[RANT] Getting so sick of the insurance industry in this god damned province | GTAMotorcycle.com

[RANT] Getting so sick of the insurance industry in this god damned province

Xaxxus

Active member
Every year since I got my licence, I open my insurance renewal hoping to see some change.

- Before I turned 25, everyone said "25 is the magic number for your insurance to drop". When I hit 25, my insurance went up. I am 27 now, insurance hasnt gone down yet.
- Now everyone says "Having your M for three years is when many companies lower your rate" Its past my 3rd year, this year is my 6th riding season, 4th year with my M. My insurance has not gone down.
- The one and only ticket on my record (which i got while driving a car) drops off my record this month. My insurance renews next month. Insurance went up this year.

When i first got my M2, I had some pretty insane insurance quotes, some as high as $10,000 per year. I figured that now many years later I would never see an insane quote again. I was wrong.

Today I called about a dozen insurance companies and brokers. Among some of the quotes, 8 of them were over $5000 per year, 2 of them were as high as $8000-9000 per year. Once again, I am staying with Allstate to get raped for another $4200 for my XDiavel S.

To put things into perspective, the monthly payments on a $23,000 Xdiavel is less than the insurance payments. The full cost of my first bike, a brand new Suzuki GW250 was around the same price as my yearly insurance cost.

People wonder why there is so much insurance fraud in this city. You pretty much need to be 50 years old to get a decent insurance rate.
 
Every year since I got my licence, I open my insurance renewal hoping to see some change.

- Before I turned 25, everyone said "25 is the magic number for your insurance to drop". When I hit 25, my insurance went up. I am 27 now, insurance hasnt gone down yet.
- Now everyone says "Having your M for three years is when many companies lower your rate" Its past my 3rd year, this year is my 6th riding season, 4th year with my M. My insurance has not gone down.
- The one and only ticket on my record (which i got while driving a car) drops off my record this month. My insurance renews next month. Insurance went up this year.

When i first got my M2, I had some pretty insane insurance quotes, some as high as $10,000 per year. I figured that now many years later I would never see an insane quote again. I was wrong.

Today I called about a dozen insurance companies and brokers. Among some of the quotes, 8 of them were over $5000 per year, 2 of them were as high as $8000-9000 per year. Once again, I am staying with Allstate to get raped for another $4200 for my XDiavel S.

To put things into perspective, the monthly payments on a $23,000 Xdiavel is less than the insurance payments. The full cost of my first bike, a brand new Suzuki GW250 was around the same price as my yearly insurance cost.

People wonder why there is so much insurance fraud in this city. You pretty much need to be 50 years old to get a decent insurance rate.

Might be the combination of being in your 20s and riding one of the higher HP Ducs.

Insurance sucks for sure.

Hard to shed a tear when you are riding a sweet machine like that when most are still living in their parents basement and trying to pay off student loans.

I’d recommend calling for quotes for a different bike like a litre bike or something else but, I suspect you prefer the Duc and who wouldn’t. It’s a nice machine.





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So you got the ticket when you were 24. Sounds like when you turned 25 whatever premium you might have saved was overshadowed by the increase due to the ticket.

You have to compare apples to apples or it's not a valid comparison. What else changed between then and now?

And your rate factors in your ticket history after the ticket drops off your record, not before!
 
Yeah, these days I'm not knocking anyone who rides with a fake plate. Need to get a fake address in B.C. where rates are lower.
 
I thought Wynne was supposed to fix this?
 
I thought Wynne was supposed to fix this?


As much as i dislike the liberals, lets be real, the insurance lobby has enough money/influence to buy out everyone from any political party. Things wont change with doug ford, at least not in this regard
 
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Been a Loooooooong time since I posted in GTAM.

Seems like things haven't changed.
I've been riding since 2000 when I was 19. My first ride was a 1981 Yamaha Riva 180 and my rate was $1800 a year for basic liability living in Mississauga (one of the places for highest insurance rates)

To say I've been there is an understatement.

To combat this for all these years I rode bike that to me were not exactly desirable to me at the time, but I wanted to ride so bad I bit the bullet and rode old boring standards and non R bikes.

For the first 8 years my two rides were
That Riva Scooter and then an old 81 CM400t

Didn't turn any heads with those, nor was I in love with the styling but I was riding and could barely get the insurance affordable but it kept it under 2k a year.

Then I got my hands on an old 81 CB750F and rode her until 2015. Got screwed on insurance on that bike the whole time as apparently Intact was chargin me for a modern day SS simply (this is speculation) they didn't know how to insure or rate a bike that age. It took a broker at John Duffy to get that figured out and my insurance started to drop instantly.

So flash forward to now. I've be riding a brand new 2014 FZ09 now for the past 3 season (going into the 4th now) and my insurance coverage is been the most it's ever been (full) and.my price keeps going down. It's $980 this year.

It's not fair or right in some cases but consider the following.

Put your time in and take it.
Keep shopping every year for better rates. EVERY YEAR. Loyalty means NOTHING to me unless you give me the best price for the coverage compared to everyone else.

The next tip is the one everyone hates.
If you have an SS get rid of it. Especially if you have tickets or ticket. Imo and experience it's just not worth it, but what you have to ask yourself OP is it worth it to you? Do you enjoy riding? Or is it SS or nothing for you?


Forgot to mention I'm currently with Aviva.

Also just thought now it was worth mentioning that I recently got quoted for a Superduke 1290R with the same coverage and my quote was $1800 a year. The price of your bike (Diavil is 20k ish?) Is also a big factor in your price)

Be safe out there!



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I open my insurance renewal every year hoping to see no increase.
... calculate it based on $ per
km :I that will make you feel much better.
 
My first bike which I obtained not long after Venom01 got his, cost $225 per year for insurance.
When I switched to an '84 power cruiser, that would do 11s quarter miles, it went up to over 4 times the cost.

Your bike has launch controls, and is an expensive to maintain brand/type. Insurance companies expect you to have money coming out the wazoo, to afford it, and want their fair share.

Getting a ticket, buying a bike like that, and then whining about the costs, seems like sour grapes. I can't really relate. If you keep going better/stronger/faster your rates will never come down. My rates have gone steadily down. You're going to have work, by shopping around each and every renewal for yours.
 
My first bike which I obtained not long after Venom01 got his, cost $225 per year for insurance.
When I switched to an '84 power cruiser, that would do 11s quarter miles, it went up to over 4 times the cost.

Your bike has launch controls, and is an expensive to maintain brand/type. Insurance companies expect you to have money coming out the wazoo, to afford it, and want their fair share.

Getting a ticket, buying a bike like that, and then whining about the costs, seems like sour grapes. I can't really relate. If you keep going better/stronger/faster your rates will never come down. My rates have gone steadily down. You're going to have work, by shopping around each and every renewal for yours.
A hard pill for some to swallow but play=pay

I'm sure I could have done better with insurance when I started, but I was learning the insurance game at the time too.

You know my broker actually suggested I get married just to drop my rate?

Bigger, faster, pricey-er
More money to ride.

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Yeah, these days I'm not knocking anyone who rides with a fake plate. Need to get a fake address in B.C. where rates are lower.
I am. How dare you use the public road with no coverage. How selfish are you?

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I am. How dare you use the public road with no coverage. How selfish are you?

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and they're a liability to have in a group ride because they're the first to take off from cops, leaving everyone else to answer the for them!
If i have anyone riding hot in one of my group rides, i ask them to leave. No need to put the whole group in a difficult spot because someone didnt want to get their papers.

Yes, insurance is expensive and it sucks but that's no excuse to ride without coverage
 
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Couple years ago, I called around for a quote on fz09, got quoted for about 3k per year.

I was paying 370 per year on ninja 300 at the time.

It does not make sense sometimes.
 
Couple years ago, I called around for a quote on fz09, got quoted for about 3k per year.

I was paying 370 per year on ninja 300 at the time.

It does not make sense sometimes.
FZ09 vs a 300 is a huge leap. Not to mention that because of the affordability of an FZ09 a lot of noobs bought them and wiped them out creating a reputation for the bike.

Missing a lot of info here but that jump in price does not surprise me.

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FZ09 vs a 300 is a huge leap. Not to mention that because of the affordability of an FZ09 a lot of noobs bought them and wiped them out creating a reputation for the bike.

Missing a lot of info here but that jump in price does not surprise me.

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Reputation only applies to SS. hence the supersport surcharge.

I got identical quotes for fz 09(been out since 2014) and z900(came out 2017) In other words far fewer z900s on the road. By your logic, it should be much cheaper to insure then.
Has nothing to do with "this one is ridden/crashed by noobs"

Age, experience, location, then size of engine dictate your premium.

I got quoted for a harley(5000), I could have insured an R1 cheaper. Simply because they saw an 1800cc engine.


Offtopic:
I dont know which ****tard started the myth that the price of the bike has a siginificant affect on your bikes premium.

Your insurance company could give 2 ***** about the cost of the bike, or the likelyhood of theft. A high end bike costs 20 grand to replace. Your legs, and income for the rest of your life(or your life itself) are MUCH more costly. If you remove theft coverage you save maybe 100$/year. Your liability is what constitutes 90% of your policy/premium.
 
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Oh it's a big leap yes. But Ive been riding for 6th year, having been on cbr600rr prior to the ninja300.

Cbr600rr cost me 1200 per year under state farm, before I moved to Mississauga (reason I sold it and got ninja 300)

We can all agree that we feel like we pay too much

FZ09 vs a 300 is a huge leap. Not to mention that because of the affordability of an FZ09 a lot of noobs bought them and wiped them out creating a reputation for the bike.

Missing a lot of info here but that jump in price does not surprise me.

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FZ09 vs a 300 is a huge leap. Not to mention that because of the affordability of an FZ09 a lot of noobs bought them and wiped them out creating a reputation for the bike.

Missing a lot of info here but that jump in price does not surprise me.

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and the the rest of the bike does not give the average rider the tools to handle it
lightweight with tons of torque and 115 HP combined with average at best brakes
and pogo stick suspension, is going to be problematic for riders that choose it as a second bike

seems the high claims also creeps over to the FJ model
second year of ownership I was hit with a 1K increase

and statistically, the Liberals have lowered auto insurance slightly
but don't think bikes are included in that
but if you're being punched in the face daily
switching to only a few times a week is not much of a gain
 
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I think ya'll give the insurance industry far too much credit.

They generalize, and oversimplify.

3 bikes, in the same category, make similar power, but one is much cheaper to insure. Not because they have a crack team of expert motorcycle actuaries looking at each and every model/year to determine the number of crashes/claims filed. But because one falls under the 750cc bracket.

Case in point:

Z900, Fz 09, Gsxs-750.

All are priced similar, all are just as fast, make identical power but for the gsxs i was quoted considerably cheaper. Because according to generalizations made by statefarm(or all state or *insert your underwriter*)
749 is less powerful than 950(Kawi).
 
Reputation only applies to SS. hence the supersport surcharge.

I got identical quotes for fz 09(been out since 2014) and z900(came out 2017) In other words far fewer z900s on the road. By your logic, it should be much cheaper to insure then.
Has nothing to do with "this one is ridden/crashed by noobs"

Age, experience, location, then size of engine dictate your premium.




Offtopic:
I dont know which ****tard started the myth that the price of the bike has a siginificant affect on your bikes premium.

Your insurance company could give 2 ***** about the cost of the bike, or the likelyhood of theft. A high end bike costs 20 grand to replace. Your legs, and income for the rest of your life(or your life itself) are MUCH more costly. If you remove theft coverage you save maybe 100$/year. Your liability is what constitutes 90% of your policy/premium.

My broker that's who. I was told by 3 brokers it's the price of the replacement of the bike that would take me from $980 a year for full coverage on my FZ to $1800 for a Superduke. My legs and income will break the same on either machine.On top of that they sure do know what machines are involved in more incidents or thefts then others.

Prices from Aviva , J.R.Duffy, and I really can't remember the last one all were different as well
$1,800 to $2,600

The increase in motorsize also does effect this, yes.

So there brokers from 3 different company's giving me the same answer leads me to believe otherwise

Part of me wants to believe that they think if you got the money for a $20k bike you got money to burn as well, but that's probably just me being an insurance conspiracy nut.

Funny that everytime a broker tells me something there is someone here that says it isn't true. Someone is right and someone is wrong. Between an insurance broker and someone on the internet who in the hell can tell?

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