How much do you pay for insurance? | Page 13 | GTAMotorcycle.com

How much do you pay for insurance?

So, I was paying $2850 I believe.. for my first year of riding (M2)

Just got my renewal papers (Desjardins) in the mail, and it's down to $1620. Which I'm pretty happy about. Will still shop around a bit and go from there.

32
Male
Single
M2
Scarborough
2019 Husqvarna Svartpilen 401 (same bike)
 
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george__ said:
Sooo renewal came up and broker told me the bike is blacklisted wtfff

😡😡😡😡
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Haha this type of thing kind of happened to me, and thousands of others. Aviva was the cheapest for a lot of young riders and decided they don't want anyone with less than 6 years exp all of a sudden. That was a lot of policies they lost so they must have REALLY been hurting in that area.
 
2nd year insured with m2, in my 30's. $1576 for the year on a cbr650f
 
NFP Moto said:
I have so much to say on this topic but there are a few KEY things every here needs to understand. First the difference between an insurance COMPANY/agent and and insurance BROKER. An insurance company can only show you the rates that company has and yes is based on their own internal database, quoting system, etc. An AGENT that works for an insurance company has absolutely no say or incentive to shake the tree when it comes to company rates. Its just a job and they don't even know what you are talking about.

A BROKER is more like Trivago or Expedia for insurance and compares rates from different companies... but does NOT work for ANY insurance company. Neither a typical agent or broker has much influence when it comes to rates and how bikes are classified by different companies, and definitely no final say. Think about it. Why would a 9-5 desk jockey risk getting fired for "not staying in their lane"? One key reason is THEY DO NOT RIDE so why would they care or stick their neck out?

I RIDE. Every off-season (around this time of year) I lobby actual insurance COMPANIES, and even let MANUFACTURERS know that insurance companies are picking on certain models of theirs but not their competition. I lead the charge and push for manufacturers (who have the most at stake) to join the fight. I can give you tons of examples of bikes that I actually got removed from the dreaded "blacklist" over the years and working on 3 more right now. YOU'RE WELCOME..... but I am able to do this because of my experience, relationships, and because it affects ME DIRECTLY as a rider.
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This is true, but one thing to note is that brokers do not have access to the rates of companies that deal direct or through agencies. For example, a broker won't be able quote you on Desjardins, TD, Belair etc. It's still worth your while to quote with a broker and some direct insurers if you want to find the best rate possible :)

And FYI, people who work for insurers ride too -- I'm one of them, and have a similar mandate to you :)
 
NFP Moto said:
Yep Wawanesa is one of our insurance options and have awesome rates for riders with more experience (y)?️ They do have a 999cc cap for sport bikes so they wont insure a Hayabusa for example. Each insurance company has their own "fit" so the more options a broker has to compare against, the better the final rate will be for you.
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How much experience does Wawanesa require before they'll write you on a sport bike (e.g. CBR600, GSX-R600, etc.)?

sburns said:
I've played that game and I haven't seen real savings there. You can end up pay $500 more for deducible for something like $25 off ?‍♂️ ?‍♂️, not worth it.
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Raising Deductibles have little impact to your overall premium because they provide you with premium reductions to Collision and Comprehensive coverages only (i.e. coverage for damage to your bike, not your human body). The bulk of your bike insurance premium is for Accident Benefits coverage (i.e. damage to your human body).
 
I feel that "too much" is always the answer.

KLR650, KLX250, 08 Yaris, 98 Roadrek RV and an old sled = 2000$
Only the RV has theft, collison etc.
 
VifferFun said:
How much experience does Wawanesa require before they'll write you on a sport bike (e.g. CBR600, GSX-R600, etc.)?



Raising Deductibles have little impact to your overall premium because they provide you with premium reductions to Collision and Comprehensive coverages only (i.e. coverage for damage to your bike, not your human body). The bulk of your bike insurance premium is for Accident Benefits coverage (i.e. damage to your human body).
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You need the full M license and at least 6 years TOTAL moto licensed for a restricted supersport through Wawanesa. Very good rates actually.
 
NFP Moto said:
You need the full M license and at least 6 years TOTAL moto licensed for a restricted supersport through Wawanesa. Very good rates actually.
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Interesting, thanks! So I guess the younger rider that Wawanesa will insure on a Sport bike is 22yo (assuming they get their M1 at 16yo)? The 999cc cap seems a little arbitrary since some bikes less than 1000CC can be faster than the Hayabusa, but at least it's something!
 
VifferFun said:
Interesting, thanks! So I guess the younger rider that Wawanesa will insure on a Sport bike is 22yo (assuming they get their M1 at 16yo)? The 999cc cap seems a little arbitrary since some bikes less than 1000CC can be faster than the Hayabusa, but at least it's something!
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I agree 100%. Their arbitrary 999cc cap makes no sense. For example.... they wont insure a Ducati V4S because its over that limit but they will insure a Ducati V4R :unsure:😅
 
NFP Moto said:
I agree 100%. Their arbitrary 999cc cap makes no sense. For example.... they wont insure a Ducati V4S because its over that limit but they will insure a Ducati V4R :unsure:😅
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That's because the "R" in "V4R" stands for "RISKY"! 😁
 
I just set up full coverage on my Tuono 1100 through Wawanesa without any issues, so it appears their 999cc cap isn’t a hard line. There was a note on my initial quote with them:

■ Vehicle Details: Vehicle # 2: Vehicle CC's greater than acceptable amount. Underwriter review required.

but the policy was set up without any trouble on my end and I’ve got my temp slips.
 
Katatonic said:
I just set up full coverage on my Tuono 1100 through Wawanesa without any issues, so it appears their 999cc cap isn’t a hard line. There was a note on my initial quote with them:

■ Vehicle Details: Vehicle # 2: Vehicle CC's greater than acceptable amount. Underwriter review required.

but the policy was set up without any trouble on my end and I’ve got my temp slips.
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Yep, a broker can put in a request to override that cap depending on the rider's experience, if they are also insuring the house and car. In the end the actual insurance company has the final say. Ive done that for a few clients in the past but no harm in giving it a shot. Their CC cap is only for "sport bikes" which a Tuono is (but its sport touring blah blah blah lol). Cruisers dont have that cap issue
 
Katatonic said:
I just set up full coverage on my Tuono 1100 through Wawanesa without any issues, so it appears their 999cc cap isn’t a hard line. There was a note on my initial quote with them:

■ Vehicle Details: Vehicle # 2: Vehicle CC's greater than acceptable amount. Underwriter review required.

but the policy was set up without any trouble on my end and I’ve got my temp slips.
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Got a call today from my Billyard Insurance Group broker and the Tuono is not being covered.
I had double checked with him, I already have the temp slips, and the policy is supposed to start tomorrow.
Bad way to start off a working relationship.
So now I’m left with having to find coverage for the Tuono before riding season starts.
 
Katatonic said:
Got a call today from my Billyard Insurance Group broker and the Tuono is not being covered.
I had double checked with him, I already have the temp slips, and the policy is supposed to start tomorrow.
Bad way to start off a working relationship.
So now I’m left with having to find coverage for the Tuono before riding season starts.
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I can think of 3 different insurers we can place the Tuono through even off the top of my head. Email to: moto@nfp.com and one of the moto specialists will figure out which one of those has the best rates for the Aprilia.
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