Insuring a second bike | GTAMotorcycle.com

Insuring a second bike

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Beakster

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Hi,

I've got a Bonneville that's my daily bike. I'd like to get something smaller as a second bike, maybe a 250cc, and make it into a cafe racer. I'd use it to get to work on days when my bonneville is off the road. There's been many a late Sunday night putting the bike back together after weekend modifications just so I can get to work on time on monday and a second bike would negate that.

Questions:
1) Do Ontario insurers typically give some sort of discount if I insure a second bike with them? I'd assume a smaller engined bike would mean I'm not paying another $1400 per year on top of what I'm already paying?

2) If I want to teach my girlfriend to ride using the second bike would that be any sort of issue? The bike would be mine, paid for by me and registered in my name. Would I have to tell them that someone living with me was thinking of getting an M1 license and using it to learn on? I imagine if I wanted to get her insurance in her name I'd have to effectively sell the bike to her first and then the insurance would be really expensive as she has no experience.

Thanks
 
First given is that they are going to stick it to you. But the plan to use a 250 for an additional rider in the household is a solid one provided the other person rides, otherwise it just becomes a detriment to your motorcycle costs :|

I should think you will end up paying between 500 to 700 for minimal coverage, dependent on the model. Please let us know!
SR250 can be nice
 
I spoke with my insurance company about a very similar situation the other day. I currently have two bikes, and it was a 10% discount on each to have both under the same policy.

My girlfriend is licensed, but has sold her bike and no longer has insurance. We are currently not living together, and I was told she can ride it "occasionally" without adding her to the policy. If anything happens my policy will cover and I will be responsible for any rate increase, etc.
We are going to be moving in together in a few months, and at that point once we have the same address I would need to add her to my policy regardless if she rides it or not, all licensed people in the household must be on the policy.

So if you want to do that, then you don't need to sell her the bike, just add her to your policy if you have the same address.

Sent from my SM-G965W using GTAMotorcycle.com mobile app
 
Michael0124 said:
We are going to be moving in together in a few months, and at that point once we have the same address I would need to add her to my policy regardless if she rides it or not, all licensed people in the household must be on the policy.
So if you want to do that, then you don't need to sell her the bike, just add her to your policy if you have the same address.
Click to expand...

That's interesting to know. Is it a legal requirement to add her to the policy? Currently she has no license (car or bike), so the day she passes her M1 written test am I obliged to call my insurance company and tell them someone in my house now has a motorcycle license? Will this increase my premiums?

Thanks
 
Beakster said:
That's interesting to know. Is it a legal requirement to add her to the policy? Currently she has no license (car or bike), so the day she passes her M1 written test am I obliged to call my insurance company and tell them someone in my house now has a motorcycle license? Will this increase my premiums?

Thanks
Click to expand...
If you don't add her to the insurance policy, then come claim time they could use it as a reason to deny any payouts. You are obligated to tell them if anyone in your household gets a motorcycle license. And yes, your premium will change (increase in this case).
 
Beakster said:
That's interesting to know. Is it a legal requirement to add her to the policy? Currently she has no license (car or bike), so the day she passes her M1 written test am I obliged to call my insurance company and tell them someone in my house now has a motorcycle license? Will this increase my premiums?

Thanks
Click to expand...
You are obligated to tell them, but not obligated to add her to your policy. You can officially disclude her from your policy but you have to sign a paper with your insurer saying that she will not be riding any of your bikes. If you do that, make sure she isn't riding any of your bikes.

Sent from my SM-A530W using Tapatalk
 
Beakster said:
That's interesting to know. Is it a legal requirement to add her to the policy? Currently she has no license (car or bike), so the day she passes her M1 written test am I obliged to call my insurance company and tell them someone in my house now has a motorcycle license? Will this increase my premiums?

Thanks
Click to expand...
yes yes and yes. but if she does ride with you it's worth it, terrifying, but worth it.
For me it now does not work so good, wife can not ride either of my bikes but I pay a little more
:| not a lot more because she has had her M for many decades.
 
Marmaduke said:
Can a single rider own 2 bikes without being raped twice?
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No.

Bought 2 sea-doo's and insurance on both those is about half one street bike. When I'm riding them I can't be riding the motorcycles. Street bikes end up uber expensive per kilometre traveled when you have more then one toy :|
 
Marmaduke said:
Can a single rider own 2 bikes without being raped twice?
Click to expand...

No the rape is going to happen. I had three road legal at once and the discount was the postage to mail the policies in one envelope.

I was thinking of getting a Honda Rukus scooter as a midget to my Goldwing. Insurance was going to be the same as the wing. Scooter insurance was 1/3 the price of the scoot.

No other riders in the house
 
Yep, when I had multiple bikes, had the same # of policies. Though it's been suggested insuring 1 bike and then swapping bikes on and off the policy.
 
I spoke with TD and Dejardins yesterday, both allow same day changes by phone on motorcycle policies. I have 6 bikes, they are all on file with TD, I just call and they make an immediate change and send me confirmation by email. No limit to changes, no penalties.

The down side is only the currently insured bike is covered for theft/fire/liability -- the others are lost if stolen unless you can arrange some other type of storage insurance.
 
Mad Mike said:
I spoke with TD and Dejardins yesterday, both allow same day changes by phone on motorcycle policies. I have 6 bikes, they are all on file with TD, I just call and they make an immediate change and send me confirmation by email. No limit to changes, no penalties.

The down side is only the currently insured bike is covered for theft/fire/liability -- the others are lost if stolen unless you can arrange some other type of storage insurance.
Click to expand...
How does it work policy fee wise?

Let's say you have bike #1 that costs 500/yr and bike #2that costs 1000/yr.

What do you actually pay?
 
moarmoto said:
How does it work policy fee wise?

Let's say you have bike #1 that costs 500/yr and bike #2that costs 1000/yr.

What do you actually pay?
Click to expand...
i imagine it's broken down by day. so you depending on how often you swap you would be billed accordingly per month.
 
Knowing how insurance companies are NOT user friendly, you likley pay for the most expensive, especially if your changing every week or so, or if he has a favorite bike and rides it say 40% of the time, and the other 60% of time is split between the other 5 bikes, then they may base the premium on that bike, or if there is a small difference, they may just set and leave it.
 
Just noticed this post today - I'm with TD Monnex Meloche and have 3 bikes insured with them (all low cc bikes). You can only insure up to a max of 4 bikes at once (not sure why - you'd think they would take as much $$$ as possible from you) but you do get 2nd/3rd/4th bike discounts. I'm not sure of the actual percentage savings unfortunately, but I think it's around 20-30 percent. I pay (Toronto address) $492/year for my TE450, $292/year for DT200R (2 stroke), and $290/year for the little CT110. Based on those numbers the discount might be closer to 40 percent for 2nd bike... worth calling TD insurance to ask at least.
 
Mad Mike said:
I spoke with TD and Dejardins yesterday, both allow same day changes by phone on motorcycle policies. I have 6 bikes, they are all on file with TD, I just call and they make an immediate change and send me confirmation by email. No limit to changes, no penalties.

The down side is only the currently insured bike is covered for theft/fire/liability -- the others are lost if stolen unless you can arrange some other type of storage insurance.
Click to expand...
How many times a year can you swap? I used to use TD for a toy car and I would pull liability every winter. They said they need 24 hours notice and I could do it a few times a year, but if I did it too often (eg. turn it on friday and off monday) they would can me.
 
I have my big bike policy with TD MM and small bike with Dejardins. I have 4 big and 3 small bikes, I keep 1 small and one large insured. I am able to change immediately, no limit to the number of changes for each insurer.

When you change, they adjust the premium from the day you change to reflect the price of the bike currently insured. It changes by about $20 a month when I switch between a DL650 and FJR.
 
Mad Mike said:
I spoke with TD and Dejardins yesterday, both allow same day changes by phone on motorcycle policies. I have 6 bikes, they are all on file with TD, I just call and they make an immediate change and send me confirmation by email. No limit to changes, no penalties.

The down side is only the currently insured bike is covered for theft/fire/liability -- the others are lost if stolen unless you can arrange some other type of storage insurance.
Click to expand...

For Desjardins, do you know if this includes former State Farm customers that got transferred? And is there a direct number to call instead of dealing with the agent? I find my agent reluctant to do anything she considers "iffy" and would rather just go around her if possible.
 
Relax said:
For Desjardins, do you know if this includes former State Farm customers that got transferred? And is there a direct number to call instead of dealing with the agent? I find my agent reluctant to do anything she considers "iffy" and would rather just go around her if possible.
Click to expand...
It's not iffy, Desjardins allowed me to change back and forth over the phone. If your broker is reluctant, tell her you'll transfer to a direct client.
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