My Quest For Motorcycle Insurance

[Gord]

I am pretty happy with my motorcycle insurance. I have seen a steady decline in my rates as my riding experience has developed. Since 2004 my annual fee has dropped from C$1800 to last year's C$752. For that rate I receive


$1,000,000 Liability (Property Damage, Bodily Injury)
Accident Benefits (Income Replacement, Care expenses, Mecial, Rehab, etc.)
Uninsured Driver Coverage
Collision or Upset Coverage ($1,000 Deductible)
Specified Perils ($1,000 deductible)
Family Protection Coverage
Fire & Theft Coverage
Lienholder Protection (for BMW's stake in the bike!)


My twin brother had the same coverage (except only $300,000 liability) and was paying $1100 per year. My neighbour who has been riding for 35+ years was paying $1200 on his HD! So I think my coverage was pretty reasonably price.

Nonetheless, I figured that new bike time was a pretty good time to just shop around and find out if there was anything better. Just for a sanity check. A couple of interesting experiences:


RidersPlus Insurance (where motorcycle insurance is not a sideline...IT'S ALL WE DO!) would not touch the K1200S. When I asked if it was the combination of my experience and the bike, their reply was no. Just the bike. They won't insure it. These were the same guys that quoted me $4400 per year for a Triumph Speed Triple. Obviously RidersPlus is not into insuring performance bikes.
Three local agents in Barrie who claim they insure motorcycles have yet to return my call. Business must be too good.
I talked to my buddy at Open Road BMW and asked if he had heard of any other riders having trouble insuring a K1200S. He had not. Mind you, he fell of his chair when I told him what I was quoted. Needless to say, he is calling my broker!
What was really strange was my broker told me they could insure virtually any BMW except the K-RS which was on their exception list. They asked me no less than three times to validate that I was not purchasing an RS. I did not get an explanation as to why the RS is verboten.


Needless to say, I have my insurance for the new bike all lined up. All I need now is for the Luftwaffe to get it to me rather than the Kriegsmarine.

[jamming]

Gord,
In 2003 I bought an R1150R. Been with the same Ins. company for years. They more than doubled my rate for the R so I went in search for another Ins. company. Ended up with Bikeline, price was right, coverage was good, I'm way over insured, lots of uninsured people in Arizona. Never had a claim, nothing. Bought the ST. Insurance went up 150 bucks a year.That's fair, way more plastic, newer bike, more HP. Gotta pay to play.

Last year this time, BikeLine sends me a bill. My insurance went up 400 bucks a year!!!!!! I went ballistic! Called em...no help...screw em.

Went looking for Insurance. Geico had the best price. 402 bucks a year, great coverage. Just renewed, went down 15 bucks. Now I have not had a claim so, we'll see what happens if I do.

Funny thing is, while I'm thinking about the Triumph, I call my insurance company, and if I buy one my insurance GOES down! Go figure, more HP more plastic. Only thing I can figure is a lower replacement cost.

Good luck!

[GPM]

I shop all my insurance needs every two years. I've found companies tend to target certain areas or demographics with excellent rates and then, over time, jack them up.

I'm currently with Foremost (AARP) for my bike and pay less than $350 for full coverage. I just moved my car insurance to Progressive. Three years ago Travelers was offering great rates. Then each year they upped the ante. The first year, after a long phone call, they re-classified me (whatever the hell that means) and lowered the rates to the previous amount. At the second renewal, they pulled the same thing. When I called to cancel, they immediately wanted to re-classify me. Sorry, only doing that one once.

I think insurance is a form of white collar crime. Shop often.

[Gord]

Jeez - I forgot the key point I was trying to make here. My brand new 2008 K1200S will cost me $750 this year. My 2004 R1150R last year cost me $752 (I wonder what it would have gone down to this year!). I am floored that I can get an uber sports tourer like the K1200S for that kind of coin! :rofl:

[Tripton]

Gee, full coverage for my Rockster was only $391 last year, and I just turned 26.

A few years ago it was up around $800, but I turned 25.....and a few tickets went off the record as well....:floet:

[Elsie Smith]

Progressive on my 2003 R1150RT with $100,000/$300,000, full coverage, etc. is $192/year, so I don't shop it around.
Guess it helps being a little ole lady, although it was jacked a few years ago for a couple back-to-back speeding tickets :-)

[Gord]

It would be interesting to get an actuary's perspective on the difference in rates between Canada and the US. Your rates look wonderfully low compared to Canada (and we know that that is not a function of our respective dollars!). I think market size and profitability come into play in Canada - for example, there are provincial regulations that can make it very difficult for "out of province" agents to sell within a province. Or maybe it is just that we Canadians are just plain shitty MC riders! :icon_redface::linzi:

I have seen a 42% decline in my rate over 4 years - and that is with a newer, higher spec bike in the mix. So I am still pretty happy with that.

Nonetheless, I wonder if Elsie would put me as some sort of rider amendment on her policy. The rate might go up to $239 or so but I would gladly pay it!! Or maybe we can lobby her provider for a MC Cafe Group Discount rate!

[GPM]

It would be interesting to get an actuary's perspective on the difference in rates between Canada and the US.

It would be especially interesting given the length of our riding season in the Southwest US compared to yours in Canada.

[jamming]

It would be especially interesting given the length of our riding season in the Southwest US compared to yours in Canada.

The one thing about Geico, is that I told em I ride all year AND ride to work. Their attitude was great! So? We don't charge MORE if you ride the bike more. Cool!