Need advice !

L

LetsRide-r3

New member
This is what I got quoted on for a 2015 Yamaha YZF-R3:
$1 million liability + standard accident benefits + comprehensive (fire, theft, vandalism, flying objects, flood, hail, windstorm, lightning, riot):$2446(or 12 payments of $209.95)

I am 16 years old, no riding experience just starting out. I live in Mississauga. What are you thoughts/2 cents/opinions on this?
Also, for extra $ I can add collision/upset, is it worth it? without this coverage i still get $ for my bike from a collision that wasnt my fault correct?

I am new to this page, thank you for all responses :)
 
The harsh reality that is Ontario motorcycle insurance is that young riders have high premiums. With no riding experience you have a very high chance of crashing/damaging your bike and hurting yourself. This is the reality of learning to ride, so don't take this as criticism. Read more on this forum and you will see that you are not alone, but crashes are reduced with experience.

With no experience and a new 2015 bike your premium will be very high. Two years of premium will pay for a new R3. With a new bike you really need collision/upset, which will pay for damages if it is caused by you. If you crash and it is deemed by the insurance determination laws to be not your fault, the other driver's insurance company will pay for your damages. Note that the insurance determination laws are different from the laws the cops enforce, so read up on this.

How to reduce your premium? 1) Stay with a bike that is around 300cc, an excellent choice for newbys, but as a newby buy used. This way you need not buy collision. If the bike is slightly damaged it's no big deal. All that nice plastic on the R3 is expensive to replace when you drop it. 2) Attend and pass a motorcycle course, get your M2. Insurance companies will give you a discount. Did you get the memo that all drivers want to kill you? 3) After you attend the course, wait 1 year before you buy your used bike. There seems to be a discount if you have your M2 for longer, though you don't have a bike 4) Grow up. Yes, you have no control over this, but the fact is the older you get your insurance premium will go down,

I know you really want to ride, but insurance is prohibitively expensive. It would be cheaper to buy and drive a car for a couple of years, though it hurts me to write this. Learn to drive, learn the rules of the road, watch for motorcyclists, then after a couple of more years you'll become one.
 
If you have a loan on the bike, collision coverage is mandatory. If not, it's your call. How much extra are we talking about?
I have collision on my bike, it's under $100 more. And yes, as far as I know your bike would be covered if someone else hits you. Although fault determination in an accident does not always go the way we expect.
 
Honestly, that rate seems fairly good considering you have no riding or driving experience. With you being 16, the only way to save more is by buying an older/cheaper/smaller bike.
 
For a 16-year old, this is cheap.
 
LePhillou said:
For a 16-year old, this is cheap.
Click to expand...
Almost too cheap.
OP, I would double check that rate just to be sure. If it is correct, jump all over that mofo.

Sent from a Samsung Galaxy far, far away using Tapatalk
 
TorontoBoy said:
The harsh reality that is Ontario motorcycle insurance is that young riders have high premiums. With no riding experience you have a very high chance of crashing/damaging your bike and hurting yourself. This is the reality of learning to ride, so don't take this as criticism. Read more on this forum and you will see that you are not alone, but crashes are reduced with experience.

With no experience and a new 2015 bike your premium will be very high. Two years of premium will pay for a new R3. With a new bike you really need collision/upset, which will pay for damages if it is caused by you. If you crash and it is deemed by the insurance determination laws to be not your fault, the other driver's insurance company will pay for your damages. Note that the insurance determination laws are different from the laws the cops enforce, so read up on this.

How to reduce your premium? 1) Stay with a bike that is around 300cc, an excellent choice for newbys, but as a newby buy used. This way you need not buy collision. If the bike is slightly damaged it's no big deal. All that nice plastic on the R3 is expensive to replace when you drop it. 2) Attend and pass a motorcycle course, get your M2. Insurance companies will give you a discount. Did you get the memo that all drivers want to kill you? 3) After you attend the course, wait 1 year before you buy your used bike. There seems to be a discount if you have your M2 for longer, though you don't have a bike 4) Grow up. Yes, you have no control over this, but the fact is the older you get your insurance premium will go down,

I know you really want to ride, but insurance is prohibitively expensive. It would be cheaper to buy and drive a car for a couple of years, though it hurts me to write this. Learn to drive, learn the rules of the road, watch for motorcyclists, then after a couple of more years you'll become one.
Click to expand...


It's definitely no cheaper to insure a car, but it's probably more useful per dollar.

Also, can we please stop defending it based on likelihood of crashing? That's clearly not the issue. You can get similar coverage (and I do mean similar; accident benefits and all) in the USA for 1/10th of the cost, even for new riders.
 
That is about as good as it gets for a 16 year old. For comparison try quoting a CBR125 with the same broker.

As for collision, a good rule of thumb spoken elsewhere here is this: Can you afford to absorb the cost of the bike, if you crashed it tomorrow?
 
LetsRide-r3 said:
This is what I got quoted on for a 2015 Yamaha YZF-R3:
$1 million liability + standard accident benefits + comprehensive (fire, theft, vandalism, flying objects, flood, hail, windstorm, lightning, riot):$2446(or 12 payments of $209.95)

I am 16 years old, no riding experience just starting out. I live in Mississauga. What are you thoughts/2 cents/opinions on this?
Also, for extra $ I can add collision/upset, is it worth it? without this coverage i still get $ for my bike from a collision that wasnt my fault correct?

I am new to this page, thank you for all responses :)
Click to expand...

Hey can you tell me where you got your quote from, thanks.
 
TwistedKestrel said:
Can you afford to absorb the cost of the bike, if you crashed it tomorrow?
Click to expand...
The costs will be the same regardless. Difference is in one case you'll have a bike and in another you won't. Most people don't depend on a bike for their only mode of transportation in Canada so it's usually not like you're going to be screwed without one.

You also have to ask, "Will I be able to afford insurance if I make a claim?"

Since I know people that pay 4x as much as I do, just due to a single at fault claim (which is the only time having collision coverage actually helps you), my answer is usually no. I had full coverage on my 650R and did over half the value of the bike in damage ($4500 damage on a $8000 brand new bike) and still never made a claim because I knew I wouldn't be able to afford insurance if I did. I did eventually fix it for half the cost the dealer quoted me.
 
Joe Bass said:
Almost too cheap.
OP, I would double check that rate just to be sure. If it is correct, jump all over that mofo.

Sent from a Samsung Galaxy far, far away using Tapatalk
Click to expand...

I agree. OP is that from an actual broker, or from an online resource?
 
drumstyx said:
It's definitely no cheaper to insure a car, but it's probably more useful per dollar.

Also, can we please stop defending it based on likelihood of crashing? That's clearly not the issue. You can get similar coverage (and I do mean similar; accident benefits and all) in the USA for 1/10th of the cost, even for new riders.
Click to expand...

And I the USA the liability limit may only be $25000, which doesn't go too far when your pretty little girlfriend falls off the back and sues you for $1Million. And has been reported many times in the past, when you become a quadriplegic after hitting a bridge you will be happy to have our generous Accident Benfits coverage here versus the coverage on your American Policy.

Please let's be sure to compare apples to apples when comparing Ontario to the USA
 
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