Substantial difference in quotes | GTAMotorcycle.com

Substantial difference in quotes

IbbadMurtaza

IbbadMurtaza

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Hey there fellow riders, hope you’re all doing well. So today I bought a 2007 Kawasaki Vulcan 900. My last bike was a 2015 Ninja 300, which I sold. Last year was when I finished my MSF course and got my M2, I’m 24 years old, and started riding just last year. Have a clean driving record.

Before purchasing my Vulcan today, I called Riders Plus (they insured me for my Ninja 300 last year), and asked them for a quote on my Vulcan, I told them that this is going to be my second season as they asked me, and they quoted me for $4000/year basic coverage, that’s pretty high compared to my Ninja’s $1700 for the year.

I then called Co-operators and they quoted me for roughly $800/year. I asked the agent to confirm my information and everything was correct. I know I got a small discount because we have group insurance at my workplace, but even if I didn’t work here, I would only be paying $900.

The agent sent me the temporary insurance slips after I gave him my banking information, and I asked him if he’ll need a picture of my ownership after the bike is transferred, he said no and didn’t even ask me for my signature. The insurance slip seems legitimate. I was wondering if there’s something fishy about that. How can a quote go from $4000/year to $800/year? I have the ownership of the bike and the temporary insurance slip and will go to Service Ontario to get it registered and transferred under my name.

I have been stressing out throughout the day wondering if there’s something wrong. I just hope that everything is okay, because I’ve never seen such low insurance, especially for a 900 cc cruiser. Can someone please help me out?


Rev ON
 
IbbadMurtaza said:
Hey there fellow riders, hope you’re all doing well. So today I bought a 2007 Kawasaki Vulcan 900. My last bike was a 2015 Ninja 300, which I sold. Last year was when I finished my MSF course and got my M2, I’m 24 years old, and started riding just last year. Have a clean driving record.

Before purchasing my Vulcan today, I called Riders Plus (they insured me for my Ninja 300 last year), and asked them for a quote on my Vulcan, I told them that this is going to be my second season as they asked me, and they quoted me for $4000/year basic coverage, that’s pretty high compared to my Ninja’s $1700 for the year.

I then called Co-operators and they quoted me for roughly $800/year. I asked the agent to confirm my information and everything was correct. I know I got a small discount because we have group insurance at my workplace, but even if I didn’t work here, I would only be paying $900.

The agent sent me the temporary insurance slips after I gave him my banking information, and I asked him if he’ll need a picture of my ownership after the bike is transferred, he said no and didn’t even ask me for my signature. The insurance slip seems legitimate. I was wondering if there’s something fishy about that. How can a quote go from $4000/year to $800/year? I have the ownership of the bike and the temporary insurance slip and will go to Service Ontario to get it registered and transferred under my name.

I have been stressing out throughout the day wondering if there’s something wrong. I just hope that everything is okay, because I’ve never seen such low insurance, especially for a 900 cc cruiser. Can someone please help me out?


Rev ON
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Well first of all, congrats on the new bike!

I'm not familiar much with cruiser insurance, but from what I've read on this forum, it's vastly different from sport bike insurance. Some insurance companies only look at the engine capacity "cc" when generating the quote, rather than the bike type. Others may look at the type. Could be that that's what happened in your case. A 900cc cruiser is vastly different from say, a 900cc sport bike.

Others can chime in.

Edit: have you already made the first and last payment?
 
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roadrash said:
Well first of all, congrats on the new bike!

I'm not familiar much with cruiser insurance, but from what I've read on this forum, it's vastly different from sport bike insurance. Some insurance companies only look at the engine capacity "cc" when generating the quote, rather than the bike type. Others may look at the type. Could be that that's what happened in your case. A 900cc cruiser is vastly different from say, a 900cc sport bike.

Others can chime in.

Edit: have you already made the first and last payment?
Click to expand...

Thanks!!. He said my first and last payment would come out on the 4th of May.
I just wanna know why RiderPlus was quoting me for $4,000 and Cooperators quoted me for $800. I just hope that the agent did everything correctly. This isn’t too good to be true eh?


Rev ON
 
IbbadMurtaza said:
Thanks!!. He said my first and last payment would come out on the 4th of May.
I just wanna know why RiderPlus was quoting me for $4,000 and Cooperators quoted me for $800. I just hope that the agent did everything correctly. This isn’t too good to be true eh?


Rev ON
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That is a significant difference, no doubt about that. Haven't seen such a big variation in the past between quotes. Policies can and have been cancelled in the past after the fact, just something to keep in mind. I would suggest calling the broker and confirming whether the underwriter ran the VIN of your purchased vehicle and has approved the policy.

Only reason for the difference, that I can think of, is what I mentioned in my previous post - some go by engine size, others by type of bike. Although, I thought Rider's Plus specializes in Cruisers, so I'm a bit surprised that their quote is way off.

Are you sure you provided all the details correctly ? Especially your age, exact dates you got your licenses, insurance history etc ? I would double confirm all those details, if I were you.
 
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roadrash said:
That is a significant difference, no doubt about that. Haven't seen such a big variation in the past between quotes. Policies can and have been cancelled in the past after the fact. I would suggest calling the broker and confirming whether the underwriter ran the VIN of your purchased vehicle and has approved the policy.

Only reason for the difference, that I can think of, is what I mentioned in my previous post - some go by engine size, others by type of bike. Although, I thought Rider's Plus specializes in Cruisers, so I'm a bit surprised that their quote is way off.

Are you sure you provided all the details correctly ? Especially your age, exact dates you got your licenses, insurance history etc ? I would double confirm all those details, if I were you.
Click to expand...

Thank you for your reply. Yes, they have correctly ran my VIN and have sent me temporary insurance slips on which I have confirmed my VIN number. He also ran a check on my drivers license, and I have correctly told him my license dates.


Rev ON
 
IbbadMurtaza said:
Thank you for your reply. Yes, they have correctly ran my VIN and have sent me temporary insurance slips on which I have confirmed my VIN number. He also ran a check on my drivers license, and I have correctly told him my license dates.


Rev ON
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Sounds like you covered all your bases, if your VIN# is correct and you've verified license #, no convictions or accidents that might 'appear', etc.

Any issue I've ran into with under writing has always been before slips have been issued, within an hour of giving my banking information. (Companies not liking that I haven't taken a recent rider training course, or that my group discount doesn't apply for whatever reason, etc).

As Roadrash said, some companies just look at bikes differently than others. For all you know RidersPlus could have had incorrect information in their system causing the quote to be inflated.

Did you get Co-operators to quote you on your 300? Curious what the rate was there.
 
Yeah I wouldn’t be stressing too hard about it. I’ve called a ton of companies over the years and owned many different bikes. I found quotes to be all over the map. Every company will have their own rating system based on specific factors.


Sent from my iPhone using GTAMotorcycle.com
 
rust0r said:
Sounds like you covered all your bases, if your VIN# is correct and you've verified license #, no convictions or accidents that might 'appear', etc.

Any issue I've ran into with under writing has always been before slips have been issued, within an hour of giving my banking information. (Companies not liking that I haven't taken a recent rider training course, or that my group discount doesn't apply for whatever reason, etc).

As Roadrash said, some companies just look at bikes differently than others. For all you know RidersPlus could have had incorrect information in their system causing the quote to be inflated.

Did you get Co-operators to quote you on your 300? Curious what the rate was there.
Click to expand...

Thank you for your reply brother! I went to Service ON and got the bike transferred and registered under my name, everything went fine, and after reading your message, I feel stress free now. I will call Co-operators soon and ask them for a quote on my Ninja 300 and will let you know soon.
Thanks again brother!


Rev ON
 
Dizzer said:
Yeah I wouldn’t be stressing too hard about it. I’ve called a ton of companies over the years and owned many different bikes. I found quotes to be all over the map. Every company will have their own rating system based on specific factors.


Sent from my iPhone using GTAMotorcycle.com
Click to expand...

Thanks for your reply bro!! That’s what the agent from Co-operators told me, that some companies experience a high rate of claims and raise the premium for those bikes.


Rev ON
 
IbbadMurtaza said:
Thank you for your reply brother! I went to Service ON and got the bike transferred and registered under my name, everything went fine, and after reading your message, I feel stress free now. I will call Co-operators soon and ask them for a quote on my Ninja 300 and will let you know soon.
Thanks again brother!


Rev ON
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Rev ON
 
$4000 for a Vulcan 900 is insane...$800 for a M2 rider in their 20’s with the MSF course sounds about right to me honestly.

Riders plus is just completely off base for many quotes - not sure how they have any customers honestly - they wanted just under $3000 (IIRC) for my VTX1300. Nuts. Needless to say I went with Dalton Timmis at $500/year for the exact same coverage.

Cruiser insurance is indeed less expensive vs anything in the sport category.
 
Nice bike!

Sent from my purple G4 using Tapatalk
 
PrivatePilot said:
$4000 for a Vulcan 900 is insane...$800 for a M2 rider in their 20’s with the MSF course sounds about right to me honestly.

Riders plus is just completely off base for many quotes - not sure how they have any customers honestly - they wanted just under $3000 (IIRC) for my VTX1300. Nuts. Needless to say I went with Dalton Timmis at $500/year for the exact same coverage.

Cruiser insurance is indeed less expensive vs anything in the sport category.
Click to expand...

I love all the replies, have taken a lot of stress off my chest, especially knowing that I’m not the only one who got a crazy difference in quotes. Riders-plus is very expensive I realize now. $3000 to $500? That’s crazy dude. They really gotta do something about insurance in Ontario.


Rev ON
 
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