How much will my insurance premium decrease after the 1st year of riding?

[TommyG.]

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I bundled my 2004 sv650s with car and home and am paying 1000$/yr as a new rider. 33 single male, Brampton. Will my rate decrease next year with experience or if I get my M? I have full coverage on a 3500$ bike, is it worth it? Thanks for the replies guys.

 

[Evoex]

Experience will play a bigger factor then upgrading to M.

 

[conundrum]

Like posted above, M doesn't really matter...it is more about years of experience without any tickets or claims. That said, since you are over 30, if you do get your full M and get a number of years of experience you might qualify for extra discounts (I did).

In my own personal case, I was paying around $1200/year for a CBR250RA (full coverage) year one, which dropped to about $600/year for year two. Following year was around $500/year I think. Being that your in Brampton don't expect great rates though, as you are essentially living in the worst possible location for rates (given Brampton's history of claims).

 

[PrivatePilot]

Agree with all the above, you won't see any significant decrease until after you've got 5 years of experience (and by association, a full M at that point, but getting it earlier won't help) under your belt.

Your best bet to find a better rate is to call around and look for one vs hoping your current insurer will offer less. Unfortunately, yes, you do have Brampton going against you - it has one of the highest rates in Canada.

 

[AllistonGT]

After my first year didn't drop at all (Riders Plus). Phoned around and got and accepted a quote for 1/3 less. Really pays to shop around. Will yours drop after first year? No hard rules on that.

 

[rakkaus]

After my first year didn't drop at all (Riders Plus). Phoned around and got and accepted a quote for 1/3 less. Really pays to shop around. Will yours drop after first year? No hard rules on that.

+1

I switched new company almost every year lol.
1st year -Statefarm ($918)
2nd year -Dalton Timmis through Aviva ($760)
3rd year - TD ($690)
4th year - Statefarm ($667)
5th year - Statefarm $(600) w/ no collision
6th year -RBC through Aviva (543) w/ no collision

 

[Hyperion]

I mean, it looks like it went down a little every year, which it should even if you're staying with the same company. Did you really not get a $30 lower premium some years that it was worth your time to go skipping around?

 

[rakkaus]

I mean, it looks like it went down a little every year, which it should even if you're staying with the same company. Did you really not get a $30 lower premium some years that it was worth your time to go skipping around?

unfortunately my premium didnt change on renewal that's why i switched. imo even if it went down in premium I still call around to see if i can get better rate elsewhere.

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