Why is insurance is so expensive? | GTAMotorcycle.com

Why is insurance is so expensive?

E

elton_t

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In the states, if I have a R6, 21y/o I pay $600/yr, here wtf $3500?????

Yo... does the insurance company/government don't want bikers on the street? I tried to insure a stupid 50cc scooter, $400/yr wtf?! So doesn't matter what size your bike is unless is bicycle the government dont want us to be on the street right? I don't want to pay for half the value of the bike for insurance, this is awfully stupid.

Last year i paid $1800 for a ninja 250, this year is the same price but for a suzuki SV. But the bike only cost $3000, come on we are so close to the US but rates are triple!!
 
Re: Why the fuc* insurance is so expensive?

elton_t said:
In the states, if I have a R6, 21y/o I pay $600/yr, here wtf $3500?????

Yo... does the insurance company/government don't want bikers on the street? I tried to insure a stupid 50cc scooter, $400/yr wtf?! So doesn't matter what size your bike is unless is bicycle the government dont want us to be on the street right? I don't want to pay for half the value of the bike for insurance, this is awfully stupid.

Last year i paid $1800 for a ninja 250, this year is the same price but for a suzuki SV. But the bike only cost $3000, come on we are so close to the US but rates are triple!!
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They have 10 times our population, and in terms of motorcyclists, its probably closer to 100 times.

There are more motorcyclist in the state of california than there are in all of Canada.

Volume makes things cheap.
 
Re: Why the fuc* insurance is so expensive?

There's very little coverage in the States compared to Ontario. You pay for what you get.
You're also in the high risk group, once you hit 25, your insurance will go way down.

What doesn't help is that with a joke of a written test you can have a bunch of immature, inexperienced people riding 150hp bikes, crashing them and increasing everybody's premiums.
 
Re: Why the fuc* insurance is so expensive?

reciprocity said:
They have 10 times our population, and in terms of motorcyclists, its probably closer to 100 times.

There are more motorcyclist in the state of california than there are in all of Canada.

Volume makes things cheap.
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does that also equal to more wrecks and more claims?
 
Re: Why the fuc* insurance is so expensive?

DemonPig said:
There's very little coverage in the States compared to Ontario. You pay for what you get.
You're also in the high risk group, once you hit 25, your insurance will go way down.

What doesn't help is that with a joke of a written test you can have a bunch of immature, inexperienced people riding 150hp bikes, crashing them and increasing everybody's premiums.
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thats the thing...its the insurance companies that @ss rapes them and prevents them from riding bikes way beyond their class by charging super high premiums, not our licensing system preventing them from riding based on limited experience....its a shame but the insurance companies basically run **** here
 
Re: Why the fuc* insurance is so expensive?

elton_t said:
In the states, if I have a R6, 21y/o I pay $600/yr, here wtf $3500?????

Yo... does the insurance company/government don't want bikers on the street? I tried to insure a stupid 50cc scooter, $400/yr wtf?! So doesn't matter what size your bike is unless is bicycle the government dont want us to be on the street right? I don't want to pay for half the value of the bike for insurance, this is awfully stupid.

Last year i paid $1800 for a ninja 250, this year is the same price but for a suzuki SV. But the bike only cost $3000, come on we are so close to the US but rates are triple!!
Click to expand...

Why do you compare your insurance cost with the value of your bike? As an insurer, we really couldn't care less about the value of your bike . . . we care about the value of your health and well being -- that is where the big insurance bucks are paid out. So what is the value of your health and well being? I'm guessing that it it many times greater than your annual policy premium.

US insurance is cheap because the coverage sucks and because the claims experience is completely different. Do a quick search since I have commented on many other threads where people have asked the same question.
 
Re: Why the fuc* insurance is so expensive?

Honest to God, haven't we beaten this one a million times before.

This topic should be banned.
 
Re: Why the fuc* insurance is so expensive?

Platinum Cycle said:
Honest to God, haven't we beaten this one a million times before.

This topic should be banned.
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You can ban this one, with the ongoing increase of insurance premium, there will only be more bikers posting the same topic over and over again.
 
Re: Why the fuc* insurance is so expensive?

Very true. I had to bite the bullet today with motorcycle insurance and I ended up paying 2500 for the year for a zx6r, and I'm on the lower end of the spectrum when compared to some of the **** that other motorcyclists put up with.
 
Re: Why the fuc* insurance is so expensive?

VifferFun said:
Why do you compare your insurance cost with the value of your bike? As an insurer, we really couldn't care less about the value of your bike . . . we care about the value of your health and well being -- that is where the big insurance bucks are paid out. So what is the value of your health and well being? I'm guessing that it it many times greater than your annual policy premium.

US insurance is cheap because the coverage sucks and because the claims experience is completely different. Do a quick search since I have commented on many other threads where people have asked the same question.
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The premium is increasing by a huge percentage every year in Ontario. I would rather have the tough claims experience, to persuade away fake claims. Thanks to the easy claims processing here, we are paying for those pricks.
 
Re: Why the fuc* insurance is so expensive?

Forgot to cancel and was not aware that my banking info was in the insurance system. Was out of the country for 3 weeks , with false belief that my insurance is cancelled because i did not pay renewal. 31 days passed before I noticed it and i have to pay 32% of the total premium which is about 250$(basic not even fire and thef) for a 650 cc standard for almost 1.5 month sitting in the garage. To add insult I just insured myself with my cousin's bike a 1100cc super sport for 300$/yr + 100$/yr for my cousin's insurance.

I'm moving south where I can have "Life, Liberty and the pursuit of Happiness" where my happiness = collecting a garage full of bike without being limited by insurance company...

My 2 cent for 250$ of my hard earn cash going to nothing.

End Rant
 
Re: Why the fuc* insurance is so expensive?

I just got my renewal. $1755.00, total payable $1807.65, full coverage. 21 no convictions that they know of at least and no claims...2 years licensed, on a 09 Ninja 250. Rating territory: Metropolitan Toronto District, I'm right by Square 1 Mississauga...
Its pretty much exactly what I was expecting. Don't know if its it high or not though compared to others, but it went down from 2200. Company is Jevco.
 
Re: Why the fuc* insurance is so expensive?

reciprocity said:
There are more motorcyclist in the state of california than there are in all of Canada.

Volume makes things cheap.
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There are not only more motorcyclists, there are more people... Population of cali is almost (if not actually) more than all of canada. Fun fact
 
Re: Why the fuc* insurance is so expensive?

Patience...

Just wait until you're older...

45 yrs old. $850/yr for full coverage on a 2008 GSF1250.

Of course I'm balding, neeed glasses and my d*** don't work as well as it used to, but hey... Ins is cheap!
 
Re: Why the fuc* insurance is so expensive?

djez said:
I'm moving south where I can have "Life, Liberty and the pursuit of Happiness" where my happiness = collecting a garage full of bike without being limited by insurance company...
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Good luck when you get hit by a car and the grand total you get from insurance is....$5k. No matter how crippling your injury is. I'd suggest putting some money aside, like, say, $2k a year?? :)
 
Re: Why the fuc* insurance is so expensive?

invictus43 said:
Good luck when you get hit by a car and the grand total you get from insurance is....$5k. No matter how crippling your injury is. I'd suggest putting some money aside, like, say, $2k a year?? :)
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Not sure about that, not to mention most have disability insurance and if you are in an accident caused by someone else you will be suing them for millions.
 
Re: Why the fuc* insurance is so expensive?

murf said:
Not sure about that, not to mention most have disability insurance and if you are in an accident caused by someone else you will be suing them for millions.
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That's true..but you have to sue..which is fine..but what if they are unable to pay? The fact is, you pay more for insurance and you get more coverage. California has very limited coverage, therefore, you will likely have to sue for damages if you are seriously hurt. That's a fairly daunting thing to face if you're in a bad situation. I'm not saying out insurance system is great, but there's a very simple reason why insurance is cheaper in California..
 
Re: Why the fuc* insurance is so expensive?

murf said:
Not sure about that, not to mention most have disability insurance and if you are in an accident caused by someone else you will be suing them for millions.
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You sue them for millions, and their insurance covers them up to their $20,000 limit. Then what? You take the person's whopping $20,000 in assets and kick them to the street? Where does the other $960,000+ come from?
 
Re: Why the fuc* insurance is so expensive?

VifferFun said:
You sue them for millions, and their insurance covers them up to their $20,000 limit. Then what? You take the person's whopping $20,000 in assets and kick them to the street? Where does the other $960,000+ come from?
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The uninsured motorist portion of your policy.
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