who typically has the best insurance rates?? | GTAMotorcycle.com

who typically has the best insurance rates??

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Sm00th0perat0r

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so i am 23 years old and a m2 rider just got my license in October 2020 after completing the m1 exit course. i have a 1978 honda cb550k and im shopping around for quotes
so far Desjardins comes in at the best rate and it is still extremely high and im not sure why
Desjardins: $2400
riders plus: $4000
smaller companies all came in well above $4000
i have one speeding ticket from 2015 30 over and outside of that no other infractions on my record
not sure why this bike came in so high??
are there any other companies that are know for having better rates??
if i cant find any better rates i may sell the bike and look at something else.
in your experience what are some cheap bikes to insure that are in the 500-600cc class for either cruisers or street bikes im looking at honda shadow 600 or cbr500 cb500f
thanks!!!
 
gspinosa said:
so i am 23 years old and a m2 rider just got my license in October 2020 after completing the m1 exit course. i have a 1978 honda cb550k and im shopping around for quotes
so far Desjardins comes in at the best rate and it is still extremely high and im not sure why
Desjardins: $2400
riders plus: $4000
smaller companies all came in well above $4000
i have one speeding ticket from 2015 30 over and outside of that no other infractions on my record
not sure why this bike came in so high??
are there any other companies that are know for having better rates??
if i cant find any better rates i may sell the bike and look at something else.
in your experience what are some cheap bikes to insure that are in the 500-600cc class for either cruisers or street bikes im looking at honda shadow 600 or cbr500 cb500f
thanks!!!
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it's mostly not the bike.

in the eyes of insurance companies you`re young and inexperienced and at high risk for an accident. your rate will improve after 1 full year being insured with a clean record.
 
Evoex said:
it's mostly not the bike.

in the eyes of insurance companies you`re young and inexperienced and at high risk for an accident. your rate will improve after 1 full year being insured with a clean record.
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that makes sense so its just a matter of biting the bullet this year and seeing how it comes in next year
 
gspinosa said:
that makes sense so its just a matter of biting the bullet this year and seeing how it comes in next year
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Pretty much. Just gotta lube up and ride it out. Insurance companies with have their way with you for as long as they please.
 
Evoex said:
it's mostly not the bike.

in the eyes of insurance companies you`re young and inexperienced and at high risk for an accident. your rate will improve after 1 full year being insured with a clean record.
Click to expand...
Insurers don't like writing cheques but the smaller ones they tolerate. OP's bike is a nice retro but isn't worth a lot compared to a Vincent or Brough Superior. One small cheque and they're done if it gets wrecked.

Bike have smaller mass and are less likely to write off a car in the event of a crash so again the cheque isn't that big. Another modest cheque and again, they're done.

Personal injury and medical coverage scares them. In the event of OP having a life altering crash, the settlement, should he be crippled, has to to consider his needs for another sixty years. That scares them.

Add to the that the total screw up with "No fault" and the insurers can do as they please. Motorcycle insurance isn't a big part of the business so if they can't make a really decent profit out of it they drop out.

The insurers also change their target markets like a sports team trades players, Trade a solid mature player for two young ones with future potential. A minor change in management could mean the bad guy this year is great the next or the other way around.
 
2400 is a lot of money but seems pretty good for a newly licenced rider.
Rates vary wildly between insurers as you've seen. I have a long, clean insurance record, but I still have 2 insurers for 2 bikes.
Billyard insurance advertises on gtam. They might be able to help you

Sent from my Redmi 7A using Tapatalk
 
Get a scooter. New riders fall off so insurance will be high. It goes down with years of insurance experience. Until one day you can insure a 200 HP+ superbike for $1500 a year full coverage.
 
Evoex said:
it's mostly not the bike.
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UHhhhmmmm
Sort of
A 1978 has a non standard VIN which limits the companies that will write a policy.
If the VIN isn't in the Autoplus database, a 1978 VIN isn't, many insurance companies won't touch it.
 
bitzz said:
UHhhhmmmm
Sort of
A 1978 has a non standard VIN which limits the companies that will write a policy.
If the VIN isn't in the Autoplus database, a 1978 VIN isn't, many insurance companies won't touch it.
Click to expand...
Didn’t know that, interesting.

I don’t think he’d find much difference with say a cbr500r tho ?
 
I got the best rate with Desjardins as a new rider, aged 25-30.
The agent at Mitchell and Whale told me he couldn't come close to Desjardin's quote and that typically Desjardins and TD provide better rates for new riders.

As mentioned above though, insurance will be high regardless.
You're under 25, and you're a new rider. Once you turn 25 and have been insured from now til then (2 years insured), your insurance will drop quite a bit.
 
Unfortunately, that Desjardins quote sounds about right. I "only" paid $1600 my first year, but I was a whole 11 years older than you.
 
Desjardins has good rates, and you’ll likely not find cheaper than what they’re offering. I’d stay away from a lot of the motorcycle specific brokers that prey on people having not shopped around and will make some sort of implication you’ll never get a better lower priced service elsewhere.
 
Have you tried Allstate? I got the best quote from them and I'm a new rider too (well, in the eyes of the insurance company I'm a new rider)
But I'm also mid-50's, so.....not sure if that matters much....probably a bit....
 
Out of curiosity you should try getting a quote on a more modern bike like a 2015 vstar 650 or something like that.

The price doesn't seem insane as mentioned for a young new rider, but the vintage nature of the bike probably isn't helping either. Some insurance companies get squirrelly with that sort of thing.
 
Evoex said:
it's mostly not the bike.

in the eyes of insurance companies you`re young and inexperienced and at high risk for an accident. your rate will improve after 1 full year being insured with a clean record.
Click to expand...

That never happened :( - I started a few years back at 25 yrs old. Paying $1800 on the SV650N. Got the 1 yr, clean record, and the CB500XA (with ABS) to reduce rates hopefully. Nope, went up to $1900, with a Smaller bike. At the time Aviva dropped anyone with less than 5yrs exp, and all the companies just gave whatever rates they felt like.

Fast forward to today, I'm still paying more than what I was for my first year of riding. Every year they increase it, not reduce, so I see it all as a scam
 
ScorpionT16 said:
That never happened :( - I started a few years back at 25 yrs old. Paying $1800 on the SV650N. Got the 1 yr, clean record, and the CB500XA (with ABS) to reduce rates hopefully. Nope, went up to $1900, with a Smaller bike. At the time Aviva dropped anyone with less than 5yrs exp, and all the companies just gave whatever rates they felt like.

Fast forward to today, I'm still paying more than what I was for my first year of riding. Every year they increase it, not reduce, so I see it all as a scam
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Interesting. Haven’t met anyone whose rate only went up from day 1.
 
Evoex said:
Interesting. Haven’t met anyone whose rate only went up from day 1.
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Not sure if its my postal code or what, and last year I switched from Echelon to Intact (From NPS to Riders Plus), because they quoted $600-700 more, not having a dual sport category for the T7. I'm still paying more, a lot more than what I was for the SV650N :(

One reason I got the KTM. If this pattern of increase keeps up, I rather leave street altogether and just have a blue plate dirt bike on the side to keep the record going
 
Aviva dropping the <5 years experience market a few years ago in effect resulted in an increase because people had to move to different underwriters.

So it wasn’t directly a “they raised my rates”, it was “my rates went up because the new company charged more”. In the end, a defacto increase.

Happened to my wife, but when we bundled with her corporate plan her rates crashed again. But Aviva wouldn’t renew her after carrying her bike for 2 years because she only had 3 years experience at the time.
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