Here's how Insurance works for newbs | GTAMotorcycle.com

Here's how Insurance works for newbs

nightflex

nightflex

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Me: Over 26, 10+ year driving exp, no accident, no claims, never cost insurance money, only myself with a few speeding tickets, for me = Facility! $3200/year
Friend: 26, no driving history, no insurance history, G license 3 years ago, M2 last year, bought bike this year, him = $68/month

Me: I ride his bike all over the place as I have the confidence and experience to be on the road.
Friend: He has never taken the bike on the road because he is too scared of the traffic.

In their haste of making money, they forget who should be insurable and who shouldn't!

Go Figure.
 
nightflex said:
Me: Over 26, 10+ year driving exp, no accident, no claims, never cost insurance money, only myself with a few speeding tickets, for me = Facility! $3200/year
Friend: 26, no driving history, no insurance history, G license 3 years ago, M2 last year, bought bike this year, him = $68/month

Me: I ride his bike all over the place as I have the confidence and experience to be on the road.
Friend: He has never taken the bike on the road because he is too scared of the traffic.

In their haste of making money, they forget who should be insurable and who shouldn't!

Go Figure.
Click to expand...

Please define a few speeding tickets.
 
I had a similar situation where a friend if mine who lived in a busier area, who had less driving experience and lower license classes was paying a lot less from the same insurance company on the same bike.
 
nightflex said:
Me: Over 26, 10+ year driving exp, no accident, no claims, never cost insurance money, only myself with a few speeding tickets, for me = Facility! $3200/year
Friend: 26, no driving history, no insurance history, G license 3 years ago, M2 last year, bought bike this year, him = $68/month

Me: I ride his bike all over the place as I have the confidence and experience to be on the road.
Friend: He has never taken the bike on the road because he is too scared of the traffic.

In their haste of making money, they forget who should be insurable and who shouldn't!

Go Figure.
Click to expand...

Definitely missing a lot of information.

What bikes?
how many speeding tickets?
are you in the same area?
does he have a car with his insurance?
 
When I was 26, I got a new CBR600...with 10 yrs clean driving history and riding history. No tickets or claims. Living in Brantford, an hr from GTA with population 90,000.
My buddy bought the same bike. He was 3 yrs younger than me, had 6 months riding experience, just got his M2, and had an at fault accident a yr prior in his truck. He lives in Markham.

same agent, same rate. To the penny.
 
Is that what you are paying now for the year? Ouch! Myself 6 yrs driving no claims, no tickets, no accidents (clean as a whistle). With State Farm $1462. It would be $500+ less if I insure my car with them.
nightflex said:
Me: Over 26, 10+ year driving exp, no accident, no claims, never cost insurance money, only myself with a few speeding tickets, for me = Facility! $3200/year
Friend: 26, no driving history, no insurance history, G license 3 years ago, M2 last year, bought bike this year, him = $68/month

Me: I ride his bike all over the place as I have the confidence and experience to be on the road.
Friend: He has never taken the bike on the road because he is too scared of the traffic.

In their haste of making money, they forget who should be insurable and who shouldn't!

Go Figure.
Click to expand...
 
didn't you just start riding Thursday?
 
nfq said:
didn't you just start riding Thursday?
Click to expand...

Yes. Over 10+ year of car exp if it confused you. Neither of us had any prior motorcycle experience. Both of us got our M2's from RTI - he got his last year and I got mine this year.

Also, 3 speeding tickets in my car. Both of us have 250ccs. Same exact bikes, his is newer and mine is a year older 2010-2009.

He lives in Scarborough, I live in Stouffville.

He started his insurance on the same day I started.
 
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nightflex said:
Yes. Over 10+ year of car exp if it confused you. Neither of us had any prior motorcycle experience. Both of us got our M2's from RTI - he got his last year and I got mine this year.

Also, 3 speeding tickets in my car. Both of us have 250ccs. Same exact bikes, his is newer and mine is a year older 2010-2009.

He lives in Scarborough, I live in Stouffville.

He started his insurance on the same day I started.
Click to expand...

Him getting his m2 a year ago makes a huge difference... Your rates will also drop after a year granted you don't get into any accidents or tickets...
 
I think it has to do with luck too and god knows what other factors. State Farm wanted $1,600 to insure my 250cc dual-sport bike in 2006, I was 34 and had a 1-year-old M2 licence. I called Duffy Ins that same morning and they quoted and gave me a policy for $325/year.
 
m0hawk said:
Him getting his m2 a year ago makes a huge difference... Your rates will also drop after a year granted you don't get into any accidents or tickets...
Click to expand...

Not necessarily true.

Mike Francis State Farm raised my premiums steadily every year regardless of my continuing years of experience riding.
 
nightflex said:
Yes. Over 10+ year of car exp if it confused you. Neither of us had any prior motorcycle experience. Both of us got our M2's from RTI - he got his last year and I got mine this year.

Also, 3 speeding tickets in my car. Both of us have 250ccs. Same exact bikes, his is newer and mine is a year older 2010-2009.

He lives in Scarborough, I live in Stouffville.

He started his insurance on the same day I started.
Click to expand...

10 yrs of car exp mean nothing to motorcycle insurers. Just that you have road worthiness, which only StateFarm cares about.

The year head start your friend has with his moto license works in his favour.
Your 3 tickets can hurt you as much as 50-60% in additional fees depending on the tickets.
Postal code doesn't matter for motorcycles, that applies to cars.

Keep your records clean, and when those tickets get off your records and you have a couple years of motorcycle insurance, your rates will drop quite a bit.

Ride safe.
 
slowbird said:
Not necessarily true.

Mike Francis State Farm raised my premiums steadily every year regardless of my continuing years of experience riding.
Click to expand...

+1, it crossed the threshold of what I'm willing to pay this year
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