New market for stand alone Motorcycles | Page 3 | GTAMotorcycle.com

New market for stand alone Motorcycles

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Anyone who is interested in a quote I've updated my first post with my contact information, please do not PM me via this forum as I will not be checking my PM's often.

A bit more info just came down the pipe line:
2 options for payment: Yearly or monthly, if you choose monthly, the yearly premium is equally divide by 12 payments, the first payment being double. There will also be a 3% monthly fee added to your monthly payment.

The insurance company will also give a 25% discount on the motorcycle rates if bundled with car insurance
 
Carlos Vincent said:
Hi everyone,

I am pleased to announce we have a new carrier that has updated its Motorcycle Program and now is offering stand alone motorcycle insurance.
New rating factors have been introduced, which include,experience, rider age, motorcycle age, body style, engine size, usage of the motorcycle.
A phase 2 is on the works which will allow riders to extend replacement cost to personal protective equipment and personal effects as well accessories.
For the touring riders who enjoy touring an endorsement covering extra vacation expense will also be available in the future.

Here are a couple of quotes as an example:

30 year old rider, 6 years motorcycle license, M6P-3X9
Full coverage with $2M liab. $500 comp/coll.
2014 Yamaha Vstar 1300 - $1323

40 year old rider, 10 years motorcycle license, M6P-3X9
Full coverage with $2M liab. $500 comp/coll.
2014 Yamaha Vstar 1300 - $1149

They will even do SuperSports 1000cc and under, Motorcycle license over 6 years minimum

30 year old rider, 6 years motorcycle license, M6P-3X9
Full coverage with $2M liab. $500 comp/coll.
2014 Yamaha YZF R1 - $1356

40 year old rider, 10 years motorcycle license, M6P-3X9
Full coverage with $2M liab. $500 comp/coll.
2014 Yamaha YZF R1 - $1180

Anyone interested in a quote you a can contact me at:
1-800-263-2369 or 705-722-8377 ext: 167
cvincent@csib.org
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so who do you think will benefit from this? its good to see there are bundling discounts.. but it looks like this may be geared more towards litre bikes or bigger for the more experienced market? any minimums or requirements? looking forward to hearing who this new insurer is.
 
@ %25 off this sounds like Certas Desjardins

Carlos Vincent said:
Anyone who is interested in a quote I've updated my first post with my contact information, please do not PM me via this forum as I will not be checking my PM's often.

A bit more info just came down the pipe line:
2 options for payment: Yearly or monthly, if you choose monthly, the yearly premium is equally divide by 12 payments, the first payment being double. There will also be a 3% monthly fee added to your monthly payment.

The insurance company will also give a 25% discount on the motorcycle rates if bundled with car insurance
Click to expand...
 
Well, if other brokers haven't had the opportunity to test and learn the system, they should have by now, I'm not keeping it from you guys any longer.

The Insurance company providing the stand alone motorcycle insurance is Wawanesa Insurance.

https://www.wawanesa.com/canada/
 
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Carlos Vincent said:
Well, if other brokers haven't had the opportunity to test and learn the system, they sold have by now, I'm not keeping it from you guys any longer.

The Insurance company providing the stand alone motorcycle insurance is Wawanesa Insurance.

https://www.wawanesa.com/canada/
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When I looked at the web site I did not see where it lists motorcycle insurance (car, home,farm and bus coverages are listed though).
Is motorcycle insurance listed elsewhere (ie a sub off of auto insurance) or is bike insurance a new venture for wawanesa?
 
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Wawanesa has been doing motorcycle insurance for a while. I think I might have been insured with them a decade ago?
 
Wawanesa has always done motorcycle insurance as an accommodation for existing clients, never as a stand alone, until now.
 
TwistedKestrel said:
Somebody's got to offer it. Companies can want whatever they like, but I have yet to see a multi-line package that actually works out in the consumer's interest. Since there are least some consumers out there that aren't stupid, there's a market for it. Seems like this operation is betting they'll do well enough with the additional rating factors.
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There generally are always discounts when lines are put together. I'm saying from a company and broker perspective it's a bad idea due to the type of client you attract......mostly
 
sonnythebull said:
There generally are always discounts when lines are put together. I'm saying from a company and broker perspective it's a bad idea due to the type of client you attract......mostly
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Not everyone owns a home or car and offering stand alone bike insurance is a way to bring in a new client.
If he is a happy client next he may add renters insurance or perhaps life insurance.

As for having all your insurance under one company......went through that experience and was paying over
6 1/2 g per year.
When I finally woke up I shopped around and split the 5 policies with 2 different companies and my annual costs dropped to 4g per year.

So much for multi line or loyalty discounts from a solo insurance company.

And I am now looking for a third insurance company to pull one or two of the policies to get better coverage (and if I get better rates.....thats a win win).
You have to be a smart consumer.
 
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cf1340 said:
Not everyone owns a home or car and offering stand alone bike insurance is a way to bring in a new client.
If he is a happy client next he may add renters insurance or perhaps life insurance.

As for having all your insurance under one company......went through that experience and was paying over
6 1/2 g per year.
When I finally woke up I shopped around and split the 5 policies with 2 different companies and my annual costs dropped to 4g per year.

So much for multi line or loyalty discounts from a solo insurance company.

And I am now looking for a third insurance company to pull one or two of the policies to get better coverage (and if I get better rates.....thats a win win).
You have to be a smart consumer.
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In my experience that is not correct but I'm sure there are exceptions
 
sonnythebull said:
In my experience that is not correct but I'm sure there are exceptions
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Spoken like an insurance agent :)
That is what the solo insurance company was saying until I showed them
the new policies. Only then did they admit they could not compete.
 
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I agree when I had my bike, car and truck all with Desjardin. Then I shopped around and TD was about 50% lower fr the bike. I called Desjardin the agent admitted they could never touch TD rates. Son now bike is with TD car with Desjardin, (no real savings with TD on car and no multi vehicle as the truck is now gone.
 
Carlos Vincent said:
Anyone who is interested in a quote I've updated my first post with my contact information, please do not PM me via this forum as I will not be checking my PM's often.

A bit more info just came down the pipe line:
2 options for payment: Yearly or monthly, if you choose monthly, the yearly premium is equally divide by 12 payments, the first payment being double. There will also be a 3% monthly fee added to your monthly payment.

The insurance company will also give a 25% discount on the motorcycle rates if bundled with car insurance
Click to expand...

Hi Carlos, just wondering if the monthly payment option is strictly pre-authorized debits from chequing account? or I can do the monthly payments on my credit card like my bell and gas bills (Mastercard)?
 
Hi Carlos, just wondering if the monthly payment option is strictly pre-authorized debits from chequing account? or I can do the monthly payments on my credit card like my bell and gas bills (Mastercard)?
Click to expand...

At this time they are only offering monthly payment via savings/chequing account or payment in full via credit card
 
Any rough premium estimates for a rider in the GTA, 22 yrs, GM license, no tickets/accidents, on a 600cc-750cc naked sport bike? or a 600 SS?
 
sonnythebull said:
In my experience that is not correct but I'm sure there are exceptions
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I like to have all my business in one place, but with my current situation, I am reconsidering. Just found out that my motorcycle is an add on, which in no way affects my other rates. Unfortunately, even with my discounts, it seems I can get more coverage other places for 30% less money. Not sure what I will do as that equals about $300ish a year, so it won't make or break me. But it will cover a big chunk of my M2x course.
But bouncing around every year to save $50? Meh.
 
Joe Bass said:
I like to have all my business in one place, but with my current situation, I am reconsidering. Just found out that my motorcycle is an add on, which in no way affects my other rates. Unfortunately, even with my discounts, it seems I can get more coverage other places for 30% less money. Not sure what I will do as that equals about $300ish a year, so it won't make or break me. But it will cover a big chunk of my M2x course.
But bouncing around every year to save $50? Meh.
Click to expand...


Many times new quotes are cheaper and then increase the following year . Over your lifetime it makes more sense to find a good relationship whether it's for Insurance or any other service rather than shop around for cheap all the time. Your time is worth something, a person who knows you and will fight for you is worth something.
 
sonnythebull said:
Many times new quotes are cheaper and then increase the following year . Over your lifetime it makes more sense to find a good relationship whether it's for Insurance or any other service rather than shop around for cheap all the time. Your time is worth something, a person who knows you and will fight for you is worth something.
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And that's what I've always believed and maintained. When they know who you are, I believe they will do a little extra for you, as opposed to a name on a computer screen.
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