2 similar rates, how to choose?



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Thread: 2 similar rates, how to choose?

  1. #1

    2 similar rates, how to choose?

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    I'm currently shopping around for insurance. Called about 10 different brokers/ins company. 2 quotes came out ahead at around $1000/yr. I am wondering what do you guys look for besides finding the absolute best deal?

    One's with Aviva ($999/yr) and Echelon ($1007/yr)

    both have same coverage. $1000 liability. with collision and comprehensive. 500 deductable

    the bike's a used CBR250 so I might drop the collision.

    one thing I have in mind is if I will get better rates in the long term (loyalty, M license discount, training course discount), but I am wondering if there's anything I should factor in.

  2. #2

    Re: 2 similar rates, how to choose?

    I used to think the M license mattered but apparently it doesn't and all the they care about is years of continuous coverage

    Sent from my LG-H831 using Tapatalk

  3. #3
    Riceburner's Avatar
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    Re: 2 similar rates, how to choose?

    What's the savings without collision? If it works out to be a savings in a couple years equal to the value of the bike, it's worth dropping. Especially if you aren't going to claim on something that's your fault anyways.

    Weren't you supposed to get ins before the bike? lol

  4. #4

    Re: 2 similar rates, how to choose?

    it's about 140-160 savings for collision, so I am still deciding if it is worth it

    Rice: I haven't picked up the bike yet haha

  5. #5
    GateKeeper's Avatar
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    Re: 2 similar rates, how to choose?

    drop the collision and increase your deductible to $1000.00

    Anything happens to the bike it will be either a write off, or you will fix on your own anyways if it's small enough damage

    but you have to figure out if you want the coverage, based on the money you have already put into the bike, which I don't think was a lot, under 25 hundred I believe ?
    1983 Suzuki GS750E - Blog - http://gs750e.blogspot.ca/
    1985 Yamaha FZ750 - Blog - http://yamaha-fz750.blogspot.ca/

  6. #6

    Re: 2 similar rates, how to choose?

    you're right the bike doesn't worth much, 2500$

    I will probably drop the collision coverage.

    I am currently living in a condo, so probably would keep the comprehensive at 500 deductible. Does this make sense or should I still increase deductible bto $1000?

    So I guess I should just go for the one with the lowest rate?

  7. #7

    Re: 2 similar rates, how to choose?

    Does the broker matter?

    Aviva quote is provide by Mitchell & Whaler, Echelon is by Rider Plus

  8. #8
    GateKeeper's Avatar
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    Re: 2 similar rates, how to choose?

    Brokers don't matter.......well until you use the same one for years and figure out he isn't doing anything better than you yourself can in finding the cheapest insurance, by calling around, it's more or less what they are supposed to do...

    I have Desjardines just for the bike, and no broker, I called them directly, talked to some lady on the phone, got a quote, liked it, paid on the spot for a year, done, no broker involved, yes I did call around, even had brokers calling me back with rates, none matched or had better rates than what I got myself.

    as for deductible, see what the difference in price is, if it's peanuts keep it, if it saves you bigger peanuts think about raising it

    Insurance is a numbers game, and the insurance companies (legalized extortionists) are there to make money, and you to pay it....
    1983 Suzuki GS750E - Blog - http://gs750e.blogspot.ca/
    1985 Yamaha FZ750 - Blog - http://yamaha-fz750.blogspot.ca/

  9. #9

    Re: 2 similar rates, how to choose?

    Good to know, I think I've made my decisions as to what I want. Thank you everyone

  10. #10

    Re: 2 similar rates, how to choose?

    Quote Originally Posted by GateKeeper View Post
    drop the collision and increase your deductible to $1000.00

    Anything happens to the bike it will be either a write off, or you will fix on your own anyways if it's small enough damage
    What happens in case of theft? Wouldn't OP be out of his pocket $1000 for deductible instead of $500?

  11. #11
    TwistedKestrel's Avatar
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    Re: 2 similar rates, how to choose?

    Quote Originally Posted by wolfpack27616 View Post
    What happens in case of theft? Wouldn't OP be out of his pocket $1000 for deductible instead of $500?
    Yeah, if you're gonna increase the deductible to $1000 on a $2500 bike you might as well not have comprehensive
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  12. #12
    GateKeeper's Avatar
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    Re: 2 similar rates, how to choose?

    Quote Originally Posted by wolfpack27616 View Post
    What happens in case of theft? Wouldn't OP be out of his pocket $1000 for deductible instead of $500?
    Quote Originally Posted by TwistedKestrel View Post
    Yeah, if you're gonna increase the deductible to $1000 on a $2500 bike you might as well not have comprehensive
    It comes down to how much u r going to save...if not much keep it at 500, if it save you a few hundred then take the 1000, even if stolen your out of pocket only a grand, but if it's never used and you save hundreds you can save that much over the years

    It comes down to what your wallet can handle...
    1983 Suzuki GS750E - Blog - http://gs750e.blogspot.ca/
    1985 Yamaha FZ750 - Blog - http://yamaha-fz750.blogspot.ca/

  13. #13

    Re: 2 similar rates, how to choose?

    Quote Originally Posted by GateKeeper View Post
    It comes down to how much u r going to save...if not much keep it at 500, if it save you a few hundred then take the 1000, even if stolen your out of pocket only a grand, but if it's never used and you save hundreds you can save that much over the years

    It comes down to what your wallet can handle...
    Very true, before I was only interested in the total price. After reading the comments from you guys I will start asking for a breakdown of the costs

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