Possible to Insure yourself??

[murf]

doesn't matter i guess. unless someone already has a residence in another province or far away farm somewhere, doesn't make sense to investigate the scenarios.

best solution might be for ontario to switch to BCs system, which is why some province's have lower insurance.

but state farm is right now i think the best for majority of riders, and once Desjardins takes over i doubt things will change for the better.
need to figure out some options and solutions.

Btw, its $1000 to renew your sticker on a sportbike in quebec

 

[Apollo95]

cool.

i appreciate all the input. always both fun and educational getting others' perspective and learning, which is mainly why i started this thread.

hope everyone is having a great weekend. aching to get on the bikes lol. where are you spring? Ahhh!

cheers.

 

[Baggsy]

If it hasn't been said yet, I'd like to say that you don't want leave your interests in the insurance company's lawyer's hands. You'll only get cooperation where those interests coincide.

If it's open and shut that you'll owe $10,000,000, but it might get reduced to $2.000,000 with lots of time and effort, and the insurance company is only on the hook for the first $1,000,000. What do you think their lawyer will do?

 

[promac]

I wonder what effect a large deductible would have on premium......say $25,000 or $50,000? Or perhaps some reinsurance arrangement with your insurance company for the first $200,000 & excess coverage on the rest?

 

[spaceboy]

I wonder what effect a large deductible would have on premium......say $25,000 or $50,000? Or perhaps some reinsurance arrangement with your insurance company for the first $200,000 & excess coverage on the rest?

That's something interesting to think about. As it sits, the premium difference between a $500 and $1000 deductible is negligible. But I doubt there would be much demand for that structure because most people could not afford the risk.

I think the real solution would be a loosening of regulation on the industry. The regulations that have been put in place to protect us seem to be doing the opposite by keeping smaller players out of the market, thus lowering competition and leaving us with fewer choices.

 

[油井緋色]

That's something interesting to think about. As it sits, the premium difference between a $500 and $1000 deductible is negligible. But I doubt there would be much demand for that structure because most people could not afford the risk.

I think the real solution would be a loosening of regulation on the industry. The regulations that have been put in place to protect us seem to be doing the opposite by keeping smaller players out of the market, thus lowering competition and leaving us with fewer choices.

I'm also pretty sure our accidents rates are quite bad. -_-

After getting quotes from Taiwan, which is comparable to USA, I seriously wonder wtf is up with Ontario. I mean, you'd think that because we pay more, we're covered more, but we aren't. There is somebody on these forums that got sued after killing somebody post insurance coverage.

 

[Sunspark]

I remember reading about that. It was a whole family of lawyers who could afford to work for free with no worry about whether or not there would be an outcome in their favour after many billable hours. This would not be the case for most people, the average person has to calculate whether or not the risk is worth it. Very unfortunate.

 

[murf]

I'm also pretty sure our accidents rates are quite bad. -_-

After getting quotes from Taiwan, which is comparable to USA, I seriously wonder wtf is up with Ontario. I mean, you'd think that because we pay more, we're covered more, but we aren't. There is somebody on these forums that got sued after killing somebody post insurance coverage.

I was paying $600 in the usa which was equivalent to $900 canadian. Clean record. Cbr929
Is that equivalent to Taiwan?

 

[nobbie48]

I'm curious about what you said: "Also, when you buy an insurance policy you get the use of their million dollar lawyers for free."

does this apply to fighting tickets under HTA??

because i absolutely agree. any sort of legal issue, deepest pockets win.
but i really want the best representation in HTA matters and tickets.

The police have little interest in your insurance rates. Some tickets are legit and other are purely for the money (Policing for profit). Why would the insurance company be interested in paying your ticket fighting fees? They would be paying a lawyer to reduce their income.

Their lawyers will fight to keep you from being sued due to a collision because eventually the money comes out of their pocket.

 

[油井緋色]

I was paying $600 in the usa which was equivalent to $900 canadian. Clean record. Cbr929
Is that equivalent to Taiwan?

Taiwan is slightly cheaper for full coverage (iirc). I pay $1800 here with an at fault collision (funny enough, my agent gave a friend with a clean record the same quote though).

On the flip side of things, SS bikes in Taiwan cost 3x more than here for some reason from what my relatives told me.

 

[Apollo95]

I wonder what effect a large deductible would have on premium......say $25,000 or $50,000? Or perhaps some reinsurance arrangement with your insurance company for the first $200,000 & excess coverage on the rest?

That's something interesting to think about. As it sits, the premium difference between a $500 and $1000 deductible is negligible. But I doubt there would be much demand for that structure because most people could not afford the risk.

I think the real solution would be a loosening of regulation on the industry. The regulations that have been put in place to protect us seem to be doing the opposite by keeping smaller players out of the market, thus lowering competition and leaving us with fewer choices.

…hmm Interesting point. something to think about.

 

[murf]

Taiwan is slightly cheaper for full coverage (iirc). I pay $1800 here with an at fault collision (funny enough, my agent gave a friend with a clean record the same quote though).

On the flip side of things, SS bikes in Taiwan cost 3x more than here for some reason from what my relatives told me.

Did you get a quote in the usa for equivalent insurance to what u have here?

 

[cbcanada]

The whole idea of insurance is for the banks who bankroll the insurance to make money and make profit.

If in a free society they can force us through laws to have insurance so they can take our money. Then logic would dictate that they would have laws to prevent us from getting around the system by insuring yourself

 

[geoff-9]

Large corporations and some government agencies insure themselves such as the TTC, federal government etc..

 

[Apollo95]

The whole idea of insurance is for the banks who bankroll the insurance to make money and make profit.

If in a free society they can force us through laws to have insurance so they can take our money. Then logic would dictate that they would have laws to prevent us from getting around the system by insuring yourself

Indeed.

 

[nobbie48]

The whole idea of insurance is for the banks who bankroll the insurance to make money and make profit.

If in a free society they can force us through laws to have insurance so they can take our money. Then logic would dictate that they would have laws to prevent us from getting around the system by insuring yourself

If you start a company it can be sued as can the directors etc under certain conditions. So if we formed the GTAM Co-op Insurance Company we would have to buy corporate / directors insurance from someone else. They gotcha.

 

[nobbie48]

I got thinking of the co-op idea. The farmers in Wawanesa Manitoba (I've actually been there) got tired of sending their money to Toronto fat cats so they started their own insurance company. It worked for them.

Could we do the same?

1000 people come up with $10K each for start up = $10 million. That should take care of the start up costs.

Let's say to make it attractive to the investors you have to show them a $1,000 saving per year on their insurance so a typical policy is going to be 1,000 a year or total income of 1 million.

You will need a CEO, accountant, actuary, a clerk and an office. At least $500,000.

Now you have $500,000 left in the kitty to cover claims for 1,000 people. A few serious incidents and then you start draining the start-up pool which is the road to insolvency.

The numbers are pulled out of a hat but they don't come close to working. Back to the drawing board.