Need insurance help!!

Hey everyone,

I have just recently acquired my M1 license on April 26 and am going to do the schooling and get my M2 by late June. So I have been shopping around for insurance and I found the best way to go is through a broker. I got a quote on a 2009 ninja 250 for $2000/year but the person I was dealing with was asking me about liability and comprehensive and collision repair and I had no clue what she was talking about hahah. I want to get a reasonable quote but still feel secure when I'm insured, if someone could explain to me what I don't need to keep the cost down and what I do need to feel secure that would be amazing. Thank you!!!

Aaron17

Aaron17 said:

Hey everyone,

I have just recently acquired my M1 license on April 26 and am going to do the schooling and get my M2 by late June. So I have been shopping around for insurance and I found the best way to go is through a broker. I got a quote on a 2009 ninja 250 for $2000/year but the person I was dealing with was asking me about liability and comprehensive and collision repair and I had no clue what she was talking about hahah. I want to get a reasonable quote but still feel secure when I'm insured, if someone could explain to me what I don't need to keep the cost down and what I do need to feel secure that would be amazing. Thank you!!!

Aaron17

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You need liability, it is the most expensive part.

Comprehensive is quite cheap and covers your bike against theft, things like damage while parked. Most people get comprehensive.

Collision pays for your bike if you crash it (with a deductible[normally you pay the first thousand, they pay the rest]). Some people leave off collision to save money. Check to see if it's worth it to you.

There's a good explanation here: https://www.fsco.gov.on.ca/en/auto/brochures/Pages/brochure_autoins.aspx

$200K liability coverage is the minimum required by law. Covers damage to other property (e.g. A guardrail) and for claims/lawsuits should you kill or seriously injure another person (above the payout of their accident benefits). Most people pay a little more to be covered up to $1M

Comprehensive is coverage to fix/pay-out the bike for loss due to fire, theft, floods, etc

Collision is coverage to fix/pay-out for the bike if _you_ are at-fault in a collision.

if you can withstand the loss of your bike due to theft and or crashing, then skipping Comprehensive and Collisiom may save you a few bucks. Look closely though, there's a mandatory collision coverage called DCPD which means _your_ insurance company pays for damage to _your_ bike if the collision is someone else's fault. If you are 50/50 at fault, then DCPD pays half and the collision coverage, if you have it, pays half. Removing the 'optional' collision may not make a huge difference in the rate.

Deductible amounts (the amount you must pay towards a claim before the coverage starts paying) and (new feature) Accident benefit levels are other options to increase or decrease the price.

For a cheap bike, where you'd rather save $ but take the risk that insurance won't cover you for theft or collision that's your fault, a lot of us make is choice to skip collision and comprehensive.

For a newer, more expensive bike where you wouldnt want to incur a financial loss should it get stolen or you crash it, the % increase to your annual insurance cost is well worth it to a lot of others.

Great explanations above. Two notes:

- Many insurance companies here won't write a policy with less than $1M liability anymore, and cheaping out on liability is a poor choice if someone sues you.
- With all due respect, the broker/company should have been willing to explain your choices to you if you asked for clarification. If they were rushing you or didn't seem helpful, go elsewhere.

PrivatePilot said:

Great explanations above. Two notes:

- Many insurance companies here won't write a policy with less than $1M liability anymore, and cheaping out on liability is a poor choice if someone sues you.
- With all due respect, the broker/company should have been willing to explain your choices to you if you asked for clarification. If they were rushing you or didn't seem helpful, go elsewhere.

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+1. I have $2m liability on both mine and my wife's bike, even a million liability can get chewed up fast in a bad accident. The cost to bump it up was very minimal.

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I agree I think it was less than $50 per year for me to go from $1 Million to $2 Million liability. I personally wouldn't go any less than $1 million minimum.

Iceman said:

+1. I have $2m liability on both mine and my wife's bike, even a million liability can get chewed up fast in a bad accident. The cost to bump it up was very minimal.

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