsway Canada and Jevco merged into a bigger Jevco which is becoming independent of Kingsway while Kingsway will only maintain a minor interest in Jevco?

[Insurance Guy]

So, Kingsway Canada and Jevco merged into a bigger Jevco which is becoming independent of Kingsway while Kingsway will only maintain a minor interest in Jevco?

Not quite. Kingsway Financial Services (KFS) owned both Jevco & Kingsway General (KG)Insurance Companies among several others throughout North America.

KG merged with Jevco under the Jevco name a couple of months ago. This at the time was still under the parent company name of KFS. Now KFS is divesting their interest in Jevco, save for a non controlling minority share.

Once approved, Jevco will operate independently from KFS. This is good because Jevco has been and continues to be a profitable company and now will no longer be under the influence of a parent company that has had some difficult issues with some of their other subsidiaries.

[adri]

Out of curiosity, what does KFS have to gain as a result of this, and, more importantly I guess, how will this effect us?

btw, thanks for all of the info =)

[Insurance Guy]

Out of curiosity, what does KFS have to gain as a result of this, and, more importantly I guess, how will this effect us?

btw, thanks for all of the info =)

KFS gains much needed capital. The benefit to motorcycle riders is that Jevco provides a stable market for motorcycle insurance in a market with very few players. Their success will not be mitigated or influenced by a parent company.

As noted in TorontoBoy's thread entitled: News: Insurance Firms Battered by Recession,
State Farm has lost $136.9 million this year. Will they continue to insure super sport bikes for less than cruiser rates? I don't know. The bottom line is when a successful company such as Jevco shows a commitment to the market place it is a good thing.

[Acadian1974]

KFS gains much needed capital. The benefit to motorcycle riders is that Jevco provides a stable market for motorcycle insurance in a market with very few players. Their success will not be mitigated or influenced by a parent company.

As noted in TorontoBoy's thread entitled: News: Insurance Firms Battered by Recession,
State Farm has lost $136.9 million this year. Will they continue to insure super sport bikes for less than cruiser rates? I don't know. The bottom line is when a successful company such as Jevco shows a commitment to the market place it is a good thing.

Until it becomes an oligopoly...

[Ninja87]

Hey I just bought a bike in November, and plan on going for the course with RTI in April. I have an '09 Kawasaki Ninja 250. I have an accident (deemed 50/50) on my record from 3 years ago. Im 23 year old female...any estimate?