new rider's quote seems not bad??

[roadrash]

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But for my car, I pay only when I drive it, if I don't drive I don't pay. I travel a lot for work, maybe 40% of my time, so I last year I paid 60% of my annual premium.

Motorcycle premiums are consumed over the spring to fall months, starting in March till October for most insurers. No premium is consumed during the winter months. Example: say, you get insurance on a bike starting on March 1st. Let's say your premium is $1000. Ride till October 30th, and then cancel your insurance. You would still owe $1000, because the premium is consumed from March to October.

Another example: you get insurance starting Nov 1st. Then cancel Feb 28th. You will get back all the premium that you paid over the winter months as a refund, because none of the premium was consumed. You can still ride the bike in the winter should you chose to.

Edit: typical breakdown of premium consumption for motorcycles looks as follows:

March 5%
April, May 10% each
June, July, August 20% each
September 10%
October 5%

Totals 100%

If you get insurance from March till August, then you've consumed 5+10+10+20+20+20=85% of the premium. If your annual premium is $1000, then you owe them $850. Doesn't matter if you pay monthly or one payment or 7 payments.

 

[Jayell]

But for my car, I pay only when I drive it, if I don't drive I don't pay. I travel a lot for work, maybe 40% of my time, so I last year I paid 60% of my annual premium.

I don't know anything about car insurance; it's not relevant to this discussion.

Here's how the weighted motorcycle insurance premium is applied over the calendar year:

January 0%
February 0%
March 5%
April 10%
May 10%
June 20%
July 20%
August 20%
September 10%
October 5%
November 0%
December 0%

This page explains it all, and also has a handy motorcycle cancellation calculator: Can I Cancel My Motorcycle Insurance in the Winter? | Mitchell & Whale Ltd.

If you ride, for example, April - October, you'll be charged 95% of the annual premium. For the months you don't ride, November to March, you'll be entitled to 5% back. Not worth cancelling.

Edit: Mr. Roadrash beat me to it.

 

[ChrisCBR]

Cheers mate, It's glad to see someone here also ride in the UK
I actually find the rate here are better then when I was in the UK... Maybe I was young/single/living in London/poor etc. back then....

The rates here are the worst in the world. My uncle lives in the UK and insures 3 bikes for 200 quid a year. The riding season is longer there as well.

 

[charlieman1987]

admit I didn't read the prior posts, mate
most in these parts ride Jap bikes
and they are great
best of luck
cheers

Thanks, safe riding

 

[charlieman1987]

Motorcycle premiums are consumed over the spring to fall months, starting in March till October for most insurers. No premium is consumed during the winter months. Example: say, you get insurance on a bike starting on March 1st. Let's say your premium is $1000. Ride till October 30th, and then cancel your insurance. You would still owe $1000, because the premium is consumed from March to October.

Another example: you get insurance starting Nov 1st. Then cancel Feb 28th. You will get back all the premium that you paid over the winter months as a refund, because none of the premium was consumed. You can still ride the bike in the winter should you chose to.

Edit: typical breakdown of premium consumption for motorcycles looks as follows:

March 5%
April, May 10% each
June, July, August 20% each
September 10%
October 5%

Totals 100%

If you get insurance from March till August, then you've consumed 5+10+10+20+20+20=85% of the premium. If your annual premium is $1000, then you owe them $850. Doesn't matter if you pay monthly or one payment or 7 payments.

Now I understand! Appreciate your time sharing this with me

 

[charlieman1987]

I don't know anything about car insurance; it's not relevant to this discussion.

Here's how the weighted motorcycle insurance premium is applied over the calendar year:

January 0%
February 0%
March 5%
April 10%
May 10%
June 20%
July 20%
August 20%
September 10%
October 5%
November 0%
December 0%

This page explains it all, and also has a handy motorcycle cancellation calculator: Can I Cancel My Motorcycle Insurance in the Winter? | Mitchell & Whale Ltd.

If you ride, for example, April - October, you'll be charged 95% of the annual premium. For the months you don't ride, November to March, you'll be entitled to 5% back. Not worth cancelling.

Edit: Mr. Roadrash beat me to it.

Thank you both for explaining me this. It's crystal clear now.

 

[charlieman1987]

The rates here are the worst in the world. My uncle lives in the UK and insures 3 bikes for 200 quid a year. The riding season is longer there as well.

I think maybe it's because in the UK the bikers are just as common as drivers, all year around. and the mature riders get huge discount after years.

 

[charlieman1987]

Just a quick update, I got the VIN from a Daytona seller, give it to TD, no surprise really, lower than the initial quote actually, because this one is not R version.

Some other interesting facts - quote for 2016 Speed Triple R is $800/y, quote for 2016 Speed Triple S is $2800/y, I think TD should fire their actuary and hire someone from this forum.

Also shopped around with other brokerage, the 'best' rate for Daytona is like $8000/y... still don't know why TD's rate is so low for me.

Finally, deposit paid for a 2014 Daytona, waiting for the safety certificate and pick it up.

Ride safe.

 

[ChrisCBR]

Just a quick update, I got the VIN from a Daytona seller, give it to TD, no surprise really, lower than the initial quote actually, because this one is not R version.

Some other interesting facts - quote for 2016 Speed Triple R is $800/y, quote for 2016 Speed Triple S is $2800/y, I think TD should fire their actuary and hire someone from this forum.

Also shopped around with other brokerage, the 'best' rate for Daytona is like $8000/y... still don't know why TD's rate is so low for me.

Finally, deposit paid for a 2014 Daytona, waiting for the safety certificate and pick it up.

Ride safe.

Actuaries try and fit models to data they have. Since moto is such a small market they likely dont do much with data at all. Looks like TD doesnt follow the same pricing methods the others use, which is basically anything 600 supersport automatic 400% premiums.
The underwriter should be fired because they are allowing policies to be written at sub 1/4 the current market rate.

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