apparently this 22 y/o pays 900$ a year for his cbr600rr
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How much do you pay for insurance?
- Thread starter CHRIS63
- Start date
apparently this 22 y/o pays 900$ a year for his cbr600rr
Wyled
Well-known member
Damn, I wanna know how. Looks like im gonna be calling around the entire province pretty soon if it's that worth it, it seems.
There is no special sauce.
From what I saw he provided little to no details of his situation.
Wyled
Well-known member
Yeah, he seemed pretty vague. dont know if he was gate keeping or what but at the minimum some calls around can't hurt. Seems like his key is to ask "what can you guys do for me", because insurance companies work for us. Lol I don't really think they care if I sign with them or not
This is my suspicion
Reading through this thread I notice one important item hasn't been mentioned. COVERAGE.
If you want to pay less pare back the coverage. Do you really need collision? fire? theft? 500$ deductable? Never had fire or theft on a bike. Never had collision on a car. I smack it, I'll fix it.
2008 Yaris + 1998 Roadtrek RV + 2006 KLR650 + 1980 Kawi Invader (sled) = about 1500$/year (58 years and yes I get tickets now and then)
ONLY the campervan has fire and theft (and maybe collision)
If you want to pay less pare back the coverage. Do you really need collision? fire? theft? 500$ deductable? Never had fire or theft on a bike. Never had collision on a car. I smack it, I'll fix it.
2008 Yaris + 1998 Roadtrek RV + 2006 KLR650 + 1980 Kawi Invader (sled) = about 1500$/year (58 years and yes I get tickets now and then)
ONLY the campervan has fire and theft (and maybe collision)
Relax
Well-known member
I don't believe in collision coverage for my bikes. If I'm not at fault, my insurer will still pay for the repairs. If it's my fault, then it's a lesson learned, as well as a good deterrent. There is no excuse for an at-fault collision. That said, it doesn't save me much.
On the flip side, I can't be without comprehensive coverage. I don't want to worry about where I'm parked or for how long. If it gets stolen, yay, I get a new bike.
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also this was in 2018, I know rates were cheaper a few years ago.
there was mention of insurance companies selling out of the moto business trying to get as many policies on their plates before selling so they lowered their rates significantly.
most likely a combination of factors: way outside the GTA-area, insured under family member policy with other stuff bundled.
i highly doubt any 22 year old is getting that today with a 600 without some shady stuff.
slowbird
Well-known member
My Bike policy just went up to just shy of $1,300/year with Echelon. When I originally switched to them it was less than $1k per year but has been going up every year like clock work. Of course when I ask my broker why it's always "No reason."
No tickets
No accidents
I'm almost 40
My bike is a 21 year old sport tourer.
I've been insured and riding for 13 years
No one else can get me anything comparable. The only other option was around $800/year but it was Liability only.
I know some of you will say (as some brokers have said) your bike is old and not worth anything but liability but I would at least want it covered in the case it catches fire.
Knowing my luck the second I switch it to liability only it will spontaneously combust
No tickets
No accidents
I'm almost 40
My bike is a 21 year old sport tourer.
I've been insured and riding for 13 years
No one else can get me anything comparable. The only other option was around $800/year but it was Liability only.
I know some of you will say (as some brokers have said) your bike is old and not worth anything but liability but I would at least want it covered in the case it catches fire.
Knowing my luck the second I switch it to liability only it will spontaneously combust
Fire and theft is relatively cheap. It’s collision that costs more. You could get liability with fire and theft. Not saying that deals with the issue of ever increasing insurance rates though.
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Trials
Well-known member
Minimal motorcycle insurance is more then just liability now, the part that made it crazy expensive is the part they say you need to cover your own body, should you survive. If you don't own your motorcycle outright the creditors will require you have full coverage on their part of the investment, collision and or specified perils or comprehensive or any other number of bazar subset descriptions that make it harder to ever qualify for a payout.
Full coverage on the motorcycle value is peanuts compared to the liability potential
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Trials
Well-known member
good then you won't mind picking up the tab for my peanuts ?Figure it out over the next 40 years that you own the bike and get back to me if it was a good investment or not, I think it is going to be a gamble at best that you break even.
Hard to put a price tag on the mental therapy that riding provides.
I've been overpaying on insurance since '75.
Was it worth it? Hell ya.
slowbird
Well-known member
The price difference for full coverage isn't very much on my policy. As others have said, it's "peanuts." So I don't mind. ymmv
The personal injury stuff is where all of the costs seem to be. (Again, as others have said)
That quote I got specifically said "Liability only" so I assumed that meant just liability and no fire or theft...otherwise I would have gone for it.
The personal injury stuff is where all of the costs seem to be. (Again, as others have said)
That quote I got specifically said "Liability only" so I assumed that meant just liability and no fire or theft...otherwise I would have gone for it.
Have you called Mitchell & Whale broker? Great quotes this year for myself and a couple others.
slowbird
Well-known member
Yup!
Every year, a month before my renewal, I call them for quotes. They seem like great folks but they can't offer me anything competitive. It's always more $$ than what I am currently paying.
This year they were the ones to offer me that Liability only motorcycle rate. They couldn't find anything comparable with anything better than Liability only.
Yup!
Every year, a month before my renewal, I call them for quotes. They seem like great folks but they can't offer me anything competitive. It's always more $$ than what I am currently paying.
This year they were the ones to offer me that Liability only motorcycle rate. They couldn't find anything comparable with anything better than Liability only.
Ah okay too bad. I am glad they reached out to me from calling them last year because I saved a bunch.
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