Insurance price progress over time | GTAMotorcycle.com

Insurance price progress over time

WheelieWonka

WheelieWonka

Well-known member
Forum Sponsor
This other thread has a discussion going about which motorcycles are more expensive to insure as a beginner:
www.gtamotorcycle.com

Buy a bike in October or wait for Spring?

I am newish to Canada but not to motorcycles. Getting back on them. I will have my M2 by the beginning of October. I've been wondering what is the best idea, buy a motorcycle in October when the market is less busy with buyers? Even if that means paying insurance for the winter months while the...
www.gtamotorcycle.com www.gtamotorcycle.com

I was going to ask something there but then decided it should be its own topic.

How does insurance price progress over time? By that I mean if I get quoted $2k on the first year, is that it forever unless I cancel and move insurance companies? Or will the price go down automatically?

Be it by changing insurance companies or automatically. If, again, let's say the first year is $2k. What will the second, third, fifth, tenth year be?

There is an understandable penalty for being a new rider, but how quickly and how much does it drop once you are an experienced rider (from the point of view of insurers).
 
It's really difficult to say. As someone who doesn't expect much, insurance decreased over time less than I expected it to. Rates will go up and down due to market conditions, insurance companies forming & consolidating, etc.

I will say that I never collected an experience "discount" on insurance without switching, though
 
The first few years on a new license, you'll see drops to premium. But you mentioned you're mid-30s, so premium already isn't crazy high for you. After you've been licensed/insured in Ontario for at least 5 years, it'll level out/kind of plateau. It may drop a little each year, but there's a hard bottom to prices.
 
Any ideas on what the insurance rate would be for a Triumph Street Triple RS or a Honda CBR650R for somebody that's 40 and has 5 years of insurance/riding history?
 
WheelieWonka said:
Any ideas on what the insurance rate would be for a Triumph Street Triple RS or a Honda CBR650R for somebody that's 40 and has 5 years of insurance/riding history?
Click to expand...

You should really call and find out for yourself.

Quotes can vary wildly even between two riders, looking at the same bike, with similar age and insurance history. Even one digit difference in the last number of the postal code could yield very different numbers.
 
The first few years you should see progressive drops, then stagnation (relative stagnation, they won't care about you as a rider but market conditions will constantly change the premium). I was told there would be a big drop when I turned 25 and didn't see it so I called and asked why. They said everybody else went up so relatively I dropped. Seemed suspicious but short of shopping around there is really no way to tell.
 
GreyGhost said:
The first few years you should see progressive drops, then stagnation (relative stagnation, they won't care about you as a rider but market conditions will constantly change the premium). I was told there would be a big drop when I turned 25 and didn't see it so I called and asked why. They said everybody else went up so relatively I dropped. Seemed suspicious but short of shopping around there is really no way to tell.
Click to expand...
25 being a magic age for auto insurance is a myth, at least in Ontario. 10+ years for cars, at least 5+ years for motorcycle, and over 30 years old will net near best rates. It'll continue dropping very slightly until you hit 40s, then basically that's usually about as cheap as you get. The rest is postal code, marital status, and whatever it is you're insuring. Bundling discounts (insuring everything with one company) go a long way too.
 
Asking for the marital status is so weird and random. Sure you can pinpoint somebody's risk factor better with that datapoint but same with a dozen other things they don't ask.

If you get married and already have insurance can you ask for a discount after your honey moon?
 
Insurance in Ontario is stupid. I was quoted 4200 and 1600 for the same bike from different insurers.
Call as many as you can. That being said, until you give them the VIN, nothing is set in stone.

All insurance gives men a discount when they get married not just bikes.
 
I just got an online quote out of curiosity and with my same circumstances it would be just double to insure a Porsche 911.

Hilarious since the vehicle cost is 10 times. With risk factors being the same but with a heavier vehicle.
 
WheelieWonka said:
I just got an online quote out of curiosity and with my same circumstances it would be just double to insure a Porsche 911.

Hilarious since the vehicle cost is 10 times. With risk factors being the same but with a heavier vehicle.
Click to expand...
Insurance companies do not care about car/motorcycle costs. Vehicles are cheap, people are expensive.
My new Outback that has all the safety gadgets was considerably cheaper to insure over the 2012 Accord that it replaced.
 
You must log in or register to reply here.

Back
Top Bottom