motoride777
Well-known member
does anyone know? lol
maybe i should move there since i plan on moving.
maybe i should move there since i plan on moving.
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what part of the GTA has the lowest rate?
- Thread starter motoride777
- Start date
bornagainst
Member
I feel bad for this being my first post, but had to share my story.
I just had my bike stolen on Canada Day. Long story short, when the investigator came to my place to do the interview, he told me that people get PO Boxes in lower rate towns, and no one asks twice. Hence getting a lower rate.
Personally, I found it funny that he would tell me that, as if he was trying to bait me into agreeing to do something fraudulent. With my luck I would do it, then have my bike stolen again the next day.
Oh, and great forum, thanks for having me.
I just had my bike stolen on Canada Day. Long story short, when the investigator came to my place to do the interview, he told me that people get PO Boxes in lower rate towns, and no one asks twice. Hence getting a lower rate.
Personally, I found it funny that he would tell me that, as if he was trying to bait me into agreeing to do something fraudulent. With my luck I would do it, then have my bike stolen again the next day.
Oh, and great forum, thanks for having me.
For cars or bikes? Based on Vifferfun's posts in the past, postal code does not have a major effect on bike rates, but does affect car rates (limited data for bikes so they can't divide areas up as much). My guess is richmond hill for GTA proper and north of the holland marsh for greater GTA.
motoride777
Well-known member
maybe he made it up. i am "quite" sure that you can't have a PO box address on your driver lic. and when you apply for insurance, they know that you don't live inside a PO box.
bornagainst
Member
I wasn't going to bite and show even the smallest amount of interest. This is a guy who was investigating my claim and can, at the slightest inking, determine me to be suspect of fraud.
I agree with you 100 percent....some of bike insurance is based on where the bike will be garaged, am I correct? That would mean they'd require a home address.
I agree with you 100 percent....some of bike insurance is based on where the bike will be garaged, am I correct? That would mean they'd require a home address.
Carlos Vincent
Well-known member
Motorcycle rates are not calculated based on Postal code, there are only 2 territories, of course GTA would be the more expensive territory.
Rates are calculated based on your age, bike cc's, years you had your M license.
Doesn't explain why eljay has had varied insurance premiums when moving around Toronto?
Also what area is covered within the GTA and what is outside of that?
Dresden
Well-known member
Good catch.
Insurance companies are ruthless with payout.. it's their business not to!
Bruzza
Active member
Having lived in Oakville, Mississauga and Brampton over the last 4 years, and with no changes to my marital status, driving record or vehicles, I can tell you that I paid significantly more for insurance for the time I lived in Brampton (late 2011 through mid 2012). My rates went up by almost 20% while I lived there, and dropped back down when I moved back to Mississauga. The rates between Oakville and Mississauga were fairly similar.
Might be worth noting that in all cases I was living in a detached house with the bike stored in the garages, and not close to the "city centres". Should have been a pretty close comparison in terms of the actual neighborhoods, but the Brampton rates were much higher.
Might be worth noting that in all cases I was living in a detached house with the bike stored in the garages, and not close to the "city centres". Should have been a pretty close comparison in terms of the actual neighborhoods, but the Brampton rates were much higher.
My rate area with Intact is listed as Durham/Kawartha, and I live in Pickering. It's at least $800/year less than Scarborough according to quotes. So I'd say if you're looking to keep your commute short, Durham is a good choice (it was for me, I actually moved here specifically for cheaper rates).
That said, maybe I should keep my mouth shut before they realize they can charge us out the *** here too.
A friend of mine lives in north york, he is 19, has a Ninja 300 and pays 1900 per year full coverage. He is with TD meloche monnex (no idea if he has any claims or not).
I live near jane and dundas I have a suzuki gw250 and pay 2400 per year full coverage. I am with statefarm. 0 at fault claims and a dropped minor traffic violation (from 2008 ) on my record. I have also had my drivers license for 6 years and have been insured non stop since then.
When i called TD meloche monnex for a quote they quoted me at 3000 per year. I also quoted a ninja before i bought my bike and they wanted about 5 bucks per month more on the ninja.
Both of us are in our first year of riding.
I have no idea why there is such a gap in our insurance rates, especially since I am riding a smaller CC bike, I am older, and I have no claims. The only thing that could possibly be the cause is the area I live in or the age of our bikes.
His is a year old and slightly used, mine was brand new. But that being said, his bike brand new is about $2000 more expensive than mine.
EDIT: Also i just contacted a random broker (dalton timmis) and they quoted me 1900 full coverage. So insurance companies do make a huge difference too.
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Both of those are not entirely true.
Postal Codes do have an effect on rates, The GTA is basically one rate and it gets lower the farther away you are pretty much. (I live in Kitchener and pay $67/month for a 600cc SS and $89/month for my car, both full coverage, try getting rates like that in GTA)
Some rates are based on those you mentioned, some are based on style of bike, some are based on how long you have had your G license, it depends which insurance company you are with.
MikeLeinwand
Member
It all depends on the company you are insuring with. If company A has a good loss ratio (less claims) in a certain area, they will lower rates in that area because it is profitable to them. If company B has a high loss ratio in that same area, they will apply for a rate increase to deter new business in that area.
Every FSA (first three digits of postal code) are a factor in determining your rates. If you are insured with Facility Association (high risk driver or high risk bike), they only have two rating territories rather than using FSAs, urban and rural. The entire GTA (postal codes that begin with M or L) are urban.
Every FSA (first three digits of postal code) are a factor in determining your rates. If you are insured with Facility Association (high risk driver or high risk bike), they only have two rating territories rather than using FSAs, urban and rural. The entire GTA (postal codes that begin with M or L) are urban.
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