Heard some distressing news re: State Farm buyout and Supersport/Superbikes | Page 2 | GTAMotorcycle.com

Heard some distressing news re: State Farm buyout and Supersport/Superbikes

Yes, the rates are regulated. The insurance company says "jump", the regulator says "how high". It's almost completely ineffective.
 
Doesn't the province (or feds) regulate (and limit) just how much the insurance co can increase the rates by?

The province regulates auto insurance rates to ensure that the insurance companies charge enough so that they can remain solvent enough to be able to cover their expected claims. The province also limits the amount of profit an insurance company can make off auto insurance rates. Within those bounds, an insurance company can set its rate structure any way it wishes in order to attract certain types of vehicles and drivers or to dissuade other less desirable types of drivers or vehicles, including high-risk high-claim sportbikes.
 
so this is good news for me riding a honda shadow?

i should wait till spring to see if i get better quotes?
 
so this is good news for me riding a honda shadow?

i should wait till spring to see if i get better quotes?
No. You won't. They will stay ~same at next renewal. Pm me for deets.

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Anybody else tried to call? I spoke with my rep but he didn't have a number for me yet until the new year .
 
State Farm is not the only one - I just moved to Aviva and I am saving about 500 for the year for my bike and 900 for my car.
 
Thanks, I won't lie that I am a little nervous about it. State Farm was great to deal with when I had a Minivan hit me from behind and total my sports bike in 2011 so I hope this insurance company is close to it. However I have read many reviews and it does not look good. Hopefully I never have to use them.

But with what I am saving a year, I would have saved the cost of my current bike in 5 years so even if my bike gets totaled or stolen in a couple of years, the 3k I would have saved by them would make up for any low balls i get from insurance.

At least that is how I see it.
Good to hear positive news on this. Congrats
 
True but I think it is now standard to hear horror stories about insurers. I am currently with TD and I have had to go to mediation twice already just to get treatments approved. They deny we go to FSC mediation, they get ordered to pay the treatments, then the next treatment plan, (to continue the rehab) gets submitted and the deny, back to mediation we go and they get ordered to pay. I guess from a business perspective why not deny it costs little to mediate and if they win they save $2500 - $3000 on treatment they hope that the injured person will simply "give up" and walk away. At this point I have only used less than $6,000 in medical treatments out of the "supposed' $50,000 limit.

Thanks, I won't lie that I am a little nervous about it. State Farm was great to deal with when I had a Minivan hit me from behind and total my sports bike in 2011 so I hope this insurance company is close to it. However I have read many reviews and it does not look good. Hopefully I never have to use them.

But with what I am saving a year, I would have saved the cost of my current bike in 5 years so even if my bike gets totaled or stolen in a couple of years, the 3k I would have saved by them would make up for any low balls i get from insurance.

At least that is how I see it.
 
Bike went up from $650 to $1600 this renewal. Looks like I'll be shopping soon

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Bike went up from $650 to $1600 this renewal. Looks like I'll be shopping soon

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I don't know any one with an R6 paying that low. 1600 at your age is not bad. Good luck finding a 650 policy unless you had minimum coverage
 
I don't know any one with an R6 paying that low. 1600 at your age is not bad. Good luck finding a 650 policy unless you had minimum coverage
Nope full coverage at $1000 deductible with sf... I've had a bunch of 600's since I was 25 all paying under $800

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I don't know any one with an R6 paying that low. 1600 at your age is not bad. Good luck finding a 650 policy unless you had minimum coverage

I was paying $620 a year with no f-t- now full coverage close to $1000
 
Nope full coverage at $1000 deductible with sf... I've had a bunch of 600's since I was 25 all paying under $800

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Ah my deductible has always been 300, I assume the area you live also makes a difference. The lowest I got for my 750 was 900, then I moved to pickering and back up to 1k plus with state farm.
 

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