Nearly 400% increase? | GTAMotorcycle.com

Nearly 400% increase?

Audicy

Active member
Looking for a bit of insurance advice. As some of you know I had an accident last October, despite it being my first and only wreck and still having a clean drivers abstract, my insurance company increased my rates almost 400%.

Yes, you read that correctly. I was paying about $780/year full coverage and just received my renewal for $3034.30/year for the same coverage.

I obviously began to search elsewhere and discovered that many companies will not insure any rider with even one at fault accident.

That’s crazy! Perfect driving record and my first and only accident and I’m almost uninsurable?

I tried Riders Plus, Allstate and several other who stated “...any rider with an at fault claim in the last 6 year is declined....”

Is there anyone in a similar situation as me or who may have some real advice?

Cheers


2014 Ducati Monster 796
20** Ducati (shhhh, it’s a secret)

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Your paying a premium for ducati. I would downsize to another bike while the accident clears.

Only the first year after.your at fault is huge next year should reduce big.
 
Gotta pay to play!

Think about it from an Insurance Company’s point of view.

Someone with a recent at fault claim is seeking coverage with them.

It’s this someone they are eager to add to their customer base?

What does it say about the potential to experience another accident?

If funny how behaviour changes when you have to pay big bucks to stay on the road.

If you paid the same premium as before, what incentive is there to avoid having another incident?


Park it or sell it it and get some thing less “sporting”

Recent at fault claim and Ducati are not exactly things to be empathetic about.

Good luck!


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that character bro, its a ducati




If it wasn't a serious accident, and you were at fault, you would have been better off not making a claim (unless a claim was made against you)

3000 a year is high, but not unbearable, or you can always get a ninja 300 or dual sport.
 
Gotta pay to play!

Think about it from an Insurance Company’s point of view.

Someone with a recent at fault claim is seeking coverage with them.

It’s this someone they are eager to add to their customer base?

What does it say about the potential to experience another accident?

If funny how behaviour changes when you have to pay big bucks to stay on the road.

If you paid the same premium as before, what incentive is there to avoid having another incident?


Park it or sell it it and get some thing less “sporting”

Recent at fault claim and Ducati are not exactly things to be empathetic about.

Good luck!


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Gee thanks. As an insurance investigator I well aware of how insurance works.

My point was, while of course I expect an increase, almost 400% for one at fault accident over 24 years and a clean drivers abstract is ridiculous. It also doesn’t say anything about “the potential to have another accident “.

The make of bike has no bearing on the percentage the policy is increased. The original policy is already adjusted to the valued the bike. Don’t you ride a Harley?

With regular auto insurance going from a category 3 to a 0 would affect the policy to increase roughly 20-30% not 400%.

And I would say money has an effect on anyone’s behavior. I don’t see how that is relevant to my post.

Put the ego aside and make a valid point or move along. Why do people on forums feel the need to lecture rather than give advice?

Also, I didn’t ask for empathy. That doesn’t even make sense.

2014 Ducati Monster 796
20** Ducati (shhhh, it’s a secret)

Sent from my iPhone using Tapatalk
 
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Your paying a premium for ducati. I would downsize to another bike while the accident clears.

Only the first year after.your at fault is huge next year should reduce big.

The premium is in the original policy not the increase percentage.

I hope it does go down after the first year. I found 4 companies offering the same coverage for half. At least that’s only 200% lol.


2014 Ducati Monster 796
20** Ducati (shhhh, it’s a secret)

Sent from my iPhone using Tapatalk
 
Gee thanks. As an insurance investigator I well aware of how insurance works.

My point was, while of course I expect an increase, almost 400% for one at fault accident over 24 years and a clean drivers abstract is ridiculous. It also doesn’t say anything about “the potential to have another accident “.

The make of bike has no bearing on the percentage the policy is increased. The original policy is already adjusted to the valued the bike. Don’t you ride a Harley?

With regular auto insurance going from a category 3 to a 0 would affect the policy to increase roughly 20-30% not 400%.

And I would say money has an effect on anyone’s behavior. I don’t see how that is relevant to my post.

Put the ego aside and make a valid point or move along. Why do people on forums feel the need to lecture rather than give advice?

Also, I didn’t ask for empathy. That doesn’t even make sense.

2014 Ducati Monster 796
20** Ducati (shhhh, it’s a secret)

Sent from my iPhone using Tapatalk



Yes, I ride a Harley. And a Buell and a Kawasaki and I’ve owned and rode other styles and brands. And I try to be supportive of the riding community in general.

I’m no supporter of the insurance industry either. My ex is an underwriter for 30 years and I worked for an insurance company for 5 years and many friends that work in the industry. Mostly claims adjusters.

All of who have to deal with the cost and the regulations each of us face.


You had an excellent rate prior to the claim.

You had an at fault claim and the insurance company is willing to continue coverage where others won’t even consider you.

Is the 400% increase is too much?

A new rider with no claims will pay more than your renewal premium.

So, it’s still accessible to you. I’m assuming if you can afford to ride a Ducati and have 24 years of a clean drivers abstract, you have the means to continue to ride with the higher premium.


What is fair? Claim forgiveness? 100% increase? 200%?

A surcharge of 400% is a lot. At the same time, your new annual premium is under $4000.

Many riders that have never had a claim, pay that or more to ride a Ducati or something similar. They may not have much riding experience but, they never had an at fault claim either.

Do you know what the cost of your at fault claim was to the insurance company?

You already mentioned doing the leg work of calling around for quotes and getting no where.

There might be others that have a similar experience but, I doubt you’ll find any that found a company that didn’t care about an at fault claim, even though the risk has a 24 year clean driving record.

And if you don’t like my responses, ignore them. It’s ok. I believe they are respectfully while having a different view point other than our own.

I did offer suggestions. Sell it and get something less sporting or park it.











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Just curious why you claimed.Was there a charge?Were you injured?If i fell off my Duc on the street and was able to ride away...no way would i claim anything.(if i still was on a duc,which i am not partly because of the high rates)
 
This ...what type of accident and why did you go through insurance in the first place? I presume multi-vehicle affair with cops and reports involved?
 
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Audicy, you mention "...almost 400% for one at fault accident over 24 years and a clean drivers abstract..." -- I'm curious, id that 24 years of continuous motorcycle riding/coverage or primarily auto?
A 400% increase is quite significant. Appears the insurance company looking to recoup costs associated with you at-fault claim. Was the bike written-off? Were there other people involved?

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Gee thanks. As an insurance investigator I well aware of how insurance works. ...
:rolleyes: and you are asking our advice? Nobody in here but us victims of equally obscene insurance rules and rates.

My insurance company wanted to increase my motorcycle rates by 200% last year and their justification was that they sold their company. <- For me that was ridiculous, for you; well you actually impacted their profit statement so at least you had reason to see it coming.

Sorry for your loss.
... $780/year full coverage was a smokin good deal while you had it.
 
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Just curious why you claimed.Was there a charge?Were you injured?If i fell off my Duc on the street and was able to ride away...no way would i claim anything.(if i still was on a duc,which i am not partly because of the high rates)

I claimed because I had injuries and the bike was damaged. If I wasn’t injured I would not have made claim. But I had no choice as police and emergency services arrived and took me to hospital.


2014 Ducati Monster 796
20** Ducati (shhhh, it’s a secret)

Sent from my iPhone using Tapatalk
 
And if you don’t like my responses, ignore them. It’s ok. I believe they are respectfully while having a different view point other than our own.

I did offer suggestions. Sell it and get something less sporting or park it.











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Actually, your first response was quite condescending and came off as both blaming me for riding a nice bike and lecturing for supposedly being ignorant of how basic insurance works.

Your second response was much better, till the end. That’s not actual advice as much as sarcasm wrapped in the veil of an answer.

I asked for real advice.
Yours was equates to Telling somebody to cut their arm off because the complaining of a sore finger in a sarcastic and superior way of course.



2014 Ducati Monster 796
20** Ducati (shhhh, it’s a secret)

Sent from my iPhone using Tapatalk
 
:rolleyes: and you are asking our advice? Nobody in here but us victims of equally obscene insurance rules and rates.

My insurance company wanted to increase my motorcycle rates by 200% last year and their justification was that they sold their company. <- For me that was ridiculous, for you; well you actually impacted their profit statement so at least you had reason to see it coming.

Sorry for your loss.
... $780/year full coverage was a smokin good deal while you had it.

Lol, thanks. Yeah I knew I had a significant increase coming but was floored when it came in.

Ontario has the highest premium is in the country simply because fraud is the highest in this province than any other. However, is the insurance industries on doing as they do the least amount to prevent Insurance fraud from happening in the first place. I have worked as an insurance investigator in this country very long time as well as other countries and in the states. And by far Ontario does the least amount to prevent it from happening and therefore spends the most after-the-fact which raises our rates.


2014 Ducati Monster 796
20** Ducati (shhhh, it’s a secret)

Sent from my iPhone using Tapatalk
 
Update. Well it looks like I found several companies offering much better pricing. While of course they’re still an increase it’s closer to 100% rather than 400% increase. I can deal with my insurance being doubled for year after an at fault claim. So I just have to pick between two that I’m looking at and will be moving all my bikes and cars and house over to that.

With multiple policy discount that hundred percent increase will then be closer to 75% and conveniently all of our insurance due this month for renewal.

Thanks everyone for their help looks like it will work out however I was scared for a bit there. Lol


2014 Ducati Monster 796
20** Ducati (shhhh, it’s a secret)

Sent from my iPhone using Tapatalk
 
shopping around is always the answer. Even with an at fault. I was hoping you would go the dual sport route
 
shopping around is always the answer. Even with an at fault. I was hoping you would go the dual sport route

Lol, I feel like I’m too old for dual sport. Maybe an adventure bike one day. But a comfy one. Multistrada or Tiger.
 
What does it say about the potential to experience another accident?



Look at it this way... I have a friend who was involved in a plane crash and survived.
You'd think she'd never want to fly ever again, but she does.
Why?
Because what are the odds of being in TWO plane crashes?
 

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