Hello, I’m getting my m2 licence in a couple of weeks and I found an r3 2107 with around 9k km. The guys is asking for 5200$ and I don’t know if that’s a fair price or it’s too high for it. And the other question, about insurance prices i called td and they said they won’t insure me because it’s a high risk, what would be my chances of getting an insurer for an r3 and what would the price range be ?
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M2 insurance
- Thread starter Blanco98
- Start date
Jay Alexander
Well-known member
What specifically is the reason for that decline? Cancellations for non-payment, convictions, at-fault claims, or something worse (like misrepresentation/fraud, etc.)?
It's not the bike that's high risk, it would be you. Not to sound harsh, but that is the issue at hand. A combination of the above listed factors would contribute to you being denied a policy.
Well, I haven’t gotten a ticket before ever in my life and no accidents, no claims, no record. But last summer I had bought a car a 2008 accord and I was charged around 500$ monthly on insurance cause I was 24 at the time of the policy, and I ended up selling my car after 2 months of the purchase cause the engine was burning oil badly. I don’t know if that affected my record, but I explained to my agent that I had to add oil every 900km which was insane.
Yeah tbh, I’m kinda giving up now this summer and thinking about getting it in the winter, when it becomes cheaper.
Jay Alexander
Well-known member
That doesn't negatively affect your insurance record. Did you tell TD that you only had M1 without the course? Is that when they declined you?
Nothing you described would lead to denial with TD insurance. Call them back, and tell them to quote you as an M2 rider and you just completed the course to estimate a price.
Yeah, I called them four days ago but I told the agent that I have an m2, just to gauge how much of a monthly payment I will be paying for a bike, cause my pockets can’t go beyond 250$ a month atleast not right now.
Allstate told me a week ago certain models have been classified as high risk and would not be insurable by people with at fault claims within the last 10 years.
Aka Supersport and Superbike.
But i’ve never had any claim or any legal issue in my entire life, and on 15 of june this year I did a deep federal background check (vsc) across all of canada, cause I usually go to federal buildings for my job, and it was clean, so there weren’t even misconceptions or mistakes in my record at all.
Welcome to motorcycle insurance in Ontario....... where reality has no bearing on reality and things are made up as they go along.
Call 10 different brokers/insurers and get wildly different prices.
You have to call every agency that you can think of.... and then do it again the next year, if you want a decent rate.
Call 10 different brokers/insurers and get wildly different prices.
You have to call every agency that you can think of.... and then do it again the next year, if you want a decent rate.
First, my feeling is that $5200 is pretty expensive for a 2017 R3, but I haven't checked the market so I could be wrong.
Second, try a few different companies and have them quote for a few different bikes. When I had my M2 I called maybe a dozen brokers.
I was told by a few brokers that anything with an "R" in the model is automatically more expensive to insure. Not sure if that's true or not but I know that the quote I got for a brand new Z400 was less than the price for a several-year old CBR250, which cost half the price of the Z.
Riders Plus was by far the least expensive for me which is curious because I called a few other brokers who I would have thought would have access to the same insurers. For my Z400 they put me with Echelon, when I bought a Multistrada Intact offered the lowest rates.
Each time they were also cheaper than going through the provider that we have 7 other vehicles insured with.
Second, try a few different companies and have them quote for a few different bikes. When I had my M2 I called maybe a dozen brokers.
I was told by a few brokers that anything with an "R" in the model is automatically more expensive to insure. Not sure if that's true or not but I know that the quote I got for a brand new Z400 was less than the price for a several-year old CBR250, which cost half the price of the Z.
Riders Plus was by far the least expensive for me which is curious because I called a few other brokers who I would have thought would have access to the same insurers. For my Z400 they put me with Echelon, when I bought a Multistrada Intact offered the lowest rates.
Each time they were also cheaper than going through the provider that we have 7 other vehicles insured with.
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