Ah.. I see, I've been hearing everyone saying that lol I guess I'll find out in a month or so
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Is this a fair rate?
- Thread starter ravensix
- Start date
Ah.. I see, I've been hearing everyone saying that lol I guess I'll find out in a month or so
shakalaka
Well-known member
How did you manage such a low insurance??? You must not live downtown.
I'm 26 years old, G license(~10years). M2+training course certificate (Sep 2013) clean record.
This is my quote with SF for a 2013 CBR500RA:
$1Million Liability only = $1602.36/yr or $133.53/mo.
$1Million Liability, $1000 Collision, $1000 Comprehensive = $1943.31/yr or $161.94/mo.
$1Million Liability, $500 Collision, $500 Comprehensive = $2081.47/yr or $173.46/mo.
I'm 26 years old, G license(~10years). M2+training course certificate (Sep 2013) clean record.
This is my quote with SF for a 2013 CBR500RA:
$1Million Liability only = $1602.36/yr or $133.53/mo.
$1Million Liability, $1000 Collision, $1000 Comprehensive = $1943.31/yr or $161.94/mo.
$1Million Liability, $500 Collision, $500 Comprehensive = $2081.47/yr or $173.46/mo.
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I hear GTA is very exspensive for any insurance, Im from Kitchener. Maybe it's cheaper the farther west you are?
So I guess this is the norm for sf to be cheaper than a lot of other places?
Fixed.
The rest of NA, and most of Canada outside Ontatio pay more reasonable rates for insurance.
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Because it isn't the businesses' fault.
Running an insurance company is essentially gambling on a professional level. You're gambling that you won't have to pay your clients more than they pay you. In the event that you do have to pay more, you have to make up for the deficit in the next year by raping everyone.
Considering the season has just started and two people have already crashed (which means there are quite a few more that no one knows about), in addition to the ice storm and the 90+ car pileup and SF being bought out...
We're in for a really really ****** ride.
Funny enough, when I was in Hamilton (south mountain too, not even downtown!), my insurance was as much, if not more than what it would be in Scarborough. Now, in Pickering, I'm considered Durham region, so it's about $1000/year cheaper than Scarborough. Plus I'm only a 40 minute ride to escape the ******* that is southern Ontario.
油井緋色;2148031 said:
The companies are inefficient, and take a profit. When there's hundred of insurance companies (and there are), there's a lot of duplicate money being spent. If it were centralized, costs would be cut a lot.
Also fraud. No one wants to take responsibility for cutting fraud, until the government stepped in last year, and it's *still* not doing much. Because we'll all just pay it still, where's the motivation to cut costs?
Accident benefits were cut by the government, rates went UP the next year. Who's fault is that?
The bottom line is that, it's nice to have this lofty idea of driving without risk by having huge insurance benefits. But guess what, driving/riding is a trade-off; safety for convenience and fun. Trying to mitigate that with insurance is futile. I should be able to choose what coverage I have (hint: I have plenty of accident/disability coverage through my employer). The only reasonable coverage to mandate is liability to others.
I'm paid up for this year, and with my bonus, I'll probably just pony up for next year too, but I've got my eye on a transfer to BC.
I suppose that's another way to look at it. I'm not as lucky in terms of coverage. At the same time, there have been some numbers posted here that shed some light to our rates. And yes, fraud probably plays a huge role unless Ontario citizens truly are a bunch of pussies (accident benefit claims).
MikeMrsguided
Well-known member
I just got insured with State farm today.
Just turned 25 march 3rd. 2009 zx6r
full coverage -172 a month ($ 2074 a year)
Liability only would've been 146 a month
Pretty happy with the rate for my age but now wishing I called TD first after reading some threads....Happy safe riding!
Just turned 25 march 3rd. 2009 zx6r
full coverage -172 a month ($ 2074 a year)
Liability only would've been 146 a month
Pretty happy with the rate for my age but now wishing I called TD first after reading some threads....Happy safe riding!
do you have a car?
If so find out insurance for that through state farm.
Your quotes are on par with mine through them and by paying an extra $100 a year on my car( i was paying 144 now 152) it saved me about $720 on my bike.
TD wanted $3500ish a year.
28, m1, clean driving record, 99 vstar 650.
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Most companies divide Ontario into 50 different regions (think of is like a bunch of puzzle pieces). The premiums charged in each region are based on the claims experience in that region. Kitchener/Waterloo has lower claims experience than Mississauga, so they enjoy lower rates in K/W.
People assume that downtown TO has bad claims experience. While it's true that they claim higher than average, they don't claim nearly as much as people living in Brampton, Scarborough, North York, etc. Rates downtown are often cheaper than some of the high-claim suburbs.
Inefficient companies would be priced out of the market. Insurance is very competitive -- we're always trying to steal clients from our competitors by offering lower rates (however, they still have to be high enough to pay expected future claims).
I agree with you here -- I think more can be done to combat fraud (and I believe things are going to change in 2014).
Accident Benefits claims were rising an average of ~10% per year prior to the September 2010 reform. Rates didn't increase a lot after the reform, but had the reform not been implemented, they would have increased a lot more than they had.
Look up some reading on the different between tort/liability insurance and injury/no-fault insurance. You seem to be of the "tort" camp. Both insurance compensation systems have their benefits and drawbacks. Some provinces continue to use a tort system, but Ontario is no-fault.
Auto insurance is deemed the first payer in an auto accident. Your benefits do not kick in until your auto insurance is exhausted. If this risk was instead passed off to employer benefits plans, you can bet that the cost of the plan to the employer would skyrocket, and your employer would either have to cut the benefits from the plan or pay you less to make up their cost.
Hey where does etobicoke land on that list? Or where online can I find this information. Very interesting to know there's 50 regions in Ontario, does this count across the board for all insurance companies or just certain ones?
Also, I'm guessing that regions give an overall rate, but postal codes hone/define the rate even further? (+/-)
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MikeMrsguided
Well-known member
No my car is under my parents..it's only 125 a month. he said he's not even going to quote it he couldn't compete with that price... hmm seems like alot for the TD quote..
That is a good rate at 125, but the savings from the bike discount may make up for extra you have to pay for the car. If you want a number to another agent to get a quote pm me.
That's what I thought. They were the most costly for me.
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That's what I thought. They were the most costly for me.
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I turned down buying my buddy's R6 because my insurance company wanted to charge me $1,400/year, I said no way, screw you.
He's paying under $1,000 dollars so I wasn't prepare to pay 40% more.
He's paying under $1,000 dollars so I wasn't prepare to pay 40% more.
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