Insurance woes and the inconsistency between brokers | GTAMotorcycle.com

Insurance woes and the inconsistency between brokers

shakalaka

shakalaka

Well-known member
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Hey guys,

Just hoping someone can give me advice or a company that I may have missed. TD are currently offering me the cheapest rate. This is my second year riding and StateFarm actually raised my premium by a few % after a perfectly clean year of riding. A number of brokers from various companies have told me that they will not insure a motorcycle without a car, which I'm pretty sure is illegal...

27 years old, G for over 10 years, M2 since Nov. 2013, clean record, live in Toronto.

2013 CBR500RA:

SF - ~$2000/year
Desjardins - ~$4000/year
TD - ~$1500/year (interestingly enough, they quoted me $4000 last year, so clearly a year of riding is a big deal for them)

Any other companies you guys think would be a good bet? Much appreciated.
 
Some people claim that a bit of experience makes one cocky.

Re the package deals, I thought is was illegal as well.
 
Why would it be illegal??? They can sell you only whatever they want. Are you not mixing it up with ...."bring your car over and we can give you multiline discount, making the rate much better?"

Rogers will not allow you to buy a channel or two, but rather a package only ...
 
mxs said:
Why would it be illegal??? They can sell you only whatever they want. Are you not mixing it up with ...."bring your car over and we can give you multiline discount, making the rate much better?"

Rogers will not allow you to buy a channel or two, but rather a package only ...
Click to expand...

You get into a long discussion on monopolies but what if Loblaws wouldn't sell you milk unless you bought all of your groceries from them?
 
"tied" selling has been discussed here to death. If the company registers with the FSCO in advance that this is their business model then they can do it. But even if they don't the regs are written soooo poorly they can justify it and be permitted to proceed.

My car and bike renewals are pretty close.I have the bike with TD car with Desjardin. So I called both companies to get quotes if I brought them under the same company. Currently:

Bike is 1103 FULL coverage $2 mil liability $500 and $300 deductible, with TD, Desjardin. To do the same coverage wanted $2700.
Car is 1344 Full coverage $1 mill liability $500 and $300 deductibles, with Desjardins. To do the same coverage TD wanted $1578.

So I left things as they were, TD Would have discounted car to $1470 If I brought house to them as well.

Bottom line if you don't want to bundle then it may be better not to do so. If they will only offer bundled, then you say thanks I will take my business elsewhere. if enough people do this then they will get the message
 
Hedo2002 is right; while a bundle may be convenient, if the price isn't right it's probably not worth it. Best case scenario your dealings with insurance will be once a year for renewal.

I've gotten plenty of quotes for the upcoming season and haven't found a single company with a bundle remotely close to my separate insurers. My bike is about $1k with one insurer and my car $2k with another. I haven't had a bundled quote break $4k which seems ridiculous to me, but that's just how it is. Some insurers are cheaper for cars, some for bikes. And they all want your house too, but that doesn't necessarily save any money either.
 
The difference in premium has to do with multiple variables that affects rating.... ranging from your postal code, to the type of vehicle, to whether you are a preferred segment the company is trying to do business with. Not really sure that the number of years of experience riding a bike helps with the rate, but the number of years you've been insured continuously and a clean driving record do help.

e.g. an 18yr old riding a litre bike = not really want to underwrite that policy, but what the hell.... quote it $25,000 and hope the kid goes away
 
We are with TD/Meloche Monnex and their rates are really good especially if you belong to a group. If you are affiliated with any organisation throw it at them. eg. post-secondary alumnus, employer, association, etc. It can't hurt and you might save yourself some more. Other insurers also offer group rates. And, yes, bundling saves even more.
 
nobbie48 said:
You get into a long discussion on monopolies but what if Loblaws wouldn't sell you milk unless you bought all of your groceries from them?
Click to expand...

Probably not the greatest analogy with Loblaws having thousands of item for sale, vs insurance company having few services on offer, but hypothetically Loblaws could do that, but not everyone else would, so it would be their loss, at the end of the day.

In a correctly operating free market, this should always sort itself out.
 
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