Insurance quote help

[stangn99]

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My insurance policy renewed in June, but I've decided the savings from switching may be worth cancelling with my current provider.

I don't quite understand all the bells and whistles that come with various insurance packages, so I'm wondering if there is any opportunity to save some money but dropping some of the "less needed" protection plans.

BIKE:


CAR (leased):




I'd appreciate any suggestions.

Thanks

 

[Evoex]

Family protection coverage?

 

[Mad Mike]

You need to get the details page on your policy, it will show the a-la-carte items.

 

[stangn99]

I have no idea what Family Protection Coverage is...
I'm going to call the representative I'm dealing with shortly, but just want to gather some input/opinions before I do.

I'm planning to move both my car and bike.

Bike is a '15 Street Triple Rx, which gets ridden about 3,000 - 4,000 km a season. Purchased used in '16 for $9800

Car is a leased '18 GTI. Paid extra for their full damage protection, which I believe allows up to $10k in damages during my 4 year lease. I plan to return the car after my lease term is up.


That being said...
Bike: Do I really need comprehensive? The bike will be stored in a garage when parked in my home. The risk of fire and theft is minimal. I believe the bike has a stock immobilizer, though I understand if it got stolen it would be parted within hours.

Given the current value of the bike, I think collision is worth keeping. I suspect insurance will low-ball me in the event of a write-off, but still better than nothing??

Car: Give that i've paid for additional damage security to VW Finance, is it worth keeping comprehensive on? Isn't it kind of redundant?


Finally, what's OPCF 40 - Fire Deductible? I don't expect my bike to catch fire anytime soon.


Thanks again

 

[smergy]

Think of this a bit differently. Insurance is the cost to run the show (average payout per person + running costs + profit margin). The benefit of insurance is unforeseeable, or an insurmountable one time capital cost. e.g. a house burns down, someone ends up in a wheelchair, etc.

If your bike is destroyed in the unlikely event of a fire, is that something you can recover from, or would it drastically alter your financial situation? If you deem the probability low and accept the possibility, you stick the running cost and profit margin portion of the insurance premium in your own pocket.

Each of these line items is explained in your policy. Some basic google searching will give you a more complete answer

 

[stangn99]

Think of this a bit differently. Insurance is the cost to run the show (average payout per person + running costs + profit margin). The benefit of insurance is unforeseeable, or an insurmountable one time capital cost. e.g. a house burns down, someone ends up in a wheelchair, etc.

If your bike is destroyed in the unlikely event of a fire, is that something you can recover from, or would it drastically alter your financial situation? If you deem the probability low and accept the possibility, you stick the running cost and profit margin portion of the insurance premium in your own pocket.

Each of these line items is explained in your policy. Some basic google searching will give you a more complete answer

Thanks for the explanation. I ended up switching insurance companies and saving a little over $1,100/year.

I'm switching from All state to Desjardins. The rates with Desjardin were really good - worth me switching even though my policy recently renewed.
I'm now paying $65/mth (from $120) for the bike and $179/mth (from $217) for the car.

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