Annual Insurance Raping

View Poll Results: What do you pay for insurance - Canada

Voters
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  • Under $500 - yeah right.

    18 37.50%
  • $501 - 1000

    18 37.50%
  • $1001 - 1500

    8 16.67%
  • $1501 - 2000

    4 8.33%
  • more than $2000 - You need a new INS Co.

    0 0%
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Thread: Annual Insurance Raping

  1. #1
    Superbike Twin funlicker's Avatar
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    Toronto
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    UnhappyAnnual Insurance Raping

    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

  2. #2
    Baby Twin
    Join Date
    Feb 2007
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    30
    I pay $450 a year, for comprehensive only. Ya gotta love Alberta!

  3. #3
    Pygmy looking for a new name gixxerjasen's Avatar
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    Mar 2004
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    Are you asking for full coverage, minimum coverage, somewhere in between?

    www.leanangle.com
    Current Bikes: 2003 Yamaha FZ1 | 1998 KTM 250 EXC | Suzuki Bandit 400-Sold and bought back again
    Past Bikes: 1997 Katana 600-wrecked | 2000 CBR600F4-Stolen | 2001 GSX-R600-Stolen | 1989 Honda CB1-Sold | 2001 Suzuki TL1000R-Traded | 2004 Suzuki GSX-R600-Sold | 2007 DR-Z400SM-Traded


    A Kourier has to establish space on the pavement. Predictable law-abiding behaviour lulls drivers. They mentally assign you to a little box in the lane, assume you will stay there, can't handle it when you leave that little box.

    Y.T. is not fond of boxes. Y.T. establishes her space on the pavement by zagging mightily from lane to lane, establishing a precedent of scary randomness. Keeps people on their toes, makes them react to her, instead of the other way round.

    - Neal Stephenson

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  5. #4
    Pygmy looking for a new name gixxerjasen's Avatar
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    Mar 2004
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    DFW
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    14,150
    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.

    www.leanangle.com
    Current Bikes: 2003 Yamaha FZ1 | 1998 KTM 250 EXC | Suzuki Bandit 400-Sold and bought back again
    Past Bikes: 1997 Katana 600-wrecked | 2000 CBR600F4-Stolen | 2001 GSX-R600-Stolen | 1989 Honda CB1-Sold | 2001 Suzuki TL1000R-Traded | 2004 Suzuki GSX-R600-Sold | 2007 DR-Z400SM-Traded


    A Kourier has to establish space on the pavement. Predictable law-abiding behaviour lulls drivers. They mentally assign you to a little box in the lane, assume you will stay there, can't handle it when you leave that little box.

    Y.T. is not fond of boxes. Y.T. establishes her space on the pavement by zagging mightily from lane to lane, establishing a precedent of scary randomness. Keeps people on their toes, makes them react to her, instead of the other way round.

    - Neal Stephenson

  6. #5
    AMA Pit Boss voodootwin's Avatar
    Join Date
    Feb 2006
    Location
    Central Connecticut
    Posts
    2,386
    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.

    "Got torque?"

    An optimist believes we live in the best of times
    -a pessimist fears this is true

    John

  7. #6
    Superbike Twin
    Join Date
    Feb 2005
    Location
    Canada
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    180
    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.

  8. #7
    Superbike Twin funlicker's Avatar
    Join Date
    Jul 2006
    Location
    Toronto
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    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.

  9. #8
    Pygmy looking for a new name gixxerjasen's Avatar
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    Mar 2004
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    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.

    www.leanangle.com
    Current Bikes: 2003 Yamaha FZ1 | 1998 KTM 250 EXC | Suzuki Bandit 400-Sold and bought back again
    Past Bikes: 1997 Katana 600-wrecked | 2000 CBR600F4-Stolen | 2001 GSX-R600-Stolen | 1989 Honda CB1-Sold | 2001 Suzuki TL1000R-Traded | 2004 Suzuki GSX-R600-Sold | 2007 DR-Z400SM-Traded


    A Kourier has to establish space on the pavement. Predictable law-abiding behaviour lulls drivers. They mentally assign you to a little box in the lane, assume you will stay there, can't handle it when you leave that little box.

    Y.T. is not fond of boxes. Y.T. establishes her space on the pavement by zagging mightily from lane to lane, establishing a precedent of scary randomness. Keeps people on their toes, makes them react to her, instead of the other way round.

    - Neal Stephenson

  10. #9
    Pygmy looking for a new name gixxerjasen's Avatar
    Join Date
    Mar 2004
    Location
    DFW
    Posts
    14,150
    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.

    www.leanangle.com
    Current Bikes: 2003 Yamaha FZ1 | 1998 KTM 250 EXC | Suzuki Bandit 400-Sold and bought back again
    Past Bikes: 1997 Katana 600-wrecked | 2000 CBR600F4-Stolen | 2001 GSX-R600-Stolen | 1989 Honda CB1-Sold | 2001 Suzuki TL1000R-Traded | 2004 Suzuki GSX-R600-Sold | 2007 DR-Z400SM-Traded


    A Kourier has to establish space on the pavement. Predictable law-abiding behaviour lulls drivers. They mentally assign you to a little box in the lane, assume you will stay there, can't handle it when you leave that little box.

    Y.T. is not fond of boxes. Y.T. establishes her space on the pavement by zagging mightily from lane to lane, establishing a precedent of scary randomness. Keeps people on their toes, makes them react to her, instead of the other way round.

    - Neal Stephenson

  11. #10
    V90
    V90 is offline
    Evil Twin V90's Avatar
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    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

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