Insurance recommendations for new rider? | GTAMotorcycle.com

Insurance recommendations for new rider?

Lane

Lane

Active member
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Hey guys i finally finished my safety course to get my M2, now just waiting for my 60days to be up to upgrade it. I was wondering which companies you guys would recommend for me? Im 21M, a new rider, full G for 5 years with no tickets or accidents if that matters, own a CBR300R, and live in Ajax. Ive had only a bit of time to call rider plus and Mitchel and Whale. Rider plus quoted me at $2045 while M&W was around the $4000 mark for some reason. Not sure if the rider plus quote is any good so i wanna look around a bit more. Thanks in advance guys!
 
Wow still pretty steep. Where do you live?

Were they quoting you as an m2 licence or as an m1?
 
Lane said:
as an M2 rider and living in Ajax
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Riding is not cheap

I was 21 years old when I started on a 2014 ninja 300. I was paying $150 a month, with an M2, full G, two tickets, and living in Toronto. And that was in 2016 with M&W.
 
CHRIS63 said:
Riding is not cheap

I was 21 years old when I started on a 2014 ninja 300. I was paying $150 a month, with an M2, full G, two tickets, and living in Toronto. And that was in 2016 with M&W.
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$400 a month sounds right for a cbr300??? God damn, a friend of mine got his license the same time as me and got his ninja 300 quoted for one $1650 a year. If that's the case i might sell the little honda and get a ninja
 
Lane said:
$400 a month sounds right for a cbr300??? God damn, a friend of mine got his license the same time as me and got his ninja 300 quoted for one $1650 a year. If that's the case i might sell the little honda and get a ninja
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the $2,045 quote sounds about right. You can expect a decent drop after your first full year if you remain ticket/claim free.
 
CHRIS63 said:
Your first mistake was buying a bike before you got an insurance quote.
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i did get a few quotes and for the most part they seemed in the $2k range, i asked a few companies the difference between a cbr300 and ninja 300 was and generally the answer was there is a negligible difference
 
Lane said:
i did get a few quotes and for the most part they seemed in the $2k range, i asked a few companies the difference between a cbr300 and ninja 300 was and generally the answer was there is a negligible difference
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which is true.

ninja has a slipper clutch and more hp i believe.
 
21 and 2k a year sounds about right
 
Lane said:
just got a quote from desjardins for $1478!! It pays to shop around a bit! im still gonna look through a few more companies but im glad i scrolled through the forums looking for companies i should check out
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That's why brokers deal with more then one carrier, they shop around through the ones they deal with and then get you the best deal they can offer.
Or at least that's the way it is suppose to work.


Lane said:
$400 a month sounds right for a cbr300??? God damn, a friend of mine got his license the same time as me and got his ninja 300 quoted for one $1650 a year. If that's the case i might sell the little honda and get a ninja
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Might have nothing to do with the bike model, did he bundle his motorcycle insurance needs with the same provider that was already insuring his house and cars? ... that is where you will see the biggest discounts, plus it makes shopping a one-stop deal.
Even your personal credit rating can affect your insurance rates, good credit can get a small discount.
Might make no sense to us but it seems to matter to the insurance companies.
 
Trials said:
That's why brokers deal with more then one carrier, they shop around through the ones they deal with and then get you the best deal they can offer.
Or at least that's the way it is suppose to work.



Might have nothing to do with the bike model, did he bundle his motorcycle insurance needs with the same provider that was already insuring his house and cars? ... that is where you will see the biggest discounts, plus it makes shopping a one-stop deal.
Even your personal credit rating can affect your insurance rates, good credit can get a small discount.
Might make no sense to us but it seems to matter to the insurance companies.
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I thought a law was passed here where they can't consider credit, unless you sign something otherwise.
 
Evoex said:
I thought a law was passed here where they can't consider credit, unless you sign something otherwise.
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From what I understand they look at your credit score as a way of determining your level of responsibility. It was explained to me that if they see you can't be responsible with that, it reflects on how you conduct yourself in other aspects of your life. Including how you drive.
 
The only other way to get better rates is if you have some discounts with group policy, some association (university, college, union..etc). Or some form of bundling which also is a bit of a scam as some companies want you to bundle otherwise they up charge single policy rates.

Otherwise keep calling around to get the lay of the land, and good luck!
 
Michael0124 said:
From what I understand they look at your credit score as a way of determining your level of responsibility. It was explained to me that if they see you can't be responsible with that, it reflects on how you conduct yourself in other aspects of your life. Including how you drive.
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Trials said:
That's why brokers deal with more then one carrier, they shop around through the ones they deal with and then get you the best deal they can offer.
Or at least that's the way it is suppose to work.



Might have nothing to do with the bike model, did he bundle his motorcycle insurance needs with the same provider that was already insuring his house and cars? ... that is where you will see the biggest discounts, plus it makes shopping a one-stop deal.
Even your personal credit rating can affect your insurance rates, good credit can get a small discount.
Might make no sense to us but it seems to matter to the insurance companies.
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2019 Ontario Budget | Chapter 1B

2019 Ontario Budget: Protecting What Matters Most
budget.ontario.ca budget.ontario.ca

The government’s Putting Drivers First blueprint will give auto insurance companies the flexibility to offer drivers more choices in terms of discounts and coverage options to make their insurance policy more affordable. For example, drivers should have the choice to lower their premiums by allowing insurers to consider their credit history, or by agreeing to use preferred providers of auto repair or health care services.
 
Evoex said:

2019 Ontario Budget | Chapter 1B

2019 Ontario Budget: Protecting What Matters Most
budget.ontario.ca budget.ontario.ca

The government’s Putting Drivers First blueprint will give auto insurance companies the flexibility to offer drivers more choices in terms of discounts and coverage options to make their insurance policy more affordable. For example, drivers should have the choice to lower their premiums by allowing insurers to consider their credit history, or by agreeing to use preferred providers of auto repair or health care services.
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Do you really believe there is going to be lower premiums? I would like to, but they have talked about adjusting insurance rates all the time and nothing has changed.
Well except there have been 2 allowable increases, by the government, end of 2019, and earlier this year. Now with country going nuts with COVID spending etc... just feels like more financial hurt is on the way, not the other way.
 
sburns said:
Do you really believe there is going to be lower premiums? I would like to, but they have talked about adjusting insurance rates all the time and nothing has changed.
Well except there have been 2 allowable increases, by the government, end of 2019, and earlier this year. Now with country going nuts with COVID spending etc... just feels like more financial hurt is on the way, not the other way.
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i only believe in death and taxes.

don't particularly care either way, i was just pretty sure they can't run a credit report on you for rate purposes without your authorization.

yes, certainly the money to pay for COVID has to come from somewhere and with the federal spending spree coming in a few weeks from Trudumbass, we're probably ******.
 
They never ran a credit report on me without my authorization, the nice lady said do you have good credit, I can get you a small discount,
and I said yes please. I suppose one would be defensive towards release of that information if they ever did have bad credit.
That was since 2014.
 
Lane said:
just got a quote from desjardins for $1478!! It pays to shop around a bit! im still gonna look through a few more companies but im glad i scrolled through the forums looking for companies i should check out
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When you bundle everything (car, house, etc) with the same company, they give you additional discounts. Also the longer you're with them, some companies reward you with further discounts.
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