Renew or Not-Renew

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SlayerofSouls

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Been riding for a few years now, and trying to determine if it makes sense to renew my policy or wait for a few changes in circumstances to get a better rate.I do love riding, but I get similar performance from my car and its a tough decision

Question: Currently my rate is 3,500 p.a curious to know if there is a potential difference once I get my G and M license this year.
I am 27, only one speeding ticket 20kph over and living in downtown toronto.

Current bike is a Ducati 848 Evo SS

1) I currently have my M2 - I was thinking about taking Rider Training Institute to get my M license as the first available date through the Ministry is in May. Problem is if my bike is not insured, I cant exactly use it during the course.

2) I currently have my G2 - First available date for the G is end feb

Will there be a significant saving? Is it worth not renewing until I get my g at least?
 
SlayerofSouls said:
Been riding for a few years now, and trying to determine if it makes sense to renew my policy or wait for a few changes in circumstances to get a better rate.I do love riding, but I get similar performance from my car and its a tough decision

Question: Currently my rate is 3,500 p.a curious to know if there is a potential difference once I get my G and M license this year.
I am 27, only one speeding ticket 20kph over and living in downtown toronto.

Current bike is a Ducati 848 Evo SS

1) I currently have my M2 - I was thinking about taking Rider Training Institute to get my M license as the first available date through the Ministry is in May. Problem is if my bike is not insured, I cant exactly use it during the course.

2) I currently have my G2 - First available date for the G is end feb

Will there be a significant saving? Is it worth not renewing until I get my g at least?
Click to expand...

If you have the extra cash and can afford would be the biggest reason. If you can, then renew and keep riding. Your M will make a difference and then once again when you hit 30.

I am kinda like that even though im 35 with a full M and my insurance on the R1 is $1500 per year and even at that, im like geeesh thats alot just for a toy.... hence why i sold it and am going with a supermoto drz that will be like 50 bucks a month. Then again, I also have 3 kids and a mortgage so there are other financial obligations that come into play for me.

Good luck with your decision though!
 
Depends on the company you are with for the full M.

Just had a friend go thru it with Desjardins

he was over 50 had given up riding for many years, (decades actually)..lol, got back in about 3 years ago.

So he had to go M1, M2, M system he got his M2 at first opportunity. Then waited the minimum time got his full M last summer

Rides a cruiser, called DGI said i have my full M now, (been licenced as G for over 30 years). They said that is nice. He asked about a reduction policy renews next month they said you have to have your full M for 2 years to make a difference with them

His renewal arrived his policy went down about $200, he talked to rep, 9the original rep never added his M to the profile this meant his renewal would go down about $500 from last year. He is going with another company at renewal and it will still be about 50% of the "new low" renewal from DGI..
 
SlayerofSouls said:
Been riding for a few years now, and trying to determine if it makes sense to renew my policy or wait for a few changes in circumstances to get a better rate.I do love riding, but I get similar performance from my car and its a tough decision

Question: Currently my rate is 3,500 p.a curious to know if there is a potential difference once I get my G and M license this year.
I am 27, only one speeding ticket 20kph over and living in downtown toronto.

Current bike is a Ducati 848 Evo SS

1) I currently have my M2 - I was thinking about taking Rider Training Institute to get my M license as the first available date through the Ministry is in May. Problem is if my bike is not insured, I cant exactly use it during the course.

2) I currently have my G2 - First available date for the G is end feb

Will there be a significant saving? Is it worth not renewing until I get my g at least?
Click to expand...

If you're a college / university graduate, get an online quite from TD. Substantial savings for college graduates.
 
hedo2002 said:
Depends on the company you are with for the full M.

Just had a friend go thru it with Desjardins

he was over 50 had given up riding for many years, (decades actually)..lol, got back in about 3 years ago.

So he had to go M1, M2, M system he got his M2 at first opportunity. Then waited the minimum time got his full M last summer

Rides a cruiser, called DGI said i have my full M now, (been licenced as G for over 30 years). They said that is nice. He asked about a reduction policy renews next month they said you have to have your full M for 2 years to make a difference with them

His renewal arrived his policy went down about $200, he talked to rep, 9the original rep never added his M to the profile this meant his renewal would go down about $500 from last year. He is going with another company at renewal and it will still be about 50% of the "new low" renewal from DGI..
Click to expand...


Why would your buddy have to go through any of that? He had his M already from decades ago, no?
 
MLadin said:
If you're a college / university graduate, get an online quite from TD. Substantial savings for college graduates.
Click to expand...

Will keep this mind. Thanks for the info.

And @ Slayers, I got my M last year. Almost no company gives you a discount for it -_-
 
Also, i don't think your company would like it much if you cancelled a policy and tried getting another with them later for the same vin.
 
SlayerofSouls said:
Been riding for a few years now, and trying to determine if it makes sense to renew my policy or wait for a few changes in circumstances to get a better rate.I do love riding, but I get similar performance from my car and its a tough decision

Question: Currently my rate is 3,500 p.a curious to know if there is a potential difference once I get my G and M license this year.
I am 27, only one speeding ticket 20kph over and living in downtown toronto.

Current bike is a Ducati 848 Evo SS

1) I currently have my M2 - I was thinking about taking Rider Training Institute to get my M license as the first available date through the Ministry is in May. Problem is if my bike is not insured, I cant exactly use it during the course.

2) I currently have my G2 - First available date for the G is end feb

Will there be a significant saving? Is it worth not renewing until I get my g at least?
Click to expand...
If you are even considering to renew or not renew then you shouldn't renew, go drive your car
 
MLadin said:
If you're a college / university graduate, get an online quite from TD. Substantial savings for college graduates.
Click to expand...

Meloche Monnex specifically. That's who I get my insurance from (via their fleet/group rates for alumni).
 
You bought a Ducati? And now you're worried about insurance costs? Riiiiiight....


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JFD said:
Also, i don't think your company would like it much if you cancelled a policy and tried getting another with them later for the same vin.
Click to expand...
This is very true, if you don't sell the bike, cancel your insurance, then reinsure, they may assume you have been riding uninsured and you will pay accordingly. Because that's what too many people are actually doing, cancelling after they get an insurance slip.
 
No idea what your driving bud, but if your getting similar performance outta your car that you do out of the 848...maybe you should keep the bike going and down grade the car.
 
When you get your G your car insurance should go down a bit (I think mine went down 10% with TD) and M/M2 doesn't change the rate (with TD at least). And if you're getting similar performance between your car and bike... I'd say drive the car, considering a POS beater can't keep up with a 848, so I'd assume its a pretty nice car....
 
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What kind of car gives you similar performance to an 848 EVO?
Maybe you need to learn how to ride that Ducati.



SlayerofSouls said:
Been riding for a few years now, and trying to determine if it makes sense to renew my policy or wait for a few changes in circumstances to get a better rate.I do love riding, but I get similar performance from my car and its a tough decision

Question: Currently my rate is 3,500 p.a curious to know if there is a potential difference once I get my G and M license this year.
I am 27, only one speeding ticket 20kph over and living in downtown toronto.

Current bike is a Ducati 848 Evo SS

1) I currently have my M2 - I was thinking about taking Rider Training Institute to get my M license as the first available date through the Ministry is in May. Problem is if my bike is not insured, I cant exactly use it during the course.

2) I currently have my G2 - First available date for the G is end feb

Will there be a significant saving? Is it worth not renewing until I get my g at least?
Click to expand...
 
Who do you have insurance with? Have you shopped around?

I'm not sure about your Ontario residency situation (new immigrant?), why did you loaft on your licenses? If you're riding an 848 and own a car with similar performance, it's assumed you're an enthusiast. Even a poor ON resident can get their licenses on the minimum intervals.

It's in your best interest to get fully graduated licenses as soon as practical. It increases your demerit point allowance from 4 to 15 as well.

State Farm is pretty good with SS, but they require at least 6 years of G-Class experience; in their calculation they include 1yr for G1 and another year for G2... so theoretically you only need your G for 4 years.
 
Thanks for all the feedback here. My concerns were regarding whether there would be significant savings if I had a full m/g licence. I guess the consensus is no. Some insurers wont even quote me unless I had a m for 5 years. So waiting isnt really a good option for me.

Regarding the licenses, been in Canada about 2 years, was uncertain how long I planned to stay here. I started with the M1 then decided a car would be a requirement going forward. I was eligible for my G2 exit January, however work got in the way, will be taking it shortly.

I got a significant saving using TDMM for my car almost 50% cheaper than anyone else, but not the same for the bike.

Not sure I want to disclose too much information here, so I wont answer some of the questions regarding the type of car. I am not an aggressive driver/rider, I didnt select the ducati based on performance, more it was the x-factor. To each his own, im not here to defend my decision.
 
Not overly concerned with specifics but what I was trying to get at was that if your driving a car that is "comparable" in performance to an 848...the car must be of serious calibre and probably not cheap. Down grade the car and keep the bike. It's cheaper to get your jollies outta a sport bike then it is a car of equal performance. Best of both worlds.
 
SlayerofSouls said:
... Not sure I want to disclose too much information here, so I wont answer some of the questions regarding the type of car. ...
Click to expand...

Yes, because as soon as we find out what car you drive we will ask for your address and the combination to the garage keypad. Once we take your super fast automobile and the Ducati, you won't have to worry about insurance no more, they will be paying YOU.
 
A car that would compare to said ducati would be in excess of a hundred grand or more. If you have such a beast insurance costs shouldn't matter. Just sayin

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I think I remember a thread he was looking at Aston Martin's or something along those lines....

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