State Farm renewal raises my Super Sport rate 275% on BMW

[Krime]

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Well this is crappy news. I have 2 bikes, 2 cars, and home insurance with Statefarm, and have been with them since my riding career started 15 years ago. I'm 31 now.

My renewal for the GSXR is in March... If it goes anywhere near $4000 for just the 1 bike, surely they'll realize that I'll need to move ALL of my business elsewhere. Thinking of being pro-active and speaking to my agent sooner, so I know what to expect and can plan accordingly. Really hoping this is not the case, what I huge shame that would be – finding decent motorcycle insurance rates in Ontario has always been a challenge. I've always liked Statefarm.

 

[Joe Bass]

SF goes by CC or some **** like that. I am paying slightly more for my 2014 Fz09 than for my 2010 Gsxr 750

SF yes, Dejardins no.

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[Joe Bass]

Saw this coming. Desjardin hates motorcycles no matter what they say. They hate large CID bikes even more. I will be jumping ship next year if the rate on my HD is too high. I'll take all my insurance with me - house, car, etc.

Dejardins saved me ~$600 as compared to my discounted rate with SF

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[Joe Bass]

Well this is crappy news. I have 2 bikes, 2 cars, and home insurance with Statefarm, and have been with them since my riding career started 15 years ago. I'm 31 now.

My renewal for the GSXR is in March... If it goes anywhere near $4000 for just the 1 bike, surely they'll realize that I'll need to move ALL of my business elsewhere. Thinking of being pro-active and speaking to my agent sooner, so I know what to expect and can plan accordingly. Really hoping this is not the case, what I huge shame that would be – finding decent motorcycle insurance rates in Ontario has always been a challenge. I've always liked Statefarm.

To use a bad pun like in the BelAir ads...
Reading the above post I have come to the conclusion that @Krime doesn't want to pay. :/


My thoughts are that we see even more riders going without insurance and more riders running from the cops, rather than people dumping their ss bikes.

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[TorontoBoy]

...My thoughts are that we see even more riders going without insurance and more riders running from the cops, rather than people dumping their ss bikes.

This would be more than ample justification that SS riders should have higher premiums. I hope SS riders will not.

 

[PrivatePilot]

This would be more than ample justification that SS riders should have higher premiums. I hope SS riders will not.

Exactly. When those uninsured riders find themselves in a situation where they should have had insurance (accident or injuring someone else)...guess what - the victims are covered by "uninsured motorist" coverage that's part of everyone's policy here in Ontario. So, just because some idiot that decides they don't need insurance crashes and wrecks your car, you'll still be able to get it fixed by insurance.

But guess who pays for that, and will probably pay MORE in this scenario - yeah, properly insured people.

This is all a classic example of the idiots amongst us ruining things for the responsible amongst us.

 

[DOHC1]

Sure all of this can be handled with various rules and regulations no different than today. First if people are insured they can be quoted against their highest risk vehicle. Second if someone else has access to the vehicle they to should be licensed and insured themselves. I feel we have started to just accept the system as it is, the system however is not the best and furthermore is a deterrent for certain economic and environmental benefits.

As a example which I am sure someone will poke a hole in is;

Why do people drive massive pickup trucks daily that they own to tow a weekend boat instead of a small econobox? The cost to insure the truck to sit prevents them from buying the second vehicle.

I feel we can justify whatever we want, but the insurance companies profits speak for themselves. I don't want them to loose money, but they don't need to be huge margins either.

Just saying I do not agree with the system in place and do not feel I get a acceptable amount of value from the service provided. However the law says I need it so I do it...

We need to start insuring drivers, not vehicles.

Split up all cars into risk categories ( Risk level 1, 2, 3, 4...)
You buy insurance for yourself up to a specific risk level

If you have a Corolla (Risk level 2), and a Nissan GTR (Risk level 4), then you pay for insurance that covers you if you drive any vehicle up to risk level 4. As long as the car is plated, you should be able to drive it, because YOU, the driver, is insured.

I see the argument of people driving without insurance, causing everyone else to pay for their damages. However, that can be fixed with higher penalties. Got caught driving without insurance? 1 year driving ban + $10,000 fine.

The amount of risk I represent on the road is a combination of many factors, the largest of which being:
1) Driving habits (reflected by the amount of tickets I have)
2) Age
3) # of KM's driven annually
4) Where I live

Whether I have 1 car or 2, I'm still driving the same amount of miles... why am I paying essentially 2 full premiums, while I am only one person? You can take all of the above listed variables and take them into account in formulating the premiums. If I'm already paying to insure myself of risk associated with driving a GTR, how is the insurance taking on "more risk" if I decide to drive a corolla instead a few times a week? The way the insurance industry is structured is completely ****ed.

 

[Dresden]

We need to start insuring drivers, not vehicles.

Split up all cars into risk categories ( Risk level 1, 2, 3, 4...)
You buy insurance for yourself up to a specific risk level

If you have a Corolla (Risk level 2), and a Nissan GTR (Risk level 4), then you pay for insurance that covers you if you drive any vehicle up to risk level 4. As long as the car is plated, you should be able to drive it, because YOU, the driver, is insured.

I see the argument of people driving without insurance, causing everyone else to pay for their damages. However, that can be fixed with higher penalties. Got caught driving without insurance? 1 year driving ban + $10,000 fine.

The amount of risk I represent on the road is a combination of many factors, the largest of which being:
1) Driving habits (reflected by the amount of tickets I have)
2) Age
3) # of KM's driven annually
4) Where I live

Whether I have 1 car or 2, I'm still driving the same amount of miles... why am I paying essentially 2 full premiums, while I am only one person? You can take all of the above listed variables and take them into account in formulating the premiums. If I'm already paying to insure myself of risk associated with driving a GTR, how is the insurance taking on "more risk" if I decide to drive a corolla instead a few times a week? The way the insurance industry is structured is completely ****ed.

While I want to agree with you, I can't on a fundamental basis. If you give people more power, they will tend to abuse it - there are scientific studies to show this.
Take a pick-up/SUV driver and put him in a civic and he might not be such a prick on the roads...


Actuaries run the stats and formulate the insurance algorithms. I think they know what they are doing....

 

[laotzu]

Long time lurker, first time poster. Here is my story:

In ~2004, I got my M2. I never bought or insured a bike due to various reasons, and my M2 lapsed in 2011 when I was overseas.

Back in the spring of 2015, I decided to get back into the biking world. I solicted quotes first, for obvious reasons, and StateFarm (SF) quoted me ~$1800/yr for a 2007 CBR600RR, which was doable. I went out, did the whole M1/M2 course, and received my M2 on Nov 11 2015. I bought a 2007 CBR600RR back in September thinking everything was willy-nilly.

After reading this thread, I called SF for an updated quote. The new quote was $6800/yr, which represents a 366% increase.

So I went shopping, and these are some quotes I've received recently off the top of my head:

TD - $6700/yr
Paul South - $3832/yr, but must insure car also.
Riders Plus -Wont insure "supersports"
The Personnel - Wont insure "supersports"

Pretty irked. One problem is, insurers wont recognize that I've had my M2 before, and I'm basically starting over again.

Anyone know of an insurance company willing to insure a "new" 29 y/o rider on a CBR600 for a reasonable amount? Do I really have to sell a bike I've never ridden??

 

[Surnet Insurance - Paul South]

Long time lurker, first time poster. Here is my story:

In ~2004, I got my M2. I never bought or insured a bike due to various reasons, and my M2 lapsed in 2011 when I was overseas.

Back in the spring of 2015, I decided to get back into the biking world. I solicted quotes first, for obvious reasons, and StateFarm (SF) quoted me ~$1800/yr for a 2007 CBR600RR, which was doable. I went out, did the whole M1/M2 course, and received my M2 on Nov 11 2015. I bought a 2007 CBR600RR back in September thinking everything was willy-nilly.

After reading this thread, I called SF for an updated quote. The new quote was $6800/yr, which represents a 366% increase.

So I went shopping, and these are some quotes I've received recently off the top of my head:

TD - $6700/yr
Paul South - $3832/yr, but must insure car also.
Riders Plus -Wont insure "supersports"
The Personnel - Wont insure "supersports"

Pretty irked. One problem is, insurers wont recognize that I've had my M2 before, and I'm basically starting over again.

Anyone know of an insurance company willing to insure a "new" 29 y/o rider on a CBR600 for a reasonable amount? Do I really have to sell a bike I've never ridden??

Just to clarify, bringing the car over is not a requirement to set up the motorcycle insurance.

However, if you do bring the car insurance over there is a 10% discount on the motorcycle insurance.

Sorry for any confusion.

 

[Kri$han]

Whether I have 1 car or 2, I'm still driving the same amount of miles... why am I paying essentially 2 full premiums, while I am only one person? You can take all of the above listed variables and take them into account in formulating the premiums. If I'm already paying to insure myself of risk associated with driving a GTR, how is the insurance taking on "more risk" if I decide to drive a corolla instead a few times a week? The way the insurance industry is structured is completely ****ed.

I agree with this BUT the GT-R is definitely more risk to the insurer becuase it'll cost more to fix when it gets into an accident than the Corolla will (and Corolla is risk level 2? What's listed under risk level 1, on your arbitrary scale?!? lol)

I like this thinking though: Driver's should pay to insure themselves, and driver's themselves should be rated in class #'s from 1-10 (1 being low risk, 10 being high risk), based on age, driving record, years of experience, location etc. To make it fair, EVERYONE starts out as a 5 (you should be considered more of a risk with no record, compared to someone with 5 years experience and no at-faults, claims, or tickets)

THEN rate the cars that those drivers have access to, also from 1-10. Corollas can be 1's, and Viper's are probably a 8. Motorcycles would be 3-10. CBR125, 3. S1000RR, 10. Scooters get a 2, because they've got two-wheels and your chances of becoming a vegetable after a minor accident are higher than if you had bought that damn Corolla.

You can also ask the users how many kms they'll be driving each vehicle (I think they already kinda do this, but it needs to be applied more accurately).

This way, One guy with multiple cars can pay ONE rate to cover all of his vehicles. Two people with two cars could potentially pay the same rate as two people with two cars and two bikes, depending on what each of those vehicles are.

Seems more fair and logical to me... which means it'll probably never happen.

 

[DOHC1]

I agree with this BUT the GT-R is definitely more risk to the insurer becuase it'll cost more to fix when it gets into an accident than the Corolla will (and Corolla is risk level 2? What's listed under risk level 1, on your arbitrary scale?!? lol)

I like this thinking though: Driver's should pay to insure themselves, and driver's themselves should be rated in class #'s from 1-10 (1 being low risk, 10 being high risk), based on age, driving record, years of experience, location etc. To make it fair, EVERYONE starts out as a 5 (you should be considered more of a risk with no record, compared to someone with 5 years experience and no at-faults, claims, or tickets)

THEN rate the cars that those drivers have access to, also from 1-10. Corollas can be 1's, and Viper's are probably a 8. Motorcycles would be 3-10. CBR125, 3. S1000RR, 10. Scooters get a 2, because they've got two-wheels and your chances of becoming a vegetable after a minor accident are higher than if you had bought that damn Corolla.

You can also ask the users how many kms they'll be driving each vehicle (I think they already kinda do this, but it needs to be applied more accurately).

This way, One guy with multiple cars can pay ONE rate to cover all of his vehicles. Two people with two cars could potentially pay the same rate as two people with two cars and two bikes, depending on what each of those vehicles are.

Seems more fair and logical to me... which means it'll probably never happen.

I think we are both making the same argument... I may have worded mine oddly.

Using your example, If I own a Viper and a Corolla, I should only have to pay to insure myself up to the risk level of the viper. Since the corolla is in a lower risk class, I get to drive it under my policy with no extra charge (I am already paying the rate for a high risk Viper (level 8 insurance), so I should also be able to drive any vehicle in a "equal or lower risk level category" (corolla, level 1)

 

[STR]

Long time lurker, first time poster. Here is my story:

In ~2004, I got my M2. I never bought or insured a bike due to various reasons, and my M2 lapsed in 2011 when I was overseas.

Back in the spring of 2015, I decided to get back into the biking world. I solicted quotes first, for obvious reasons, and StateFarm (SF) quoted me ~$1800/yr for a 2007 CBR600RR, which was doable. I went out, did the whole M1/M2 course, and received my M2 on Nov 11 2015. I bought a 2007 CBR600RR back in September thinking everything was willy-nilly.

After reading this thread, I called SF for an updated quote. The new quote was $6800/yr, which represents a 366% increase.

So I went shopping, and these are some quotes I've received recently off the top of my head:

TD - $6700/yr
Paul South - $3832/yr, but must insure car also.
Riders Plus -Wont insure "supersports"
The Personnel - Wont insure "supersports"

Pretty irked. One problem is, insurers wont recognize that I've had my M2 before, and I'm basically starting over again.

Anyone know of an insurance company willing to insure a "new" 29 y/o rider on a CBR600 for a reasonable amount? Do I really have to sell a bike I've never ridden??

As far as I know, SF was the only company that was decent to "new" riders (less than one year). I only used them for my first year riding. I guess you could keep the 600 in the garage and ride a 250 for a year.

 

[ZX600]

Just to clarify, bringing the car over is not a requirement to set up the motorcycle insurance.

However, if you do bring the car insurance over there is a 10% discount on the motorcycle insurance.

Sorry for any confusion.

Hey Paul, ball park price = 44 no tickets with M license and a 2014 FZ09 which is a sport tourer bike? Any information would be appreciated. Currently with SF but I am looking to move my bike and 2014 Jeep to someone else.

 

[kellen]

Hey Paul, ball park price = 44 no tickets with M license and a 2014 FZ09 which is a sport tourer bike? Any information would be appreciated. Currently with SF but I am looking to move my bike and 2014 Jeep to someone else.

Include your area too it's a big factor

 

[ZX600]

Include your area too it's a big factor

yes good call - Pickering south of 401

 

[Surnet Insurance - Paul South]

yes good call - Pickering south of 401

No problem, I will send you a PM.

 

[laotzu]

Just to clarify, bringing the car over is not a requirement to set up the motorcycle insurance.

However, if you do bring the car insurance over there is a 10% discount on the motorcycle insurance.

Sorry for any confusion.

Thanks for clarifying that.

 

[ZX600]

No problem, I will send you a PM.

Thank you - Chris has been in touch and we are moving ahead with the move of both my bike and car. You guys are saving me over 1k a year so I appreciate it.

 

[Surnet Insurance - Paul South]

Thank you - Chris has been in touch and we are moving ahead with the move of both my bike and car. You guys are saving me over 1k a year so I appreciate it.

We're glad it worked out, thanks!

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