Insurance increases next year based on 2015 accidents? | GTAMotorcycle.com

Insurance increases next year based on 2015 accidents?

P

Pundit

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Hi all

Been lurking and reading/learning a ton here lately as I am in the process of getting my license and becoming a 1st time rider. Great site!

Through my process of finding out info, I have had some good convos with insurance companies about rates during 1st year and rates in year 2 and beyond.

I have been given the impression that accidents are way up in 2015 in the industry, and that it may likely have a dramatic impact on premiums next year, since all riders are impacted by the claims of each other year over year.
How accurate is this? Both the number of claims this year from accidents, and the impact to everyone here?

Thanks
 
I renew Nov 01, in about 10 days. My MC insurance did not go up. I did not read anything that said 2015 was anything but a typical year for MC crashes. There are not substantially more riders and more bikes. I'd call out these insurance people to provide some proof.
 
I think just because you just started paying attention, to you the accident rates seem to be going up.
I think this was a normal year.
 
Insurance going down 15% next year. Heard it on the telly a while back. Apparently governmental involvement so should be rock solid.
 
Appreciate the responses.

For what it is worth, I have been told this by both TD (my current car insurer) as well as state Farm. Plus the fact that statefarm is changing to desJardin on Nov 9.
 
Yesterday I was talking to my insurance agent about a quote on a new Tuono and she said these cryptic words to me:

"...I know bike rates are changing drastically in the spring"

I've asked for clarification (hope to get it this AM) but my first instinct would not have been to assume rates are going down drastically. We'll see I guess.
 
Blackfin said:
Yesterday I was talking to my insurance agent about a quote on a new Tuono and she said these cryptic words to me:

"...I know bike rates are changing drastically in the spring"

I've asked for clarification (hope to get it this AM) but my first instinct would not have been to assume rates are going down drastically. We'll see I guess.
Click to expand...
April seems to be the time that I heard there will be changes as well. We'll see what happens for me. I left SF for the bike last year to save 2/3 of my premium.

Sent from a Samsung Galaxy far, far away using Tapatalk
 
I renew in the beginning of December. My rates for my car, my wife's car & my bike all went down. I guess we'll have to see what happens in April.
 
One way to beat it...get a bike and get it insured before the spring then. There's still time to catch a M1 exit training course before the end of the year if you get your M1 in the coming days, as well.

That's if these rumors are even true, which until I see something factual aside from a few phone reps and internet rumors saying so, I would question. The trend with insurance rates is supposed to be downward right now, something I've actually seen with my car insurance. Add to that the fact that insurance benefits have been slashed so much in recent years I think there would be a very vocal outcry if they suddenly had a dramatic spike next spring.
 
My agent doesn't have a lot of details at this point and was only able to tell me that they believe that "Harleys are going up tremendously as are some sport bikes".
 
Blackfin said:
My agent doesn't have a lot of details at this point and was only able to tell me that they believe that "Harleys are going up tremendously as are some sport bikes".
Click to expand...

That would lead me to believe (again, if all this comes to fruition) that perhaps the issue is with high theft bikes, not bikes in general.
 
PrivatePilot said:
That would lead me to believe (again, if all this comes to fruition) that perhaps the issue is with high theft bikes, not bikes in general.
Click to expand...

I think it might be particular types of bikes in general. Like if you wield any power, wear a suit at your day job and live in a quiet neighbourhood you'd do anything in your power to **** bikers over. Because push back. A lot of influential people are sociopaths and guys on loud bikes ridden irresponsibly do not garner the goodwill of regular folk never mind sociopaths. Rebel away.
 
I think you're over thinking it.

It comes down to dollars and cents, same as cars - high theft cars eventually see their rates jacked up because of such. If this is the reason for this potential hike in rates for the motorcycle equivalent, well, it's no different IMHO.

Checkout the third paragraph in this link below and replace "car" with "Motorcycle". It seems logical and not unexpected to me.

https://www.insurancehotline.com/how-cars-are-rated-and-how-it-affects-insurance-premiums/
 
PrivatePilot said:
I think you're over thinking it.

It comes down to dollars and cents, same as cars - high theft cars eventually see their rates jacked up because of such. If this is the reason for this potential hike in rates for the motorcycle equivalent, well, it's no different IMHO.

Checkout the third paragraph in this link below and replace "car" with "Motorcycle". It seems logical and not unexpected to me.

https://www.insurancehotline.com/how-cars-are-rated-and-how-it-affects-insurance-premiums/
Click to expand...

Ya, I'm not going to read it. I like my opinion as it is.
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