My insurance doubled :-(

N

Newblet

Well-known member
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22 year old, male, Brampton, no ticket covictions [one is pending], no claims etc.

Honda cbr 125, paid almost 700 for July to March and now they want the whole year at just over 1300. Now I know it's because I only had a half year when I started and this year would be the whole year but I was not expecting this much.

I called them up and they gave me the run-around, in short they told me it was so I can ride for 'free' in the winter time if I wanted to. Also, that their rates are made by security National [their insurer] and my beef is with the. Just the dumbest crap I have ever heard.

Any ideas on other insurance companies. I have not been riding for a year yet [not until the end of July] so I dont think I am eligible for Jevco.

fml

EDIT: I am with TD M&M
 
Newblet said:
22 year old, male, Brampton, no ticket covictions [one is pending], no claims etc.

Honda cbr 125, paid almost 700 for July to March and now they want the whole year at just over 1300. Now I know it's because I only had a half year when I started and this year would be the whole year but I was not expecting this much.

I called them up and they gave me the run-around, in short they told me it was so I can ride for 'free' in the winter time if I wanted to. Also, that their rates are made by security National [their insurer] and my beef is with the. Just the dumbest crap I have ever heard.

Any ideas on other insurance companies. I have not been riding for a year yet [not until the end of July] so I dont think I am eligible for Jevco.

fml

EDIT: I am with TD M&M
Click to expand...

There's been a bunch of us with the same problem. They won't give you a better rate than they've offered so take your business somewhere else and get insured by a company with more competitive prices.
 
You paid 700 for a half a year but you didn't expect 1300 for a full year?

I don't understand... you didn't expect math?
 
Newblet said:
22 year old, male, Brampton, no ticket covictions [one is pending], no claims etc.

Honda cbr 125, paid almost 700 for July to March and now they want the whole year at just over 1300. Now I know it's because I only had a half year when I started and this year would be the whole year but I was not expecting this much.

I called them up and they gave me the run-around, in short they told me it was so I can ride for 'free' in the winter time if I wanted to. Also, that their rates are made by security National [their insurer] and my beef is with the. Just the dumbest crap I have ever heard.

Any ideas on other insurance companies. I have not been riding for a year yet [not until the end of July] so I dont think I am eligible for Jevco.

fml

EDIT: I am with TD M&M
Click to expand...

It seems pretty reasonable to me... You would probably get the same rate (or close to it) with jevco as well.

With your previous rate, you're including the "winter rates" and for your renewal, you're being insured for another 3 months of a new riding season. (April May June)
 
Try Riders Plus. They were very reasonable with me.

Heather Malone BA CIP
RIBO Licenced Representative
local: 416.251.1447
toll free: 1.877.251.4504
fax: 1.866.880.5671
mail: 5-80 North Queen Street, Toronto, ON M8Z 5Z6
heather@ridersplus.com
 
A.K. said:
Try Riders Plus. They were very reasonable with me.

Heather Malone BA CIP
RIBO Licenced Representative
local: 416.251.1447
toll free: 1.877.251.4504
fax: 1.866.880.5671
mail: 5-80 North Queen Street, Toronto, ON M8Z 5Z6
heather@ridersplus.com
Click to expand...


Riders plus only insures riders who are already 25 or older. They denied me because I'm currently 24.


To the OP, here's a direct quote from one of the stickied threads here:

"Time and time again, GTAM members ask me why they aren't allowed to cancel their TD/MM/Primmum policy (or drop to Fire and Theft only) without paying a "penalty". Although TD/MM/Primmum charges equal premiums every month from March to September (i.e. 7 months), you actually "use up" the annual premium much faster over the Summer months than you do in the Spring/Fall months. TD/MM/Primmum uses the following premium-earning schedule for Motorcycles:

  • JAN: 0.0%
  • FEB: 0.0%
  • MAR: 5.0%
  • APR: 10.0%
  • MAY: 10.0%
  • JUN: 20.0%
  • JUL: 20.0%
  • AUG: 20.0%
  • SEP: 10.0%
  • OCT: 5.0%
  • NOV: 0.0%
  • DEC: 0.0%"
Click to expand...

So based on the renewal quote you received, rates have risen. Last year you paid 60% of the normal premium because you started in July. So add 20% for July, 20% for August, 10% for September, 5% for October, 0% for November, December, January and February and 5% for March. That comes to 60% of the premium you would have been quoted if you had insured for a full 12 months. You were quoted $1300 from February to February this year, and $700 from July to March last year. Based on what you paid from July to March, if you do the math and add the premium percentages for April, May and June you would be paying:

$700.00 = 60% of the total premium
$xxx.xx = 40% of the total premium

So..

$700 / 0.60 = $1166.666666666667

$1166.666666666667 x 0.60 = $700.0000000000002

$1166.666666666667 - $700.0000000000002 = $466.6666666666668

Therefore for those 3 months you should be charged an additional $466.6666666666668, not $600.00 that they have now quoted you.

Shop around and see if you can get a better deal.
 
Last edited:
Slono said:
So based on the renewal quote you received, rates have risen. Last year you paid 60% of the normal premium because you started in July. So add 20% for July, 20% for August, 10% for September, 5% for October, 0% for November, December, January and February and 5% for March. That comes to 60% of the premium you would have been quoted if you had insured for a full 12 months. You were quoted $1300 from February to February this year, and $700 from July to March last year. Based on what you paid from July to March, if you do the math and add the premium percentages for April, May and June you would be paying:

$700.00 = 60% of the total premium
$xxx.xx = 40% of the total premium

So..

$700 / 0.60 = $1166.666666666667

$1166.666666666667 x 0.60 = $700.0000000000002

$1166.666666666667 - $700.0000000000002 = $466.6666666666668

Therefore for those 3 months you should be charged an additional $466.6666666666668, not $600.00 that they have now quoted you.

Shop around and see if you can get a better deal.
Click to expand...


Unless he based it to the beginning of march in which case

$700 = 55%
$xxx = 45%

$700 / 0.55 = $1272.72

$1272.72 - $700. = $572.72. Which is almost exactly what they quoted the OP.
 
Last edited:
jeffjones said:
Unless he based it to the beginning of march in which case

$700 = 55%
$xxx = 45%

$700 / 0.55 = $1272.72

$1272.72 - $700. = $572.72. Which is almost exactly what they quoted the OP.
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I'm confused. Howcome March, according to the math you have, was not included in the $700 he paid? I was under the impression that his term ran from July to March, and included March. My TD term ran from July to Feb 16th, so I'm pretty sure I was charged February's premium.
 
Last edited:
Slono said:
I'm confused now. The OP said his term was from July to March, so doesn't that include march?
Click to expand...

I don't know exactly it could be July 1st till March 1st or July 1st till March 31st?
Wasn't really specified?
 
jeffjones said:
I don't know exactly it could be July 1st till March 1st or July 1st till March 31st?
Wasn't really specified?
Click to expand...

Interesting. Well it works better when you don't include it, because that way the price actually makes sense. But I'm pretty sure rates have gone up. I've been able to get cheaper quotes from State Farm, Cornerstone and John R. Duffy whereas last year, TD was on par with the others.
 
Newblet said:
uhhh, read my post. I espressed that I knew an increase was coming but not by this much.
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Well then you need to brush up on your math. Your insurance didn't double at all.
 
Last edited:
Try TD!
I'm 19, GM2 (had m2 for just over a year and a half)
09 ninja 250, for 1300 a year
 
Slono said:
Riders plus only insures riders who are already 25 or older. They denied me because I'm currently 24.


To the OP, here's a direct quote from one of the stickied threads here:



So based on the renewal quote you received, rates have risen. Last year you paid 60% of the normal premium because you started in July. So add 20% for July, 20% for August, 10% for September, 5% for October, 0% for November, December, January and February and 5% for March. That comes to 60% of the premium you would have been quoted if you had insured for a full 12 months. You were quoted $1300 from February to February this year, and $700 from July to March last year. Based on what you paid from July to March, if you do the math and add the premium percentages for April, May and June you would be paying:

$700.00 = 60% of the total premium
$xxx.xx = 40% of the total premium

So..

$700 / 0.60 = $1166.666666666667

$1166.666666666667 x 0.60 = $700.0000000000002

$1166.666666666667 - $700.0000000000002 = $466.6666666666668

Therefore for those 3 months you should be charged an additional $466.6666666666668, not $600.00 that they have now quoted you.

Shop around and see if you can get a better deal.
Click to expand...

It makes me so happy that people are actually reading my stickies AND understanding them. It's nice not having to be the only one to do the arithmetic for people :)

Although I've posted all of this info in the sticky, TD shouldn't expect the average client to understand their premium-earning schedule for seasonal vehicles. Their first-year quotes are unique because they force renewals every March -- hence, people can falsely believe that their first-year premium is already annualized. They really should be more clear, when providing the initial quote, and inform you of your ANNUALIZED premium so that there are no surprises at renewal. If I were you guys (i.e. TD Clients) I would be complaining about this. Although TD provides all the info you need to do the calculation yourself, it is poor customer service IMO.
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