2021 insurance renewals | Page 4 | GTAMotorcycle.com

2021 insurance renewals

Sadly; if he's been riding for forty years you can bet he's already bundled,
and Vintage motorcycle insurance is Not a cheap alternative to regular motorcycle insurance coverage. It's a complete misconception that vintage insurance was ever created for that purpose. First problem is it requires a vehicle appraisal every 2 years minimum and Ontario classic motorcycle insurance is designed to insure those motorcycles over 30 years of age that have limited pleasure usage.
His bike is only 24 years old, he doesn't qualify to purchase an expensive vintage limited vehicle insurance package for another 6 years.
I meant bundled with the company offering vintage insurance. In 2018, Dalton Timmis quoted me $280 for the Hawk through Aviva, but only if I brought my car and house (which I didn't want to do). If not, then it would have been $854 through Echelon.

As to the value of vintage insurance vs. restrictions, some riders are fine with them (I know I was for the above quote). Restrictions seem to vary between insurers so it wouldn't hurt to get an actual quote, especially if the only other option is to not insure at all.
 
I had that conversation with my insurance broker a few years back, I asked them if it seems reasonable to them that I should pay 2$ per kilometre for minimal coverage insurance on a vehicle I've insured for 30+ years :unsure: They seemed to be OK with that fee, just as long as I'm the one paying and they are the one collecting.
I was in exactly the same boat in the summer of 2019. With work, kids, and life in general I was putting about 500km a year. So I gave it up and sold the bike. The cost of insurance is just getting out of hand, especially for SS. I was paying close to $4 per km. And we aren't talking about a couple of years of this as I kept pushing it off. Was doing that for 4-5 riding seasons.

With the time off, I've been looking around again. Will have to see if I can find the time to put on some km's to bring the insurance rate down per km. Because they definitely won't be bringing the costs down.
 
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So easy to say they are giving you a discount for owning a vintage motorcycle or anything else when they won't tell you what that discount is, because it's not a percentage and it's not a fixed rate, it's make believe. :sneaky: Let's make believe you are getting a good deal here.

We're going to sell you insurance at 2 or 3 times the rate what you were paying 30 years ago,
and you are suppose to feel good about it.
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Well there you have it, a mature proven safe rider that is ready to give up riding motorcycles because the insurance rates are so stupid. He doesn't want to pay an extra 400 bucks annually on every vehicle he owns, just so he can have extended medical coverage that he will never see. I can relate to that.

:cool: Time to reduce the fleet and buy a competition dirt bike so you can keep your riding skills sharp.
Why would he never see the extended medical coverage?
 
Let me put it another way, he's old like me, has OHIP, hardly rides that motorcycle enough to cover the insurance costs if they were half what they are. His money spent gambling on having an accident claim is less then his chance of winning the lottery if he puts the money towards tickets instead.
 
You never have an accident until it happens, did you know most accidents occur within roughly 5 kms of your house?

I understand what you`re saying, but i don't agree.

hardly rides that motorcycle enough to cover the insurance costs if they were half what they are.

that i can get behind.
 
Insurance scare tactics on me would be ridiculous considering the motorcycles that I ride the vast majority of the time. Plus I have been in accidents and gone through the process and it sucks, but now somebody is going to tell me it's much better now but it's not, it's worse.

(y) Yes absolutely most of my accidents will continue to occur within 1 kilometre of my house and it won't be on either of my street motorcycles.
it will be on the one covered by OHIP
 
, did you know most accidents occur within roughly 5 kms of your house?
This stat bugs me so much. It's true, but always used to try and prove something it doesn't. (not saying you are using it in this way @Evoex) The reason many accidents happen close to your house is, you spend most of your time around your house.
No matter where you go, you come and go through that magic 5 km radius.
 
This stat bugs me so much. It's true, but always used to try and prove something it doesn't. (not saying you are using it in this way @Evoex) The reason many accidents happen close to your house is, you spend most of your time around your house.
No matter where you go, you come and go through that magic 5 km radius.
agreed and you tend to let your guard down as you get closer and comfort level increases.
 
agreed and you tend to let your guard down as you get closer and comfort level increases.
It's also where your tires are cold and you are still waking up in the morning and where you are the most tired on the way home. It would be interesting to back out how much more dangerous it was per km (eg remove the fact that you spend a lot of your driving time in that region).
 
Why would he never see the extended medical coverage?
I'm retired with a pension, so I'm not worried about a loss of income as the result of an accident. I'm overinsured on just about everything, so medical coverage is also not an issue.

BTW, I started riding when insurance was OPTIONAL! For $25 the Province would allow you to plate and ride your bike without insurance. Apparently that didn't work out too well and the price was bumped to $100 and then discontinued.Then in the late 70's / early 80"s there was a huge outcry by motorcycle dealers that the high cost of insurance in Ontario was killing their sales. Dealers were actually helping to finance your insurance for the first year! I think my insurance at the time was around $200 a year, not bad even considering inflation. Back then your insurance only looked after vehicle damage and liability, OHIP looked after you. I don't remember why that changed but I'm sure it came about as part of the changes under the "No Fault" scam.

I could easily afford to pay for the cost of insurance quoted for this season, but I can no longer justify the expense, so I'm taking a pass for a season or two.
 
I'm retired with a pension, so I'm not worried about a loss of income as the result of an accident. I'm overinsured on just about everything, so medical coverage is also not an issue.

BTW, I started riding when insurance was OPTIONAL! For $25 the Province would allow you to plate and ride your bike without insurance. Apparently that didn't work out too well and the price was bumped to $100 and then discontinued.Then in the late 70's / early 80"s there was a huge outcry by motorcycle dealers that the high cost of insurance in Ontario was killing their sales. Dealers were actually helping to finance your insurance for the first year! I think my insurance at the time was around $200 a year, not bad even considering inflation. Back then your insurance only looked after vehicle damage and liability, OHIP looked after you. I don't remember why that changed but I'm sure it came about as part of the changes under the "No Fault" scam.

I could easily afford to pay for the cost of insurance quoted for this season, but I can no longer justify the expense, so I'm taking a pass for a season or two.
But at what cost mentally? I stopped riding May 5th, also due to high cost of insurance. Came September and I couldn't take it any longer. I found cheaper insurance through RBC and took day trips and was a huge stress reliever. I am not retired, but no riding for 4 months after riding for more than 35 years was driving me crazy, as my usual weekend rides were shelved for gardening and yard work.
How many more years of riding do you have left? Maybe get a smaller bike? Good luck with your decision.
 
Received by renewal for my bike went from $1500 to $1279 . I'm still going to shop around a bit .
 
Mine seem to have stayed the same approximately 1200 for 3 bikes.

Sent from my couch using my thumbs
All depends on location and type of bikes .
 
I am currently with economical. Was paying $890.00. new rate quoted is $1346.00. I’m 50 and drive a 2017 Suzuki M50. No accidents/tickets.

Did some shopping and was able to get the same coverage with TD for $739.00.
So I am switching.
Funny thing is I used to have all my insurance (house, cars, bike) with TD 3 years ago, but left when they jacked my rates. I was with them for 20 years. Seems to be no loyalty for customers.
 
I am currently with economical on for the non black listed bikes and the rates have held this year. I also was with TD Meloche about 5 years ago and left for the same reasons as yourself. I will check them out for next year.
 
1. 1986 was 35 years ago... a lot has changed.

For one you don't deal with the other person's insurer any longer, you deal with your own.

2. I agree that 25k is a lot of money. 35 years of payments would be completely erased with a single injury (knocking on wood)...

3. If payouts were completely out to lunch it would be all over the front page of every paper/website. The truth is my used vehicle is worth more to me than it is to anyone else.

Avi
2. Could be, however $25k invested over that time isn’t =$25k.

that’s also a bit of a deceptive view, insurance is a pool of risk, kind of a like a lottery, we all buy tickets, the insurer pays back a portion to the ticket buyers and keeps a very fat share for themselves.
 

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