New Member with a question regarding insurance....

2061 Views 12 Replies 6 Participants Last post by MaineKawi, Jan 16, 2004

kuzals

Discussion Starter · Jan 15, 2004

Hi there,

I'm a 17 year old guy in Canada (Mississauga, Ontario to be precise) and I just got my M1 license. That's something along the lines of a learner's permit for Motorocycles, has a bunch of restriction like "can't drive on highways, at night, or carry passengers, etc". I'm going for a training course in April for my M2 (lets you do everything but have blood alcohol, full M license lets you have up to .08% I think). I'm looking at used Ninja ZX-6 (normal), ZX-6R, and Ninja 250R and 500Rs, and hoping not to spend more than $4000CDN (about $3000 USD). Maybe a tad more if I can get financing somehow.

Well, that's my introduction, ask me questions if you want to know more. Now, for my question:

How much does it cost to insure your bike? I checked up on an online site (kanetix.com) and it returned a $10,000CDN (about $7,500USD) quote for a Ninja ZX6R!! I fiddled around a bit and then I got about $2400CDN for the 250R and 500Rs. That was acceptable I thought, until I see this:

http://www.beginnerbikes.com/reviews/89ninja250.htm

He says he pays $126 a year!!

As young as I am, you've no doubt guessed that I don't make a whole lot of money. If possible, I'd like to know how he gets those rates (and how I can get those rates too).

Help? (Thanks in advance)

Save

1 - 13 of 13 Posts

Freakinout

· #2 · Jan 15, 2004

500R should run you less than 3K (US) if you shop around. www.cycletrader.com

you might even wait till it warms up so more sellers will put their bikes on the market.

shop around for insurance, I pay 186/yr being a (at the time) 19 year old male thats unmarried. And having a traffic accident on my record.

Save

spdrkt ZX7R

· #3 · Jan 15, 2004

I pay around $200 a year for full coverage on my ZX7R. I would definitly shop around. I even got a discount from my insurance company for having two vehicles insured by them.

Save

kuzals

Discussion Starter · #4 · Jan 15, 2004

Wow... that's like... nothing. I'm under 18 and still on the learner's permit though, so maybe that's why rates are so high. I'll take your advice and ask around for sure, thanks.

Save

bikeaholic

· #5 · Jan 15, 2004

re

i know nothing about insurance in the great north - but i can tell you that you'll prolly
have to shop around till your exhausted to find the best rates-your age may hinder you a bit
from the really good deals :wink: - i pay 106.00 US,with a multi vehicle discount

Save

Uncle Bob

· #6 · Jan 16, 2004

Bad news for a young Canadian. Insurance in canada is not figured the same way as in the states. I won't get into all the boring details but nobody pays $126/year for bike insurance up here.

I have many years of claim free riding, own 1500cc cruiser, am in my mid forties and still pay over $300 can/yr.

Age, experience and especially motorcycle type determine the premiums. If it's classified as a sportsbike even if it's only 50 cc's you're looking at whopping premiums. Co worker of mine had a Katana for 4 yrs, then on his latest renewal notice his premiums doubled because the compagny reclassified it as a sportsbike rather than a tourer. He shopped around and found another compagny that still classified it as a tourer but as a 30 yr old married rider with 12 years of experience he still pays over $1,200 can.

Doubt you'll be able to insure anything for under 1K, if it's sport then double that. Only other option would be to move to the states. Or at least to another province since Ontario is infamous for having the greediest insurance compagnies.

See less See more

Save

Freakinout

· #7 · Jan 16, 2004

Uncle Bob said:
Bad news for a young Canadian. Insurance in canada is not figured the same way as in the states. I won't get into all the boring details but nobody pays $126/year for bike insurance up here.

I have many years of claim free riding, own 1500cc cruiser, am in my mid forties and still pay over $300 can/yr.

Age, experience and especially motorcycle type determine the premiums. If it's classified as a sportsbike even if it's only 50 cc's you're looking at whopping premiums. Co worker of mine had a Katana for 4 yrs, then on his latest renewal notice his premiums doubled because the compagny reclassified it as a sportsbike rather than a tourer. He shopped around and found another compagny that still classified it as a tourer but as a 30 yr old married rider with 12 years of experience he still pays over $1,200 can.

Doubt you'll be able to insure anything for under 1K, if it's sport then double that. Only other option would be to move to the states. Or at least to another province since Ontario is infamous for having the greediest insurance compagnies.

That would be reason enough to move to the states. 1200/yr???!?! Thats what my motorcycle payment turns out to be.

Save

spdrkt ZX7R

· #8 · Jan 16, 2004

I couldn't imagine paying that much for insurance.

Save

MaineKawi

· #9 · Jan 16, 2004

Hey whats up Kuzals

I used to live in Brampton about 3 months ago till I moved to the states. @ the time of riding I was 18. I had taken the Motorcycle safety course @ Humber. I got myself a Kawasaki Eliminator 250 (as you may or may not know is a small cruiser) I was with Kingsway Insurance company. THEY GAVE IT TO ME UP THE ARSE! I was paying $286.00 a month. But really thats Canada for you. Especially when it comes to insurance.

2 Years later here I am in the States, got a rate from Progressive (which unfortunaltely is not available in Canada) for a Ninja 500R. They quoted me @ $57.00/month!!!!!! Amazing. So I suggest to you that you either get another job orrrrrrrr move to the states.

Thats it my friend. Until your 25 expect to pay thru the nose to do something you love. OH and dont forget the 15% tax rate in Ontario too.

Sorry to put a damper on things but thats the way Canukville is !

Save

kuzals

Discussion Starter · #10 · Jan 16, 2004

Kingsway... yeah, that's who I got my quote from. Guess it's time to get a better job, as there's no way I'm leaving Canada. Thanks for all the info everyone.

Save