How much will my insurance premium decrease after the 1st year of riding? | GTAMotorcycle.com

How much will my insurance premium decrease after the 1st year of riding?

TommyG.

TommyG.

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I bundled my 2004 sv650s with car and home and am paying 1000$/yr as a new rider. 33 single male, Brampton. Will my rate decrease next year with experience or if I get my M? I have full coverage on a 3500$ bike, is it worth it? Thanks for the replies guys.
 
Like posted above, M doesn't really matter...it is more about years of experience without any tickets or claims. That said, since you are over 30, if you do get your full M and get a number of years of experience you might qualify for extra discounts (I did).

In my own personal case, I was paying around $1200/year for a CBR250RA (full coverage) year one, which dropped to about $600/year for year two. Following year was around $500/year I think. Being that your in Brampton don't expect great rates though, as you are essentially living in the worst possible location for rates (given Brampton's history of claims).
 
Agree with all the above, you won't see any significant decrease until after you've got 5 years of experience (and by association, a full M at that point, but getting it earlier won't help) under your belt.

Your best bet to find a better rate is to call around and look for one vs hoping your current insurer will offer less. Unfortunately, yes, you do have Brampton going against you - it has one of the highest rates in Canada.
 
After my first year didn't drop at all (Riders Plus). Phoned around and got and accepted a quote for 1/3 less. Really pays to shop around. Will yours drop after first year? No hard rules on that.
 
Allistonfjr said:
After my first year didn't drop at all (Riders Plus). Phoned around and got and accepted a quote for 1/3 less. Really pays to shop around. Will yours drop after first year? No hard rules on that.
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+1

I switched new company almost every year lol.
1st year -Statefarm ($918)
2nd year -Dalton Timmis through Aviva ($760)
3rd year - TD ($690)
4th year - Statefarm ($667)
5th year - Statefarm $(600) w/ no collision
6th year -RBC through Aviva (543) w/ no collision
 
I mean, it looks like it went down a little every year, which it should even if you're staying with the same company. Did you really not get a $30 lower premium some years that it was worth your time to go skipping around?
 
Hyperion said:
I mean, it looks like it went down a little every year, which it should even if you're staying with the same company. Did you really not get a $30 lower premium some years that it was worth your time to go skipping around?
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unfortunately my premium didnt change on renewal that's why i switched. imo even if it went down in premium I still call around to see if i can get better rate elsewhere.
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