Does insurance for new riders decrease a lot after the first year? | GTAMotorcycle.com

Does insurance for new riders decrease a lot after the first year?

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derekdel4

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Reference: I’m 22 with a year of riding experience, no tickets, 2015 honda cb300f with desjardins

I was quoted the first year $1,900 and the agent said that the second year it will go down a lot, almost cutting it in half. I got a renewal and it is quoted at $1,700, which is not much lower. I also have a friend who lives in the same city, same record etc, but a year younger and has a ninja 400 and has cheaper insurance with the same company. I don’t get it. I tried getting online quotes with riders plus but it just says “something went wrong, please call 🙄”
 
According to my conversations with brokers, premiums goes down steadily over your first 5 years (not drop suddenly in your 5th year).

I'm not sure why there is a difference in price.
Hondas area not more expensive so if you have more than just liability, that could account for it.

I suggesting shopping around of course, and always ask if they have discounts for any clubs/groups you're in (eg, your college or university, your employer, sports teams)

Sent from my Pixel 6 using Tapatalk
 
derekdel4 said:
Reference: I’m 22 with a year of riding experience, no tickets, 2015 honda cb300f with desjardins

I was quoted the first year $1,900 and the agent said that the second year it will go down a lot, almost cutting it in half. I got a renewal and it is quoted at $1,700, which is not much lower. I also have a friend who lives in the same city, same record etc, but a year younger and has a ninja 400 and has cheaper insurance with the same company. I don’t get it. I tried getting online quotes with riders plus but it just says “something went wrong, please call 🙄”
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Yes, it should go down a lot.

Also, for me, being a university graduate and lumping in with my house/renter's and auto insurance made a huge difference.

I had a 1978 Yamaha XS650 as my first bike in around 2008 and all the quotes were 3000 a year, and that was just liability! When i lumped it in with my auto and home insurance it went to 1500 a year. And now it is around 300 a year.
 
Spend some time on the phone. Call every broker and company you can (online quoting is useless).
There is no rhyme or reason to motorcycle insurance. You will get wildly different rates for the same bike.
 
yes, try TD insurance. yes, try some brokers. Have your VIN handy, when you do!
 
this was 10 yrs ago so take it for what its worth: When I bought my ER6-n I was quoted $5400/yr if I insured it 364 days after getting my M1. I had her run it for a start date 2 days later and it dropped to $1400/yr. The girl on the phone ran the numbers a second time because even she didn't believe it was right. TD Meloche Monnex
 
N234 said:
According to my conversations with brokers, premiums goes down steadily over your first 5 years (not drop suddenly in your 5th year).

I'm not sure why there is a difference in price.
Hondas area not more expensive so if you have more than just liability, that could account for it.

I suggesting shopping around of course, and always ask if they have discounts for any clubs/groups you're in (eg, your college or university, your employer, sports teams)

Sent from my Pixel 6 using Tapatalk
Click to expand...
Sometimes you will find certain bikes to be really expansive or really cheap compared to bikes that are similar. I'm helping a new rider get started, he sent a list of bikes to a couple of brokers to help him figure out where he would be with insurance. Here are the rough numbers he got (age 30, good driving record, fresh M2 with course).

Cruisers:
Rebel 250, Vstar 250, $1200
Savage 650, Vstar 650 - $1300
Vulcan 900, Marauder 800, Rebel 500, HD Street 750 - $1600

ADV/Dual
XT250, TW200, DR200 $1200
KTM 390ADV, KLR $1500
Vstrom, CB500X $2400

Standard/Naked/ST
TU 250, $1300
R3, CB300, Ninja 300 $2200
CB500F, KTM 390, Ninja 650 $2600
 
Soulcatcher668 said:
Spend some time on the phone. Call every broker and company you can (online quoting is useless).
There is no rhyme or reason to motorcycle insurance. You will get wildly different rates for the same bike.
Click to expand...

Not to be a Buzz Killington, but from what I read on these forums, even getting a confirmed signed policy isn’t enough to prevent the crooks from saying “whoops our mistake” and rescinding it.
 
Been riding since 2005, was paying an average of 1k/year on the liter bikes. For the paste 2-3 years it's been around 1500-1700. So, not always, but it should as you have age with experience. 30 years old is the magic mark along with married status for steep discounts from my experience amongst my group of friends.
 
Are you comparing apples to apples? What are the deductibles, liabilities and coverage amounts? Play with those too and your rates will change.
 
cmattina said:
Yes, it should go down a lot.

Also, for me, being a university graduate and lumping in with my house/renter's and auto insurance made a huge difference.

I had a 1978 Yamaha XS650 as my first bike in around 2008 and all the quotes were 3000 a year, and that was just liability! When i lumped it in with my auto and home insurance it went to 1500 a year. And now it is around 300 a year.
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i do not have auto or home as i’m still in uni and live at home. my car insurance is under my parents and i pay a difference to keep it low
 
Try
Christopher South, R.I.B. (Ont), CI
Insurance Broker, SurNet Insurance Group Inc.

csouth@surnet.net

P: 416-546-8969

he will guide you - he's a rider and has saved me lots over the years
 
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I'm hoping for a good decrease when my policy renews in August; but with insurance these days, who knows??

45, married, considered a new rider (let my M license lapse prob 15 years ago, so had to start over). My record's not great, although clean for the last 4 years... 4k a year for coverage on a '21 BMW F750.

C'mon July - Daddy need new insurance! LOL
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