Mad Mike
Well-known member
I don't know if they allow it -- I just do it.
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Tell Ontario you want better motorcycle insurance - the petition is live
- Thread starter Mad Mike
- Start date
Dizzer
Well-known member
Put me down for another who would own multiple bikes. For the last year or so I had 3, each with their own policy, but it was such a waste. I didn't get enough time on them all to justify the cost anymore. I'm down to one street bike and a blue plated dirt bike which barely counts as its $130/year and pretty much off road only. If there was a change I would certainly add a few more bikes to the stable instead of trying to find the "one bike to do it all."
Blacque Jacque Shellacque
Well-known member
This is a fascinating chart. I am puzzled of the unique properties a 2010 FJR1300 possesses. Apparently while riding an FJR your chances of being a victim of an uninsured motorist increases by a whopping 45%. This kind of data from insurance companies is truly invaluable. I suspect all you guys with an FJR has no idea these bikes attracts uninsured motorists like poop attracts flies.
sid_for_speed
Well-known member
Is this you street ride? or just a dedicate track ride?
Mad Mike
Well-known member
After a couple of meetings with insurance insiders I figured out they don't spend much time on motorcycles at all, in fact the really big company I met didn't actually know or care what bikes and what riders were the riskiest. Pricing appears to be based on 3 things: Demographics of car drivers (meaning they use the driver risk based on age, experience and residency for car drivers), category brand and displacement of motorcycle. They use the same scheme for snowmobiles.
They also told me they they don't know if pricing reflects risk. Turns out the MC and snowmobile business is too small for them to worry about -- just a pesky sideline they need in order to maximize the massive home auto business. They don't go granular on risk because the research and support isn't worth it -- they just make sure it's not bleeding cash. Kinda like McDonalds having a vegan option -- the don't want one but they must.
wolfpack27616
Well-known member
I think McD removed vegan options (wraps) from their menu a year ago (probably since it wasnt profitable for them). I am hoping motorcycle insurance doesn't follow that path!
100% this. Also it’s been said but more reasonable rates for multiple bikes with only one rider.
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wonderings
Well-known member
I had a shock my insurance rate jumped up almost $800 for the year and my insurer auto renewed me on a monthly plan which I never do. I always pay outright for the year. With that I quickly got a quote from my home insurer who gave me a fantastic rate if I would bring my car and bike over with them so I did that immediately.
Not sure why rates are going up, the Liberals were supposed to have brought prices down by 15% or so I thought. Zero tickets or any claims ever with my insurer and even moved to a better neighbourhood. I was told rates were going up all over Ontario for bikes. The insurer now who gave me a great rate was with Waasco (spelling?)
Not sure why rates are going up, the Liberals were supposed to have brought prices down by 15% or so I thought. Zero tickets or any claims ever with my insurer and even moved to a better neighbourhood. I was told rates were going up all over Ontario for bikes. The insurer now who gave me a great rate was with Waasco (spelling?)
-Maverick-
Well-known member
It used to be $500 fine for riding without insurance...it's now $5000 +... so they've covered that angle too. Lucky for the popo that the sportbike scene has died out or there would be a lot of young guys who were denied insurance just going without it and not stopping for them.
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uh.there is?
-Maverick-
Well-known member
Not nearly as many as 10 years ago for many reasons.
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Perhaps not, but there are a ton. You underestimate the entitlement of the younger generation.
-Maverick-
Well-known member
It's still happening in the US...the sportbike scene is all but over in Ontario. Case in point, thefts of supersports have all but disappeared. There used to be one or two a week on here. Riders have moved on to nakeds, supernakeds and supermotos.
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Mad Mike
Well-known member
They don't price to risk -- it's impossible because their numbers are no way close. After speaking with a few insurance execs, I don't think they even look at risk too closely. It's pretty easy to see if you assume Ontario riders are on par with riders across North America. If you want a good base of fact, look at Quebec. They are required to be transparent with premium and payout data for cars and bikes. While it's not an apples to apples comparison, you can see by their data that MC risk to insurers is considerably lower than cars. In QC, the average auto premium was $564 for a car, and $236 for motorcycles. While motorcycle payouts were generally larger, $6200 vs $3300, they were much less frequent for motorcycle riders. Car claims happened in 12% of policies, MC claims on 1.8% of bike policies. At the end of the day, insurers paid out 77 cents for every dollar of premiums for cars and 49 cents/$1 on motorcycles.
Now, in Ontario MC insurance is way more expensive -- perhaps double? My MC insurance is the same as my car insurance and I'm getting good rates. My kid (2 years with M, 24 yrs old, single) pays $about 3x the QC price for his car, and had to quit riding because his rates on a Ninja 250 jumped to $1800/year on a squeaky clean record.
We are getting gouged.
See the QC stuff here:
Now, in Ontario MC insurance is way more expensive -- perhaps double? My MC insurance is the same as my car insurance and I'm getting good rates. My kid (2 years with M, 24 yrs old, single) pays $about 3x the QC price for his car, and had to quit riding because his rates on a Ninja 250 jumped to $1800/year on a squeaky clean record.
We are getting gouged.
See the QC stuff here:
Tell that to the 7 people who i personally know who had their SS/SB's stolen last year. Just because it's not being posted here doesn't mean it's not happening.
As for rider's moving on? Sure, some have, i expect a lot. The younger ones who can't afford to insure a SS can't afford a naked either, they are and will continue to ride dirty.
-Maverick-
Well-known member
Proof of the scam that insurance is.. some friends went snowmobiling in Quebec City last month....brand new snowmobiles with zero km's. Brand new trailer. Brand new truck. Woke up at resort next morning and all gone. Turns out this is a "thing" in Quebec at all the resorts. And the resorts know it's a thing. After some research, the snowmobile forums were complaining about these same resorts ten years ago...snowmobiles and trailers, all brand new, gone as new tourists came from the US and went home with no vehicles at all in a car rental. Thousands of them. Now you would think the police in Quebec would do something...set up a sting, the resorts hire a security guard, cameras etc, but here, ten years later, absolutely nothing proactive has been done. And now Americans are warning other Americans to avoid Quebec and Canada. The payout on a truck, trailer and two or more sleds is avg $100,000, five to ten rigs stolen per weekend. Why the insurance companies after ten years of paying out would not report these trends and demand something be done is beyond any rational thought. It's almost like they want theft so they can justify continuing to raise rates. It's backwards.
Perhaps these people should start suing the resorts as when you pay a premium, a reasonable amount of security should be expected. Instead, you have Americans bringing their guns up to these resorts and taking shifts through the night to make sure their vehicles are there in the morning.
Conclusion: The insurance industry needs (and welcomes) thefts to stay in business.
Conclusion2: There has to be a a new system thought up.
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Perhaps these people should start suing the resorts as when you pay a premium, a reasonable amount of security should be expected. Instead, you have Americans bringing their guns up to these resorts and taking shifts through the night to make sure their vehicles are there in the morning.
Conclusion: The insurance industry needs (and welcomes) thefts to stay in business.
Conclusion2: There has to be a a new system thought up.
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idk why Americans even bother coming into Canada, they got everything we got and then some down here
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