Priced outta insurance...

"valsidalv, reminding you that infiniti is an option" (valsidalv)
07/24/2018 at 23:55 • Filed to: Two Wheels Bad, Insurancelopnik

FML. Sharing my frustrations because I really really want the bike you see above. I want to move away from a supersport on the street and get something more comfortable. But what does my insurance company think about that?

Crotch rockets are typically the hardest type of bike to insure for the road in Ontario. I currently ride a Triumph Daytona 675 and it costs me a pretty Canadian penny for the privilege. So when I told my broker that I’m thinking of getting a Yamaha FZ-09 for the street I expected a price drop.

Nu-uh. Nope. They quoted me $400 more than what I’m paying right now. An absurd $2,300/year. For those wondering my record is spotless. I also have a car and home insured with the same company for all those wonderful discounts. It’s just so shitty righ t now to have a bike in this province. It wasn’t like this even a year ago. I understand there are some reasons prices are higher for bikes than cars but at this number I feel priced out of getting a new policy.

I still have one or two companies left to call in hopes of attaining a decent rate. In the meantime, I will sip on 16-year-old Lagavulin I got from my friends as an engagement gift. For those of you who are in the motorcycle mood feel free to read this post I wrote about road racing and watch a spectacular movie in honour of William Dunlop:

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DISCUSSION (28)

NKato > valsidalv, reminding you that infiniti is an option
07/25/2018 at 00:09

I pay about $152 a month for car insurance and renters insurance. So, $1800 a year. So I’m not really flinching at your motorcycle rates.

Now, if you swerved into my lane...

brianbrannon > valsidalv, reminding you that infiniti is an option
07/25/2018 at 00:18

900 a year for a KTM 1190 Adventure in colorado

valsidalv, reminding you that infiniti is an option > NKato
07/25/2018 at 00:21

You’re in the US? Isn’t that abnormally high? I pay $1650 for my car and the bike is on top of that. Considering our riding season is 6 or 7 months a motorcycle isn’t a cheap toy to have.

Not sure what you mean about swer ving...

beardsbynelly - Rikerbeard > valsidalv, reminding you that infiniti is an option
07/25/2018 at 00:22

The squids found out about the mt-09 cause they’re super easy to wheelie so insurance premiums have gone up to boot.

I’m on t he fence about getting the xsr900 but I really haven’t decided if I like the looks or not.

valsidalv, reminding you that infiniti is an option > brianbrannon
07/25/2018 at 00:22

Must be nice. Plus you can really get to use that sort of bike down there eh?

valsidalv, reminding you that infiniti is an option > beardsbynelly - Rikerbeard
07/25/2018 at 00:31

It seems like these companies are focused solely on engine size. I ran the XSR through the online quote and got the same price as the MT-09. Put in a Ninja 650 and it dropped by $500. Tried an R3 and it went down to a reasonable $1,500/year.

AestheticsInMotion > valsidalv, reminding you that infiniti is an option
07/25/2018 at 00:38

Yikes. I was quoted $840/year for a brand new Monster 821, and that was just the first company I asked. And I guess it's not actually a legal requirement to have motorcycle insurance in Washington, for those that are reeeeeeally trying to save a buck

E92M3 > valsidalv, reminding you that infiniti is an option
07/25/2018 at 00:48

With how short the ri ding season is up there, that is an absurd price. Hope you can find a better deal elsewhere. Have you looked into a rider safety course? It might no t be the same up there, but here some companies will give you 15% off for 3 years fo r com pleting one . The course was only $9 0, so it was worth it in the long run. I don’t know if they issue policies in Canada, but checkout Berkley Classics. Or check with a similar company up there. The majority of their policies are on classic cars that don’t get driven much, so naturally they have less claims that a traditio nal insurance company. They have some of the cheapest Motorcycle and RV rates because of this.

beardsbynelly - Rikerbeard > valsidalv, reminding you that infiniti is an option
07/25/2018 at 01:01

ah that sucks. Though it makes sense as the XSR and the MT’s are pretty much the same bike with a different look.

I think I’m going to stick with my ~ $200 a year VTR250 for a while longer.

valsidalv, reminding you that infiniti is an option > E92M3
07/25/2018 at 01:01

I spent the last 30 minutes running different combinations of bikes through an online quote system which is producing similar rates to what I heard on the phone today . Checking ‘yes’ for the rider safety course did nothing to lower the premium. It looks like the biggest factor is the engine size. Anything 500 cc or less was reasonable ($1600 for a CBR500, $1250 for a R3). The minute I stepped up to a 650 sport touring the cost ballooned to $2300. Part of it has to do with my location, and the other part is that the entire thing is a scam.

pip bip - choose Corrour > valsidalv, reminding you that infiniti is an option
07/25/2018 at 03:40

$2300 per year is insane, even half of that (to me anyway) is insane.

M.T. Blake > valsidalv, reminding you that infiniti is an option
07/25/2018 at 04:33

Is that for a bike that is financed or owned out right? Shouldn’t it be cheaper if the bike is paid off?

NKato > valsidalv, reminding you that infiniti is an option
07/25/2018 at 04:47

It’s total insurance coverage with Safeco. Not just liability. Also, it’s in the Seattle area, and specifically Everett, we get over 3,300 automotive accidents a year for a town of 120,000.

nerd_racing > valsidalv, reminding you that infiniti is an option
07/25/2018 at 07:04

That’s reasonable? I’m paying less than $300 a year for insurance of my 89 Suzuki Intruder 750.

merged-5876237249235911857-hrw8uc > valsidalv, reminding you that infiniti is an option
07/25/2018 at 07:17

Is it to do with medical coverages, similar to here in Michigan? Our insurance is stupid expensive even for autos. But they have to cover medical expenses for life or some goofy shit like that. Makes premiums silly.

nermal > valsidalv, reminding you that infiniti is an option
07/25/2018 at 08:02

What level of coverage do you carry?

Putting full coverage on a sportbike is dumb. In most cases if you can make it ~3yrs without destroying the bike, the $$$ you save could buy a new one.

Make sure you keep theft coverage, however.

StndIbnz, Drives a MSRT8 > valsidalv, reminding you that infiniti is an option
07/25/2018 at 08:40

I’m assuming this is for full coverage. Price is the reason I don’t have full coverage on my bike (2001 R6), being in MI sure doesn’t help either. With the cost of just insuring the damn thing, in 2 years you could just buy another bike. Collision just isn’t worth it.

Mercedes Streeter > valsidalv, reminding you that infiniti is an option
07/25/2018 at 08:51

Depends on driving record, driver age, car , and location. I pay half his rate for full coverage on the daily smart and the bikes only amount to something like $26/mo, each.

atfsgeoff > valsidalv, reminding you that infiniti is an option
07/25/2018 at 09:02

$1250 for an R3? That’s obscene. Like, unbelievably obscene. I pay $264/year, full coverage with 100k/300k liability and a $500 deductible on a 1300cc, 143hp sport touring motorcycle here in Pennsylvania.

Back when I had my 1100cc cruiser (older Yamaha Virago), I paid $90/year for liability only, even back when I was 19 with a freshly minted M-class endorsement.

valsidalv, reminding you that infiniti is an option > nermal
07/25/2018 at 09:03

Yea.... I know all about theft coverage first hand :(

I adjusted coverage and the price doesn’t move around by much. It’s just anchored at a very high point.

valsidalv, reminding you that infiniti is an option > merged-5876237249235911857-hrw8uc
07/25/2018 at 09:21

The minimum liability here is 1 million. The other part is more ingrained as Ontario had many people committing insurance scams and fraud years back and i t’s left us with high rates to begin with.

Sampsonite24-Earth's Least Likeliest Hero > atfsgeoff
07/25/2018 at 09:27

yeah here in illinois for something like a Scout 60 it would be 500 a year for full coverage including roadside assistance and accessory /gear coverage

valsidalv, reminding you that infiniti is an option > atfsgeoff
07/25/2018 at 09:31

The minimum liability here is $1 million, but even so the prices are just generally high. I was paying $2k/year for my first bike, a Ninja 400R. After I gained some experience it dropped quite a bit and for a while I had a good-by-Ontario’s-standards rate with my ZX-6R of around $1k. B ut then Statefarm changed their underwriter and costs for all bikes more than doubled. A lot of people defected from them at that point.

Th e FJR is a sweet bike, hope you’re enjoying it!

valsidalv, reminding you that infiniti is an option > M.T. Blake
07/25/2018 at 09:32

I don’t own it yet (because of all this insurance BS) but yes, I would buy it outright and insurance should be a bit cheaper.

atfsgeoff > valsidalv, reminding you that infiniti is an option
07/25/2018 at 10:08

Minimal liability of $1 million? My insurance company doesn’t even offer standard coverage that high. I would need an umbrella policy to match that!

Manny05x > valsidalv, reminding you that infiniti is an option
07/25/2018 at 10:15

That is nuts i pay $15 american coins for my fz 07 a year. At that price i would not even consider owning a bike. My friend has a xsr900 what a engine love that bike.

I like cars: Jim Spanfeller is one ugly motherfucker > valsidalv, reminding you that infiniti is an option
07/25/2018 at 10:51

...What? That’s insane. I live in Ohio, am 21, do not have a clean driving record (2 points from 37 in a 25 almost 2 years ago. They go away in October), and pay $600 for a year’s insurance on my car (which has zero safety features and Geico knows it). The quote I got for bike insurance (for a CB450) was like $300 for a year.

thejustache > valsidalv, reminding you that infiniti is an option
07/25/2018 at 12:26

Obviously a 4 year old bike is different from a brand new sport oriented bike, bu t here in NY I pay literally $11 a month to insure my motorcycle. I feel for you as I can’t even fathom $2300 a year, and I wouldn’t be riding if that’s what it cost here. There was a period years back when I graduated college and before I got my first “real” job that the only vehicle I had was my bike because it was so cheap to run.