2025 Insurance quote reality check please

D

ddv

Member
My 18 y.o, grandson got his M2 after taking the course last August. He's borrowed one of my bikes from time to time since, but my insurance company would not list him on the policy because he doesn't live in my household. He has 1 speeding ticket, no claims, no accidents. He lives in a rural area, does not own a car or a house.

I've recently acquired a bike for him -- nothing fancy or sporty, a 1982 750 Maxim, but very well kept and in great condition. A few minor things (fork seals, brake pads and lines, fluid changes, etc.) needed attention and I had it safetied this morning. He's at work, so I jumped on-line for a couple of quotes, inputting his data as above.

$7,641 per year. Basic coverage -- no comp, no collision. From the website of a well-known site sponsor. And that was the cheaper of the two! I don't pay anywhere near that to insure 3 motorcycles, 2 cars, a truck, a tractor and a house. Is this really representative of what new riders are being charged for basic MC insurance???

Ok, I'm old. I've been riding a while now. When I started riding insurance cost me $75/year, which was cheaper than the Uninsured Motorist Fund fee back when automobile insurance was optional. I understand things are more expensive now. But a 10,000% increase in 50 years? Really?
 
I don't think any insurance is going to be friendly to an 18 year old starting out on a 750. Try quotes on 125s
 
ddv said:
It's a 40 year old shaft driven cruiser not a sport bike.


Yeah, I get that works against him. But 7 grand seems unduly punitive to me.
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'Only way to maybe do better is to call around.
That may be the "F-you" quote in that they don't really want to insure the kid...

My 25 year old daughter's car insurance came up for renewal back in April. RBC jacked her premium up about $1800.
No explanation. No material change in circumstance... Just 'cuz.
She called another broker/company and got better coverage for less than she paid the year before.
Funny thing though... The new policy is underwritten through/by Aviva... The SAME underwriter her RBC insurance was with. Lol
 
And they wonder why so many people are riding dirty. Government needs to regulate the insurance industry or take it over. I'm 75, no accidents or tickets ever and it costs me over $350 a year more to insure my bike than it does my car and I can't ride both at once but have to pay like I can. Plus can only ride part of the year on the bike. Rediculous!
 
ddv said:
It's a 40 year old shaft driven cruiser not a sport bike.
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There are two kinds of motorcycles - supersports and everything else. Technically an XJ750 would be making 76hp, not nothing, but insurance doesn't even know or care about that. They care that it's 750cc. They don't care if it has ABS or traction control, they don't care if your grandson is riding around with anything more than a helmet, they don't care if he's already been racing dirt for five years. They *might* care if you think the bike is worth more than five thousand dollars, but not in a way that's helpful.

Is it fair? No. But that's all we get in Ontario.
 
BKnight said:
Government needs to regulate the insurance industry or take it over.
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Ask people in BC about how great ICBC is lol.

Government can't run anything well.
The market is what the market is... Everyone hates paying insurance premiums, but if you let the Government run it you'll be paying the same if not more for less coverage and poorer service.
 
ddv said:
It's a 40 year old shaft driven cruiser not a sport bike.


Yeah, I get that works against him. But 7 grand seems unduly punitive to me.
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18 year olds are considered super high risk on pretty much anything..because they make bad decisions (see speeding ticket already on record).

Sounds to me like the classic 'go away' price.
 
ddv said:
My 18 y.o, grandson got his M2 after taking the course last August. He's borrowed one of my bikes from time to time since, but my insurance company would not list him on the policy because he doesn't live in my household. He has 1 speeding ticket, no claims, no accidents. He lives in a rural area, does not own a car or a house.

I've recently acquired a bike for him -- nothing fancy or sporty, a 1982 750 Maxim, but very well kept and in great condition. A few minor things (fork seals, brake pads and lines, fluid changes, etc.) needed attention and I had it safetied this morning. He's at work, so I jumped on-line for a couple of quotes, inputting his data as above.

$7,641 per year. Basic coverage -- no comp, no collision. From the website of a well-known site sponsor. And that was the cheaper of the two! I don't pay anywhere near that to insure 3 motorcycles, 2 cars, a truck, a tractor and a house. Is this really representative of what new riders are being charged for basic MC insurance???

Ok, I'm old. I've been riding a while now. When I started riding insurance cost me $75/year, which was cheaper than the Uninsured Motorist Fund fee back when automobile insurance was optional. I understand things are more expensive now. But a 10,000% increase in 50 years? Really?
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As others have said, 750 at 18 is going to be brutal for insurance. The speeding ticket on record is going to make it worse. Online quotes are often crap, make sure you call some brokers. He may be financially relegated to a scooter or small cc bike for a few years before insurance on the maxim is attainable at a slightly more reasonable price.
 
ddv said:
My 18 y.o, grandson got his M2 after taking the course last August. He's borrowed one of my bikes from time to time since, but my insurance company would not list him on the policy because he doesn't live in my household. He has 1 speeding ticket, no claims, no accidents. He lives in a rural area, does not own a car or a house.

I've recently acquired a bike for him -- nothing fancy or sporty, a 1982 750 Maxim, but very well kept and in great condition. A few minor things (fork seals, brake pads and lines, fluid changes, etc.) needed attention and I had it safetied this morning. He's at work, so I jumped on-line for a couple of quotes, inputting his data as above.

$7,641 per year. Basic coverage -- no comp, no collision. From the website of a well-known site sponsor. And that was the cheaper of the two! I don't pay anywhere near that to insure 3 motorcycles, 2 cars, a truck, a tractor and a house. Is this really representative of what new riders are being charged for basic MC insurance???

Ok, I'm old. I've been riding a while now. When I started riding insurance cost me $75/year, which was cheaper than the Uninsured Motorist Fund fee back when automobile insurance was optional. I understand things are more expensive now. But a 10,000% increase in 50 years? Really?
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Your insurance will not cover anyone under 25 unless specified. He may have been riding your bike uninsured.
 
gsxr guy said:
Your insurance will not cover anyone under 25 unless specified. He may have been riding your bike uninsured.
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eh I've never heard this...although it could very well be buried in the small print somewhere.

Or are you referring to secondary driver? Which technically should not apply since they are a) not of age and b) reside somewhere else..although i've heard the latter being waived for coverage.
 
Gaoler said:
Ask people in BC about how great ICBC is lol.

Government can't run anything well.
The market is what the market is... Everyone hates paying insurance premiums, but if you let the Government run it you'll be paying the same if not more for less coverage and poorer service.
Click to expand...
Lived in BC for 15 years, my personal experience was far, far better with ICBC (plus private for ancillary coverage on occasion) than it has been in Ontario with our busted system. This is especially true if you have to make a claim, where the increase in BC is marginal whereas Ontario increases can be stratospheric.

I know others have seen small decreases in BC, but our rates went up 15-40% per vehicle when we moved back to Ontario in 2019 for less coverage in a similar city. I could even get 3rd party motorcycle coverage that included track day insurance there, which is impossible in Ontario.

Also, ICBC allows you to get coverage for a day, a week, six months, etc. Whatever you want. None of this mandatory full year coverage and punishment for letting coverage lapse for over a month. When I was traveling a lot for work, I just paid for 3rd party all perils on my bike (about $400/yr) and bought daily coverage for the occasional day I was home to ride at about $35/day. That was for a ZX-10R, so definitely in the highest rate bracket. Saved me a bundle, as I was only riding 5-6 times a year.

Oh, and the company I worked for at the time was national. They elected to get national fleet coverage by Manitoba Public Insurance because it was better coverage for less than any private rate.

There are lots of articles online about how horrible public insurance is, but when you dig deeper, they're often using data provided by private insurance industry groups or similar. You also can't compare largely rural coverage over the risks associated with bigger cities...
 
Priller said:
Lived in BC for 15 years, my personal experience was far, far better with ICBC (plus private for ancillary coverage on occasion) than it has been in Ontario with our busted system. This is especially true if you have to make a claim, where the increase in BC is marginal whereas Ontario increases can be stratospheric.

I know others have seen small decreases in BC, but our rates went up 15-40% per vehicle when we moved back to Ontario in 2019 for less coverage in a similar city. I could even get 3rd party motorcycle coverage that included track day insurance there, which is impossible in Ontario.

Also, ICBC allows you to get coverage for a day, a week, six months, etc. Whatever you want. None of this mandatory full year coverage and punishment for letting coverage lapse for over a month. When I was traveling a lot for work, I just paid for 3rd party all perils on my bike (about $400/yr) and bought daily coverage for the occasional day I was home to ride at about $35/day. That was for a ZX-10R, so definitely in the highest rate bracket. Saved me a bundle, as I was only riding 5-6 times a year.

Oh, and the company I worked for at the time was national. They elected to get national fleet coverage by Manitoba Public Insurance because it was better coverage for less than any private rate.

There are lots of articles online about how horrible public insurance is, but when you dig deeper, they're often using data provided by private insurance industry groups or similar. You also can't compare largely rural coverage over the risks associated with bigger cities...
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icbc is also approaching bankruptcy. Their failure to appropriately price risk has resulted in major premium changes for many after you left. Some of the policies like short-term insurance seem viable and would be appreciated here.
 
GreyGhost said:
icbc is also approaching bankruptcy. Their failure to appropriately price risk has resulted in major premium changes for many after you left. Some of the policies like short-term insurance seem viable and would be appreciated here.
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ICBC customers to receive $110 rebate

Six years in a row with no base rate increases? ICBC is far from perfect, but it's a damn sight better than the absolute insanity in Ontario...
 
Priller said:
ICBC customers to receive $110 rebate

Six years in a row with no base rate increases? ICBC is far from perfect, but it's a damn sight better than the absolute insanity in Ontario...
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Don't confuse rebates from a government entity with economic reality. Insurance needs to be revenue neutral. Some years ICBC loses more than $1B. Being a public entity does bring a better spotlight to finances though. Both systems have the problem of no incentive to fight fraud as fraud increases expenses and they are allowed to pass expenses plus overhead to the policy holders. The more fraud, the more overhead collected that they can blow.

 
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I always default to "no one owes you cheap insurance"
Public or private.
Some things just cost money. Unfortunately insurance for an 18 year old with a poor driving record is one of 'em.
'Sucks for him, but... There's no denying the risk.
 
When I started I was told that second-hand 300cc Honda Rebels would sell in 1/2 an hour because it was the only thing teenagers could insure.
 
If your Grandson was in the UK he would be limited to 14 hp or a max of 125cc, at the age of 19 he could upgrade to something under 50hp.

That's why an old skool Maxim is $7k a year over here for a 18yr old.

My advice, buy him a dirt bike or a track bike instead of making the insurance companies rich.g
 
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Evoex said:
eh I've never heard this...although it could very well be buried in the small print somewhere.

Or are you referring to secondary driver? Which technically should not apply since they are a) not of age and b) reside somewhere else..although i've heard the latter being waived for coverage.
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My insurance dose not allow anyone under 25 to drive my stuff.
This is a random Reddit. So I'm not the only one .Screenshot_20250711-222301.png
 
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