Insurance for Younger Riders | GTAMotorcycle.com

Insurance for Younger Riders

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LucasR

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Hello everyone! This is my first post here, so please let me know if it belongs in a different section.

I'm currently 17 years old and I'm excited to be getting my m2 soon. I recently bought my first bike and went into it understanding that insurance costs can be quite high. I was wondering if any of you have recommendations for insurance providers that offer competitive rates, especially for motorcycle-specific coverage.

I appreciate any help or advice you can provide. Thank you in advance!
 
Soulcatcher668 said:
Nice ride.

Plan to spend at least a day on the phone. Having the VIN will give you exact quotes as well.
If you can somehow bundle it with other coverage (car, apt/house), that helps.
Places to start.....

Riders Plus
Dalton Timmins
NFP

.... as I said, call everyone you can think of.
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Will do thank you
 
If you live with family members and they have home and auto already, you can possibly save a ton by adding your policy under their account. I'd look into that first, and then call every direct writing agency (insurance companies that you deal with directly like Belair, Desjardins, sonnet, TD insurance, etc.) and a few brokers (companies that represent multiple insurers).
 
Jay Alexander said:
If you live with family members and they have home and auto already, you can possibly save a ton by adding your policy under their account. I'd look into that first, and then call every direct writing agency (insurance companies that you deal with directly like Belair, Desjardins, sonnet, TD insurance, etc.) and a few brokers (companies that represent multiple insurers).
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Ya I already contacted my parents insurance and they don't do motorcycles unless you have 5 years of experience which of course I don't have. But I will definitely look into those companies thank you.
 
Like others have stated, prepare some time to investigate every insurance company you can find.
Contact as many as possible and have all the required information written down and stick to the facts.
Hopefully you can fins someone within your budget, but have a "big" budget as it could be painful for the first few years.
Best wishes and keep us posted!
 
Make sure you come back and tell us how much insurance you are paying for that Yamaha R3. There's no point of reference in this message board for how much a 17-19 year old pays for insurance. I want to know an accurate figure since my nephew is that age and wants to know.
 
I'm curious to know what numbers you get as well. My son races a 2015 R3 and I know for a fact when he turns 16 there is no way he'll be able to afford to ride on the street.
My guess is with an M2, NO ONE will insure you. With an M, at 18, $7000/year.
 
Renboy said:
I'm curious to know what numbers you get as well. My son races a 2015 R3 and I know for a fact when he turns 16 there is no way he'll be able to afford to ride on the street.
My guess is with an M2, NO ONE will insure you. With an M, at 18, $7000/year.
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They don't care if it's M2 or "M" believe it or not. On an R3 I doubt your son will pay more than $2500 a year.
 
Pegassus said:
They don't care if it's M2 or "M" believe it or not. On an R3 I doubt your son will pay more than $2500 a year.
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I just did a quick online quote for him. 17 with M2 on a 2015 R3 with rider training: $6000 with coverage, $5000 without col/comp.

He'll be on an ebike.
 
Renboy said:
I just did a quick online quote for him. 17 with M2 on a 2015 R3 with rider training: $6000 with coverage, $5000 without col/comp.

He'll be on an ebike.
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And then you wonder why 40% of bikes on the road don't have insurance. Some people have even Pffft at me and told me the real figure is around 60%.
 
Pegassus said:
And then you wonder why 40% of bikes on the road don't have insurance. Some people have even Pffft at me and told me the real figure is around 60%.
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No one wonders, the answer is entitlement.

I'll just go steal a Lambo because it's too expensive to buy one.

DERP
 
My problem is that all young riders/drivers are grouped together and punished before they have a chance to prove themselves. If/when you cause an accident, by all means get crucified by the insurance companies after the fact, but not before. By the time my son turns 18 and can have a full M license he'll have 6 years of motorcycle track experience and 5 years of racing experience (assuming my wallet maintains it's generosity), but he'll be grouped with people that stall their bikes at every second stop sign or intersection. He will still obviously need to learn the rules of the road, but at least he'll have bike control taken care of.
 
Renboy said:
My problem is that all young riders/drivers are grouped together and punished before they have a chance to prove themselves. If/when you cause an accident, by all means get crucified by the insurance companies after the fact, but not before. By the time my son turns 18 and can have a full M license he'll have 6 years of motorcycle track experience and 5 years of racing experience (assuming my wallet maintains it's generosity), but he'll be grouped with people that stall their bikes at every second stop sign or intersection. He will still obviously need to learn the rules of the road, but at least he'll have bike control taken care of.
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It's akin to asking for a mortgage at 18, you have no/limited tangible history for the bank to approve such a thing.

Upside is; at 18 he'll be 40% of the way to super savings in the eyes of most insurers (5years + full M).
 
Renboy said:
I just did a quick online quote for him. 17 with M2 on a 2015 R3 with rider training: $6000 with coverage, $5000 without col/comp.

He'll be on an ebike.
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When I tried online quotes for bikes in the past, they were so far away from reality that it was laughable. Talking to a real person gets you a quote that may be real.

I agree, it would be nice if insurance considered riding competency somehow (maybe if you have your racer license?). That could go either way though. Insurance company may freak out about your propensity to race and increase the rate (meanwhile, the odds of your son riding 10/10ths on the street is very low).

As for low rate until you crash and then punitive, sadly, that wouldn't work. So many expensive crashes would end riding careers and insurance company did all the paying without a chance to get money back. Maybe they could do things like forcing a five figure deductible for young riders in exchange for a lower rate? Going after the estate of a kid for your piece of the pie is a pr nightmare though so that still may not be an economically viable product.
 
Evoex said:
It's akin to asking for a mortgage at 18, you have no/limited tangible history for the bank to approve such a thing.

Upside is; at 18 he'll be 40% of the way to super savings in the eyes of most insurers (5years + full M).
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And if you ask for a mortgage at 18, but have the required deposit and can prove 5 years of consistent employment? Also, more people might be inclined to try riding if it wasn't as prohibitively expensive hopefully bringing about economies of scale.
 
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