Insurance woes....

So I went to Canada Brokerlink to get insurance....so that I can safety the bike, plate it and then take the M1 and M1 exit test [written test / short handling test - cones / figure of 8 etc...] to get my M2 license......basic Insurance: $1485.00......oh!! The bike was $700 with $500 put into it.....IF I have my M2 license for a year, Insurance is $840....but to get my M2, I need the bike on the road!!....or take the local rider training scheme (I rode for 30 years in Britain.......) which costs $485.00 to get my M2 ....leave the XJ in the garage til next year...and then insure it....or just sell it and go fishing...........

 

That is outrageous... your risk pricing market is rigged and obviously not in your favor... And I assume there is no or little medical coverage?

 

Jeepers. I'm 20, male, have, and have the maxed out health coverage, for only $22 a month. Daymn.

 

Oh ... yeah...that is BASIC coverage - no fire / theft / collision / medical is covered only by Provincial health.... and max $1 million third party......the Brits have a great word for how I feel....Gobstruck.......60 year old in great health with a 30 year-old bike.....Had another try this p.m. to find anything reasonable....fail!! I think my only recourse is to finish the reno on the XJ and sell....I can't afford to do this............

Dave

 

that is ridiculous. and sad. i wish there was another way..

 

You could move to Wisconsin...

 

Now Fitz....don't get me started.....gotta admit, I'm at a loss... the best I can do is try and borrow a bike long enough to get my test done...and save the $485 course fee...the let the bike sit for another year before taking out insurance....thing is, I'm not sure I can do that [guess it would give me a lot of time to play with the carbs..]...so I may just option to sell..........

 

Yammadof
I had the same problem last year. I had to pay $1150.00 for my first year. Parking the bike for a year will not help you....the insurance company will still consider you a first time rider, even if you have your M2. You have to be insured one complete year in Ontario before the rate goes down.

Kenneth

 

Holy lord you guys get killed. I have two bikes insured and it costs me a grand total or 170 dollars a year. One of these bikes is a street bike too which carries a higher premium. I always liked Canada but now I'm not so sure lol.

 

Huh?

 

Must be an old fart

 

My 650 is only $100 a year.

 

How about $1300.00 per year every year. Forever. And ever. Makes me wanna scream hearing what some guys pay. But, if you wanna ride??????

 

Wow, I feel your pain. That is about what I pay for auto insurance per 6 months, and that vehicle SITS 95% of the time. Only drive it on rainy days and in the snow.

My bike is another story. Somehow with an insane number of DMV penalty points, insurance points in the double digits, being 24 and living in the most expensive state to insure a vehicle (NJ) I somehow only pay $96/yr. I couldn't possibly imagine that kind of cost for a bike...

 

This is a "Cut and paste" reply to my quote inquiry with BrokerLink (the people who put "Broke" in their company name for a reason) here in London Ontario. 55 yr. old male no tickets, no accidents, no claims for as far back as I can remember. Been riding since the 70's and had insurance every year for the past 27 yrs.
Here's what they said:

Hi Graham,



Thanks for getting back to me. Best price I have is $698/year for basic Liability, due to the age of your bike they will not allow full coverage which is not what you wanted anyway, just wanted to advise. If you wished to go on monthly, it’s an annual policy, but they do the monthly payments over 6 months and would need one month down, so $120 we would need.



Any questions, or if you want to go ahead and set up, feel free to e-mail me back or give me a call.



Thanks Graham,



Carlena Semeniuk
Insurance Advisor| BrokerLink (formerly Insurance Central)
T: 519.434.1955 | T: 800.465.1955 | F: 519.434.1433 | csemeniuk@brokerlink.ca | www.brokerlink.ca
Canada Brokerlink ( Ontario) Inc. 69 Wellington St - Unit A, London , Ontario N6B 2K4

 

Thanks for the tons of input folks....begs the question "Why the HUGE variation?

Ken: Thats what bugs me most....Brokerlink said "Insure for a year and price goes down" ...meanwhile the Jevco agent states: "When you've had your licence for a year.."....So, I'm gonna give it 2-3 days of calls to all the ins. co. agent I can....no wonder the CEO's get such handsome "bonuses"......

 

I'm 21, have only have insurance in my name for just over a year a few tickets and I got a quote for $623 a year for liability only....

 

Yammadof,
In my experience you really can't rely on anything you hear about insurance in this province. Some people have told me that State Farm is the cheapest for bikes, and yet they're some of the highest quotes I've gotten. I am just starting with my second year of coverage with Jevco; $1405 last year for liability only, and up to $1475 this year for the same coverage, and the only explanation I got was that Jevco raised their prices. It really is ridiculous that you're going to pay more than the cost of the bike every year just so your a$$ is covered. If you're feeling brave I think the fine for riding without insurance is less than what you'd pay for the year

Best of luck!

 

That's crazy, I think I pay like $25 a month for my shadow, no ins. on the maxim yet, I think it'll be around $35 when shes ready...

Don't give up, be sure to mention the price quotes to the other places you call, maybe you can start a bidding war...

 

Damn dude that blows. I pay $24.99 a month with Geico and that is full coverage with $300,000.00 limits across the board.