Insurance for one rider with multiple bikes | GTAMotorcycle.com

Insurance for one rider with multiple bikes

I'm currently insured with Desjardins (have been for almost a decade) for my motorcycle and I thought about adding another bike to my policy. I'm the only rider in my household and the second bike would literally only be ridden a handful of times a season by myself only.

I figured adding a second bike wouldn't be that expensive since splitting my time between two bikes doesn't make me anymore at risk on the road and the value of the second bike is peanuts. Anyway, I was shocked to find out the second bike is priced flat out as if it's the only bike on my policy so it almost doubles my insurance.

Does anyone offer reasonable insurance for multiple bikes, anyone have experience with this scenario?

Thanks!
 

Relax

Well-known member
A quick search brings this up:

 

Katatonic

Well-known member
Site Supporter
I'm currently insured with Desjardins (have been for almost a decade) for my motorcycle and I thought about adding another bike to my policy. I'm the only rider in my household and the second bike would literally only be ridden a handful of times a season by myself only.

I figured adding a second bike wouldn't be that expensive since splitting my time between two bikes doesn't make me anymore at risk on the road and the value of the second bike is peanuts. Anyway, I was shocked to find out the second bike is priced flat out as if it's the only bike on my policy so it almost doubles my insurance.

Does anyone offer reasonable insurance for multiple bikes, anyone have experience with this scenario?

Thanks!

Yep, that’s the way it is.
Realistically, I should have one blanket liability and accident benefits coverage because I can only drive/ride one vehicle at a time. Well, 2 I guess if you count the wife in that equation.
We’re in the same situation - 2 bikes, 4 cars and paying full premiums on all of them.
And trying to talk to an insurance company about it is like talking to a brick wall.
 

LBV

Well-known member
Site Supporter
Yep, just sold my 2nd bike as just not worth paying double the insurance.
 

Mad Mike

Well-known member
I'm currently insured with Desjardins (have been for almost a decade) for my motorcycle and I thought about adding another bike to my policy. I'm the only rider in my household and the second bike would literally only be ridden a handful of times a season by myself only.

I figured adding a second bike wouldn't be that expensive since splitting my time between two bikes doesn't make me anymore at risk on the road and the value of the second bike is peanuts. Anyway, I was shocked to find out the second bike is priced flat out as if it's the only bike on my policy so it almost doubles my insurance.

Does anyone offer reasonable insurance for multiple bikes, anyone have experience with this scenario?

Thanks!
I use Desjardins and have multiple bikes. I can call them to switch insurance over to the one I plan to ride, there is no additional cost, just a small adjustment up or down depending on the price difference between bikes. I think I pay around $600/year for my VSTROM and $750 for my FJR -- when I switch the rate is adjusted by a few dollars/mo one way or the other. The change isn't instant -- it switches at midnight.
 

ReSTored

Well-known member
The insurance industry in Ontario, in particular how every vehicle insured requires accident benefits, highlights the extent to which we are being scr......... over by the industry as a whole and their lobbyists.

If you own 1 bike and you've declared 10,000 km a year you pay a certain premium, say $1,000. If you insure a second bike for an additional 10,000 km a year there is a certain logic to the premium being the same, assuming the second bike is classified the same as the first one. Total premium = $2,000

If you own 1 bike and you've declared 10,000 km a year you pay a certain premium, say $1,000. If you insure a second bike for no additional km a year in total, i.e. still 10,000 km it makes no sense that the premium would be virtually the same, assuming the bike is classified the same as the first one. There should be a lower total premium as you've added a bike, but your exposure to an accident is the same, may $1,500 a year vs. $2,000

I do receive a discount for have multiple vehicles and home insured by the same underwriter.
 

LBV

Well-known member
Site Supporter
Someone on the weekend said that in BC, the rider is insured not the bike. So you pay 1 premium on yourself and choose to ride whichever bike you want. I can see that working on liability but I'm not sure how it would on collision & comprehensive if you had 2 bikes of varying value.

Can anyone confirm?
 

Merkid

Well-known member
There was a time when I was with TD Meloche that they allowed me to switch between bikes intermittently, similar to doing so between two cars.

For instance if I wanted to do a weekend road trip, I would fax (remember those?) on a Friday before midnight for coverage until Sunday at midnight. There were no charges for that however one summer I did that quite often and I know they weren't happy about doing that. A buddy joined TD and tried to do likewise and it was rejected. TD raised their premium so I bailed on them.

Right now I am down to two bikes, a '21 NC750X which I pay $1K/yr (full coverage) and an '05 Bandit for half that amount (liability only). With that I do about 12K km/yr I don't like the cost but buying less beer now so I live with it.
 

Lightcycle

Rounder of bolts, Dropper of tools
Site Supporter
Someone on the weekend said that in BC, the rider is insured not the bike. So you pay 1 premium on yourself and choose to ride whichever bike you want. I can see that working on liability but I'm not sure how it would on collision & comprehensive if you had 2 bikes of varying value.

Can anyone confirm?

Nope. Not true.

Each bike is insured separately, based on the risk profile of the rider/driver in the household with the least experience. Just like Ontario.

The only differences with BC insurance is that you can purchase insurance for just the months you ride, so most people buy a 6-7 month policy, typically from April to October. The rates get cheaper, the longer you insure for. So the rate might look like $35 for one day, $200 for two weeks, or $700 for 7 months.

Only other difference from Ontario is that insurance is split up into two: mandatory liability only offered through the government (ICBC) and then an optional annual collision/comprehensive policy offered either through ICBC as well or privately through a third-party, which is often cheaper.
 

Merkid

Well-known member
Nope. Not true.

Each bike is insured separately, based on the risk profile of the rider/driver in the household with the least experience. Just like Ontario.

The only differences with BC insurance is that you can purchase insurance for just the months you ride, so most people buy a 6-7 month policy, typically from April to October. The rates get cheaper, the longer you insure for. So the rate might look like $35 for one day, $200 for two weeks, or $700 for 7 months.

Only other difference from Ontario is that insurance is split up into two: mandatory liability only offered through the government (ICBC) and then an optional annual collision/comprehensive policy offered either through ICBC as well or privately through a third-party, which is often cheaper.
That is good to know as my brother is moving to Kelowna from the US with 5 bikes. He may be shocked when he finds out that one blanket policy won't cover all his bikes like in the US.
 

gsxr guy

Well-known member
There was a time when I was with TD Meloche that they allowed me to switch between bikes intermittently, similar to doing so between two cars.

For instance if I wanted to do a weekend road trip, I would fax (remember those?) on a Friday before midnight for coverage until Sunday at midnight. There were no charges for that however one summer I did that quite often and I know they weren't happy about doing that. A buddy joined TD and tried to do likewise and it was rejected. TD raised their premium so I bailed on them.

Right now I am down to two bikes, a '21 NC750X which I pay $1K/yr (full coverage) and an '05 Bandit for half that amount (liability only). With that I do about 12K km/yr I don't like the cost but buying less beer now so I live with it.
I still swap bikes with TD, a week in between swaps, so the people doing the paperwork dont get ****** and ruin it.
 

NFP Moto

Well-known member
Site Supporter
Insurance Specialist
I'm currently insured with Desjardins (have been for almost a decade) for my motorcycle and I thought about adding another bike to my policy. I'm the only rider in my household and the second bike would literally only be ridden a handful of times a season by myself only.

I figured adding a second bike wouldn't be that expensive since splitting my time between two bikes doesn't make me anymore at risk on the road and the value of the second bike is peanuts. Anyway, I was shocked to find out the second bike is priced flat out as if it's the only bike on my policy so it almost doubles my insurance.

Does anyone offer reasonable insurance for multiple bikes, anyone have experience with this scenario?

Thanks!
You can add or switch the coverage onto a 2nd bike for a few months. You would only pay the equivalent insurance for the time you are using it. When you remove or switch it back it all gets adjusted. Even myself personally, with years and years of experience in the industry... I had multiple bikes insured at once. Though you commonly hear "well I cant ride both bikes at once" the theory behind it from the insurance company is that you can ride any bike at any time. This includes bikes that you lend to a friend for a ride, which is an example of both bikes being ridden at the same time.
 

GreyGhost

Well-known member
Site Supporter
You can add or switch the coverage onto a 2nd bike for a few months. You would only pay the equivalent insurance for the time you are using it. When you remove or switch it back it all gets adjusted. Even myself personally, with years and years of experience in the industry... I had multiple bikes insured at once. Though you commonly hear "well I cant ride both bikes at once" the theory behind it from the insurance company is that you can ride any bike at any time. This includes bikes that you lend to a friend for a ride, which is an example of both bikes being ridden at the same time.
I understand the logic and would be happy to sign a form that says only I am allowed to ride the bikes. That's the only person that rides them anyway. I know that is a regulatory problem not a problem NFP could fix.

Hell, it could be done as simply as a key fob or phone app. Insurance is attached to the fob. Which ever bike has the fob is insured. All other bikes on the policy must be on private property. Now, this isn't perfect as if I lend my bike to a buddy and they crash , I could give them the fob and run home and hope I don't get stopped on the way as I wouldn't have proof of insurance. It woudl also have to be conveyed to LE somehow which wouldn't be trivial. Phone app could have you select one of the bikes on the policy and that one is insured until you pick a different one. Could geolock the app so you can only change insured vehicles while you are at home if people start playing games (seems less annoying to me than a 24 hour lock before you could use a selected vehicle).
 

NFP Moto

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Site Supporter
Insurance Specialist
I understand the logic and would be happy to sign a form that says only I am allowed to ride the bikes. That's the only person that rides them anyway. I know that is a regulatory problem not a problem NFP could fix.

Hell, it could be done as simply as a key fob or phone app. Insurance is attached to the fob. Which ever bike has the fob is insured. All other bikes on the policy must be on private property. Now, this isn't perfect as if I lend my bike to a buddy and they crash , I could give them the fob and run home and hope I don't get stopped on the way as I wouldn't have proof of insurance. It woudl also have to be conveyed to LE somehow which wouldn't be trivial. Phone app could have you select one of the bikes on the policy and that one is insured until you pick a different one. Could geolock the app so you can only change insured vehicles while you are at home if people start playing games (seems less annoying to me than a 24 hour lock before you could use a selected vehicle).
Couldnt agree with you more (y)
 

Mad Mike

Well-known member
You can add or switch the coverage onto a 2nd bike for a few months. You would only pay the equivalent insurance for the time you are using it. When you remove or switch it back it all gets adjusted. Even myself personally, with years and years of experience in the industry... I had multiple bikes insured at once. Though you commonly hear "well I cant ride both bikes at once" the theory behind it from the insurance company is that you can ride any bike at any time. This includes bikes that you lend to a friend for a ride, which is an example of both bikes being ridden at the same time.
Not exactly. The reason insurers do it this way is because the motorcycle business is a thorn in insurers sides. They can create any type of insurance plan they like, with whatever conditions they like as long as it includes the mandatory coverage by law. Just file with FSCO and it's done.

But they wont. For a few of reasons:
1) They don't understand it and don't care to. Biggest payouts are to those with the lowest premiums - mid life first time riders on expensive crusiers. Check out Copart or Impact salvage auctions if you want to see where the payouts go.
2) IBC, an insurance lobby group works to lobby and protect the business interest of insurers, there is no equivalent for consumer side. Effectively this gives insurers a cartel, a big one, to lobby govt's give insurers a forum to discuss do's donts.
3) the Market is too small to encourage innovation. Insurers don't study the costs and risks the same way they do for auto, so some (even the giants) just guess at rates using auto like profiles. Fast bike = more, slow bike = less, under 50 more, over 50 less. It's pretty clear that's not the pattern of crashes -- look at the salvage listings at Copart, Impact to see the ration of cruisers to sport bikes (one particular cruiser brand popular with older cos-play riders makes up a healthy share of salvage bikes).

For any realistic changes to be made to powersports insurance, a few things need to happen. Ontario has to break down barriers so new insurers (Like Gieco) can enter the market. We also need a provincial or national organization that represents our interests - something with enough membership and drive to put real pressure on the Ontario govt.
 

NFP Moto

Well-known member
Site Supporter
Insurance Specialist
Not exactly. The reason insurers do it this way is because the motorcycle business is a thorn in insurers sides. They can create any type of insurance plan they like, with whatever conditions they like as long as it includes the mandatory coverage by law. Just file with FSCO and it's done.

But they wont. For a few of reasons:
1) They don't understand it and don't care to. Biggest payouts are to those with the lowest premiums - mid life first time riders on expensive crusiers. Check out Copart or Impact salvage auctions if you want to see where the payouts go.
2) IBC, an insurance lobby group works to lobby and protect the business interest of insurers, there is no equivalent for consumer side. Effectively this gives insurers a cartel, a big one, to lobby govt's give insurers a forum to discuss do's donts.
3) the Market is too small to encourage innovation. Insurers don't study the costs and risks the same way they do for auto, so some (even the giants) just guess at rates using auto like profiles. Fast bike = more, slow bike = less, under 50 more, over 50 less. It's pretty clear that's not the pattern of crashes -- look at the salvage listings at Copart, Impact to see the ration of cruisers to sport bikes (one particular cruiser brand popular with older cos-play riders makes up a healthy share of salvage bikes).

For any realistic changes to be made to powersports insurance, a few things need to happen. Ontario has to break down barriers so new insurers (Like Gieco) can enter the market. We also need a provincial or national organization that represents our interests - something with enough membership and drive to put real pressure on the Ontario govt.
Yep what you said is true as well. Thats what SHOULD happen yet the folks that make these decisions at top level have never been within 100m of an actual motorcycle.
 

Wyled

Well-known member
You can add or switch the coverage onto a 2nd bike for a few months. You would only pay the equivalent insurance for the time you are using it. When you remove or switch it back it all gets adjusted. Even myself personally, with years and years of experience in the industry... I had multiple bikes insured at once. Though you commonly hear "well I cant ride both bikes at once" the theory behind it from the insurance company is that you can ride any bike at any time. This includes bikes that you lend to a friend for a ride, which is an example of both bikes being ridden at the same time.
Any idea if you can do this with cars as well? I wouldnt see why not but figured Id ask. If say one has an enthusiast car for summer months and a daily for winter months. Can you switch bi annually while only paying for one vehicle premium (maybe minus the difference worst case)?
 

GreyGhost

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Site Supporter
Any idea if you can do this with cars as well? I wouldnt see why not but figured Id ask. If say one has an enthusiast car for summer months and a daily for winter months. Can you switch bi annually while only paying for one vehicle premium (maybe minus the difference worst case)?
A neighbour drives a Raptor in the winter and a GT500 in the summer. Only one at a time has liability.
 

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