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Canadian Rider Comes Home to Shock!
- Thread starter -Maverick-
- Start date
From the article, how can GEICO make money in the states at those rates? I'm sure comparing Ontario to US is not apples to apples(pay outs) but it shouldn't be THAT far off, should it? This writer went from $200/yr. to $2000/yr. WTF. I think the risks are over inflated in Ontario. This morning I talked to a pretty slick ins. dude and, of course, pay outs is the reason given for big premium jump. Of course, why not. I asked how much it costs to double my projected mileage. The premium increase was next to nothing. So then how much of a risk is the insurance company taking, really?
lol, wat were expecting?
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Dr. Luxurious
Guest
welcome to onterrible....heres a picture of wynne describing how big the premium increase will be next year..
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Roadghost
Well-known member
It's an old article. There's no doubt we're being screwed. After all, most of our medical bills are covered by OHIP. Insurance only really covers long term disability and property damage. In the U.S. liability costs are huge, so are health care costs, plus punitive damages. $1million for long-term is not that much for someone who is permanently crippled, but only a small fraction of people end up that way, so the costs don't really add up.
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Dr. Luxurious
Guest
heres a picture of wynne when a reporter asked "how big of a motorcycle should one buy in order to get affordable insurance in ontario ?"
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Dr. Luxurious
Guest
heres a picture of wynne when asked to do an impression of an ontario motocyclist after they open their insurance renewal letter and see the new rate...
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Drennan57
Well-known member
It's a sad reality. Considering Ontario is a half year ridng season.
Here we are using the most efficient, smallest carbon footprint mode of transportation possible and we are essentially being punished for it.
Guess we should all drive jacked up 1979 Suburbans and make them happy
Here we are using the most efficient, smallest carbon footprint mode of transportation possible and we are essentially being punished for it.
Guess we should all drive jacked up 1979 Suburbans and make them happy
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Stick with reality in your arguments. Almost every bike I have ever owned burns more fuel per km than my car and has less emission reduction equipment. Bikes are fun, they are not clean (and most aren't even that efficient).
Drennan57
Well-known member
Ok so lets compare my modes of transportation.
2009 Chevrolet Silverado 2500HD crew vs Ninja 300.
I'll let you decide which one is more "efficient".
Work it out in ton miles. Ninja loses.
I can understand large premiums if you live in a condo with an attractive high powered ss theft target. I can't understand large premiums on bikes that aren't popular with thieves or with typical insurance risk riders living out of town. Having said that, there are a few things that I see as "pay to stay"....this is a safe place to live and I have a good job with free healthcare. If I moved to the US I wouldn't have all of those things.
How about "3rd party only" insurance on a bike - some bikes see less than 1000 clicks in a year, and how much damage/injury do they cause to 3rd party compared to, well, any other motor vehicle on the road? Yet, most increases are in this portion of your insurance... Your mandatory portion of the insurance.
It is such obvious rip-off... We are sheep, and they (insurance companies) know it...
OHIP covers things like surgery and seeing of doctors but it doesn't cover "most" of the rehab, one needs after a collision IE Physio, Chiropractor, Massage/laser treatments etc etc. So yes your insurer picks up all those, (unless of course you have work place insurance then they demand you apply for coverage there first, and the auto policy is the "last resort"). Just posting to clarify as I am dealing with all this right now with my ongoing injuries.
I find it interesting that the mandatory part of insurance costs the most.
When I was with TD in 2014 I was paying around $1200. About $1000 of that was for Accident benefits and that was mandatory. Comp, Fire, Theft was only around $80.
The chances of TD ever having to pay out accident benefits under Ontario's MIG guidelines are negligible as in general that pushed back on your employer until you exhaust those benefits, and if they do, their liability is limited to $3500. The only thing they are really on the hook for is for catastrophic injuries which are fewer on a motorcycle as many serious accidents may end in death.
Just being my usual cynical self, but do you think they charge so much for accident benefits because they can? If they put fire and theft up to $1000 everyone would just give them the finger
I'm with Geico now and I have to say they are brilliant. Not only the price but the customer service is fantastic.
They even have things like newsletters that have local motorcycling events, discounts, coupons. Can you imagine going into GP Bikes and getting your 10% TD insurance discount?
When I was with TD in 2014 I was paying around $1200. About $1000 of that was for Accident benefits and that was mandatory. Comp, Fire, Theft was only around $80.
The chances of TD ever having to pay out accident benefits under Ontario's MIG guidelines are negligible as in general that pushed back on your employer until you exhaust those benefits, and if they do, their liability is limited to $3500. The only thing they are really on the hook for is for catastrophic injuries which are fewer on a motorcycle as many serious accidents may end in death.
Just being my usual cynical self, but do you think they charge so much for accident benefits because they can? If they put fire and theft up to $1000 everyone would just give them the finger
I'm with Geico now and I have to say they are brilliant. Not only the price but the customer service is fantastic.
They even have things like newsletters that have local motorcycling events, discounts, coupons. Can you imagine going into GP Bikes and getting your 10% TD insurance discount?
Thats what I was about to say. My bike only burns marginally less than my car, but the bike has zero emission equipment.
To suggest that bikes are somehow better for the environment is very questionable statement unless you drive a gas guzzler cage, and you put twice the mileage on your bike every year vs what you drive the cage. That's simply not the case for most people.
BigEvilDoer
Well-known member
If you have a truck, the bike will be more fuel efficient hands down.
My Ranger, 4 cylinder, at best, uses 8.5 litres per 100km.
My KTM RC8r, at best, uses 5.5 litres per 100km. Stock it has 2 (yes, TWO) catalytic convertors in it as well, therefore less damaging to the environment than the truck.
My Ranger, 4 cylinder, at best, uses 8.5 litres per 100km.
My KTM RC8r, at best, uses 5.5 litres per 100km. Stock it has 2 (yes, TWO) catalytic convertors in it as well, therefore less damaging to the environment than the truck.
There's prolly some big forehead definition of efficiency around, energy used to work performed ratio? The bike might weigh 1/10 of the truck but uses more than half the fuel. Less efficient.
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