Insurance questions I'm tossing around my brain

[gtm]

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So, I've always wanted to ride and I got to do that on the track, but I realized to get the most experience. I really need to get on the road.

I don't have my M1 or M2 yet but figure ill do that this spring/summer. I have my G and have been licensed for over 5 years now (starting from g1), and I've been under an insurance policy for two years this september. Ive gathered that the best thing to do is to get your m2 and wait a year.

I'm 23, live on my own and my car insurance premium (full coverage, collision and comprehensive) is around 6k a year for an 08 fusion sel, and my new car a 12 focus is slightly cheaper.. (picking it up tomorrow actually to replace the fusion ) part of the reason is I've only held a policy for two years this upcoming Sept (mom never drove and I never had the money for a car til I started filltime work) I looked around in the past for bike quotes and they were always retarded high, like 10k+ a year so I decided if I wanted to ride it would have to be on the track lol.

So with my car insurance rates being so high and not declining any time soon unless I pull some out of the city living insurance trickery (which is tempting but I'm scared ******** to do because of taxes and bills and stuff being done from my home and not the insured address), I'm pretty weary about seeing any sort of affordable motorcycle insurance rate.

I see people on here complaining about 1-2k per year rates and that seems like friggin peanuts to me. My first car was a beat up piece of **** 4cyl 91 cavalier rs that leaked when it rained and I was paying $450 month for minimum liability.. I tried about 50 different companies and brokers and most came back with rates of 8 to 12k per year on that car LOL. I settled with des jardins which was the most "reasonable", and I use that word very loosely.

Now, since I've been licensed for 5 years and I have my G now I am thinking of looking into State Farm because I know they have some of the best motorcycle rates and I could do a package thing.. I'm just so weary about what they'll charge for my car in comparison to what I pay now. For the record state farm quoted me $800 a month on the cavalier, but I had no G and less than 5 years at the time.

What would you guys do?

 

[gtm]

It's just like.. if you don't have the luxury of gaining policy experince being under your rents from the age of 16 then you get Fd in the A. How's that for someone trying to grow out of the ghetto? Oh sorry your parents never drove and you're a 20 something first time driver with no previous policy? Well were going to have go charge you half of what you make per year just to drive! So that person never drives and never has the opportunity for some jobs that may completely change their lives because they can't get to it so they can't get it.. further keeping them down. It's no wonder so many drivers on the road aren't actually insured and just cancel the policy once they revieve their slip. this **** is the biggest catch22 ever.
When I first moved out I was paying more for my car than I was on rent, and my place was an even bigger ******** than that cavalier, hell if it didn't leak it was the nicer "pad"

Those of you young guys be very grateful for your parents including you in their policies giving you "experinece" even if you only did drive a few hours a year or never at all. My dad refused to because his premiums would increase (no **** right?) And he couldn't allow that to happen even though I would have paid the difference.

 

[Ninjitsu]

I find it absolutely mind blowing what you paid for car insurance. My first car was an 89 Golf and insurance was $130 a month. I was 16 (G2). My parents wouldn't put me on their policy. I understand that insurance rates have gone up since then but for straight liability, $800 would have me giving myself a fat monthly taxi budget and a TTC pass.

I could never stomach what you're paying to drive a car. It sounds like a car is essential to your lifestyle so if I were you, I'd wait until I was 25 to get my bike. Insurance on your car should go down and your bike insurance will hopefully be more affordable. Or move to Southeast Asian and ride like there's no tomorrow.

 

[fastar1]

What would you guys do?

I'd do what I did for 15 years; dump the car and move closer to work. Walk, bike, or bus it. Your car payments and insurance could get you some decent digs. Are you paying rent at mom n' pop's?

 

[Bermuda]

I'd do what I did for 15 years; dump the car and move closer to work. Walk, bike, or bus it. Your car payments and insurance could get you some decent digs. Are you paying rent at mom n' pop's?

+1

Exactly what I did, though I just never bought a car. His insurance rates are about on par with what any company wants from me for anything made after 2005 - unless it's a truck.

 

[woobie]

Get some current quotes for insurance before you make a decision. Lower the bar on your choice of bike if need be. Insurance too high on a super sport, look into a standard or naked bike etc etc.

6k/yr for an 08 fusion? damn it's post like that that scare the hell out of me for what my son is gonna be paying in a few years.

 

[gtm]

Yeah.. its closer to 7k to be honest.

Like I said, first car was a 91 cavalier two years ago and it was $450 a month for minimum liability.. if I woke up to a burnt car I was SOL. And that was the absolute best quote. At the time I was bussing everywhere, living in a ******** in malton.

Work moved to vaughan and I live in woodbridge now, a car is absolutely essential to my lifestyle. To be quote frank id rather pay a little more (relatively) for insurance having full coverage on a new car than to pay the 400+ for a POS. It at least makes me feel a bit better about my rates.

I don't live with mommy and daddy no, I got out as soon as I was able to and it wasn't easy. I am fortunate enough to be very good at what I do and make a decent buck to afford these things.

When my renewal comes up im looking at a 10% decrease in rates with my current insurer. I'll be 24 then and the next year I guess ill get another drop for being 25. I'll definitely be shopping around then, but I don't expect my rates to drop below four any time soon, that's what most adults with good records I know of pay roughly. I have a perfect record too FYI, no tickets, claims etc.

I won't be looking at an SS that's for sure, ill save that for the track. Im lookin at somethibg mid to late nineties or early two thousands.. all depends really. I just want to get riding. I actually really like the naked look. Even considered bikes like the fzr400, even an old two stroke..

Seriously, if I wasn't fortunate enough to make a good buck I could not possibly drive. I hate thinking about where else the money could be going but I love driving and I love my car and at this point I could never go back to the bussing lifestyle.

 

[Aleks Hara]

Your car premium is nuts! My brokerage is in Woodbridge, and I know Vaughan in general has been consistently going up in overall premiums, but $6 - 7k...? Do you have anything on your record?? Tickets, accidents etc?? Did you bundle residential insurance with it as well? - that's usually a 10 - 15% discount on your car rate. Maybe increase deductibles to $1000, or even $2000? Or just shop around to see if there's anything decent...

 

[Platinum Cycle]

I'm twice your age. Never owned a new car and the "newest" car I have ever owned, which was only once was a 3 year old car.
Here's a suggestion, forget buying a brand new car, go buy a good used car and you will save on insurance premiums and the price and may have enough left over for some toys - like motorcycles.

 

[gtm]

I'm twice your age. Never owned a new car and the "newest" car I have ever owned, which was only once was a 3 year old car.
Here's a suggestion, forget buying a brand new car, go buy a good used car and you will save on insurance premiums and the price and may have enough left over for some toys - like motorcycles.

Did you miss the part where my first used car had a 5k premium? It doesn't matter what I am driving, my premiums are still incredibly retarded. Like I said before, i gladly pay 1k more in premiums per year for full coverage on a new car vs basic liability on a junker.

New car, 0%, zero down, better mileage, warranty, no hassles,
vs used car loan, higher interest, money down, limited warranty etc. You have to factor in everything. I have buddies who sink as much into their used cars per year with the maintenace hassles as well as their crappy mileage as i do on my new car with zero hassles. I get in and go. There are lemons and there are gems, and yeah I could get lucky and pay Dick all for a car, but I'm still paying a hefty premium. At the end of the day a car isn't an investment at all and I don't view them that way: new or used you are throwing away money no doubt, and since im spending insane money any way I go about it, i much rather actually enjoy my car and have what I want vs settling for something.

I have money left over, trust me, I'm not here to debate the semantics of buying used or new.

All my friends my age are paying similar premiums aside from the ones in common law/married with kid(s), and those who are fortunate enough to have parents willing to put them on their policy. Again, my record is flawless, no claims, accidents, no faults, tickets, etc. I think the biggest factor is the number of years I've been insured, almost two now. I had my license for 6 years now but didn't have a car to drive. Hell I paid a driving school to use their car for my g2 and a 30min crash course because I didn't have a car at that time. Bundling with home insurance doesn't save me anything with my current insurer, I guess technically it does for just the car and ill have home insurance, but the premium jumps quite a bit over all for the combined

What I do want to know is how you guys would approach the situation of starting to ride. I know my current insurer doesn't cover motorcycles which is why I wondered about Statefarm because I am now eligible for their car coverage, blending the two together for a combined rate would be the best, and really I want to know if I should really wait a year after getting the m2, or would they cut a deal with the comvined coverage. Viewing the forum it seems a lot of people have just solely motorcycle insurance through td/jevco/statefarm. I don't plan on a SS, I will definitely be going the smaller displacement route.

 

[Ugur Dinch]

Whether you will wait a year or not, get your M1/M2 asap.

And if I were you, I would change my address or just move to somewhere else for real lol

Friend 1 @ 24yrs oid - V6 Buick, oldschool... $105 insurance at 1st year insuring.
Friend 2 @ 20yrs old - '11 Camaro RS - $320 with a speeding ticket.

Both in Oshawa.

 

[Corey McNeely]

It's not about a debate of old vs new. The Cavalier and the new Focus you purchased have very high rates with regards to the Accident Benefits rating. Meaning that when they are involved in a claim they have a higher rate of injury then most cars. Take a look at the breakdown of premium on your policy and you'll find that almost 50-60% of the premium you pay is charge to AB. Pick up trucks (rangers, s10...etc) have very low ratings which will cut your cost in insurance by quite a bit. If you go to www.ibc.ca they have a chart that shows the ratings for all vehicles. I know it's too late for you to change your car, but that is why you are paying a lot. Another way to try to lower your premium is to see if your employer or Alumni has a sponsered group insurance plan. Last point is bundling your bike and car may not provide any further discount. Some insurers will not provide a multi vehicle discount unless both vehicles are cars.

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