How much do you pay for insurance?

[Relax]

Forum Sponsor

I'm not expecting 2021 to be much better than 2020. There were no trips to NY, PA or VT last summer and none likely this year. Last season I was able to get out for a few solo day rides, about 3000 km in total for the season. Anything else was being seriously discouraged by closed restaurants and washroom facilities and locals who were banning outsiders from visiting. This year looks to be a repeat, yet there are no discounts mentioned by the insurance industry to the motorcycle segment, similar to those offered to car drivers who were driving less due to the pandemic.

I am so angry with the insurance industry in Ontario that I don't care to provide them with any more of my cash. If I decide to get back on a street bike in the future, I think the savings for my years of not paying would cover any additional charges for my "lapse in coverage", (yet another thing that they somehow can get away with).

Right now I'm trying to figure out if anyone would want a 1997 Honda ST1100 with 180K km and how much I could get for it.

You should get some quotes for a newer bike. I found that older bikes seem to be more expensive to insure than newer bikes in the same size/class. My 88 Honda Hawk GT (647 cc) is about $650/year for just liability wheresas my 2015 Ducati 821 Hyperstrada is actually a little less, but with comprehensive.

 

[ReSTored]

Right now I'm trying to figure out if anyone would want a 1997 Honda ST1100 with 180K km and how much I could get for it.

There's a buyer for everything. Lot's of ST1100's listed when I checked Kijiji and Autotrader last week. 180,000 km is a lot, but I know 2 people with ST1300's with 205,000 km and 245,000 km on their bikes. Took then about 3 - 4 weeks to sell if I recall. Niche market, but interested buyers know a well maintained ST will run forever.

Mine will be listed in a week or so, 138,000 km, and in great shape.

 

[Pegassus]

We in Canada are the only morons who pay this much and are raped this much by moto insurance companies- and the government loves it and applauds it. Now I know why 45% of motorcycle riders out there ride with no insurance. Getting raped is one thing but how do you figure you can punish a rider with no tickets and good riding record with a penalty for the next 2 years for not insuring his bike in the winter months? And the government allows them to do that? GTFO.

 

[Pegassus]

apparently this 22 y/o pays 900$ a year for his cbr600rr

Yeah and he probably lives in Kupatawawa Indian Reserve, Northern Ontario. Call me back when someone from Toronto or Brampton pays this little.

 

[shanekingsley]

2010 DL650
Riding 18 yrs - lots of tickets, but none in the last 10 yrs.
Live in Mississauga.
Totaled a bike in 2011 which was 100% my fault and covered by insurance.
Quoted $581/yr for liability and comprehensive. I opted to max out the income loss benefits and benefits for my wife, so my premium is now around $900/yr.

I was hit head on in 2006 (100% other driver at fault) and the insurance took care of me nicely, including a year of 2x/week visits for physio, income loss benefit, bike replacement, gear replacement and more. No complaints here about what I'm paying.

 

[ReSTored]

............Quoted $581/yr for liability and comprehensive. I opted to max out the income loss benefits and benefits for my wife, so my premium is now around $900/yr.........

I took a look at the cost breakdown for insurance on new to me Tracer GT. Total premium $1,203 and accident benefits cost is $940.

The complete scam here is accident benefits. The insurance industry has put together a bundle of coverage they say you need and then force you to pay for it. Wouldn't you like to be in a business where you define what customers need, then you cost it out and, finally, you have government mandate that this insurance coverage must be purchased.

Coverage I don't need or want. (MY COMMENTS IN CAPS)

Caregiver benefit​

If you are unable to continue as a primary caregiver to your family, this benefit will reimburse you for the costs of hiring someone to help. This benefit helps out single-parent families, families with one stay-at-home parent, or households with other types of dependants. (COMPLETELY UNNEEDED AND VALUELESS TO ME)

Income replacement benefit​

If you’re unable to work because of your injuries, this will compensate you for the loss of your income. The benefits pay the lesser of a maximum of 70% of your net income or $400.00 weekly (whichever you hit first). (I'M RETIRED AND ON A DB PENSION, TOTALLY UNNEEDED AND USELESS COVERAGE)

Death and funeral benefit​

If you were to pass away as a result of a car accident, the death benefit provides a lump sum payout to your spouse and your dependants. The funeral benefit provides a lump sum payout to cover some of the costs associated with your funeral expenses within 180 days of the accident.

Insurers have until 156 weeks after the accident to pay out the policy if the person involved was continuously disabled because of it.

Typical policies pay out these accident benefits:

1. $25,000 to the person’s spouse.
2. $10,000 to each of the insurer person’s dependants.
3. $10,000 to former spouses if the insured person had financial obligations to them.
4. A funeral benefit of up to $6,000.

(I ALREADY HAVE LIFE INSURANCE AND DON'T NEED OR WANT THIS COVERAGE)

Non-earner benefit​

The benefit itself pays $185 per week minus all other income replacement assistance received during that time. The non-earner benefit lets insured people claim payment if they fall into one of these circumstances:

1. They suffer the inability to look after themselves (or to “carry on a normal life” as the law is worded) while also not qualifying for an income replacement benefit within 104 weeks of the accident.
2. They are no longer able to carry on a normal life because of the accident and within 104 weeks of it, plus:
   1. is enrolled in full-time education of any kind, or;
   2. completed education within a year before the accident was wasn’t employed (or self-employed).

(COMPLETELY NON-RELEVANT TO ME, USELESS COVERAGE)

Other expenses benefit​

This benefit may pay for expenses such as:

• Lost educational expenses (USELESS)
• Costs for bringing family members to visit you in rehabilitation facilities (USELESS)
• Reasonable costs related to housekeeping or home maintenance (NOT NEEDED)

I acknowledge that other people's circumstances may be difference, but this 1 size fits all approach hugely benefits insurance companies who are charging accident benefits on an owners multiple vehicles for coverage that it completely unnecessary.

The other issue is that based on articles I've read actually getting your insurance company to pay out these benefits is like pulling teeth. Many insurance companies seem to have a policy of denying or limiting claims and them putting the onus on injured to fight for the civerage they paid for.

 

[Dufflite]

I took a look at the cost breakdown for insurance on new to me Tracer GT. Total premium $1,203 and accident benefits cost is $940.

The complete scam here is accident benefits. The insurance industry has put together a bundle of coverage they say you need and then force you to pay for it. Wouldn't you like to be in a business where you define what customers need, then you cost it out and, finally, you have government mandate that this insurance coverage must be purchased.

Coverage I don't need or want. (MY COMMENTS IN CAPS)

Caregiver benefit​

If you are unable to continue as a primary caregiver to your family, this benefit will reimburse you for the costs of hiring someone to help. This benefit helps out single-parent families, families with one stay-at-home parent, or households with other types of dependants. (COMPLETELY UNNEEDED AND VALUELESS TO ME)

Income replacement benefit​

If you’re unable to work because of your injuries, this will compensate you for the loss of your income. The benefits pay the lesser of a maximum of 70% of your net income or $400.00 weekly (whichever you hit first). (I'M RETIRED AND ON A DB PENSION, TOTALLY UNNEEDED AND USELESS COVERAGE)

Death and funeral benefit​

If you were to pass away as a result of a car accident, the death benefit provides a lump sum payout to your spouse and your dependants. The funeral benefit provides a lump sum payout to cover some of the costs associated with your funeral expenses within 180 days of the accident.

Insurers have until 156 weeks after the accident to pay out the policy if the person involved was continuously disabled because of it.

Typical policies pay out these accident benefits:

1. $25,000 to the person’s spouse.
2. $10,000 to each of the insurer person’s dependants.
3. $10,000 to former spouses if the insured person had financial obligations to them.
4. A funeral benefit of up to $6,000.

(I ALREADY HAVE LIFE INSURANCE AND DON'T NEED OR WANT THIS COVERAGE)

Non-earner benefit​

The benefit itself pays $185 per week minus all other income replacement assistance received during that time. The non-earner benefit lets insured people claim payment if they fall into one of these circumstances:

1. They suffer the inability to look after themselves (or to “carry on a normal life” as the law is worded) while also not qualifying for an income replacement benefit within 104 weeks of the accident.
2. They are no longer able to carry on a normal life because of the accident and within 104 weeks of it, plus:
   1. is enrolled in full-time education of any kind, or;
   2. completed education within a year before the accident was wasn’t employed (or self-employed).

(COMPLETELY NON-RELEVANT TO ME, USELESS COVERAGE)

Other expenses benefit​

This benefit may pay for expenses such as:

• Lost educational expenses (USELESS)
• Costs for bringing family members to visit you in rehabilitation facilities (USELESS)
• Reasonable costs related to housekeeping or home maintenance (NOT NEEDED)

I acknowledge that other people's circumstances may be difference, but this 1 size fits all approach hugely benefits insurance companies who are charging accident benefits on an owners multiple vehicles for coverage that it completely unnecessary.

Regarding all those coverages you don’t want or need, does your insurer only offer policies with all of these baked in? And if so have you shopped for other providers where you don’t need those?

My policy (Riders Plus Echelon) has “Not Purchased” listed beside most of those ones you listed.

 

[ReSTored]

Regarding all those coverages you don’t want or need, does your insurer only offer policies with all of these baked in? And if so have you shopped for other providers where you don’t need those?

My policy (Riders Plus Echelon) has “Not Purchased” listed beside most of those ones you listed.

My comments are based on the standard accident benefits that everyone has to buy, there is no choice. You are paying for these benefits whether you realise it or not. If you doubt this call your broker or agent and they will confirm this for you.

You are referring to the section of your policy where the "optional" benefits are listed and, if you did not buy them, it would indicated "Not Purchased"

A number of years ago the Liberals bragged about reducing insurance cost. All they did was let the insurance companies scale back accident benefit coverage and then enable people to add back coverage by purchasing "optional" benefits In fact, while cost might have been reduced somewhat by this process all they did was provide less coverage at a lower price, no magic or efficiencies here, just smoke and mirrors.

 

[Dufflite]

My comments are based on the standard accident benefits that everyone has to buy, there is no choice. You are paying for these benefits whether you realise it or not. If you doubt this call your broker or agent and they will confirm this for you.

You are referring to the section of your policy where the "optional" benefits are listed and, if you did not buy them, it would indicated "Not Purchased"

A number of years ago the Liberals bragged about reducing insurance cost. All they did was let the insurance companies scale back accident benefit coverage and then enable people to add back coverage by purchasing "optional" benefits In fact, while cost might have been reduced somewhat by this process all they did was provide less coverage at a lower price, no magic or efficiencies here, just smoke and mirrors.

Thanks, I see it now. Had to download my original contract that I signed, none of this was listed in my policy summary. The basic accident benefits makes up $450 of my $1140 policy.

 

[Pegassus]

I took a look at the cost breakdown for insurance on new to me Tracer GT. Total premium $1,203 and accident benefits cost is $940.

The complete scam here is accident benefits. The insurance industry has put together a bundle of coverage they say you need and then force you to pay for it. Wouldn't you like to be in a business where you define what customers need, then you cost it out and, finally, you have government mandate that this insurance coverage must be purchased.

Coverage I don't need or want. (MY COMMENTS IN CAPS)

Caregiver benefit​

If you are unable to continue as a primary caregiver to your family, this benefit will reimburse you for the costs of hiring someone to help. This benefit helps out single-parent families, families with one stay-at-home parent, or households with other types of dependants. (COMPLETELY UNNEEDED AND VALUELESS TO ME)

Income replacement benefit​

If you’re unable to work because of your injuries, this will compensate you for the loss of your income. The benefits pay the lesser of a maximum of 70% of your net income or $400.00 weekly (whichever you hit first). (I'M RETIRED AND ON A DB PENSION, TOTALLY UNNEEDED AND USELESS COVERAGE)

Death and funeral benefit​

If you were to pass away as a result of a car accident, the death benefit provides a lump sum payout to your spouse and your dependants. The funeral benefit provides a lump sum payout to cover some of the costs associated with your funeral expenses within 180 days of the accident.

Insurers have until 156 weeks after the accident to pay out the policy if the person involved was continuously disabled because of it.

Typical policies pay out these accident benefits:

1. $25,000 to the person’s spouse.
2. $10,000 to each of the insurer person’s dependants.
3. $10,000 to former spouses if the insured person had financial obligations to them.
4. A funeral benefit of up to $6,000.

(I ALREADY HAVE LIFE INSURANCE AND DON'T NEED OR WANT THIS COVERAGE)

Non-earner benefit​

The benefit itself pays $185 per week minus all other income replacement assistance received during that time. The non-earner benefit lets insured people claim payment if they fall into one of these circumstances:

1. They suffer the inability to look after themselves (or to “carry on a normal life” as the law is worded) while also not qualifying for an income replacement benefit within 104 weeks of the accident.
2. They are no longer able to carry on a normal life because of the accident and within 104 weeks of it, plus:
   1. is enrolled in full-time education of any kind, or;
   2. completed education within a year before the accident was wasn’t employed (or self-employed).

(COMPLETELY NON-RELEVANT TO ME, USELESS COVERAGE)

Other expenses benefit​

This benefit may pay for expenses such as:

• Lost educational expenses (USELESS)
• Costs for bringing family members to visit you in rehabilitation facilities (USELESS)
• Reasonable costs related to housekeeping or home maintenance (NOT NEEDED)

I acknowledge that other people's circumstances may be difference, but this 1 size fits all approach hugely benefits insurance companies who are charging accident benefits on an owners multiple vehicles for coverage that it completely unnecessary.

The other issue is that based on articles I've read actually getting your insurance company to pay out these benefits is like pulling teeth. Many insurance companies seem to have a policy of denying or limiting claims and them putting the onus on injured to fight for the civerage they paid for.

The thing is that you WON'T get all these benefits even if you pay for them, you are lucky if they pay out any of these, you will need a good personal injury lawyer to get what you paid for in 20 years. That's pathetic.

 

[shanekingsley]

The thing is that you WON'T get all these benefits even if you pay for them, you are lucky if they pay out any of these, you will need a good personal injury lawyer to get what you paid for in 20 years. That's pathetic.

Are you speaking from experience?

 

[Relax]

The thing is that you WON'T get all these benefits even if you pay for them, you are lucky if they pay out any of these, you will need a good personal injury lawyer to get what you paid for in 20 years. That's pathetic.

Well, more like 3 years from personal experience, but yes, they fight hard not to pay out the max - but they do pay out if you are eligible. The problem is when people defraud the system. I think the fraud that is causing our rates to increase is the medical benefits, which ironically people wouldn't be taking advantage of if it wasnt' forced on every policy.

 

[Malks]

You should get some quotes for a newer bike. I found that older bikes seem to be more expensive to insure than newer bikes in the same size/class. My 88 Honda Hawk GT (647 cc) is about $650/year for just liability wheresas my 2015 Ducati 821 Hyperstrada is actually a little less, but with comprehensive.

So I have to spend even more money to replace a perfectly good bike in order to possibly lower my yearly insurance cost by a couple of hundred dollars. If I sell my ST I might just end up doing that if I decide to ride again in the future.

 

[killvino]

So I have to spend even more money to replace a perfectly good bike in order to possibly lower my yearly insurance cost by a couple of hundred dollars. If I sell my ST I might just end up doing that if I decide to ride again in the future.

shhhh, that's just how we justify it. I just went from a 2007 Speed Triple 1050cc to a 2016 Tuono Factory 1100.
~$1400 to $987 a year : told my wife I'm saving money on insurance. (nevermind that the Tuono was double the money)

finally broke that golden $1k/year, must mean I'm getting old
(31, full M, no tickets, Stouffville, full coverage, 1M liability)

edit: added info

 

[PrivatePilot]

Are you speaking from experience?

Of course not, he's just parroting what he read online somewhere from someone who is ****** off at their insurance company and not really telling the whole story, only the side that fits their argument.

Anyhow, my insurance went down again this year. Still under $500/year for full coverage. Approaching $400/year now actually. You can all start throwing stuff at me now.

I was worried about my wife's insurance doubling or something silly because of her crash on her bike last summer but it didn't change. Not sure if it was accident forgiveness or if the fact she didn't make any claim for $ at all had anything to do with it, but I'm not rushing to inquire and remind them of the situation - she did call and declare it (since there was police and ambulance involved) so I'll let sleeping dogs lie.

 

[48Connor]

I just did the math - if I took the $170/mo I pay for insurance and added that monthly to my mortgage payment, I'd pay off my mortgage almost 4 years earlier... that stings a little

If I didn't have so much invested in my bike and gear, it would bean easy call. If my insurance goes up this year and I can't find any cheaper I'll probably take the bike off the road for a bit. My insurance has only gone up since I started riding, so I don't see how it could go up any more for non-continuous coverage.

 

[Gary]

I just did the math - if I took the $170/mo I pay for insurance and added that monthly to my mortgage payment, I'd pay off my mortgage almost 4 years earlier... that stings a little

If I didn't have so much invested in my bike and gear, it would bean easy call. If my insurance goes up this year and I can't find any cheaper I'll probably take the bike off the road for a bit. My insurance has only gone up since I started riding, so I don't see how it could go up any more for non-continuous coverage.

Call two or three insurance people on here.
Mine went from $1750 / yr to $900, just by making a couple calls.

 

[48Connor]

Call two or three insurance people on here.
Mine went from $1750 / yr to $900, just by making a couple calls.

Yeah for sure will be doing that. I should get my renewal papers in the mail within the next few weeks and will start shopping around

 

[ReSTored]

I just did the math - if I took the $170/mo I pay for insurance and added that monthly to my mortgage payment, I'd pay off my mortgage almost 4 years earlier... that stings a little

If I didn't have so much invested in my bike and gear, it would bean easy call. If my insurance goes up this year and I can't find any cheaper I'll probably take the bike off the road for a bit. My insurance has only gone up since I started riding, so I don't see how it could go up any more for non-continuous coverage.

Stop riding, cancel insurance, sell everything bike related and put the lump sum to pay down your mortgage and then add $170 to your monthly payment and your mortgage would be paid off probably 5 - 6 years earlier................

You could do that calc. with any expenditure so you have to balance off paying off your house and enjoying life day-to-day.

 

[48Connor]

Stop riding, cancel insurance, sell everything bike related and put the lump sum to pay down your mortgage and then add $170 to your monthly payment and your mortgage would be paid off probably 5 - 6 years earlier................

You could do that calc. with any expenditure so you have to balance off paying off your house and enjoying life day-to-day.

Definitely is an option I've considered. Even if it just sat in the garage I don't know if I could sell the DRZ though.

Hopefully I can find a cheaper alternative and won't need to do anything crazy haha

Forum Sponsor