Is a $3000 insurance policy the best I'm going to find?

F

Franky22Times

New member
Hey everyone

I'm a 26 year-old and I got my M2 license just this summer. I'm looking at buying a 1981 Honda CB650 but the best rate I'm getting is from Aviva at $3000, and that's with only with liability.

Unfortunately, I have done most of my driving overseas and since I didn't translate my license before moving to Canada, I haven't been able to get my full license here and I'm back at going through the entire licensing process from scratch: G1. This of course means that I can't get anything with State Farm, which -- from what my colleagues have told me -- has the best rates for new riders.

I've checked with Jevco and I'm getting quoted at $3211, so that doesn't help either.

I knew that insurance would be expensive, and I thought buying the classic bike would help save on some of the costs, but I didn't count on quotes this high. I'm starting to think it would be better to sit on my M2 and get the $1758 rate that Jevco will give me after 12 months of "experience" ... (of course, with that logic, I'd be even more of a liability at that time having not ridden all year).

Any advice out there ??
 
If you look at a smaller bike n maybe a cruiser your quote will drop

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Franky22Times said:
Hey everyone

I'm a 26 year-old and I got my M2 license just this summer. I'm looking at buying a 1981 Honda CB650 but the best rate I'm getting is from Aviva at $3000, and that's with only with liability.

Unfortunately, I have done most of my driving overseas and since I didn't translate my license before moving to Canada, I haven't been able to get my full license here and I'm back at going through the entire licensing process from scratch: G1. This of course means that I can't get anything with State Farm, which -- from what my colleagues have told me -- has the best rates for new riders.

I've checked with Jevco and I'm getting quoted at $3211, so that doesn't help either.

I knew that insurance would be expensive, and I thought buying the classic bike would help save on some of the costs, but I didn't count on quotes this high. I'm starting to think it would be better to sit on my M2 and get the $1758 rate that Jevco will give me after 12 months of "experience" ... (of course, with that logic, I'd be even more of a liability at that time having not ridden all year).

Any advice out there ??
Click to expand...

you gotta pay to play.
 
As a new-ish rider at age 20 with under 1 year on my M2, Jevco quoted me $2000/yr on a 1982 V45 Sabre. No idea why your quotes are so high.
 
silverbullet132 said:
No idea why your quotes are so high.
Click to expand...

Because they can? Insurance for new comers to Canada is ridiculous...a colleague (in his 40s) has tried getting car insurance for a beat up old Honda/Ford/whatever and his best quote was $300/month...ridiculous. Especially considering he can provide them with proof from all the Euro countries he's driven in without accidents/tickets etc.
 
remember its not so much what car/bike you have, its the liability of operating the vehicle. Insurance doesn't care about the $3000 claim as much as they do you-put-someone-in-a-wheelchair $2 million claim.
The probability of a beginner making a tragic mistake on a 125 vs a 1000 is reflected in the rates. I agree that it is a rip off though.
 
I would also try John Duffy insurance. However most brokers are going to quote you through Jevco with an older bike. Your also not going to get anything other then basic for an older bike. MAKE SURE THEY KNOW YOUR BIKE! For years was was paying 2x as much as I should have for my 1981 cb750f simply because they had no idea what my bike was (wasn't in anyone's system) . John Duffy knew the model and my price went from almost $1,300 a year down to $680 a year. Now my experience and and age have lots to do with that price so don't expect that kind of price yourself. My advice it to call Duffy.

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