Sport Bike Insurance -- Who are you insured with? How much do you pay? | Page 3 | GTAMotorcycle.com

Sport Bike Insurance -- Who are you insured with? How much do you pay?

How? I am also with Wawanesa but they don't insure 1100 CC bikes (I have the same bike as you), I had to insure it with Intact.

I updated this, maybe not in this thread though.
A day before the policy came into effect they called me and said something along the lines of “Oops, we can’t insure over 1000cc” even though I re-confirmed everything with them after they’d quoted me and I had also received my pink slips.
I ended up selling the Tuono and picked up a new Honda CB1000R which conveniently has a 998cc motor.
 
I'm curious as to how many young people in your area (G.T.A.) that buy sports bikes above 600cc are actually riding with out insurance. Someone once told me that 5% of the cars driven in GTA area drivers have no insurance. I live down in the most southern part of Ontario, having had continuous insurance on 1000cc sport bikes and am paying over $1000 per year with a "standalone' policy.
There is no way any one under 35 is paying under $3000 per year for a 1000cc, which is totally insane

I bought an R1 in 2019 and called 4 or 5 places that wouldn't touch it. bundled or not with car. I was 30. Gave up, then my buddy suggested wawanesa and quote was for $1500 and change for full coverage. Didn't have to move a vehicle over with them either. bike only. I jumped on it... it went up about 100 bucks a year since. this year would've been $1700 and change but I just sold it... switched the policy over now to my Ninja zx6r and its going to be only $180 a year cheaper now. Thought it would've been a bigger difference from the 1000 down to 600. In the market for something new and exciting now, maybe ducati.
 
With all this 1000cc cap/premium charge talk, it’s really dashing my dreams of ever owning a Thruxton 1200 R or similar. Even though it’s a dog performance-wise, compared to 600 super sports
 
How? I am also with Wawanesa but they don't insure 1100 CC bikes (I have the same bike as you), I had to insure it with Intact.
With all this 1000cc cap/premium charge talk, it’s really dashing my dreams of ever owning a Thruxton 1200 R or similar. Even though it’s a dog performance-wise, compared to 600 super sports
Hey Wind Shear: no worries on that at ALL, get that Thruxton. Both Wawanesa and Intact are insurance COMPANIES... and are just 2 of the many moto options NFP Moto can compare rates between (NFP is a BROKER). Each insurance company has their own set of internal rules and lists, and some are better for certain bikes or age groups than others. Though Wawanesa has awesome rates that 999cc cap is specific to that company and what they consider a "sport bike". The other carriers dont have that cap, which is why it always pays to let a broker like NFP find the best rates for you. For a quote email to: moto@nfp.com
 
With all this 1000cc cap/premium charge talk, it’s really dashing my dreams of ever owning a Thruxton 1200 R or similar. Even though it’s a dog performance-wise, compared to 600 super sports

I think the cap is only on sport bikes? My Versys 1000 has a 1,043cc motor but they are fine with that.
 
I updated this, maybe not in this thread though.
A day before the policy came into effect they called me and said something along the lines of “Oops, we can’t insure over 1000cc” even though I re-confirmed everything with them after they’d quoted me and I had also received my pink slips.
I ended up selling the Tuono and picked up a new Honda CB1000R which conveniently has a 998cc motor.
We are dealing with idiots these days, specially the brokers. I called my agent and asked for a quote on a 2021 Ducati Streetfighter V4S, he told me $1250 with Wawanesa, I went and bought the bike, sent him my proof of purchase and he called me immediatelly back appoligizing because he didn't realize the bike was "Black listed" with wawanesa and none of the other underwriters would insure the bike. I was now stuck with a expensive bike and no one to insure it. I ended up calling 11 different brokers before I found one that would do it for less than $2k per year.
 
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We are dealing with idiots these days, specially the brokers. I called my agent and asked for a quote on a 2021 Ducati Streetfighter V4S, he told me $1250 with Wawanesa, I went and bought the bike, sent him my proof of purchase and he called me immediatelly back appoligizing because he didn't realize the bike was "Black listed" with wawanesa and none of the other underwriters would insure the bike. I was not stuck with a expensive bike and no one to insure it. I ended up calling 11 different brokers before I found one that would do it for less than $2k per year.


Glad you were able to get coverage at a somewhat reasonable(?) rate.
For me, that was the last straw for the Tuono. I’ve got a Tuono track bike as well, but it’s just such a beast on the street it’s borderline ridiculous. So far the CB1000R is far more relaxed and better suited for street riding. And as a bonus, it takes regular gas, requires way less maintenance and it costs 1/3rd the price to insure it.
 
Let me give a example of how bad Ontario is for sportbike insurance rates. My nephew lives in Alberta, Medicine Hat, has a 2004 yamaha R1 is paying less than $500 per year.But the crazy thing is doesn't even have a motorcycle licence, just a beginners permit and been paying that for 4 years now.
So next time you see gangs of sportbike riders, riding like maniacs, and which a percentage of do not even have bike insurance, thank them for making all the legit riders pay for their mistakes
 
Let me give a example of how bad Ontario is for sportbike insurance rates. My nephew lives in Alberta, Medicine Hat, has a 2004 yamaha R1 is paying less than $500 per year.But the crazy thing is doesn't even have a motorcycle licence, just a beginners permit and been paying that for 4 years now.
So next time you see gangs of sportbike riders, riding like maniacs, and which a percentage of do not even have bike insurance, thank them for making all the legit riders pay for their mistakes

The way I see it, our premiums go up when insurers try to recoup their losses from their customers' claims (especially accident benefits, fraudulent or not). Uninsured riders can't make any claims, and therefore don't contribute to this. If anything, they might be saving us money...
 
Rates for the insured riders go up anytime the company has costs that are going up. Uninsured riders are costing insured riders money.


Sent from my iPhone using GTAMotorcycle.com
 
Rates for the insured riders go up anytime the company has costs that are going up. Uninsured riders are costing insured riders money.


Sent from my iPhone using GTAMotorcycle.com

How?
If they’re not insured why would insurance companies be paying out?
 
You have to think of it from the other side for it to make some sense.
Imagine if a total stranger came up to you and said "ok here's the deal.... You dont know me but I am a first year rider and just bought a 600cc supersport. I will pay you $4000 right now but if I crash or hurt someone in the next 12 months you have to pay me $60,000 in medical or legal bills" Would you take that deal? Thats insurance in a nutshell.
The claims statistics on certain bikes are so different from other bikes and 99% has to do with the PERSON on that bike, not what the bike can do. For example the rate on a Yamaha R6 or GSXR600 for someone with a full M license, clean record, over 6 yrs moto licensed is seriously like $850 /year. It just rarely ever happens. Experience helps big time but when it comes to restricted super sports its always newer riders asking.

For a quote call: 1-888-841-2621 or email to: moto@nfp.com
 
You have to think of it from the other side for it to make some sense.
Imagine if a total stranger came up to you and said "ok here's the deal.... You dont know me but I am a first year rider and just bought a 600cc supersport. I will pay you $4000 right now but if I crash or hurt someone in the next 12 months you have to pay me $60,000 in medical or legal bills" Would you take that deal? Thats insurance in a nutshell.
The claims statistics on certain bikes are so different from other bikes and 99% has to do with the PERSON on that bike, not what the bike can do. For example the rate on a Yamaha R6 or GSXR600 for someone with a full M license, clean record, over 6 yrs moto licensed is seriously like $850 /year. It just rarely ever happens. Experience helps big time but when it comes to restricted super sports its always newer riders asking.

For a quote call: 1-888-841-2621 or email to: moto@nfp.com
Heres a question, when can I expect to be eligible for insurance for a supersport? I'm 38, going into my 3rd year riding and will have my full M.
 
Heres a question, when can I expect to be eligible for insurance for a supersport? I'm 38, going into my 3rd year riding and will have my full M.
Typical inline 600 and 1000 cc supersports can be insured at any time, its the RATES that are an issue. For those bikes you need at least 6 years moto licensed total and the full M for decent rates. Email us at: moto@nfp.com and I can show you a list of sport bikes that are rated normally and dont require that 6 yr mark. Or call me directly at: 905-335-7447

NFP_Moto_Post-01-compressor.jpg
 
I bought an R1 in 2019 and called 4 or 5 places that wouldn't touch it. bundled or not with car. I was 30. Gave up, then my buddy suggested wawanesa and quote was for $1500 and change for full coverage. Didn't have to move a vehicle over with them either. bike only. I jumped on it... it went up about 100 bucks a year since. this year would've been $1700 and change but I just sold it... switched the policy over now to my Ninja zx6r and its going to be only $180 a year cheaper now. Thought it would've been a bigger difference from the 1000 down to 600. In the market for something new and exciting now, maybe ducati.
Same thing happened to me, Wawanesa as well last year. Bought a 2010 Hayabusa, gave them the VIN and everything. They gave me a rate of $890 a year. I double checked with them that you know this bike, cause that's a great rate but it seems too good to be true. They reassured me it's all good and we will send you the paperwork today. So, bought the bike, got the paperwork, got the pinks and went and got the bike plated. 2 weeks later I get an email that my bike is actually black listed and they can't ensure it, and the best they have found for me is $4K a year lol. What a fuckin joke.
 
Same thing happened to me, Wawanesa as well last year. Bought a 2010 Hayabusa, gave them the VIN and everything. They gave me a rate of $890 a year. I double checked with them that you know this bike, cause that's a great rate but it seems too good to be true. They reassured me it's all good and we will send you the paperwork today. So, bought the bike, got the paperwork, got the pinks and went and got the bike plated. 2 weeks later I get an email that my bike is actually black listed and they can't ensure it, and the best they have found for me is $4K a year lol. What a fuckin joke.

Shouldn't there be recourse for the customer when this happens? Especially if they did their due diligence and double checked, and that the only reason for buying that bike was based on the favorable rate.
 

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