Dreaded topic of insurance | GTAMotorcycle.com

Dreaded topic of insurance

Roadworthy

Roadworthy

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I am interested in starting to ride motorcycles but I like to know what insurance company offers the best price. I am thinking about getting a ninja 300 ABS, would have only a M1 and I'm 18. Ive been around bikes most of my life but I'm lost when it comes to insurance rates.

What's your ideas?


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Start calling the brokers and companies

Look in the insurance area for places to call

Every year I take a half day to call around to see what the best rate is that I can get, I am sure you can do the same

No one here can give you the best answer all we can do is guess

It's in your best interest to make the calls....

.
 
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This topic is covered in its own dedicated section on the forum

General Motorcycle Discussion>>Insurance

Start there


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Nobody can answer the question for you exactly aside from generally saying "It won't be cheap" because of your age, but your choice of bike is at least realistic.

Start calling as many companies/brokers as you can find.
 
You don't post your location. If you're out of the GTA it may not be as bad. It will be bad just not like Brampton.
 
18 years old. Get some quotes for a cbr 125 and a 50cc scooter while you're at it. Just in case.

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it's going to be nasty
you need to make a value judgment to decide if the desire to ride outweighs the expense
everyone on this board had to make this decision at one point
and all said, yes it does
 
I would suggest if you're serious to talk to your insurance agent in terms of having an M2, not an M1. Most insurance companies nowadays won't touch M1 riders; simply too much risk.

If the resulting numbers seem favorable, go get your M1, get some gear, sign up for an approved course and obtain your M2. Then call the insurance company back, verify the numbers again and go bike shopping.
 
As an American, I have very little knowledge of insurance in Canada. Why is it so expensive? What is the driving factor?

I have a 2015 Ninja 650 ABS and pay $450/year (liability and collision with a $500 deductible).
 
zts1986 said:
As an American, I have very little knowledge of insurance in Canada. Why is it so expensive? What is the driving factor?

I have a 2015 Ninja 650 ABS and pay $450/year (liability and collision with a $500 deductible).
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Minimum liability requirements.
 
Evoex said:
Minimum liability requirements.
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Any chance you could explain a little further than that? I have minimum liability requirements as well...
 
Absolute minimum 3rd party liability coverage is $200,000. Generally most people go for $1,000,000 liability as it is typically barely any cheaper to go lower.
 
zts1986 said:
Any chance you could explain a little further than that? I have minimum liability requirements as well...
Click to expand...

As mentioned, it has to do with how much coverage we typically carry here – whereas a cheap American policy may only cover a few hundred thousand dollars of liability (Some not even that) we typically carry 1 million, and $2 million is an option for not much more.

In Ontario specifically we also have a problem with insurance fraud as well, which unfortunately of course effects our rates.
 
Interesting. Thanks for the insight. That is quite a bit higher. Our minimum liability is $25,000/person and $50,000/incident. Quite a bit lower.
 
zts1986 said:
Interesting. Thanks for the insight. That is quite a bit higher. Our minimum liability is $25,000/person and $50,000/incident. Quite a bit lower.
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Reality is that those amounts are wholly adequate, a situation that ends up leaving many Americans on the hook for potentially millions of dollars more if sued.

A lot of Canadians, especially people here in Ontario, like to look south and trumpet how cheap insurance is down there, but they rarely seem to fully understand (or care) that you're getting so much less coverage as a result.
 
PrivatePilot said:
Reality is that those amounts are wholly adequate, a situation that ends up leaving many Americans on the hook for potentially millions of dollars more if sued.

A lot of Canadians, especially people here in Ontario, like to look south and trumpet how cheap insurance is down there, but they rarely seem to fully understand (or care) that you're getting so much less coverage as a result.
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Oh that's just the age old story of people not understanding what they're paying for. We have a lot of the "no way are you raising my taxes" types that also wonder why it takes longer to have their street plowed in the winter.
 
What really makes insurance in Ontario so expensive compared to other jurisdictions is SABs (statutory accident benefits), coverage mandated by law. Looking at my policy renewal for my Tuono, I only have a few line items:

- liability: $203
- uninsured auto: (included)
- direct compensation (property damage): $51
- collision: $115
- comprehensive: $66
- accident benefits: $723

The policy is $1158 with SABs making up fully 62.4% of the total.
 
The difference is coverage. In the U.S. if something bad happens and you are at fault, you're more likely to get sued for the amount over and above what your insurer will pay out. It wouldn't take much to get to that point, based on what you say your minimum coverage is.
 
Blackfin said:
What really makes insurance in Ontario so expensive compared to other jurisdictions is SABs (statutory accident benefits), coverage mandated by law. Looking at my policy renewal for my Tuono, I only have a few line items: - liability: $203 - uninsured auto: (included) - direct compensation (property damage): $51 - collision: $115 - comprehensive: $66 - accident benefits: $723 The policy is $1158 with SABs making up fully 62.4% of the total.
Click to expand...
Great detail! Thanks for helping me understand.
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