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READ BEFORE POSTING: Which Insurance Company will give me the best rate???

PeteZephyr

Member
Hi guys,
Rider's Plus (Eschelon) sent my renewal last week and somehow wanted $160 more than I paid last year (wtf), so I did a bit of shopping around and thought I'd post my findings.
TL;DR - Desjardins offered the best rate for basic liability for my specific situation.

About me:
- 30/M/Downtown Toronto
- G2M2 license, squeaky clean (no claims, accidents or tickets)
- 1990 Kawasaki ZR550 - no mods - sport-touring - pic in avatar
- no other vehicle, I take the TTC like a chump in the winter
- current insurance is up in april, considered doing M2exit through ridertraining.ca at end of march if full M made premiums cheaper

Desjardins: 905-306-5252
- $913/yr - $76.08 monthly
- M2/M makes no difference

Riders Plus: 1-877-251-4504
- $1165/yr (requoted through Intact over Eschelon who wanted $1360)
- M2/M makes no difference

JD Smith: 905-764-7868
- same as Rider's Plus, as they only deal with Intact

TD (also owns Primmum): 1-888-791-5346
- $1050/yr
- basic liability is only option (due to my bike's age)
- M2/M makes no difference

Allstate: 416-800-2652
- won't touch without full M (G doesn't make a difference)
- rate would be very similar to TD, maybe $50 cheaper

State Farm: wouldn't touch me without a full G

RBC: 1-877-749-7224
- need full M and at least 3 years continuous insurance

Kanetix: 1-888-854-2503
- won't insure a bike made before 1998

TD Meloche Monnex: 1-877-536-7755
- only for university grads or those with professional designations, of which I am neither

Bottom line: make a ton of phone calls and you can probably save a couple hundred bucks.
Hope this helps.
 

hijames

New member
Hi. Thanks for the map. I am just wondering where i can find the companies you suggest? I fall under S16, and what companies are there? Thanks in advance
 

deejizzle

Well-known member
Hi. Thanks for the map. I am just wondering where i can find the companies you suggest? I fall under S16, and what companies are there? Thanks in advance
TD, desjardin, and intact are likely to write you policies. Call for quotes


Sent from my iPhone using Tapatalk
 

Jolarix

New member
Apologies if this has been answered already:

I'm going to be buying my first bike this summer (CBR250), and putting it into winter storage probably around November 1st (as many of you probably do as well.) Are there any companies that will insure me for FEWER than 12 months? I asked for a quote from TD, and they would only insure me for an annual policy ($1750, new rider, M2).

Or are well all stuck paying for winter insurance, even when our bikes are in storage?


VVVV Super useful-- thanks VifferFun!
 
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VifferFun

Well-known member
Site Supporter
Apologies if this has been answered already:

I'm going to be buying my first bike this summer (CBR250), and putting it into winter storage probably around November 1st (as many of you probably do as well.) Are there any companies that will insure me for FEWER than 12 months? I asked for a quote from TD, and they would only insure me for an annual policy ($1750, new rider, M2).

Or are well all stuck paying for winter insurance, even when our bikes are in storage?
Your $1750 premium is not "used up" at an equal rate over the year . . . more premium is used up in the months where you are able to ride more (i.e. Spring/Summer). Essentially $0 is used up over the winter months since there is no risk there (other than Fire/Theft), so you would get no refund for cancelling over the winter. This is true for all insurance companies. You are paying $1750 to ride the Spring, Summer, and Fall, and Winter is thrown in for "free".

Please look at my State Farm cancellation sticky for a more detailed explanation. When you see the premium earning schedule there (which is similar for all companies) this will make a lot more sense:

http://www.gtamotorcycle.com/vbforum/showthread.php?91969-Thinking-of-cancelling-your-State-Farm-policy-Want-to-know-your-Penalty-Refund
 

sklein25

Member
VifferFun:

Thank you for the chart, I fall under S13.
I am a strange case & was wondering if you could help?
I passed my Seneca course & got my M2 back in 1995, but a few years after stopped riding & let it expire. I am now getting back into motorcycles and just received my M1 (starting all over again).....
I am Male, 40 years old, married, do not have my own car insurance/ car but drive a company vehicle for work.
I have had my G for 24 years.
I currently have 3 minor tickets within 3 years on my record and 1 at-fault accident just this winter.
I know it doesn't sound too good for me right now, but I would really like to get out & ride my '93 YZF750 this season. Can you point me to some friendly insurance companies or brokers? Or should I contact Facility Association for my Motorcycle Only Insurance needs?
I am just starting the hunt right now.

Thanks.
 
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CruisnGrrl

Well-known member
Site Supporter
I created this sticky thread a while back, and things have changed a bit (i.e. Intct bought Jevco, and now Desjardins will be buying State Farm in 2015). For the most part, the decision tree is still aplicable for helping you find a good rate.

Unfortunately Jevco no longer exists. I don't think that Intact retained the Jevco motorcycle rates for the Jevco portion of the book since many GTAM members reported some pretty big premium changes (both up and down). To get a quote through Intact, you just need to have a broker (who sells Intact policies) to quote you. It's pretty straightforward, and depending on the broker you may not even need an appointment. Depending on the broker, you could have a quote on the spot. Check the sticky for some good brokers recommended by others on this board.

Good luck!

I think intact also has dropped older bikes that Jevco used to insure. I'm not sure who's good for older bikes (there are a lot of good ones out there).
 

Carlos Vincent

Well-known member
Intact will insure older bikes with liability coverage only, bikes over 15 years old, photos before the policy is set in force will be required. If the bike is in good condition and you want collision and comprehensive coverage, coverage can be arranged, it will only be insured for its market value.


If you think your bike is worth more than the market value, an appraisal is required.
 

RC8

Banned
Im not on this forum much but will make an attempt to get on more often. I too am an "insider" in the insurance world. Primarily, I'm a rider and look to help other riders new and old navigate through the sticky and sometimes frustrating world of insurance.
The good news is there more options for rates and riders, different styles of bikes than before. Myself and a few select others have been working on a few things in the last 3 years and it seems to have paid off. You have questions, I have answers. Drop me a line.
 

eoszlak

Well-known member
Hey guys, I need a broker or a company to write me a policy, or at least get some quotes. I've been riding my entire life and have been licensed since 07, m2 since 07, full g since 09.

I'm 25. My m2 did expired and I just got it back earlier this month. I've got tickets, cancelations, accidents, pretty well everything or anything that isnt good.

I insured a 79 cx500 and an 02 jetta tdi last, however its been several years since I've had a policy. I've since driven and ridden a small variety of other vehicles accumalting offences and would like to start getting my self back in line and just want to put a scooter or a small cc bike on the road, anything I can afford.

I'm well aware that I'm basically uninsurable. I've already called td/primmum, john duffy's, statefarm, and ridersplus and they've said no based on having more than 2 tickets alone/a major conviction, and/or an at fault collision. I'm looking for any suggestions beyond not riding/driving as I've heard that already more than once believe it or not. Figured I'd post here instead of making a thread/ before I make a thread.

My cx policy was cancelled for non payment after a collision in which they wrote the bike off even though it was more than rideable.
Maybe some good brokers who'd insure me living downtown toronto, obviously they don't need to be in the city just willing/able to help out with my location.
 
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wow thanks for this chart man!

Non sportbike(dualsport/sm) - 16 to 18 yrs old -Gonna go with TD as my entire family uses TD to insure just about everything, I will also have a car insured under TD to try and get the rate down. I'll have to contact the other suggested ones too just to be sure I don't miss out on a killer deal! :agave:
 

Rudy

Member
Hi guys,

Im a newbie here. Bought a red 1980 p125x vespa last weekend yayy... what i thought would be a faster and cheaper way to commute in the city turn out to be a hella nightmare expensive insurance premium.


Im 32 yr old male, got my m1 last week, no driving history, living in downtown toronto.

Got quoted by a few different brokers under Intact (I want to go with Jevco but they don't exist anymore) for $1900 a year by the time i have my license for a year its gonna drop to $1180 a year. Riding courses only give me a 10% discount. The used vespa itself only cost me $1000 to buy.

Does this seem correct? any help would be much appreciated
 

sharkmotorcycle

Well-known member
QUESTION 1: "Which Insurance Company will give me the best rate???"

QUESTION 2: "How much to insure a . . . ???"


Hey Everyone!

It's Spring time, and with the change in season comes thousands of new (or not-so-new) riders asking the familiar questions posted above.

Myself and other members have patiently responded to the first of these inquiries, but quite frankly, it's a very boring topic that is repeated over and over and over again. If you are thinking of asking the second question, DON'T BOTHER -- other than the fact that it's annoying, you won't get any meaningful information on the forum. Instead, continue reading this post and contact the insurance companies I suggest, and they will answer that question for you very accurately.

Before asking about the best Insurance Company, have a look at the decision trees that I have put together below. It's pretty simple -- follow the arrows and the tree will magically suggest some companies that might offer you the best rate. Be sure that you at least get a quote with each of the companies I suggest. You will notice that I suggest different companies depending on your profile, and this is because different companies desire different risks, and hence offer very different rates.

I have created two decision trees . . . one for the Sport/Supersport riders, and one for the Classic/Cruiser/Non-Sport riders. Please keep in mind that this tree gives suggestions only, and it is also possible that your specific risk profile may not even qualify for some of the companies suggested.

If the tree only suggests the Facility Association for you, then you might as well forget about it -- insurance will likely be in excess of $4000 a season. If FA is the only suggestion given, then my guess is that you're a beginner and haven't done your research on a suitable bike yet. If this is you, then you must read this excellent write-up about beginner bikes:

http://www.bcsportbikes.com/forum/showthread.php?t=45571

If you would like to know which bikes are blacklisted by Jevco (i.e. have a 425% surcharge), Rob MacLennan posts the list to his website here whenever it becomes available. FYI, most companies have blacklists that are very similar (if not identical) to Jevco's:

http://www.ontariomotorcycleinsurance.com/

My decision trees suggest insurance companies, but it is up to you to find a Broker, Agent, or Phone Number/Website where you can get a quote with that company. There is a sticky thread with some suggestions if you need them. If you don't understand the differences between an Insurance Company, Brokerage, Agency, and Direct Writer then read below:

INSURANCE COMPANY:
This is the large corporation actually providing you with the insurance coverage. The insurance company will reimburse you in the event of a claim. With the exception of Direct Writers, you do not communicate directly with the Insurance Company unless you are making a claim.

BROKER/BROKERAGE:
This is essentially the "middle man" between the Insurance Company and you, the policyholder. A Broker can sell policies for multiple insurance companies, and it is their job to suggest coverage, explain coverage details, and match you with the best insurance company for your situation. A Broker is independent of the Insurance Companies they represent. It helps to quote with multiple brokers, since there are over 100 insurance companies in Canada, but each broker only deals with 3 to 10. A quote with the same Insurance Company by different Brokers will be identical if both Brokers are quoting the exact same coverages.

AGENT/AGENCY:
Like a broker, this is the "middle man" between the Insurance Company and you, the policyholder. An agent is an employee of the company they represent, and they can ONLY quote with the company they work for. For companies that sell through the agency distribution model, you can only get a quote through one of their agents. The Agent's job is to suggest coverage and explain coverage details. A quote with the same Insurance Company by different agents will be identical if both Agents are quoting the exact same coverages.

DIRECT WRITER:
This is an insurance company that does not use Brokers or Agents. Instead of brick-and-mortar Brokers and Agents, you contact the Insurer directly for advice and quote through one of their call centres or their website.

Enjoy the charts, and hopefully this cuts down on the meaningless posting in the Insurance forum here at GTAMotorcycle.com!









Very nice post for those who don't have any information about insurance companies. Thanks for sharing.
 

Harten01

New member
Hey guys, just throwing in another recommendation for an insurance company that I'm through. When I got my insurance I was 18 with a G1M1, most companies IF they would even insure me the quotes were coming in at 4500$ for my make and model.

ScotiaLife Financial, they have a black-list for particular supersport and some sport models.
1981 XJ550 Maxim, 18 Year old Male, G1M1, Commuting and Daily Rider ~10,000 km a year. (I called it a sport touring? Might factor in with the 'touring' name)
Now they WILL NOT insure people without an accredited safety course (mine was 475$ through Loyalist College), but my initial quote was 2400$ (down from the 4500$) so it was worthwhile. With the safety course however you get your M2 automatically if you pass, which actually made my insurance drop to 1st year - 1291$, 2nd - 1171$, and currently 1015$ all with an M2. Getting the M makes the price drop faster over time.

Thought this was a very good price compared the 4 4500$ offers, and the other 3 companies that wouldn't insure me. Might help some of you get insured for a good price,

Best of luck.
 

Jayde

New member
Thought I would throw another insurance option in the ring. Look into The Personal. I have my home policy through them, and they quoted the bike as a new auto policy. I did have my auto insurance through them a few years ago, but cancelled it when my employer took over my auto coverage. I do also have a professional association discount through them, but I don't know how big a difference it makes.

All the other companies were quoting me $1,500-2,000 per year. The Personal came in at $1,100.

35 Female
G/M2 (just got the M2 this week)
Accredited safety course
2004 SV650
 
Hello! Just got my M1 and have been looking to buy a bike.
My eyes are on the Nighthawks from the 80's but I was wondering if it would be cheaper to get a newer cruiser.

25 Male
M1 (Taking M2 Course in a couple of weeks)
Have my Full G.
Have had G1 - G for over 5 years.
Clean record.
Would be pleasure driving. I have a car for commuting.
I live in Hamilton.

Was hoping to call places this coming week for some quotes and any direction to start in would be appreciated.
My car is currently insured under RBC.
 

navdeepnippy

New member
Here are the quotes I (male, 35 years) got:

Got M1 last week, passed M1X course over the weekend.

Bought 2016 Yamaha V-Star 250 cruiser

RidersPlus - 1052/yr with echelon
Desjardins - 1138/yr
Personal - 841/yr (but require at least M2, to get this rate, I need to wait 2 months to convert my M1 into M2)
 

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