Wawanesa cut ties with NFP

[Relax]

Are you comparing apples to apples though? It’s common to hear stories of cheap USA insurance, kids paying $500 a year on supersports/blacklisted bikes, etc, but the side of the story that you never hear is that they have $50,000 in liability and basically almost zero accident benefits and hospital coverage. So, if they actually got into a wreck, a lot of cheap USA policies are functionally useless.

I have a buddy riding a big touring bike In the US and he’s paying $1000/year for good solid real insurance. After the current exchange, that’s not a whole lot less than what I am paying for top of the line coverage here on my bike.

Exactly. I recently got a quote for US insurance and it was crazy expensive for similar coverage to what I currently have in Ontario. Cheap for basically no coverage, but once you start adding things up, it skyrockets (if they even offer it).

 

[Relax]

A quote for San Francisco using my 990 SMT came to $1182 USD /yr, and they only offer a max of $300,000 liability. Converted to CAD that's twice as much as what I'm paying now with less than 1/4 the liability coverage. And accident benefits? Max of $2000.

 

[PrivatePilot]

A quote for San Francisco using my 990 SMT came to $1182 USD /yr, and they only offer a max of $300,000 liability. Converted to CAD that's twice as much as what I'm paying now with less than 1/4 the liability coverage. And accident benefits? Max of $2000.

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Exactly. I’m pretty tired of hearing all about “cheap US motorcycle insurance“ when in reality it’s basically insurance in name only.

Does our system here have problems? Yes. Could it be somewhat cheaper? Yes. But is the reason why it is expensive because it actually carries functional dollar values worth of coverage? Also yes.

 

[Relax]

One of the problems I see is that most insurers won't sell a policy with less than $1,000,000 liability, even though the Ontario minimum requirement is only $200,000. Desjardins does, but won't sell less than $300,000 which still makes no sense. While I personally don't think $200,000 is enough, if that's the law, then that should be an option.

 

[PrivatePilot]

One of the problems I see is that most insurers won't sell a policy with less than $1,000,000 liability, even though the Ontario minimum requirement is only $200,000. Desjardins does, but won't sell less than $300,000 which still makes no sense. While I personally don't think $200,000 is enough, if that's the law, then that should be an option.

The difference between $1 million liability and $2 million liability was $26 on our new car, and something pretty similar on all of our other vehicles including the bikes.

There’s not really any massive significant savings to be had here I don’t think, however you would be exposing yourself to all sorts of additional liability. That’s the thing that happens in the US where there is someone who causes a catastrophic injury accident but only has cheap crappy insurance – they end up getting sued into bankruptcy, losing all their saleable assets, yes, including the house if they own and have equity. That’s another side you seldom hear about when people rave about the “cheap US insurance”.

 

[Relax]

The difference between $1 million liability and $2 million liability was $26 on our new car, and something pretty similar on all of our other vehicles including the bikes.

There’s not really any massive significant savings to be had here I don’t think, however you would be exposing yourself to all sorts of additional liability. That’s the thing that happens in the US where there is someone who causes a catastrophic injury accident but only has cheap crappy insurance – they end up getting sued into bankruptcy, losing all their saleable assets, yes, including the house if they own and have equity. That’s another side you seldom hear about when people rave about the “cheap US insurance”.

It was a much bigger difference for me the last time I checked, which is why I only have $300k on each vehicle, but top them up with an umbrella policy. I recently asked about increasing my umbrella and the price was more than I was expecting. I'll get another quote since my renewal is coming up.

 

[Shaman]

Screw Wawanesa. They first dropped my 911 and then after a year they dropped my Super Duke. The car because "it has too much power" and the bike because "the engine is too large." Oh, and that's with no current speeding tickets on record or any loss of points.

I was under the impression that there are a pile of electric vehicles with more power and much less competent chassis/brakes being sold. I'm also under the impression that the bike they're willing to continue insuring, my RSV4, has 26hp more than the Super Duke.

I'm with CAA for both now, and the pricing is pretty much the same.

 

[Dimitri-The-Greek]

If we step back for a minute and look at the root issue. Injury attorneys are making millions of dollars each year suing the insurance companies. Quebec has no fault insurance that doesn't allow for such law suits in the cases of bodily injuries. They also have an extensive health care system that provides various services for rehab.