Insurance quoting process?
- Thread starter perferd
- Start date
roadrash
Well-known member
Should always provide the VIN and make sure that the broker or agent calls the insurer to confirm that they will write the bike. I had bokers give me quotes before, only to find out later they won't even write that type of bike.
I guess I just don't understand how they can quote an individual on a specific bike but then say no. How is the quote even generated for a specific person if they won't actually insure you? Does the $××× amount just generate out of nowhere or is it based on the individual and the bike in question?
roadrash
Well-known member
In my experience, this usually happens with 3rd party brokers. Their quote estimator system, whatever it's called, is able to generate the quote for a particular insurer, but it is the broker's responsibility to call the underwriter to confirm the quote. Most brokers don't do that, unless you provide them with the VIN and/or make them call the underwriter by explicitly asking them to.
If you call the insurer directly, like TD, then I think the quote should be accurate.
Example: Dalton Timmis recently provided me with a good quote with Echelon. Few days later I called back with the VIN and forced them to call Echelon to confirm. Found out they won't even consider writing the bike.
M&W is pretty good about this. They call the underwriter and confirm before quoting.
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Man this is all new to me 3rd parties brokers underwriters insurers. I just called my insurance company allstate directly which does my house both our cars utility trailer and my wife's bike for a quote for myself on a specific bike. 2 people at 2 different times gave me the same quote. Each got all my info and the bikes info and gave me the same quote...crazy how they come up with numbers they can't even provide. Why even give a quote if you can't do it that makes no sense
I'm with Echelon through M&W on the FZ. I didn't ask for one but was told that they don't insure SS's at all. Actually i remember she was kind of surprised they took the FZ
I believe it goes something like this;
Brokers work with many insurers and basically plug in all your info into software. This software filters through all the insurers based on your personal data and the vehicle you want to insure. It will then spit out results and thats when the broker communicates to you which company is offering the best rate and what the number is.
However, the brokers have no power to actually insure you. They contact the insurance company underwriter who essentially decides your risk and agrees to offer you a contract or not. The broker will then take this contact and forward to you to review and sign or not.
Dealing with a broker can be frustrating based on the situation you describe happening..however by dealing with a middle man you save yourself a lot of time making calls and repeating all your info over and over.
Feel free to correct me anyone if i blew it.
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roadrash
Well-known member
I'm with Echelon through M&W on the FZ. I didn't ask for one but was told that they don't insure SS's at all. Actually i remember she was kind of surprised they took the FZ
Yeah, M&W know their stuff. Even though their online quote estimator provided me with the same quote that D&T did with echelon on a liter SS, when I called them, they called Echelon to make sure without me asking. I like that about them.
D&T staff seems inexperienced, and service seems to be going downhill now that the broker I used to deal with left.
roadrash
Well-known member
Sounds right to me!
roadrash
Well-known member
Well I didn't know you can call Allstate directly ? I thought they only deal through brokers. Anyway, both brokers/agents provided you with the same quote, which is good, no discrepancies.
Are you saying they later weren't able to insure it ? Sorry I missed that part if you mentioned it earlier.
roadrash
Well-known member
Allstate denied insurance ? May I ask what the reason for denial was ? I thought they insure everything. They recently insured me on a liter SS without any issues.
I would suggest giving Chris or Paul South a call. They can hook you up with Wawanessa if you've held a motorcycle license for at least 6 years.
I don't really understand insurance here in Canada but this is what I was told. Because my nephew was in an accident in my truck there is an at fault accident for Me. They said in order to insure a sportbike there cannot be any accidents for 10 Years. What I don't get is this is my insurance company been with them for years they have all my info so how can they quote me on something they won't even insure me on...
roadrash
Well-known member
I see. As @Evoex explained, the final approval comes from the underwriter (an actual person). The quotes are generated by a software, and would only hold true if the underwriter would accept to write the policy. I guess your broker is to blame here. S/he should've called the underwriter to confirm before providing you with a quote. But as I said earlier, most of them don't do that till you explicitly ask them to.
Now that you know about the process, make sure to force the broker to call the underwriter before making any purchases. That's what I always do, especially when performance motorcycles are involved.
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In Ontario insurance follows the vehicle so that makes sense.
2 things come to mind;
1) You're speaking to a broker, who thinks everything is dandy until the underwriter killed it off.
2) They quoted you and afterwards the system flagged the VIN and killed it off (this happens more often then not).
Always important to get the VIN into the quote, not just the make and model.
when i had a JDM (from Japan) MR2 Turbo years ago i had to fight forever to get it insured. When i asked for a quote everything was great, when i gave them the VIN it didn't even register in their systems. I remember telling the broker very slowly for 10 minutes over and over "It's a Toyota MR2 with the steering wheel on the right hand side of the vehicle. Thats it!"
Well giving poor info is bad business. They more then likely lost a house 2 cars 1 bike a trailer and a potential 2nd bike. I'm sure they don't care but should being they screwed up.
It was a big high today buying the bike to a real low finding out my agent screwed up...
It was a big high today buying the bike to a real low finding out my agent screwed up...
roadrash
Well-known member
That sucks indeed! Have you tried a standalone quote with TD MM ? You could try their online quote estimator. Not sure about your profile - age/license history etc, but if you're 30+ with full M, you should be able to get decent rates.
roadrash
Well-known member
TD Meloche Monnex insurance. Correct, standalone = motorcycle only.
Try this link. Quotes are not always accurate, but should give you some idea. Best to call them on Monday (not sure if they're open on the weekend).
https://www.tdinsurance.com/quote/m...bsite_id=generic&product=moto&srcsite=generic
