18 yo/ 1982 Honda Ft500 Ascot. No insurance less than 4500! WTF?

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siko887

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I cant seem to find a quote less than 4500 a year. Whats up with that. I have my G2 a clean driving record with no tickets. I only have my m1 but I have my m2 booked through a certified safety course(riders training institute). The one I did find was 3600 but they wanted it all upfront. What 18 year old has that kind of money? My dad said that he would put me under his insurance, but after a short talk with John R. Duffy insurance they said it does not matter if he puts me under because they insure based on the youngest driver only. She said it like this: They quote you based on the person who they can charge the most for.

This seems kind of ridiculous for a 1 cylinder 500cc that I will be using to commute back and forth to work. Do they expect to pay 5 times what the bike is worth?

Any advice?
 
Welcome to the ridiculous state of the insurance industry in the greater Toronto area for motorcycles. My bike is 10 yrs old now (900 Ninja) and insurance skyrocketed right after the Twin Towers reason they kept giving, went from 1250 per year for complete coverage to 2500 and has stayed that way since. I can only afford liability since at $700 per season, don't even drive it enough to make that worth it - might as well take a taxi really. And that is with a 6 star driving record, never a claim or accident or ticket, 25 years with a GM licence. I've called every crook in the book, they are all the same - they want my other 3 vehicles and house to do better on the bike rate.... yet they can't touch what my other vehicles are insured for. Absolute criminals. Unfortunately this is what you have to look forward to... the insurance industry has been out of control for years. I feel for ya...
 
siko887 said:
This seems kind of ridiculous for a 1 cylinder 500cc that I will be using to commute back and forth to work. Do they expect to pay 5 times what the bike is worth?
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The value of your bike means very little. The biggest part of your insurance premium is to cover the costs associated with fixing YOU when you crash, not your bike. How much do you think insuring your body is worth?

You also say that you only have an M1. Between that and being only 18, not only do you have virtually no riding experience, you also have minimal driving experience. Those factors put you in a very high risk group as far as crashing goes. How much value do you put on insuring your body again?

You say you found a rate for $3600? The $3600 rate with your age and riding experience is a gift. Suck it up, pay it all up front as they require, or suck it up and pay the $4500 quote you found but in installments. Either way, keep your nose clean and your rates will drop over time.
 
This is how insurance goes in Ontario. The young get penalized.

Even with a 125cc bike, your rate will be high. The message from insurance companies: You are too young to ride. Save your money and spend it on something else. $4,500 is too expensive for one year (really about 8 months if you are lucky) of riding. Get your M2 and wait until your insurance rate drops.

Once you have your M1 for a year and then get your M2 I believe Jevco will cut you a small break. See the stickies that Vifferfun has posted.
 
Motorcycling in Ontario is not for the young or poor and especially not for the young and poor.
 
RetroGrouch said:
Motorcycling in Ontario is not for the young or poor and especially not for the young and poor.
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LOL! So true. What I do not understand is why the Youth can be charged in excess of 10 times more than older folk for a similar bike. Is every rider in their generation 10 times more the risk?
 
Just got off the phone with statefarm. If i give the bike to my dad(rather sell it to him for $1) And he puts me down as a secondary driver. The insurance will be $98 dollars a month. This is a godsend. I could not be happier.
 
siko887 said:
Just got off the phone with statefarm. If i give the bike to my dad(rather sell it to him for $1) And he puts me down as a secondary driver. The insurance will be $98 dollars a month. This is a godsend. I could not be happier.
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It also qualifies as insurance fraud since you're really the primary driver and not your dad.
 
statefarm is the one who told me to put it in my dads name as it would be cheaper. I doubt they would tell me to break the law.
 
zx9re said:
Welcome to the ridiculous state of the insurance industry in the greater Toronto area for motorcycles. My bike is 10 yrs old now (900 Ninja) and insurance skyrocketed right after the Twin Towers reason they kept giving, went from 1250 per year for complete coverage to 2500 and has stayed that way since. I can only afford liability since at $700 per season, don't even drive it enough to make that worth it - might as well take a taxi really. And that is with a 6 star driving record, never a claim or accident or ticket, 25 years with a GM licence. I've called every crook in the book, they are all the same - they want my other 3 vehicles and house to do better on the bike rate.... yet they can't touch what my other vehicles are insured for. Absolute criminals. Unfortunately this is what you have to look forward to... the insurance industry has been out of control for years. I feel for ya...
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Have you tried TD it seems like you are paying way too much for a ZX9.
 
OP, you should have read my insurance post before you posted this.
 
siko887 said:
statefarm is the one who told me to put it in my dads name as it would be cheaper. I doubt they would tell me to break the law.
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Bad idea. Very bad idea. Unless your father actually IS going to be the primary operator, then what you've been told to do is committing insurance fraud by misrepresenting the true use of the motorcycle. That misrepresentation is grounds for an insurance company to cancel any and all vehicle insurance policies held by your father, and if a crash is involved to deny claims payouts. Once you've been cancelled for misrepresentation, good luck at finding affordable insurance anywhere for the foreseeable future. Are you that eager to put both you and your your father in a potential jackpot situation?
 
RetroGrouch said:
It also qualifies as insurance fraud since you're really the primary driver and not your dad.
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You sound really funny with this remark. So insurance companies are not fraudalent for charging us compulsory un-rideable winter months but we are crooks for trying to avoid getting shafted? Hahahaha!!!
 
Pegassus said:
You sound really funny with this remark. So insurance companies are not fraudalent for charging us compulsory un-rideable winter months but we are crooks for trying to avoid getting shafted? Hahahaha!!!
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Rates for Ontario are calculated to take into account lower riding levels during the off-season.

Even so, that doesn't stop anyone from riding in winter. I ride in winter, as do others. You should have no problem at all riding your little dualsport on Toronto streets throughout the winter. Toughen up a little and get your full money's worth out of your insurance if it bothers you that much..
 
I guess it's my age but after searching hours upon hours and coming up with $12,000-$5,600 and feeling like **** cause I just bought a bike and wouldn't be able to afford to insure it. State farm gave me full coverage for $134.00/month on a 2006 Yamaha r6s. I am 27 and only have my m1(for less than 2 weeks when I got the coverage). No tickets and have had my g for about 7yrs. So ya if ur young looks like u gotta have some deep pockets or as hard as it might be some patients. But that's hard to say when u really wanna ride NOW. But that is the reality. Best of luck
 
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zx9re said:
Welcome to the ridiculous state of the insurance industry in the greater Toronto area for motorcycles. My bike is 10 yrs old now (900 Ninja) and insurance skyrocketed right after the Twin Towers reason they kept giving, went from 1250 per year for complete coverage to 2500 and has stayed that way since. I can only afford liability since at $700 per season, don't even drive it enough to make that worth it - might as well take a taxi really. And that is with a 6 star driving record, never a claim or accident or ticket, 25 years with a GM licence. I've called every crook in the book, they are all the same - they want my other 3 vehicles and house to do better on the bike rate.... yet they can't touch what my other vehicles are insured for. Absolute criminals. Unfortunately this is what you have to look forward to... the insurance industry has been out of control for years. I feel for ya...
Click to expand...

$700 a year to ride a ZX9 is quite reasonable IMO, especially for a stand-alone policy.
 
TorontoBoy said:
Once you have your M1 for a year and then get your M2 I believe Jevco will cut you a small break. See the stickies that Vifferfun has posted.
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It's more than just a small break . . . it's about 35% to 40%.
 
TorontoBoy said:
LOL! So true. What I do not understand is why the Youth can be charged in excess of 10 times more than older folk for a similar bike. Is every rider in their generation 10 times more the risk?
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It's the same bike, but not the same level of experience and maturity. Young people tend to believe they're invincible and lack the healthy fear of death. To an insurance company, all young and inexperienced drivers/riders are the same until they prove themselves with claims-free driving/riding experience.
 
siko887 said:
Just got off the phone with statefarm. If i give the bike to my dad(rather sell it to him for $1) And he puts me down as a secondary driver. The insurance will be $98 dollars a month. This is a godsend. I could not be happier.
Click to expand...

This is fraud (material misrepresentation of risk) unless your father is riding the bike the majority of the time.
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