Costs Associated With Insuring Multiple Bikes | GTAMotorcycle.com

Costs Associated With Insuring Multiple Bikes

48Connor

Well-known member
I know I've seen this discussed before, but I couldn't find it in a search, so I figured I'd ask again.

I'm about 85% sure I'm going to be picking up a second bike this week. I found a pretty decent deal on a DR650, which I think I could make work for the offroading and highway riding I'm planning on doing.

So getting onto the question. For those of you with two bikes, how does your insurance work? Do you get discounts on the second bike because you can't ride two at once? Or is it like paying the full insurance amount for each bike combined?

Also, for you guys who own DR650's (or KLR's/XR's), how is insurance for you? I know once you hit 600-650cc for people under 25 there is a preimium (I'm 21), but I wonder if that would apply to these bush pigs. I'm also considering buying it with no insurance, and hold out till next year once I've been insured for a year and rates might drop a bit.

Thanks
 
Yeah, I get very little discount by having two bikes insured... basically full rate on both.

The DR650 actually quoted out slightly higher than my Vstrom.... not sure why. My DRZ is less than 1/2 the cost to insure either -- but I'm old and have had my M for a long time.
 
Yeah, I get very little discount by having two bikes insured... basically full rate on both.

The DR650 actually quoted out slightly higher than my Vstrom.... not sure why. My DRZ is less than 1/2 the cost to insure either -- but I'm old and have had my M for a long time.

Well this is starting to sound disappointing. I am planning on calling my insurance guy tomorrow, so at least I'll be somewhat prepared for the quote.

I'd imagine you're paying a lot less to insure your DRZ than I am, though.Your version of double might be $1500/year while mine is $4000.
 
Well this is starting to sound disappointing. I am planning on calling my insurance guy tomorrow, so at least I'll be somewhat prepared for the quote.

I'd imagine you're paying a lot less to insure your DRZ than I am, though.Your version of double might be $1500/year while mine is $4000.

You're a bit high for my estimate... my DRZ is $240/year, Vstrom is $429.... both liability and comp, no collision, I am 40, had my M for 20+ years, through The Personal with a good group discount. The DR was quoted in the $550 range for me.
 
I get a small discount from td for having multiple car and bike policies but that's it.

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Motorcycles are a risk insurers prefer to avoid or spread out. So, no multi policy discount or very little. Multiple bikes means, more likely to ride. They prefer those with one and it's parked in the garage or timmies. Have two or more? You will ride and crash and rack up expensive AB/BI expenses/claim. Policy holders with multiple bike actually increase the risk of a claim. So, they really don't want to promote it.
 
I think I get about 10-15% discount on my 2nd bike ...

I think they key is to stack your discounts, I have the car and house on there so I get 10-15% off because of the car and another 10-15% because of the house. ... so anywhere between 30-45% discount on insurance by having everything all together.
 
Don't forget to shop around. I ended up with two different companies for my two bikes. TD for my Ninja and Intact for my Ducati. Pulling them together would have cost me more.
 
Insurance company I am with had a 15% discount for multiply bikes. Still would have been $3500/year for my DRZ and the DR. When I sat down and calculated it out, I could beat the sh*t out of my DRZ and buy a new one 2 years down the line and it would cost me the same as buying the DR today.

I ended up picking up a set of Warp9 dirt rims/tires so I could take my DRZ offroad. Not what I wanted to do in the beginning, but the cheapest and probably the best
 
Very small discount if any at all, you will pay full on both bikes, one of many drawbacks of Ontario insurance...

A few years back I owned two 2001 VW Jettas (one gas and one diesel). I wanted to keep both insured. BelAirDirect wanted more than the price of insuring each added together to insure them. Made no sense.

Better explanation with numbers. 1st Jetta costs $100/month to insure on its own. 2nd Jetta costs $100/month to insure on it's own. $250/month to insure them both on the same policy to one driver (me).
 
This is depressing. My previous ins. co. allowed me to move the policy from one bike to the next, one convenient phone call away. They didn't seem to mind either. This year with a new ins. co. I have not bothered to try. Because I ride a DR650 as well and it does 90% of what I need anyway plus I enjoy being sparse and humble. I have 5 bikes btw.
 
Used to have 3 bikes on the go. Paid full on all 3.

Ditto. I may have benefited by only having to write one cheque and buy one stamp to mail it.

A buddy in the USA has three bikes insured including one that is dead. He does it because it's cheaper to insure three bikes than two due to discounts.
 

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