17 years old, Vintage bike insurance | GTAMotorcycle.com

17 years old, Vintage bike insurance

C

Cheezes

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Would it be possible for a 17 year old, with an M2 (not for very long) to be able to insure a low cc vintage motorcycle? (175cc, year: 1973) Reason I'm asking is well, that would be my approximate info at the time of getting insurance for a bike (not very long from now) if I plan to go through with pursuing a vintage motorcycle project and getting it insured. Reason I'm asking here is that 'Homeforchrome' obviously would not insure me, I tried doing a quote on johnduffyinsurance, I read a post here that they'd insure any bike, but the website always had problems processing my quote. It's the weekend so I assume that most insurance brokers have the weekend off so I'm not going to bother calling until sometime during the week, but was wondering if anyone could give me any info?

Basically, would it be affordable? I have a steady job, make enough to cover the cost of a vintage low cc bike >$800 range, I've already found a number of suitable bikes. I'm not worried about anything involving the bike per say, I'm very mechanically inclined, but I'm worried if the insurance rates would kill the idea of being able to ride a vintage bike anytime soon.
 
Unfortunately, at 17 years old you don't have many options. Many insurers will not even write people as young as you, and the ones who do will charge you quite a lot of money. You also have the added complication of a vintage bike, which some insurers won't write either. Duffy will quote you with Jevco and Facility, and one of these two will likely end up being your best rate.

I guess it all depends on your concept of "affordable". I'm guessing that you are looking in the range of $2100/yr (give or take $500), but that is just a guess. What kind of premium do you consider "affordable"?
 
VifferFun said:
Unfortunately, at 17 years old you don't have many options. Many insurers will not even write people as young as you, and the ones who do will charge you quite a lot of money. You also have the added complication of a vintage bike, which some insurers won't write either. Duffy will quote you with Jevco and Facility, and one of these two will likely end up being your best rate.

I guess it all depends on your concept of "affordable". I'm guessing that you are looking in the range of $2100/yr (give or take $500), but that is just a guess. What kind of premium do you consider "affordable"?
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Well I was quoted a bit under $2000 I believe, for a first year? Something close to that, for a 90s and up ninja 250 I think, it was a while since I've been on the phone with Avi, and with no further problems the rate would drop considerably the next year. Again, that's just what I was told, I think I'm just going to call around again and find out what'd it be like for a vintage bike. I already knew that there were a very limited number of companies willing to insure a vintage bike.
 
Since when is a 1973 bike considered "Vintage?
 
Cheezes said:
Well I was quoted a bit under $2000 I believe, for a first year? Something close to that, for a 90s and up ninja 250 I think, it was a while since I've been on the phone with Avi, and with no further problems the rate would drop considerably the next year. Again, that's just what I was told, I think I'm just going to call around again and find out what'd it be like for a vintage bike. I already knew that there were a very limited number of companies willing to insure a vintage bike.
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Well, that fits within my broad guess of $2100 +- $500 :)

If Avi quoted you about $2000 for a Ninja 250, then the price on a 175cc bike will be about the same, provided the insurer writes bikes that old. I don't think that Jevco has an issue with older bikes, but I could be wrong.

Did the quote from Avi include any Collision or Comprehensive/Specified Perils coverage? If you wanted physical damage coverage on an older bike, an appraisal will almost certainly be required.
 
If you are being quoted with Jevco, they recently made a change to what they consider "experience". Rather than considering you to have some riding experience after being INSURED for one year, they now consider you to have some riding experience if you are simply LICENSED for one year. If you aren't in a hurry to get the bike on the road, you could get your M2 this season, sit out Summer 2010 and restore the bike, and then insure the bike in Summer 2011. At this point, your rate will be quite a bit lower because you will have had your M2 for an entire year.

If you already have your M2 (I wasn't sure from your original post), then just put insurance on the bike after your one-year anniversary of getting your license.
 
Jevco is vintage friendly, they are you're best bet. Most of my vintage bike rider friends have Jevco policies. But one person got an incredible deal through CAA with a Nordic policy. But it's your age and lack of driving experience that's going to kill you the first year.
 
Well I've expected as much for the first year. $170 a month is OK while I'm still living with my parents and don't have many other expenses other than gas, maintenance on the bike. That is if you've got a decent job somewhere. I'll call around during the week, call Avi for sure, find out what I can and base my decision from there. I was worried it'd be drastically more and that I'd be screwed.
 
Cheezes said:
Well I've expected as much for the first year. $170 a month is OK while I'm still living with my parents and don't have many other expenses other than gas, maintenance on the bike. That is if you've got a decent job somewhere. I'll call around during the week, call Avi for sure, find out what I can and base my decision from there. I was worried it'd be drastically more and that I'd be screwed.
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As I mentioned, if you're not in a hurry and can wait, you could probably save quite a bit of money. When you talk to Avi, ask him for an idea of how much your premium will decrease after you have had you M2 for a year.
 
VifferFun said:
As I mentioned, if you're not in a hurry and can wait, you could probably save quite a bit of money. When you talk to Avi, ask him for an idea of how much your premium will decrease after you have had you M2 for a year.
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Well I mean after saving up through my teen years, waiting that whole time, then waiting to get a bike to build, then building the bike, only to wait another year and a half would kind of suck wouldn't it. At this point I don't really know, I guess it depends on how much money I'd be saving, and unless you know a way to figure that one out..
 
Cheezes said:
Well I mean after saving up through my teen years, waiting that whole time, then waiting to get a bike to build, then building the bike, only to wait another year and a half would kind of suck wouldn't it. At this point I don't really know, I guess it depends on how much money I'd be saving, and unless you know a way to figure that one out..
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I know what you mean . . . I saved since I was like 8 years old to buy my first car, and worked my butt off during high school :p

The way to figure out the difference is to ask Avi. He can't give you a certain amount, because rates will likely change in the next 1.5 years, but he will give you a relative idea. Ask him how much cheaper your insurance would be today if you already had a year of experience under your belt (i.e. you have been licensed for a year). Once you have this information, then you can decide for yourself what you would like to do.
 
I was insured the day I got my M2 with a 1980 CB650 Custom for $577 a year with Wawanesa, so you might want to give them a call. I am 21 and have my full G, which may have something to do with it...
 
joelsephstalin said:
I was insured the day I got my M2 with a 1980 CB650 Custom for $577 a year with Wawanesa, so you might want to give them a call. I am 21 and have my full G, which may have something to do with it...
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Did you also have a car (or a parent's car/home) with Wawanesa?

I don't think that Wawanesa accepts people as young as the OP. If Wawanesa is an option, Avi will let him know since he deals with them as well.
 
VifferFun said:
Did you also have a car (or a parent's car/home) with Wawanesa?

I don't think that Wawanesa accepts people as young as the OP. If Wawanesa is an option, Avi will let him know since he deals with them as well.
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Well my parents were suggesting that I go with them/under them with their insurance company until I eventually move out for University and whatnot. Problem is they're with State Farm, so as far as I know, they wouldn't insure a bike that old, and I'm not sure on the age restrictions. If it turns out that that's possible, to have a cheaper rate at that age then I would compromise and purchase a bike within their range until I can have a decent enough rate for a classic bike on my own with a different insurance company. But if it's just in the $160 a month range then I should be fine with that for the first year (with a lot of compromises of course)
 
Cheezes said:
Well my parents were suggesting that I go with them/under them with their insurance company until I eventually move out for University and whatnot. Problem is they're with State Farm, so as far as I know, they wouldn't insure a bike that old, and I'm not sure on the age restrictions. If it turns out that that's possible, to have a cheaper rate at that age then I would compromise and purchase a bike within their range until I can have a decent enough rate for a classic bike on my own with a different insurance company. But if it's just in the $160 a month range then I should be fine with that for the first year (with a lot of compromises of course)
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I believe you need five years of experience to qualify for State Farm. I think you are going to have to shop elsewhere, but you could always ask.
 
VifferFun said:
Did you also have a car (or a parent's car/home) with Wawanesa?
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No cars for me or the parents, though my Dad's home is with them. I've looked through all my papers though, and I can't seem to see ANYTHING showing a discount of any sort....
 
It is so unfortunate that insurance should so heavily dictate your choice of motorcycle. This is not right.

You have chosen a good starter bike, though a little old. Since you really want to ride next year, go with Jevco. They should insure a 25+ year bike. Most insurance companies will not insure you, so your choices are slim. Combined with your age and you have very little choice of insurance company.
 
Cheezes said:
Would it be possible for a 17 year old, with an M2 (not for very long) to be able to insure a low cc vintage motorcycle? (175cc, year: 1973) Reason I'm asking is well, that would be my approximate info at the time of getting insurance for a bike (not very long from now) if I plan to go through with pursuing a vintage motorcycle project and getting it insured. Reason I'm asking here is that 'Homeforchrome' obviously would not insure me, I tried doing a quote on johnduffyinsurance, I read a post here that they'd insure any bike, but the website always had problems processing my quote. It's the weekend so I assume that most insurance brokers have the weekend off so I'm not going to bother calling until sometime during the week, but was wondering if anyone could give me any info?

Basically, would it be affordable? I have a steady job, make enough to cover the cost of a vintage low cc bike >$800 range, I've already found a number of suitable bikes. I'm not worried about anything involving the bike per say, I'm very mechanically inclined, but I'm worried if the insurance rates would kill the idea of being able to ride a vintage bike anytime soon.
Click to expand...

Hey was wondering when you got your M2? And how long you've had your licence for. I'm 18, i've had my licence for probably almost 3 months, and there's nothing on the market for me... Kanetix, FullThrottle, SF, JEVCO... If only JEVCO didn't merge with Kingsway, i'd have something... :confused1:
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