Am I the only one who can't afford it? | GTAMotorcycle.com

Am I the only one who can't afford it?

S

Sunny87

Well-known member
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In terms of paying for insurance that is.

I'm 24, turning 25 at the end of this year and have gotten my m2 last year. I do have an at fault accident from 5 years ago and one failure to surrender insurance ticket that I naively paid off under the advice of my insurance company.

I tried shopping for bike insurance for the 250cc class (ninja and cbr) this year, but was met with insane premiums!
I've checked with Meloche Monnex, PC Financial, Cornerstone, John R Duffy, JD Smith, and Rio Insurance. However the lowest rate I got was 3000 and the highest being 4700. I can't seem to justify paying more than my car insurance for a toy.

At this rate, I'll never ride. Am I doing something wrong? Should I look at different bikes instead?
 
Your first insurance break will hit when you will become 25 (big time), then next one will be in 1 year when your at-fault accident will come off your record (6 years), then you should be able to afford the insurance. Plus it will be lower than beginner's insurance as you will have your M2 for 1 full year - the insurance gets discounted big time based on how years you had your M/M2 license (doesn't matter - M or M2). And another significant break will be when you will become 30 :) Oh yeah, the insurance ticket should come off your record within 3 years if I remember correctly, but if it's a minor ticket, most insurance companies won't care about 1.
 
I'm forking out almost 4000 for the first year on my GS500F.
No license (well, a G1), or vehicles insured, to begin with. No record at all.
Got my M1, and TD gave me insurance (but I had to take the safety course)


Of course, I can't exactly pay for it all myself, so I'm getting some help from family.
 
You probably have your heart set on a sport bike, but if you check around you will find the costs significantly lower for a 250 cruiser. May not be your dream bike, but at least you'd be riding until your premiums come down enough... Not even sure about a 500 cruiser, but would be worth looking into. Unless you absolutely don't want a cruiser.
 
try calling Harry Kihs office in Guelph and asking for a man named Casey.
I shopped around for weeks and he gave me by far the best quote.
almost 50 percent off other places.
 
Sabex said:
I'm forking out almost 4000 for the first year on my GS500F.
No license (well, a G1), or vehicles insured, to begin with. No record at all.
Got my M1, and TD gave me insurance (but I had to take the safety course)


Of course, I can't exactly pay for it all myself, so I'm getting some help from family.
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Ouch, $4000 plus HST is what I paid for a New 2010 GS500F. Best rate I found is with riders plus.
 
Your “at fault”, was it in a car or on a motorcycle? Usually if it is while you were driving a car they won’t hold it against you. You must have given some wrong information somewhere or have had insurance cancelled in the past because the quotes you are receiving are way too high, especially since you have held an M2 for a year. Use Kinetixx to do an online quote and enter all of your information accurately to see what comes up. If it’s still high then I suggest you go to the ministry and pay for a drivers abstract to see what’s going on. You may have other issues associated with your license.
 
Car and motorcycle tickets both show up on the same abstract, it shouldn't make a difference to them. Some insurance companies are a little lenient with it though (SF didn't even consider the ticket/accident I told them about)

To be with SF you need to be 25+ and have 5+ years with a G license to get into their good program
 
you didnt try state farm!

they are usually the only option for new people

they also dont care about a ticket or accident, but now require 4 years G or something...not when i signed up back when
 
My Two Cents on how to beat the High Cost of New Rider Insurance. When I decided to get back on a bike after 10 years , they tried to quote me the same 3000.00 a year on a 250 cc bike.
What i did is, go buy a Scooter, yes a 49 cc Scooter and insured that for 2 years at 450.00 a year. Then I made the jump to 500 cc for about 300.00 more insurance a year. Now I have Two 1100 CC Bikes and still pay less than 1000.00 each. My advice is buy a Moped, even if it does not run, pay the plates and insurance for a year and then start getting quotes on bigger bikes, and when you get a good rate, go buy a bigger bike.
Its still cheaper than letting them get 4000.00 a year from you.
 
scooterguy said:
My Two Cents on how to beat the High Cost of New Rider Insurance. When I decided to get back on a bike after 10 years , they tried to quote me the same 3000.00 a year on a 250 cc bike.
What i did is, go buy a Scooter, yes a 49 cc Scooter and insured that for 2 years at 450.00 a year. Then I made the jump to 500 cc for about 300.00 more insurance a year. Now I have Two 1100 CC Bikes and still pay less than 1000.00 each. My advice is buy a Moped, even if it does not run, pay the plates and insurance for a year and then start getting quotes on bigger bikes, and when you get a good rate, go buy a bigger bike.
Its still cheaper than letting them get 4000.00 a year from you.
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Most of the insurance discounts are about how many years you have your motorcycle license (M2 or M), not how many years you have motorcycle insurance. Of course, having continous insurance helps, but it's not a major factor.
 
6ix said:
http://www.statefarm.ca/agent/CA/ON/Ajax/Carolyn-Maugeri-MF71Q1YS000

contact her i called her last year with my modified 06 gsxr600 with an m1 and got a quote of 1500 with a speeding ticket on my record.

other places gave me a quote of 12000/year....shes the best.
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djbordie said:
you didnt try state farm!

they are usually the only option for new people

they also dont care about a ticket or accident, but now require 4 years G or something...not when i signed up back when
Click to expand...

I should have mentioned that the State Farm wouldn't accept me. I'm a little confused about how SF operates. I tried calling a diff location that wasn't in my city and they said I had to call the closest loc to me. I did and then they said that they wouldn't take me as they are only taking drivers with perfect records. After that, the agent told me to try somewhere else and low and behold they would give me a quote but it was astronomical. Am I doing something wrong?

Lorgayle said:
You probably have your heart set on a sport bike, but if you check around you will find the costs significantly lower for a 250 cruiser. May not be your dream bike, but at least you'd be riding until your premiums come down enough... Not even sure about a 500 cruiser, but would be worth looking into. Unless you absolutely don't want a cruiser.
Click to expand...

I was, but i'm open to cruisers or a bike that is more of a standard position. However, I don't really like the feeling of having my feet out in front. Any suggestions for bikes I should look into?

nguyend said:
try calling Harry Kihs office in Guelph and asking for a man named Casey.
I shopped around for weeks and he gave me by far the best quote.
almost 50 percent off other places.
Click to expand...

Casey from Harry Kihs. Got it, I will try giving him a call later this year.

Peck said:
Your “at fault”, was it in a car or on a motorcycle? Usually if it is while you were driving a car they won’t hold it against you. You must have given some wrong information somewhere or have had insurance cancelled in the past because the quotes you are receiving are way too high, especially since you have held an M2 for a year. Use Kinetixx to do an online quote and enter all of your information accurately to see what comes up. If it’s still high then I suggest you go to the ministry and pay for a drivers abstract to see what’s going on. You may have other issues associated with your license.
Click to expand...

Yes my car pile up was an at fault accident in a vehicle. I notice some online forms differentiated between a motorcycle and automobile accident, but all the brokers I called didn't seem to care. All that mattered was that I was in an at fault accident.
 
I was in the same boat. I had a very dirty record and was trying to get a super sport .. zx-6r or gsxr-600. i was hoping to pay $2000 max. the cheapest quote i got was $9,000.......... until a guy at TD said he can overlook my tickets and accidents since it was under car insurance - which they cant do.. so it dropped to $6,700. if you want to ride you have to pay. just pay it now and you will save later since you have insurance experience.. it might be good for you since youd probably be spending it on stupid sh*t anyways

im 24 btw
 
ARASHAMG said:
I was in the same boat. I had a very dirty record and was trying to get a super sport .. zx-6r or gsxr-600. i was hoping to pay $2000 max. the cheapest quote i got was $9,000.......... until a guy at TD said he can overlook my tickets and accidents since it was under car insurance - which they cant do.. so it dropped to $6,700. if you want to ride you have to pay. just pay it now and you will save later since you have insurance experience.. it might be good for you since youd probably be spending it on stupid sh*t anyways

im 24 btw
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Sorry, but this is a ridiculous advice. You want someone to pay an annual insurance premium, which is higher than the cost of the bike??? You must be either very rich or well, you know what I mean. And as I said before, please do not post something if you don't know that for sure - it's the number of years with the motorcycle license, which matters way more than the number of years with bike insurance. That's why many people get their license and just wait for a year or two until they buy a bike or they buy a smaller bike, not a 600 super-sport.
 
bboySushi said:
Car and motorcycle tickets both show up on the same abstract, it shouldn't make a difference to them. Some insurance companies are a little lenient with it though (SF didn't even consider the ticket/accident I told them about)

To be with SF you need to be 25+ and have 5+ years with a G license to get into their good program
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this is false, you DO NOT have to be 25+, however you do need to have g1 to g experience of 5 years. im with them and im 21. try giving SF a call, pm me and i have a contact with SF i can send you.
 
I think i'm just going to shelve my hopes to ride until next year again. I'll probably shop around again this winter when bike prices are lower and my personal credential match up with being fit for SF standards.
 
Yeah it's a bit expensive once you have other bills to pay etc. Been commuting long hours with public transit due to high insurance on car. Biked when I could depending on weather.
 
peterventure said:
Ouch, $4000 plus HST is what I paid for a New 2010 GS500F. Best rate I found is with riders plus.
Click to expand...


If you love something enough you'll find a way...

No other place would insure me until I've been licensed for 1 full year. (Which thankfully is coming up before my policy renews, so I should get a better quote elsewhere.)
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