Potential claim question - wondering about impact to rates

N

nschwenker

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30yr old rider, Full G/M, M is a year old, G is 10+.

No other tickets or accidents on record.

Asking the theoretical question:

Any thoughts on how much a single at fault claim on my motorcycle could impact cost and availability of insurance next year? Currently paying $1450 for full coverage with RSA on a 2014 Thruxton.

In such situations, is it better to suck up the repair cost of 2-3k and have a bike that isn't perfect or, bite the bullet and submit a claim to get back to pristine?

Welcome any thoughts especially from those who've experienced or in the industry.

Thanks
 
Generally an AF (At Fault) accident effects between 10-15% of you annual premium, But with Some companies if you have an accident with Car they don't rate your Motorcycle for that accident and vice-verse,

Hope this helps
 
I would have thought much more than 10-15% (in some cases a minor ticket costs you that much). My advice would be to call the insurance company and ask, but give them no name or details, and potentially call from an unknown number (not the one you have on file with them), if you are super paranoid.

I know when I had a raccoon run out in front of my car I did the above to confirm there would be no rate increase (since that one wasn't counted as an at fault). Once I confirmed that, I gave them my info and set things in motion.
 
humsafar77 said:
Generally an AF (At Fault) accident effects between 10-15% of you annual premium, But with Some companies if you have an accident with Car they don't rate your Motorcycle for that accident and vice-verse,

Hope this helps
Click to expand...

Seems strangely low. I have heard more like 30-100%. I have never heard of an insurance company in ontario that cared whether the accident was on a car or bike, an at-fault on your abstract is a great fundraiser for all insurance companies.

Based on the guy below, if the damage was only a few thousand, I would still eat it. If you have 2 at-fault accidents your rates will be crazy and you may find it is hard to get insurance for the bike (or at least get pushed to facility).

Some 5 minute anecdotal research
"My dad's insurance now is in the $8000 range for insuring a Dodge Caravan (3 years old) and a Dodge Ram 1500 Pickup truck (2 years) old. He hit a pedestrian. Before it was $3600 for the 2 vehicles. He already used his accident forgiveness 2 years ago. The insurance company says it will be that much for the next 2 years. He owns the truck but his monthly insurance is double what his lease payments are for his van.. Hitting the stupid ped was his 2nd accident in his whole lifetime."
 
They also have different rules for taking on new clients - you may have trouble switching to a new company with 1 at-fault on your record. Have seen Allstate not wanting to insure someone with 1 at-fault...
 
So, "theoretically", was this a single vehicle accident where you dorked the bike...or was this a "someone backed into it in a parking lot" hit and run type thing?

The two are very different from a fault standpoint.
 
GreyGhost said:
Seems strangely low. I have heard more like 30-100%. I have never heard of an insurance company in ontario that cared whether the accident was on a car or bike, an at-fault on your abstract is a great fundraiser for all insurance companies.

."
Click to expand...

You are right some time this happens, because there are numerous variables which involves in the rate making. and AF accident is just one of them, so when you see an increase of 30-40% this means those other variables came into play and cause an overall increase in the insurance rates
 
1.5 years ago I had an at fault single vehicle accident in my truck and it was written off. I had accident forgiveness so my rates never moved. 2 months later my renewal came due and I moved both vehicles and both bikes to TD with no issues or increase. I now have no accident forgiveness until I am 6 years incident free again.

Sent from my SM-A500W using Tapatalk
 
If the repair cost is $2k-$3k and it would be an at-fault situation, I'd eat the repair cost in the interest of maintaining a clean record and claims-free status. If you have accident forgiveness, it's good to have that in your back pocket in case something bigger happens.

Doesn't take much damage to reach $2k in damage ... a tip-over can do it.
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