Never an issue with TD MM in the 5 years I've been with them. I regularly move insurance among 3-4 bikes a season. And their prorating setup allows another bike come on stream later in the season for cheap, like $50-$100 from Labour Day to February. $1000 a week income replacement for an extra $10 bux it's awfully tempting to lay 'er down in a corn field. If you know what I mean.
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Mileage per year?
- Thread starter inreb
- Start date
Never an issue with TD MM in the 5 years I've been with them. I regularly move insurance among 3-4 bikes a season. And their prorating setup allows another bike come on stream later in the season for cheap, like $50-$100 from Labour Day to February. $1000 a week income replacement for an extra $10 bux it's awfully tempting to lay 'er down in a corn field. If you know what I mean.
I'm a wop, of course I know what you mean! ?
Do you then have to resafety each bike?
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Lol to w/o papers and no safety.
I inquired to several insurers recently and heard something concerning about that - apparently insurers can make you exhaust all your sources of income before they agree to payout on that. Most concerning was the mention of RRSP and other investment income. Being forced to deplete your retirement savings because of an accident which leaves you unable to work seems, well..******.
The standard $400 is wholly inadequate for most people, me and my wife included. I'd like to jack it up to the $1K/week limit (the cost is pretty reasonable indeed) but when I heard the bit about (potentially) being forced to exhaust our retirement income and/or investments before they'd agree to actually start paying that out, well...I'm digging into that some more to see if that was just a "we'd rather you not sign up for that as it increases our liability" type thing, just plain bad information, or an actual threat that they can use to avoid paying out on those who actually need said benefits.
Our financial advisor/insurance guy is coming a week next Monday and I'll be picking his brain about that. If that is actually the case I'll be looking for some third-party income replacement options instead, as I'm not interested in destroying our retirement because of an accident one of both of us can't work afterwards.
Will do.
I have done a lot of Googling since hearing this and I can't find any horror stories about this online, so I'm hoping it was just misinformation - I find it hard to believe that anyone caught in this situation wouldn't vent about it online.
conundrum
Well-known member
I'd just give them the most direct route, assuming you do use it a lot of the time. The whole distance to work thing is a little BS since what happens if you get in an accident and took a different route that day? Had to get groceries on the way home? Heading out to meet up with friends? I'm sure insurance companies would love to invalidate claims based on those...but in reality they can't.
I am no longer with TD MM but I was with them for about 15 years. Whenever I got a new bike they always asked me this question (even though I already had bikes on the policy) about how much mileage. Everytime, I asked them if there was a difference between 5000km and 10,000km and if they could quote me on both. Everytime, the quote came back with a difference for about $2 or $3 bucks...
So to be safe, I would just tell them 10,000km.
Of course I had 5 bikes at that time and I would annually (at the time) be riding around 40,000km - 50,000km per year average. so I didn't feel I had to justify each bike to having 10,000km when I had 50,000km of 'total' coverage on my policy for all my bikes. I might ride one to 40,000km and only do 2k each on the other 4, still adds up to 50,000km total.
So to be safe, I would just tell them 10,000km.
Of course I had 5 bikes at that time and I would annually (at the time) be riding around 40,000km - 50,000km per year average. so I didn't feel I had to justify each bike to having 10,000km when I had 50,000km of 'total' coverage on my policy for all my bikes. I might ride one to 40,000km and only do 2k each on the other 4, still adds up to 50,000km total.
I was with TD MM and had filled out the forms for this when I got into my bike accident. I did not get my payout because you are required to be off work for a minimum of 10 days. I think I was only off work for 8 days.
I was told by my claims agent who worked with me that for a motorcycle accident they begin paying out immediately at the 10th day the check is cut. This is of course for disability because of the accident, pre-existing conditions are not covered for this benefit and conditional on you furthering your treatments. I remember he told me if you are on a treatment plan by your doctor and if you do not follow it, the benefit is immediately cut.
http://personal-injury-ontario.ca/weekly_benefits.html
"The maximum payment is $400 per week, unless you have purchased higher benefits.
The payments will begin within 10 Business days after your completed application and disability certificate are received by your insurance company. If your disability continues, a payment will follow at least every two weeks. If your application is questioned or refused, you will be give a written explanation immediately."
Think about this for a second (not you specifically, but anybody) If they are willing to cover you at $2-$3 for 5000kms what does that say about the statistical chance they feel (or know) that you will make a claim? Are they making money off those couple/three bucks or are they getting raped? I think this says a lot about how greatly overpriced and exaggerated the risks are. Maybe I'm missing something?
conundrum
Well-known member
I wouldn't even bring it up, as I figure most would say yes, it is commute to work, but then would also say you ride that exact same route every day. Like I said, I might drive direct to work most days, and then after work go shopping, meet up with friends, etc...but I don't tell the insurance company "well it is 10km in to work, but then I typically do 20-100km after work to get home." Truthfully, the reason they care is because you are more likely to get in an accident when you are late to work...so that's why they want to know how long/how many km that risk is elevated.
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