Insurance question

[aclaytonb]

$4600? Thats my annual insurance on three vehicles, house, AND all my utility bills. The insurance industry is going to collapse here shortly....

 

[earlfor]

Agreed. I'm sorry that my son gets lumped in with the crazies though. He is not a risk taker like you see in the videos of riders wheelieing down two lane roads into oncoming traffic and such. You can fall asleep in the car with him at the wheel. Of course, accidents are still possible so insurance is necessary but he'll pay more than he should because of the demographic. No way around it really.

Have you checked with Geico? Although they are known for being the devil to get to pay claims, if you're only interested in liability and uninsured motorist, you wouldn't be collecting anything anyway and can let the insurance companies fight it out.

 

[glib]

Have you checked with Geico? Although they are known for being the devil to get to pay claims, if you're only interested in liability and uninsured motorist, you wouldn't be collecting anything anyway and can let the insurance companies fight it out.

By way of update, the first time through he (my son) couldn?t navigate the tight cones to the instructors satisfaction and had to do a second round. But that gave us a couple weeks to practice together at the local community college and of course he had to give the old GSs a try. A 135lb kid on a 550lb bike through tight cones. He was well tuned for the second time in the class and passed no problem. Watching your kids learn to do something you love is real sweet.

Anyway, about Geico, they are one of the companies I checked and for the reason you cited as well. Seems like $300-350 will get enough liability to get on the road.

 

[glib]

Time to get the insurance bound so we can ride and I thought Progressive was the place to go but sadly I had unconsciously put my birth-date in the quote instead of my son's (our bd's are very close except for the year) and when we corrected it, it was painful.

The good news is that I went to State Farm, who has had our homeowners and autos for many years now. For whatever reason, I hadn't thought they would be competitive with the bikes--especially with a new rider. The various discounts really paid off. Multi-line, multi-vehicle, loyalty, good driver, etc. They are going to insure the bike for $168 for 6 months including comprehensive (wanted theft protection). That's a quarter of what Geico and Progressive wanted. Big win.

 

[bwringer]

Excellent!

As with all insurance companies, keep an eye on 'em -- they love to get you on board and ratchet up the premiums at the next renewal period.

 

[argonsagas]

Originally Posted by argonsagas
This is an interesting thread, because of the comparison in costs.. The three hundred dollar figure, especially.

In the Toronto area a 19 yo with a 600cc sport bike as his first ride would likely find insurance at ten times that cost to be a bargain.

I have met riders who pay over $5k a year!

When I bought my first GS, the 1100G, I had a long argument with the insurer that I had been with for years as they insisted it was a sport bike and refused to insure it. Eventually they accepted it, but wanted over $1k for the first year. That was 1998 or 99. Almost 20 years later my insurance has gone down to $550/yr for the current Bandit/GSX1250FA



​

�� That must include physical damage to the bike, correct? For “full” coverage I did get a quote for $4600. Not much point in insuring a $3000 bike by paying over 100% of its value each year to the insurance company.

Sorry to have taken so long to reply, but the answer is no. For a young rider with a sport bike, and looking for his first insurance policy, $3000 would get mandatory basic coverage for liability and medical, but would NOT cover collision damage. Adding collision would add at least another thousand, depending on year and value of the bike although choosing higher deductibles can affect the rates.


EDIT.....I am unsure of other Provinces, but in Ontario no insurer I have heard of sells motorcycle policies for less than a full year. Insurers decided many years ago that they wanted to keep as much premium as possible, and ceased offering part-year policies. For most riders the season can begin in April but often starts in May, depending on weather for each year. It ends in November for most riders, with a rare few that ride in winter months.

I used to ride the GK through the winter, but not the Bandit that replaced it, as the power output was higher than the Bandits replacement, the gSF1250FA and I was afraid of the torque on sports tires when snow was around..

The GSF1250FA/new Bandit does see winter riding, (at least once a month for two years)but only with clear roads and very little presence of salt/sand..

 

[Guest]

Very actual for me now. You raised important topic here, many thanks. I think in a car accident insurances matter a lot, no matter if it is a health or a car insurance.

 

[BigD_83]

In BC, we can insure for shorter periods, but at adjusted higher annual rates.


On my 550, insurance just went down about 20% to something like $752...that's liability only, and with a max discount for being an old fart with 35+ years experience.


note: in BC, we are obligated to carry liability insurance through one insurer, and one insurer only. ICBC, which is in effect a government office.

 

[Nessism]

In BC, we can insure for shorter periods, but at adjusted higher annual rates.


On my 550, insurance just went down about 20% to something like $752...that's liability only, and with a max discount for being an old fart with 35+ years experience.

Wow! Time for a revolution!

 

[Cipher]

In BC, we can insure for shorter periods, but at adjusted higher annual rates.


On my 550, insurance just went down about 20% to something like $752...that's liability only, and with a max discount for being an old fart with 35+ years experience.




note: in BC, we are obligated to carry liability insurance through one insurer, and one insurer only. ICBC, which is in effect a government office.

Wth mine 275 plod on 550
1000ish for kbike

 

[steve murdoch]

Wth mine 275 plod on 550
1000ish for kbike

If you don't mind, who is the insurer for the GS550?
I am paying $450.00 for the CBX through the Aviva Vintage program.
Difficult finding anybody that will take a vintage bike without getting the "bundle" package.

 

[trevor]

If you don't mind, who is the insurer for the GS550?
I am paying $450.00 for the CBX through the Aviva Vintage program.
Difficult finding anybody that will take a vintage bike without getting the "bundle" package.

I pay $720 a year for my 80 gs1000s, 80 gs750e and my 83 gs750e combined under one "multi collector plate"....with 2 million liability and comprehensive (Collision, theft etc). But was told it's going up to $929 a year...So I'm going back to individual plates for them at about $275 each.
Blows me away that in Ontario it can be tough getting insurance on vintage bikes.

 

[Cipher]

If you don't mind, who is the insurer for the GS550?
I am paying $450.00 for the CBX through the Aviva Vintage program.
Difficult finding anybody that will take a vintage bike without getting the "bundle" package.

Intact
Funny buy they want 2500 for kbike

 

[Guest]

Very interesting to read the different insurance scams everyone experiences.

In Newfoundland Canada I have insurance through Johnson (Unifund). Basic PL/PD (Public Liability/Public damage) and Uninsured Motorist. They offer Medical (and comprehensive replacement of course) but I decline and hope my good health plan coverage will make the difference.

I pay roughly $250/year for a 2015 Suz VStrom plus the same (so $500 total) for the '79 GS850 though the GS was a story itself this past year after not having it insured for 5 years...

I also pay a similar amount for a 2018 GROM 125 with my 17 year old daughter as primary and me secondary.

They call it the 6 month rate but it covers a year. ??

 

[steve murdoch]

Those numbers are so cheap compared to Ontario.
Plus you get to have primary and secondary riders? They are aware the Grom is a motorcycle?
I would a little more closely as to whether it is actually six or twelve month coverage.

 

[trevor]

Just went in and took the one "multi plate" off my three bikes and insured them individually as the multi plate had gone up too much for it to make sense...

1 million liability on all the bikes...

1980 gs750e $195
1983 gs750e $209
1980 gs1000s $265 (and I added comprehensive for another $280)

 

[Guest]

... you get to have primary and secondary riders? They are aware the Grom is a motorcycle? I would a little more closely as to whether it is actually six or twelve month coverage.

1 million liability on all the bikes...

Because we have 3 bikes listed, they had to list daughter as a main rider. We have 2 cars so daughter gets listed as a casual driver on the most expensive car insurance... I Questioned the 6/12 month coverage when I got it wondering if it was worth cancelling for the winter months. I was told the rate is based on usage outside the winter months but the policy is listed and valid for 12. The card certainly shows valid for 12 months.

Our liability is $2 million coverage here. I think you can have $1 million for a slight drop in premium but it's highly recommended to have 2.

I do remember in my late teens in New Brunswick trying to insure my Plymouth Tourismo. They asked if I wanted full coverage or just liability. Full coverage was $400 more per year than what I paid for the car! I just got liability. Government mandated scammers...