How are you guys finding affordable insurace? | Page 5 | GTAMotorcycle.com

How are you guys finding affordable insurace?

Study is BS because it didn't include all the insurance companies that had negative return on equity.

http://www.canadianunderwriter.ca/n...rs-with-negative-return-in-equity/1003567346/

all insurance companies financials are posted online, all Insurance companies have to file for rate increases or decreases on personal insurance and receive permission from FSCO based on their profitability.
Read up more than just the studies you like. And as far as profits would you like your insurer to be broke so when a claim happens they cant pay or would you like that they be profitable so they can pay claims???

$2 billion profit to me means $2 billion after payouts. But since I can't find anything about it now, I might be mistaken.
 
Stupid article there is no comparison to coverage required or offered in California and Ontario especially taking into account accident benefits. Also this guy doesn't know what he's talking about the lowest limit you can buy is 200,000 not 1 million
. You should never buy less than 2 million in my opinion but that's not the law



"Ontario requires riders to carry Liability, Accident Benefits, Uninsured Automobile and Direct Compensation Property Damage. This is essentially the “basic” coverage that most insurance sales people quote. The lowest liability limit that you can carry in Ontario is $1 million.(

Motorcycle insurance is different in California. My Liability coverage with GEICO was $100,000. I could have chosen $1 million but that would have increased my premium to $500 per year from $205."
 
I still can't believe what some of you are paying for insurance (when talking hundreds of dollars per MONTH). Kind of glad I didn't get into riding until I was around 30...$1200/year for first year on my CBR250RA, which dropped to $500/year for years 2 and 3, until I sold it and got a CBR650F which runs me $1200/year again. As much as I like riding, I don't think I could justify spending over $2000/year for what is an occasional vehicle here in Ontario.

Also pays to shop around, as TD MM wanted $1900/year for the same bike, as they said it was a SS with a larger engine than a 600RR, and other insurance companies actually classified it properly (sports/sports tourer...not a SS).
 
I still can't believe what some of you are paying for insurance (when talking hundreds of dollars per MONTH). Kind of glad I didn't get into riding until I was around 30...$1200/year for first year on my CBR250RA, which dropped to $500/year for years 2 and 3, until I sold it and got a CBR650F which runs me $1200/year again. As much as I like riding, I don't think I could justify spending over $2000/year for what is an occasional vehicle here in Ontario.

Also pays to shop around, as TD MM wanted $1900/year for the same bike, as they said it was a SS with a larger engine than a 600RR, and other insurance companies actually classified it properly (sports/sports tourer...not a SS).

Just make sure you aren't getting worse coverage when switching for a cheaper price especially the accident benefits and liability limits
 
as above, there is often a second price tag on really cheap insurance, but you don't get to see it till you really need it.
 
Just make sure you aren't getting worse coverage when switching for a cheaper price especially the accident benefits and liability limits

For the CBR650F, only TD MM wanted $1900...everyone else was around $1100-1200. The main reason was, like I said, TD MM said it was a supersport class and had the same increase on it as the CBR600RR and CBR1000RR, whereas every other insurance company (State Farm, All State, Aviva, Intact, etc) all classified it as a sports/sports tourer, similar to the FZ6R and Ninja 650R.
 
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For the CBR650F, only TD MM wanted $1900...everyone else was around $1100-1200. The main reason was, like I said, TD MM said it was a supersport class and had the same increase on it as the CBR600RR and CBR1000RR, whereas every other insurance company (State Farm, All State, Aviva, Intact, etc) all classified it as a sports/sports tourer, similar to the FZ6R and Ninja 650R.


And you read the policies offered from each and all the coverages too so as to make sure you were getting the same at each company? It's not just always one likes a class of bike and another doesn't.
 
And you read the policies offered from each and all the coverages too so as to make sure you were getting the same at each company? It's not just always one likes a class of bike and another doesn't.


Thanks to your advice, I did just that before I switched over. The savings was considerable and the possibility of losing some benefits never entered my mind. But it was the same.
 
I agree with sonny on most points. That said our premiums are still ridiculously high. Here's an article to consider. This isn't some noob under 25 on a r1.

http://m.thestar.com/#/article/autos/2015/07/17/a-motorcycle-rider-comes-home--to-a-big-shock.html


I responded to this above:


Stupid article there is no comparison to coverage required or offered in California and Ontario especially taking into account accident benefits. Also this guy doesn't know what he's talking about the lowest limit you can buy is 200,000 not 1 million
. You should never buy less than 2 million in my opinion but that's not the law



"Ontario requires riders to carry Liability, Accident Benefits, Uninsured Automobile and Direct Compensation Property Damage. This is essentially the “basic” coverage that most insurance sales people quote. The lowest liability limit that you can carry in Ontario is $1 million.

Motorcycle insurance is different in California. My Liability coverage with GEICO was $100,000. I could have chosen $1 million but that would have increased my premium to $500 per year from $205."

NO ACCIDENT BENEFITS EQUALS A HUGE SAVINGS BUT ALSO MEANS NO INCOME REPLACEMENT OR REHAB PAID FOR. crash in Cali and enjoy your hospital bills and no income​
 
It seems as though every company bases their insurance on CC rating.

I am 24 yrs old currently with a suzuki GW250. I am paying 1450 per year for full coverage at Surnet Insurance (cheapest i could get for my 250 when i originally got my m2 last year).

Its almost the end of my second riding season, I want to upgrade to something bigger, my 250 struggles on the highway and frankly, its way too small for me (I am 6 ft 4, 230 pounds).

The bikes I have been looking at are the SV650, NC700X, Yamaha Bolt, Kawasaki Vulcan S, or a used Ducati Diavel (would be my ideal bike, but insurance is killer on these).

All of these bikes are running quotes of around 4-$6000 per year. How the hell is anyone supposed to afford this? My Camaro 2SS is only 2500 per year on insurance. I have one ticket to my name and it was a minor conviction (improper lane change).
CC matters but I think the type of bike is a little more important. I'm 20 and I have a DR650 (dualsport) and I am only paying $2100 a year with one ticket on my record (improper turn). This is also my first time being insured.

I feel like if you have a sport bike, the cost of insurance just skyrockets
 
For the CBR650F, only TD MM wanted $1900...everyone else was around $1100-1200. The main reason was, like I said, TD MM said it was a supersport class and had the same increase on it as the CBR600RR and CBR1000RR, whereas every other insurance company (State Farm, All State, Aviva, Intact, etc) all classified it as a sports/sports tourer, similar to the FZ6R and Ninja 650R.

I got a different story from TD MM. I bought a FZ6R because insurance was around $650 a year compared to a 650R which was $1000 while the CBR600RR was "only" $1200 for me. I don't understand how they come up with these prices.

And here's the best part. My friend in calgary just got a license. $110 per year for a CBR250. Why is calgary so cheap?
 
I got a different story from TD MM. I bought a FZ6R because insurance was around $650 a year compared to a 650R which was $1000 while the CBR600RR was "only" $1200 for me. I don't understand how they come up with these prices.

And here's the best part. My friend in calgary just got a license. $110 per year for a CBR250. Why is calgary so cheap?

Population? Claims? Demographics? Fraud?
 
Ignore. Misread post.
 
UPDATE:

So a friend of mine recommended a random broker I've never heard of (HUB International). Although they couldnt get me a better deal on my bike (same price im paying now), they managed to cut my Camaro's insurance by another 700 dollars per year.

So now im paying 2500 for a 6.2 litre V8 camaro and 1760 for a 250cc bike. Ill use my savings in insurance next year when I turn 25 to upgrade. Hopefully, ill have another nice fat drop in premiums with my M license and age.
 

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