Insurance help needed.. 33 year old new rider with M2 | GTAMotorcycle.com

Insurance help needed.. 33 year old new rider with M2

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GTA_RIDER999

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Hi guys,

I just got my M2 and completed a rider training course. I am a 33 year old professional, live in North York Area (GTA) and have a clean driving record(no at fault accidents, tickets) and hold a G for 15+ years. I am looking to buy one of these bikes as my first bike: 2016 Yamaha R3 / KTM RC390 or 2015 Ninja650 ABS, 2014/2015 Honda CBR650F. I prefer to get a middle weight bike than the 300cc category. I will be mainly using the bike during weekends and don't expect to be riding more than 3000KM per year. I just called up a broker and also searched online to compare rates. Online through an insurance comp. site the best rate I got was $ 70-75 for sub 400cc category like R3 but it jumped to above $160 per month for 650cc like Honda650F. The broker I spoke gave me a range of 1000-1200 per year so around 90-100 per month for both 300cc and honda650F which I thought it was a bit strange. I thought I could get 50-60 for sub 400cc and a bit higher for honda650F or Ninja 650.

Do you guys know what would be a competitive rate for someone with my profile for 300cc versus 650cc bikes which I mentioned?
Any specific insurance companies or brokers you recommend I should perhaps contact..
Any help would be highly appreciated.
 
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Online quotes are garbage.
Try some of the brokers on this site, they have been quite helpful to many riders. (Paul South, or Cornerstone for example )
Some companies like AllState may work if you switch over house auto etc (try Andy Singh or Vinnie from this forum)
I've had good luck with Dejardins.
Also look into companies that may give you a discount for any associations you may be a part of as a professional.

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If as you noted you are a professional. Not knowing what profession you are. You may want to see if TD Meloch Monex has a association discount rate for you. I am in the Engineering field and they gave me a discount of over 20% compared to others. You can compare different categories with them. E.g. discount of where you graduated....(Alumni) vs your proffessional designation .....Professional Engineers Association.
 
Those rates seem pretty average to me for the gta. I think most insurance companies do not distinguish between super sport and sport bikes, they just call anything with a fairing a sport bike, and then base your rate on cc's, so a ninja 650 would be more expensive to insure than a 600cc ss. The only thing you can do is move out of the gta.
 
As noted above, no online quote seems to be accurate these days. Spend a morning calling around, have all your details ready and then take the best quote. Make sure youre comparing everything the same, same deductible etc. Ask about accident forgiveness, many policies have the first accident "free". If you are an alumni of a particular university then TD may also have a rate for that (that's what I have). Make sure you have decent liability coverage etc.
 
jc100 said:
As noted above, no online quote seems to be accurate these days. Spend a morning calling around, have all your details ready and then take the best quote. Make sure youre comparing everything the same, same deductible etc. Ask about accident forgiveness, many policies have the first accident "free". If you are an alumni of a particular university then TD may also have a rate for that (that's what I have). Make sure you have decent liability coverage etc.
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If you are getting TDMM prices, make sure you check the rates for all groups you are eligible for. I have found 100% differences in TDMM rates for same driver, same vehicle, same address, different associated group (PEO rate was ~40% lower than alumni rate in my case).
 
GreyGhost said:
If you are getting TDMM prices, make sure you check the rates for all groups you are eligible for. I have found 100% differences in TDMM rates for same driver, same vehicle, same address, different associated group (PEO rate was ~40% lower than alumni rate in my case).
Click to expand...

Thanks for the info, just called TD this afternoon. After 10 mins of getting all my info, the agent put it all in the system to get a quote and got a system message that he needs to send me an application and would take 3-4 weeks to get a quote, that was pretty strange. I don't know if this is something new for new riders, perhaps meant to discourage them from getting insurance with them. Anyone else with with new M2 experienced this with TD/MM?


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250R-ICE said:
If as you noted you are a professional. Not knowing what profession you are. You may want to see if TD Meloch Monex has a association discount rate for you. I am in the Engineering field and they gave me a discount of over 20% compared to others. You can compare different categories with them. E.g. discount of where you graduated....(Alumni) vs your proffessional designation .....Professional Engineers Association.
Click to expand...

Thanks i called TD but they said they will have to send me an application!!


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Joe Bass said:
Online quotes are garbage.
Try some of the brokers on this site, they have been quite helpful to many riders. (Paul South, or Cornerstone for example )
Some companies like AllState may work if you switch over house auto etc (try Andy Singh or Vinnie from this forum)
I've had good luck with Dejardins.
Also look into companies that may give you a discount for any associations you may be a part of as a professional.

Sent from my purple GTAMotorcycle.com mobile app
Click to expand...

Latest update i have is that Allstate doesn't insure anyone without M. Also the best rate that i got so far today after speaking with 3 brokers is 1050 annually tax included for a 2015 R3 and about 1000 for 2015 ninja 300 with ABS. Is this reasonable? I thought the rates should be around 50-60 per month for someone over 30 new rider with clean record.


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GTA_RIDER999 said:
Latest update i have is that Allstate doesn't insure anyone without M. Also the best rate that i got so far today after speaking with 3 brokers is 1050 annually tax included for a 2015 R3 and about 1000 for 2015 ninja 300 with ABS. Is this reasonable? I thought the rates should be around 50-60 per month for someone over 30 new rider with clean record.


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I would consider that reasonable. I am 45 and my rates for full coverage on a 98 Shadow 750 would be about $45/month with the increased coverages.
Sorry, totally forgot about the full M with AllState.
What did TD say?

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Joe Bass said:
I would consider that reasonable. I am 45 and my rates for full coverage on a 98 Shadow 750 would be about $45/month with the increased coverages.
Sorry, totally forgot about the full M with AllState.
What did TD say?

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Click to expand...

No worries thanks for your help. I qualify for alumni discount with TD/MM, but after asking for my info their system generated a message that they have to send me an application to fill out and they can not provide a quote over the phone and would take 3-4 weeks for a quote, i thought that was strange. I asked why and the agent didn't know, he said sometimes this happens and it might be because you are considered a new rider. Even he was surprised lol!! Perhaps they are trying to discourage new riders...do you know anyone from TD who can provide some clarification.


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Go with the R3 or the 2017 ninja 650(if your going new that is), its lost a lot of weight and is probably a blast to ride even more so now.

Or just get a used 300.

The 650f is overpriced for what it is(a 10 thousand dollar bike when there are much better 'bangs for your bucks' out there)
 
bigpoppa said:
Go with the R3 or the 2017 ninja 650(if your going new that is), its lost a lot of weight and is probably a blast to ride even more so now.

Or just get a used 300.

The 650f is overpriced for what it is(a 10 thousand dollar bike when there are much better 'bangs for your bucks' out there)
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Yeah the new Ninja 650 is awesome but i am not planning to buy new maybe i will buy it in a year or two. The CBR650F which i am considering is a 2014 model asking for 6500. What do you think is a good price for Ninja 300 with ABS, low Km below 6k, good condition, is 3500 reasonable?


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GTA_RIDER999 said:
Yeah the new Ninja 650 is awesome but i am not planning to buy new maybe i will buy it in a year or two. The CBR650F which i am considering is a 2014 model asking for 6500. What do you think is a good price for Ninja 300 with ABS, low Km below 6k, good condition, is 3500 reasonable?


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Click to expand...

Sorry forgot to mention 2015 model.


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GTA_RIDER999 said:
Yeah the new Ninja 650 is awesome but i am not planning to buy new maybe i will buy it in a year or two. The CBR650F which i am considering is a 2014 model asking for 6500. What do you think is a good price for Ninja 300 with ABS, low Km below 6k, good condition, is 3500 reasonable?


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Click to expand...
.

6500 for a new CBR650F is great, just get quotes for it, i have heard some people say their underwriters are classifying as SS(because cbR and the plastic fairings)
for a used...meh..i wouldnt pay that much


a ninja 300 in good condition is worth 3500 i would say.
 
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