Super expensive vespa insurance, does this seem correct?

Rudy

Member
Hi guys,

Im a newbie here. Bought a red 1980 p125x vespa last weekend yayy... what i thought would be a faster and cheaper way to commute in the city turn out to be a hella nightmare expensive insurance premium.

Im 32 yr old male, got my m1 last week, no driving history, living in downtown toronto.
Got quoted by a few different brokers under Intact (I want to go with Jevco but they don't exist anymore) for $1900 a year by the time i have my license for a year its gonna drop to $1180 a year. Riding courses only give me a 10% discount. The used vespa itself only cost me $1000 to buy.

Does this seem correct? any help would be much appreciated
 
Go to state farm. They charge based on cc's. 125 being as low as you could reasonably go, I'd be surprised if insurance was more than $60/mnth.
 
I called a statefarm broker already, they won't insure anyone without a valid g license for 5 years.
 
Try Paul at Surnet, Carlos at Cornerstone, or Desjardins
 
The "no driving history" bit is your achilles' heel at the moment. On top of the ones suggested above, also try TD. Go with the one where you have home insurance, you have a little bit of leverage to negotiate them taking you on.
 
I'm assuming that's full coverage?

Instantly, i'm thinking downtown toronto, stolen easily. Not to mention high congestion area adding more on the likelihood of an incident.

Add to that if you're in a condo? Perhaps also now taken into account?
 
Your lack of driving/riding history and downtown Toronto location is what's jacking up your rates.
Is this for full coverage? how much are they asking if you remove collision and just have liability + fire & theft? Your deductible will probably be $500 anyway.

Shop around, but won't get too much better until you get more 'experience' under your belt.
 
I called a statefarm broker already, they won't insure anyone without a valid g license for 5 years.
Sorry, when I read your first post, I assumed you meant no riding history. You're in basically the same category as a 16 year old. I can't believe I'm about to suggest this, but, why not keep going for your licence, but get an ebike instead? Those don't have any insurance needs as far as I know.
 
Insurance is a rip off. Rates like that shouldn't be legal. Yet you come up here out of the city and my friend who's had a m1 for 4 weeks now has a 600r for under 800 a year. It should be higher for Noobs and all but not double or worse the replacement value of what you're riding. It's not like you're asking to insure a 1000. Good luck in your search. Hopefully it works out for you
 
I'm assuming that's full coverage?

Instantly, i'm thinking downtown toronto, stolen easily. Not to mention high congestion area adding more on the likelihood of an incident.

Add to that if you're in a condo? Perhaps also now taken into account?

The lack of experience on the road is what hurts more, here. I live right downtown in a condo, and only pay $700 a year for my 250. 4th year with the bike, nearly a decade driving.
 
I'm assuming that's full coverage?

Instantly, i'm thinking downtown toronto, stolen easily. Not to mention high congestion area adding more on the likelihood of an incident.

Add to that if you're in a condo? Perhaps also now taken into account?


Liability only, crazy expensive
 
Sorry, when I read your first post, I assumed you meant no riding history. You're in basically the same category as a 16 year old. I can't believe I'm about to suggest this, but, why not keep going for your licence, but get an ebike instead? Those don't have any insurance needs as far as I know.

S'all good, Thanx for the info.
 
Just out of curiosity, does my address in the insurance has to match the address on my m1 license? Im' Thinking to put my parents address which is in Cambridge. My address in my M1 is a toronto address.
 
The lack of experience on the road is what hurts more, here. I live right downtown in a condo, and only pay $700 a year for my 250. 4th year with the bike, nearly a decade driving.

Hmm dyou think if I asked for a quote with an m2 in hand (which I'll apply for it in 1 1/2 months), the premium will be better?
 
Based on the additional info you've provided, if it's me, I would almost go with $1000 deductible and get basic minimum coverage. Theft is not worth it, since the bike cost you $1000. But even liability alone nets you $1900 premium for the year... that's crazy. Not sure if you own your home downtown or renting. Either way, see if you can use that for leverage to get a lower premium.

Do not do the address-strategy you stated. Untruthful info will get your claim denied if you ever file one.

M2 doesn't make a difference. Hope this works out for you.
 
Hmm dyou think if I asked for a quote with an m2 in hand (which I'll apply for it in 1 1/2 months), the premium will be better?

As stated, simply having the M2 will likely not do much - especially considering the process of acquiring one takes only 90 days, at the outside. They are more interested in knowing how long you have been licensed, in years. I had picked up my M2 in 2010, and my bike in 2012. I used to gather quotes every year in between, and noticed my quoted rate drop drastically after the first year - even though I had no bike and no insurance at the time.

I always try and tell people who are on the fence to get their license now - it would save them a bunch if they finally decide to get a bike a year or two later.
 
Without any driving experience, getting on a motorcycle, even a small one, will put you in a great deal of harm. This is especially true in crowded downtown, but also true in the suburbs. Hence, this is why your motorcycle insurance rates are so high, if they offer insurance at all. You are a very high risk and the insurance companies know it, so you should acknowledge this as well.

I'm not trying to convince you to give up and sell your bike, but to warn you that learning to navigate our roads have severe consequences for new riders. Drivers in Toronto are terrible, and intentionally or unintentionally reckless.

Here are some suggestions:
-Learn to drive a car first, or at the same time as learning to ride your bike
-Learn to ride a bicycle in downtown Toronto. This might actually be more dangerous than riding a motorcycle, but at least your speeds will be lower, so crash forces will hopefully be lower.
-Learn to ride, but only go out early weekend mornings or outside of downtown Toronto. Ride where there is very little vehicular traffic.
-Take a motorcycle riding course before you start riding. There are scooter riding courses.

We'd hate for you to get seriously hurt. There is a lot to learn and mistakes have serious consequences.
 
Just out of curiosity, does my address in the insurance has to match the address on my m1 license? Im' Thinking to put my parents address which is in Cambridge. My address in my M1 is a toronto address.
You need to insure to the address the vehicle will be the majority of the time. It could be a valid reason to deny any claims.
 
Without any driving experience, getting on a motorcycle, even a small one, will put you in a great deal of harm. This is especially true in crowded downtown, but also true in the suburbs. Hence, this is why your motorcycle insurance rates are so high, if they offer insurance at all. You are a very high risk and the insurance companies know it, so you should acknowledge this as well.

I'm not trying to convince you to give up and sell your bike, but to warn you that learning to navigate our roads have severe consequences for new riders. Drivers in Toronto are terrible, and intentionally or unintentionally reckless.

Here are some suggestions:
-Learn to drive a car first, or at the same time as learning to ride your bike
-Learn to ride a bicycle in downtown Toronto. This might actually be more dangerous than riding a motorcycle, but at least your speeds will be lower, so crash forces will hopefully be lower.
-Learn to ride, but only go out early weekend mornings or outside of downtown Toronto. Ride where there is very little vehicular traffic.
-Take a motorcycle riding course before you start riding. There are scooter riding courses.

We'd hate for you to get seriously hurt. There is a lot to learn and mistakes have serious consequences.

Ride like you're invisible and don't think for a moment that everyone else on the road isn't trying to kill you.
 
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