Insurance renewal is higher this year??? | GTAMotorcycle.com

Insurance renewal is higher this year???

M

MaksTO

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So I got a 2015 Triumph Scrambler 900 last summer mid-policy, and had a slight change to my rate upwards to account for it which is understandable. By a few bucks a month maybe

Just got a renewal offer from Desjardins for 2023 - I am entering my 5th year of riding next year, am 25 years old now (was 24 at 2022 renewal), and now have my M license. From everything I've read, this should all factor into making my insurance go down, not up...

Desjardins now wants about $190.00 a month, up from $174.00... What gives???

I have a perfect driving record, and no tickets (excluding parking tickets). Have friends on similar sized bikes (give or take), who all pay less than me in insurance, and all live downtown...

It seems Desjardins was the best with rates the last few years I shopped, but wondering if anyone has had good luck with other insurers lately? I would love to get this number down... not up...
 
There is no loyalty bonus with insurance. Be it car, motorcycle or home.
You can save tons of money if you have the time to shop around your insurance, cable, cell, etc, every year.
 
Soulcatcher668 said:
There is no loyalty bonus with insurance. Be it car, motorcycle or home.
You can save tons of money if you have the time to shop around your insurance, cable, cell, etc, every year.
Click to expand...

Actually, there is, at least for car insurance. I can't remember how many years or if it's the same for all companies, but some will give you a "loyalty discount" for LEAVING your current insurer if you were with them for that many years. What they don't tell you is that it's only good for the first year, then they drop that and your rate goes up the second year. I learned the hard way when I fell for it with my daughter's car insurance.

Also, if you have an existing policy, it's cheaper to update it with the new vehicle rather than to start a brand new policy with the same vehicle. At least with Desjardins. For example, it was cheaper for me to update my SVX policy with the 998 than it was to add the 998 as a second bike.
 
Relax said:
Actually, there is, at least for car insurance. I can't remember how many years or if it's the same for all companies, but some will give you a "loyalty discount" for LEAVING your current insurer if you were with them for that many years. What they don't tell you is that it's only good for the first year, then they drop that and your rate goes up the second year. I learned the hard way when I fell for it with my daughter's car insurance.

Also, if you have an existing policy, it's cheaper to update it with the new vehicle rather than to start a brand new policy with the same vehicle. At least with Desjardins. For example, it was cheaper for me to update my SVX policy with the 998 than it was to add the 998 as a second bike.
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Noted!

Yeah so I updated my Desjardins policy from a KLR650 to the Scrambler 900, with a minor adjustment during the existing period.

Just not thrilled that my insurance is up by $15/mo with the renewal. Going to call up some companies in January and see what quotes they give me.
 
Another question re switching, since I haven't had to do it in a few years... Don't remember how it went:

When getting a quote, I remember them only honoring it for 30 days. Is there a way for them to set up the policy say in early January to only become in effect at the end of Feb, so that it lines up with my other policy ending? Is it common to have overlap between two policies sometimes, or should one start as soon as the other ends?
 
Relax said:
Actually, there is, at least for car insurance. I can't remember how many years or if it's the same for all companies, but some will give you a "loyalty discount" for LEAVING your current insurer if you were with them for that many years. What they don't tell you is that it's only good for the first year, then they drop that and your rate goes up the second year. I learned the hard way when I fell for it with my daughter's car insurance.

Also, if you have an existing policy, it's cheaper to update it with the new vehicle rather than to start a brand new policy with the same vehicle. At least with Desjardins. For example, it was cheaper for me to update my SVX policy with the 998 than it was to add the 998 as a second bike.
Click to expand...
That sound more like a disloyalty punishment rather than loyalty reward.

The discounts we have had so far, at least with car insurance, is after the old "call and threaten to leave" tactic. Similar to internet/phone providers, they magically seem to find a way to cut the rates after that.
 
Got my renewal papers from Wawanessa today - 62.5% increase over last year.
No tickets, no accidents, no claims, same address and same job.
I called my broker (Billyard Insurance Group) and simply said “No. Go shopping.”
So now Wawanessa is going to lose the bike, multiple vehicles, house and travel trailer.
 
Katatonic said:
Got my renewal papers from Wawanessa today - 62.5% increase over last year.
No tickets, no accidents, no claims, same address and same job.
I called my broker (Billyard Insurance Group) and simply said “No. Go shopping.”
So now Wawanessa is going to lose the bike, multiple vehicles, house and travel trailer.
Click to expand...
Try TD Meloche Monnex.

I was with Wawanesa for a few years, then switched to TD.

Who knows, TD could screw me this renewal and I'll be in the same situation.

Sent from my SM-G960W using Tapatalk
 
matthew said:
Mine somehow went down for my bikes; Hopefully house and car will be the same.
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I doubt the house will go down. With sky high home prices and what seemed like a generally good rates for insurance, I think they will target this area for continued increases.
 
I'm with Desjardins as well, mine went down 12%. Same bike, older me, got M last year.
 
I think if your policy and driving record remains the same and you are paying the same, consider that a win..
 
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