Insurance years licenced question

D

deniswhite

Member
Hello everyone.

I am planing on getting my M1 soon, and looking at cbr125r or ninja 250r (depanding on cost of insurance difference) for my first bike for next summer. I am a 21 year old male with a spotless driving record.

My research shows that best bet for insurance would be TD or Jevko.

TD says $2339 a year if i just got my m1, and $1302 if i had it for 1 year and 22 years old.
they ask "How old were you when you received your first motorcycle licence in Canada or the U.S.?"

that makes me wonder, what if i were to get my m1 right now, and let it expire. Then next summer when i have the bike, get M1 again. Would the insurance company consider me as licensed for the first time 1 year ago? This would save me $1037- the cost of M1 exam

another question, all insurance quotes are per year, but can i just pay them monthly for only the summer months when i plan to ride the bike or do insurance companies want you to keep a policy with them year round regardless?
 
deniswhite said:
Hello everyone.

I am planing on getting my M1 soon, and looking at cbr125r or ninja 250r (depanding on cost of insurance difference) for my first bike for next summer. I am a 21 year old male with a spotless driving record.

My research shows that best bet for insurance would be TD or Jevko.

TD says $2339 a year if i just got my m1, and $1302 if i had it for 1 year and 22 years old.
they ask "How old were you when you received your first motorcycle licence in Canada or the U.S.?"

that makes me wonder, what if i were to get my m1 right now, and let it expire. Then next summer when i have the bike, get M1 again. Would the insurance company consider me as licensed for the first time 1 year ago? This would save me $1037- the cost of M1 exam

another question, all insurance quotes are per year, but can i just pay them monthly for only the summer months when i plan to ride the bike or do insurance companies want you to keep a policy with them year round regardless?
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If you received your G1 when you were 16, you may be eligible for State Farm's policy.

If you have been licensed for a year (start from M1), your rates would drop. I don't think letting your license expire would count you as being licensed for 1 year. You would technically be only licensed for 3 months.

And to your last question..yes and no. Yes you can pay them monthly but no, not just for the summer months. It's a yearly contract. Use the search function regarding pro rated months. Well technically only State Farm accepts monthly payments for 12 months, TD for 7 months and Jevco for 4 months.
 
rideitlikeyoustoleit said:
If you received your G1 when you were 16, you may be eligible for State Farm's policy.

If you have been licensed for a year (start from M1), your rates would drop. I don't think letting your license expire would count you as being licensed for 1 year. You would technically be only licensed for 3 months.

And to your last question..yes and no. Yes you can pay them monthly but no, not just for the summer months. It's a yearly contract. Use the search function regarding pro rated months. Well technically only State Farm accepts monthly payments for 12 months, TD for 7 months and Jevco for 4 months.
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i can pay my insurance in 1 go so thats not a problem, do all companies do yearly contracts or do some do 6 months or seasonal? would never ride enough from Oct to Apr
 
deniswhite said:
i can pay my insurance in 1 go so thats not a problem, do all companies do yearly contracts or do some do 6 months or seasonal? would never ride enough from Oct to Apr
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Search for vifferfun 's posts on insurance. Very few people ride a lot in the winter so your insurance through the winter months is something like $10/month. If you looked at the monthly breakdown of your $2339 quote, the summer months would be something like $450/month and the winter months something like $10/month. The actual monthly breakdown is slightly more complicated and viffer explains it well, but that's the basic idea.
 
GreyGhost said:
Search for vifferfun 's posts on insurance. Very few people ride a lot in the winter so your insurance through the winter months is something like $10/month. If you looked at the monthly breakdown of your $2339 quote, the summer months would be something like $450/month and the winter months something like $10/month. The actual monthly breakdown is slightly more complicated and viffer explains it well, but that's the basic idea.
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+ 1
 
GreyGhost said:
Search for vifferfun 's posts on insurance. Very few people ride a lot in the winter so your insurance through the winter months is something like $10/month. If you looked at the monthly breakdown of your $2339 quote, the summer months would be something like $450/month and the winter months something like $10/month. The actual monthly breakdown is slightly more complicated and viffer explains it well, but that's the basic idea.
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could you please link me to his post, i cant seem to find it :confused:
 
GreyGhost said:
See Posts 16, 176 and 179 here:

http://www.gtamotorcycle.com/vbforum/showthread.php?65033-I-help-set-rates-for-a-Major-Canadian-Insurance-Company!-Some-thoughts-.-.-.

He has other informative posts too, but the basic concept is the same.
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thank you, that explains everything, now back to my first question:

since the insurance company askes the age i was when i FIRST got my M licence, so if i get m1 now at 21, and let it expire, and when next year i am 22 i get M1/m2 and go to get insurance, i will answer that the first time i was licensed for a bike, is when i was 21

does that sound like it could work and has anyone had any experience with that?
 
deniswhite said:
thank you, that explains everything, now back to my first question:

since the insurance company askes the age i was when i FIRST got my M licence, so if i get m1 now at 21, and let it expire, and when next year i am 22 i get M1/m2 and go to get insurance, i will answer that the first time i was licensed for a bike, is when i was 21

does that sound like it could work and has anyone had any experience with that?
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Can I ask why you would want t o do that? M1 only lasts 3 months so you're better off getting your M2 and not waste time and money. Just my 2 cents.
 
deniswhite said:
thank you, that explains everything, now back to my first question:

since the insurance company askes the age i was when i FIRST got my M licence, so if i get m1 now at 21, and let it expire, and when next year i am 22 i get M1/m2 and go to get insurance, i will answer that the first time i was licensed for a bike, is when i was 21

does that sound like it could work and has anyone had any experience with that?
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The online calculator uses this date to estimate the number of years that you have been licensed. If your license is cancelled after three months, then TD will only credit you with 3MO of experience (that is, if they credit you with any experience at all). You can't get your M1, let it expire, and then re-write the M1 five years later and expect the insurer to credit you with 5 years of experience.
 
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