How are you guys finding affordable insurace? | Page 3 | GTAMotorcycle.com

How are you guys finding affordable insurace?

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Joe Bass said:
Probably not gonna get the answer you are looking for...our man Roomie has been banned.
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There is no answer from the general public because my point is people love to rant it's too expensive but when asked to tell me what they think it should cost and why they have no idea. The same should apply to the outrage about the fact it's expensive. If you can't tell me what it should cost with the data to back that up then you shouldn't be outraged at what it actually costs.
 
sonnythebull said:
Its not you alone remember. It's a pool. If the company you are with has bad losses from other motorcycle riders for example and they need to increase rates they will do it across the board but they will give less of an increase for the good clients versus the bad ones. So you are rewarded for loyalty and a good record usually. If you aren't it's because sometimes the broker just won't fight for you or you are with a direct writer and there is no broker to fight for you or check other markets.Also keep in mind they can't increase rates without filing for permission with FSCO and there has to be data to justify the increases.
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Thanks for that explanation.
In that case, would it be better to always have an insurance broker working on your behalf? Dealing directly with an Agent seems they're very complacent.
 
nfq said:
Thanks for that explanation.
In that case, would it be better to always have an insurance broker working on your behalf? Dealing directly with an Agent seems they're very complacent.
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The right broker yes. Brokers deal with many markets agents deal with one only.
of course sometimes agents have the cheapest price but not the best service or coverage necessarily
 
I actually don't mind my rates for individual vehicles. What I don't like is that I pay basically 3x as much for having 3 vehicles even though only one is every in use at a time. Although when I was with BelAir I got a quote for 2 Jettas and it was more than just adding the cost of each together (1 Jetta would be $150/month, 2 would be $350 instead of $300), which made even less sense than what I'm paying now. They actually charged a premium for having multiple vehicles under one driver instead of offering a discount.
 
sonnythebull said:
The right broker yes. Brokers deal with many markets agents deal with one only.
of course sometimes agents have the cheapest price but not the best service or coverage necessarily
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I guess the next obvious question would be, how do you find the right (best?) broker? There must be some tells that separate a good one from a great one, and a bad one. Any tips on what to look for to determine if the guy you're dealing with is a good broker or just there to give you fluff service and sign you up at any cost?
 
nfq said:
I guess the next obvious question would be, how do you find the right (best?) broker? There must be some tells that separate a good one from a great one, and a bad one. Any tips on what to look for to determine if the guy you're dealing with is a good broker or just there to give you fluff service and sign you up at any cost?
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like any business where they are only selling a service not an actual product:
1. Do they answer and or return phone calls and emails promptly
2. Do they answer your questions when asked
3. Do they take time to explain things
4. Is the paperwork in proper order.
5. Do they treat you like a client not a file number
6. Do they just send you out increases or do they actually call and explain why there might be an increase?
7. Every renewal do they offer you broader and or higher coverage so you can see what options are available in the market place . And if you decline those higher or broader coverages do they make sure to explain the consequences of not taking them and have you sign a letter agreeing that you decided not to accept them.
8. When you have a claim do they advise and assist you if you need them.
 
sonnythebull said:
like any business where they are only selling a service not an actual product:
1. Do they answer and or return phone calls and emails promptly
2. Do they answer your questions when asked
3. Do they take time to explain things
4. Is the paperwork in proper order.
5. Do they treat you like a client not a file number
6. Do they just send you out increases or do they actually call and explain why there might be an increase?
7. Every renewal do they offer you broader and or higher coverage so you can see what options are available in the market place . And if you decline those higher or broader coverages do they make sure to explain the consequences of not taking them and have you sign a letter agreeing that you decided not to accept them.
8. When you have a claim do they advise and assist you if you need them.
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Thank you.
 
unL33T said:
I actually don't mind my rates for individual vehicles. What I don't like is that I pay basically 3x as much for having 3 vehicles even though only one is every in use at a time. Although when I was with BelAir I got a quote for 2 Jettas and it was more than just adding the cost of each together (1 Jetta would be $150/month, 2 would be $350 instead of $300), which made even less sense than what I'm paying now. They actually charged a premium for having multiple vehicles under one driver instead of offering a discount.
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Somewhat this.

As for what I think it should be, I think we should compare to similar markets, and especially compare young drivers to similar markets. Young drivers pay outrageously higher premiums than older drivers here, whereas in similar markets (in the USA) we're talking maybe 50% more.

Also, the 'Toronto' or 'Brampton' effect reaches WAY too far. Look at insurance rates inside, say, Manhattan, vs rates just outside, or towards central NY. Why are the rates in Muskoka very nearly as ridiculous as the rates in Durham region, which are only maybe 20% less than the rates inside Toronto?
 
drumstyx said:
Somewhat this.

As for what I think it should be, I think we should compare to similar markets, and especially compare young drivers to similar markets. Young drivers pay outrageously higher premiums than older drivers here, whereas in similar markets (in the USA) we're talking maybe 50% more.

Also, the 'Toronto' or 'Brampton' effect reaches WAY too far. Look at insurance rates inside, say, Manhattan, vs rates just outside, or towards central NY. Why are the rates in Muskoka very nearly as ridiculous as the rates in Durham region, which are only maybe 20% less than the rates inside Toronto?
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Quote actual websites or statistics to back this up please
 
unL33T said:
I actually don't mind my rates for individual vehicles. What I don't like is that I pay basically 3x as much for having 3 vehicles even though only one is every in use at a time.
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This times a million. There should be a discount applied since you can't ride say 3 bikes at once.
 
Roomie said:
This times a million. There should be a discount applied since you can't ride say 3 bikes at once.
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There are multi vehicle discounts.
And you think no one would insure three bikes and let their friends ride them ever right? You gotta use some logic. And don't go on about signing a form excluding coverage on the other bikes when not ridden cause that doesn't help when the lawsuits start flying as lawyers take insurance companies on for free to take part of the settlement.
 
sonnythebull said:
There are multi vehicle discounts.
And you think no one would insure three bikes and let their friends ride them ever right? You gotta use some logic. And don't go on about signing a form excluding coverage on the other bikes when not ridden cause that doesn't help when the lawsuits start flying as lawyers take insurance companies on for free to take part of the settlement.
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There should be multi vehicle discounts...but when a company discounts your MC insurance while bringing over two vehicles and yet it equals the same amount as keeping them with separate companies, that makes no sense. Ideally they would look at a case by case scenario. For instance commuting back and forth from Barrie to Toronto everyday, I rack up well over 50k km a year just commuting (a good chunk of that being on the bike) but have an immaculate driving record with no accidents or moving violations. Why then am I able to insure two cars for the same price as one bike [29 and have been driving since 16, insured on my own since 18]...and keep in mind, if you want the realistic numbers, take your yearly amount and divide by 6 (not 12) since we rarely get any riding in from Nov/Dec until April/May.

Just my 2 cents.
 
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sonnythebull said:
There are multi vehicle discounts.
And you think no one would insure three bikes and let their friends ride them ever right? You gotta use some logic. And don't go on about signing a form excluding coverage on the other bikes when not ridden cause that doesn't help when the lawsuits start flying as lawyers take insurance companies on for free to take part of the settlement.
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And herein lies another issue...our lawsuit happy society. If you willfully sign a disclaimer like the one mentioned, you should not be able to sue afterwards. I would gladly give that up. I would live that discount + no one would be on my bikes. But yes, I understand that that will never happen. Effen lawyers ?
 
Joe Bass said:
And herein lies another issue...our lawsuit happy society. If you willfully sign a disclaimer like the one mentioned, you should not be able to sue afterwards. I would gladly give that up. I would live that discount + no one would be on my bikes. But yes, I understand that that will never happen. Effen lawyers ?
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It's not the fraudster riding the bike, it's whoever they hurt/kill.
 
kellen said:
It's not the fraudster riding the bike, it's whoever they hurt/kill.
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Yeah, that's why it'll never happen and why we continue to pay for the masses. Everyday I'm reminded of how much I hate people.
 
Roomie said:
This times a million. There should be a discount applied since you can't ride say 3 bikes at once.
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sonnythebull said:
There are multi vehicle discounts.
And you think no one would insure three bikes and let their friends ride them ever right? You gotta use some logic. And don't go on about signing a form excluding coverage on the other bikes when not ridden cause that doesn't help when the lawsuits start flying as lawyers take insurance companies on for free to take part of the settlement.
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Yes there are multivehicle discounts but they are only 5-15% which makes next to no difference.

Sure, people would break the rules and let other people use their vehicles but that's not a problem that should be passed on to consumers. Insurance should be investigating that properly and deal with it themselves. Don't punish everyone because some people choose to break the rules.
 
esphoto said:
There should be multi vehicle discounts...but when a company discounts your MC insurance while bringing over two vehicles and yet it equals the same amount as keeping them with separate companies, that makes no sense. Ideally they would look at a case by case scenario. For instance commuting back and forth from Barrie to Toronto everyday, I rack up well over 50k km a year just commuting (a good chunk of that being on the bike) but have an immaculate driving record with no accidents or moving violations. Why then am I able to insure two cars for the same price as one bike [29 and have been driving since 16, insured on my own since 18]...and keep in mind, if you want the realistic numbers, take your yearly amount and divide by 6 (not 12) since we rarely get any riding in from Nov/Dec until April/May.

Just my 2 cents.
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accident benefits is your answer. You crash the car even a bad one you can usually walk away unhurt. You crash a bike even a minor one you usually are hurt and need rehab, lost income replacement etc etc.
that is why it's cheaper for you to insure 2 cars instead of one bike. Do some research.
 
unL33T said:
Yes there are multivehicle discounts but they are only 5-15% which makes next to no difference.

Sure, people would break the rules and let other people use their vehicles but that's not a problem that should be passed on to consumers. Insurance should be investigating that properly and deal with it themselves. Don't punish everyone because some people choose to break the rules.
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So tell me what the discount should be and how you arrived at that number with back up information that shows your discount is the right one. And while insurance is investigating people using vehicles they shouldn't and incurring investigation costs and legal costs to fight the lawsuits who do you suggest pay for those costs? Policyholders? Heavens no I guess???
 
Joe Bass said:
And herein lies another issue...our lawsuit happy society. If you willfully sign a disclaimer like the one mentioned, you should not be able to sue afterwards. I would gladly give that up. I would live that discount + no one would be on my bikes. But yes, I understand that that will never happen. Effen lawyers 
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Fine they pass a law that you can't sue. Would you like that law applied to you as well if you were the victim of an uninsured person who hits you? Are you willing to just absorb any costs that won't be covered by your policy or are you willing to pay higher premiums for the uninsured motorist coverage on your policy? It doesn't just come for free all these great ideas
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