Annual Insurance Raping

[funlicker]

I just got my insurance bill for next year. They want $1707 for a 97tl1000s for insurance in Ontario.

It goes up about $100 every year, that is with a clean driving record too.

What do you guys pay? Canucks only!

Funlicker

[MPCurley]

I pay $450 a year, for comprehensive only. Ya gotta love Alberta!

[gixxerjasen]

Are you asking for full coverage, minimum coverage, somewhere in between?

[gixxerjasen]

At some point you have to ask yourself if it's worth running the full insurance. I had the bare minimum on my TLR when I had it. I put a total of maybe $4K into it including purchase price. $1400 a year for full coverage, in three years I've paid for the damn bike, so I opted for $110 per year for the required minimums.

I made this determination after my second bike was stolen and got the pitiful claim check. I sat down with the calculator and figured up how much I'd spent in interest, payments and insurance and realized that I could have paid for the bike, and a good portion of a second bike as well in the 3-4 years I'd had it.

Brand new bikes worth a gazillion dollars, yea you want em fully insured, but at that rate for such an old bike and with it's pathetic resale value, it may not be worth it.

Oh yea, I currently pay $0 per year...after all, it is a track only bike.

[voodootwin]

Shop around for a better rate. I just went from over $400. to under $300. and I got better coverage. (Higher limits on Liability and Comp.)

I do the same with my car insurance. Every three years or so, I notice my rates getting higher and higher, so I start getting quotes from other insurance companies and always find it cheaper.

[gryder]

I pay about $550 for third party, fire and theft (I have a clean record). They wanted some stupid amount for full coverage and I bet if anything happened to the bike they would give me next to nothing.

I just do the self insure thing for the collision part of the insurance. Gixxerjasen is right on that one.

[funlicker]

I have basic coverage, the minimum the law allows. I checked with Royal Bank and they wanted almost $2500 for one year. Maybe its just Ontario I have always understood the bike to be 'blacklisted' so the rates were double. You can bet for sure now i will be price shopping.

[gixxerjasen]

Yup, do the price shopping. When I got my first bike, Katana 600, I was 24 so my pricing was outrageous. Full coverage per month was more than my bike payment! Of course when I turned 25 it dropped considerably.

However, in my shopping my highest rate I got was $4K per year to cover a $5K bike. I was told flat out that they just didn't want to insure me and were pricing themselves out of my list. Shop around, you can find good deals. Heck, even reshop your own insurance company from time to time. I've found that by calling in and pricing out a new deal sometimes you can get a reduction.

Also, I'll not offer any advice on this, but do some research on PIP and see if you really need it. Depending on your situation you might find it's a waste of money and nobody is telling you this. Of course if your in the right situation then PIP is a must have, but usually the insurance companies put it in the package regardless and you have to sign a waver to drop it.

[gixxerjasen]

Also shop your level of coverage as well. I like using progressive's website to price insurance because you can make adjustments to the coverage and see how it affects your policy right away. For instance I noticed that going from a $500 deductible for collision to $250 on some bikes makes your premiums jump a ton, yet going from $500 comprehensive deductible to $100 only changed my monthly premium a couple of dollars. The same was true for some of the other levels of coverage. I found that in some areas I could get better coverage for a minimal charge, or in some cases, increasing my coverage meant no change whatsoever. By altering my coverages I was able in some cases to drop what wasn't necessary reducing my paymet and get higher coverage in other areas without paying any more money.

Knowing what you really need and how it affects you in the event you have to file a claim and how it affects your payments can make a huge difference.

[V90]

Just paid mines that were due for July 1st.
238$ full two way coverage.

But to plate a bike its 320$, if your lucky your riding season is 6 months tops.
That price include that the Provincial (State) government
pays you for life if you ever become invalid because whatever accident.

But after 25 years that is all going up...big time & my bike is on the blacklist.
So to plates for the same bike in
2008 : 652$
2009 : 984$
2010 : 1400$

I am riding in 08 but will surely start track days only as of 2009