Yet another insurance question! Underwriter fault? | GTAMotorcycle.com

Yet another insurance question! Underwriter fault?

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ore0_dustin

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Hi all, so I recently picked up a motorcycle; 2002 CBR 600 F4i

I have a no tickets or anything, 28 years old, I have my M2 which I got in OCT 2011. Part of the reason for getting the bike is that I want to get my M before my M2 expires.

So when I got my first bike a 99 YZF-R6 back in 2011, I was with State farm and insurance was around $2800/year which at the time I thought was high/reasonable for a new rider on a super sport bike.

I have not had insurance on a motorcycle for at least 3 years; after picking up the F4i I called SF for insurance and they quoted me $4800/year I almost cried. That just seems crazy considering when I was 23 with an R6 it was cheaper.
After that I was recommend to a broker who deals with Wawanesa, everything worked out great he wrote me up and got me going insurance was only $1174/year. 1 week Later I get a call from the broker who said, "Wawanesa kind of has an unwritten rule I was not aware of" telling me that they won't insure anyone who has been licensed for 6 years or less. Tells me I am going to get a letter in the mail from them soon, stating they are dropping me but that its due to "under writing fault" and not my driving record or anything like that.

I haven't received the letter yet so I'm not sure when the insurance will be valid until. Since then I have called numerous insurance companies and brokers looking for quotes other than SF. Companies either black list the F4i or want consistence insurance or M license for a minimum of 2 years.

The only other quotes other than from SF I have been able to receive is from TD $3800/year (basic) and Aviva $3600/year (basic). I was able to get a quote for $3000 from Primmum, but I had to state that I am a Meridian credit union member although I am not, but I guess I could go open an account ha.

Does this seem like a normal annual insurance premium, how could Wawanesa give me such a reasonable price and everyone else wants over 3500? I gave the broker all the correct information too, not like I lied about my record or something like that.

Looking for advice from some of you insurance gurus.
 
Maybe Wawanesa was attaching a discount on the bike for number of years, similar to how All State has their "Elite Rider" discount? Only other thing I can think of is if the F4i straddles the line of being called a Supersport or a Sports Bike/Tourer. I know with my CBR650F, most classify it as a Sports Tourer, however TD MM considers it the same as a CBR600RRA, and wants about $500-600/year more.
 
What did the broker offer?
 
All the insurance companies consider the F4i a supersport.

Broker link (the brokerage) just send me to checkout another broker which gave me a quote with Aviva, who I've already quoted with.
 
#1 reason it's always important to check insurance before buying any bike. I know that's not very helpful, so honestly all anyone here can really do is suggest you keep calling around, but with a lapse in riding/insurance you're likely going to be rated as a new rider again. It's gonna be expensive to insure a SS in that situation, especially considering SS insurance a whole has gone up fairly dramatically in the last few years, even for older experienced riders in many cases.

Have you tried a large brokerage like Dalton Timmis? They can shop you around to many different underwriters. Be sure to mention the fact you've had your M2 since 2011 and *have* some experience, albeit not recent - that could reflect positively for some underwriters.

If you call Dalton, ask for Andy Singh - great guy, very personable...and has helped a lot of riders especially in the initial TD fallout earlier this year.
 
Unfortunately Ontario insurance companies can drop you for any reason they like within the first 6 months; including underwriting faults on their end. The scales are tipped, and not in your favour.

Edit: sorry, 60 days, not 6 months
 
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ore0_dustin said:
Hi all, so I recently picked up a motorcycle; 2002 CBR 600 F4i

I have a no tickets or anything, 28 years old, I have my M2 which I got in OCT 2011. Part of the reason for getting the bike is that I want to get my M before my M2 expires.

So when I got my first bike a 99 YZF-R6 back in 2011, I was with State farm and insurance was around $2800/year which at the time I thought was high/reasonable for a new rider on a super sport bike.

I have not had insurance on a motorcycle for at least 3 years; after picking up the F4i I called SF for insurance and they quoted me $4800/year I almost cried. That just seems crazy considering when I was 23 with an R6 it was cheaper.
After that I was recommend to a broker who deals with Wawanesa, everything worked out great he wrote me up and got me going insurance was only $1174/year. 1 week Later I get a call from the broker who said, "Wawanesa kind of has an unwritten rule I was not aware of" telling me that they won't insure anyone who has been licensed for 6 years or less. Tells me I am going to get a letter in the mail from them soon, stating they are dropping me but that its due to "under writing fault" and not my driving record or anything like that.

I haven't received the letter yet so I'm not sure when the insurance will be valid until. Since then I have called numerous insurance companies and brokers looking for quotes other than SF. Companies either black list the F4i or want consistence insurance or M license for a minimum of 2 years.

The only other quotes other than from SF I have been able to receive is from TD $3800/year (basic) and Aviva $3600/year (basic). I was able to get a quote for $3000 from Primmum, but I had to state that I am a Meridian credit union member although I am not, but I guess I could go open an account ha.

Does this seem like a normal annual insurance premium, how could Wawanesa give me such a reasonable price and everyone else wants over 3500? I gave the broker all the correct information too, not like I lied about my record or something like that.

Looking for advice from some of you insurance gurus.
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By law an insurance company has to notify you by registered mail that they are dropping you. You should have time to look for other insurance. Since the reason for dropping you is an "Underwriting Fault" it would not count against you. As to why the price with State Farm has gone up, it's because they are not using their own pricing but that of Desardains since they have been bought. This year, a lot of companies have risen their rates due to the high payouts in motorcycle accidents. The broker should offer to place you with another company. I hope this answers your question.
 
Neil_V said:
Unfortunately Ontario insurance companies can drop you for any reason they like within the first 6 months; including underwriting faults on their end. The scales are tipped, and not in your favour.

Edit: sorry, 60 days, not 6 months
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Correct, but they would still need to send out a notice with the cancellation date, and it must be 14 days out.
 
I did actually call around before buying the bike, I bought the bike on the basis that Wawanesa would cover me for $1170/year :D

I haven't received anything in the mail yet, I've just been warned that it is coming via the broker, lucky for me I already got it registered, plated and safety inspected. So switching insurance won't be too much of a hassle, just that account withdrawal size :(

I have tried Dalton Timmins etc. I have called everyone believe me, I spent 2 days calling every insurance company and major broker I could find online or through friends. Just sucks that I'm going to have to wait another year before Wawanesa will cover me, I called them directly today actually. They said 6 years riding exp is only required when insuring a "super sport" bike.

For anyone who read this and is also in an insurance bind, if Wawanesa will cover you, I'm willing to bet they will beat any other companies rate, unless your bundled with say Allstate and have your house, car, and motorcycle packaged.
 
ore0_dustin said:
I did actually call around before buying the bike, I bought the bike on the basis that Wawanesa would cover me for $1170/year :D

I haven't received anything in the mail yet, I've just been warned that it is coming via the broker, lucky for me I already got it registered, plated and safety inspected. So switching insurance won't be too much of a hassle, just that account withdrawal size :(

I have tried Dalton Timmins etc. I have called everyone believe me, I spent 2 days calling every insurance company and major broker I could find online or through friends. Just sucks that I'm going to have to wait another year before Wawanesa will cover me, I called them directly today actually. They said 6 years riding exp is only required when insuring a "super sport" bike.

For anyone who read this and is also in an insurance bind, if Wawanesa will cover you, I'm willing to bet they will beat any other companies rate, unless your bundled with say Allstate and have your house, car, and motorcycle packaged.
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Don't worry, I think most of us understood ;)

I feel your pain man, went through a similar situation once, although I didn't get cancelled; just a premium "adjustment". When it seems to good to be true, sometimes it just is haha. I wish you luck man.. it's tough out there.

..and yes, Allstate has great rates atm if you can bring house, car, etc :D
 
Does this seem like a normal annual insurance premium, how could Wawanesa give me such a reasonable price and everyone else wants over 3500? I gave the broker all the correct information too, not like I lied about my record or something like that.
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Wawanesa will only insure sport bikes if the rider has had his motorcycle license for 6 years or more, they are being extremely careful who they insure as they wantt o keep the rates low for the mature, experienced riders.
If they were to insure anyone with less than 6 years motorcycle license the prices would probably be in the same range as all the other companies.
 
ore0_dustin, were you bringing your car, house, or anything else to Wawanesa? Since you're so close to to getting your six years of Motorcycle experience, I would ask the broker to request an underwriting exception from Wawanesa. In other words, the broker would ask the company to insure you even though you don't satisfy all of their underwriting criteria. If you are only bringing a bike to Wawanesa your chances are reduced (since this is at Wawanesa's discretion); however, it's worth a shot! The broker should be able and willing to advocate on your behalf since they made the quoting error and you purchased a motorcycle based on this quote. Good luck!
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