insurance rates in Ontario, Canada

When I moved back to Ontario, going from Gov't insurance out west to Ontario privitized insurance ,
I asked the broker if he was at least going to run his hands through my hair while he bent me over.:eek:
those guys have the most ironic job title "insurance broker"
cause that's exactly what I am $Broker$.
 
I gave a call to Riders Plus. They advertise insurance for 25 year-olds for bike under 25 online, but will quote outside of that on the phone. As a 23 year-old with a 32 year-old bike, I got a quote for $2000 for the year. You may have a cheaper premium, but they have been the best call for me so far.
EDIT: I have my M2 and full G-licence and have had my M2 since I was 21. Clean driving record and liability coverage.
 
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I've had an M on my licence for 42 years - though there was a 37 yr. hiatus in there. Nonetheless, the company that does our house and cars gave me similar status to Ken - $320/ yr. That's for liability only - but no restrictions on distance etc.

Apparently, some providers of classic and antique motorcycle insurance do not require the vehicle to be plated with a "Historic" plate as a condition of insurance at classic bike rates. Their restriction on use is usually in the form of "no travel to work - limited pleasure use".
A number of guys with old bikes have full coverage for their old bikes from a broker they found through their membership in the CVMA. There is a mileage of restriction (5,000, I believe), and you do NOT need a "historic" plate - the bike just needs to be over 30 (I think) yrs. old.
 
JaRichmond - I called riders plus too - they quoted me at $3300 lol Desjardins quoted me at $1400. I'd give them a call if you havent already.
 
Those prices are crazy:eek: I pay like $120/yr for four bikes and two have collision on them.
 
Lou Ranger said:
A number of guys with old bikes have full coverage for their old bikes from a broker they found through their membership in the CVMA. There is a mileage of restriction (5,000, I believe), and you do NOT need a "historic" plate - the bike just needs to be over 30 (I think) yrs. old.
Click to expand...

Any more details on this? 5K km isn't too much of a restriction. And if you wanted to, it would be easy to get around, especially for anyone on this forum.

I originally bought my xs400 project bike because (stupidly) I thought that it would be cheaper to insure than my 81 cb750. Turns out that it only ends up being $10 less per month. I'll still end up at ~$800/year (vs. ~$900/year for my cb750).

So much for an under 500cc bike being cheaper. I guess the only thing I can do is wait it out. I'm hoping that it will go down after 3-4 years. I was with Jevco, but after they were bought by Intact my insurance went up.
 
I'm also with Intact. My rate dropped by about $100 down to ~$750 last August, but that is with M2 license and a years experience riding. That premium is just for $200,000 liability and no coverage on the bike. I hope to get my full M this summer, before my renewal, in the desperate hope that it will drop further. I put almost 15,000km on my bike last season, so classic coverage isn't an option... :(
 
I own a 1979 xs400...age 31...clean record, no accidents since 2006, no tickets..motorcycle insured since 2006 and full m license since 2007.
I pay 640 through state farm
I am changing to classic motorcycle insurance which will drop it to 180$ per year with a maximum of 3200km/ year.
Unfortunately I wont be riding more than that this year!
Sold my harley and bought this bike since i couldn`t justify having a 16,000$ harley to drive 2000km this year!
 
It's been a few weeks since the last post, but I figured I'd add my figures for comparison purposes.

I live in Ottawa. I bought my 400 Heritage in March 2013 - got it on the road by May. My premium for last year was $602. I received my renewal a few weeks ago for $645. Wasn't pleased that it went up. I made a few phone calls to brokers and insurance companies and no one I've spoken to so far will insure a 32 y.o. bike. Digging around online hasn't resulted in anything better. I thought I was getting shafted until I saw some of the rates others posted here.

I'm 36 and have had my M class since 1993, however I didn't have a bike from 1999 to 2013 and therefore no insurance record. Did a course way back when but apparently that no longer counts. My opinion of insurance companies isn't very positive - they make billions but we still pay ridiculous premiums.
 
What is it with Canada? Why are the prices so freakin' high? I watch home repair shows and a lot of them are Canadian. I can't believe how much houses cost up there! A little bungalow in the city for 2 million dollars? WTF? What is minimum wage up there? $100k a year?
 
The main reasons are: insurance is required by law, we have a relatively small population, "no-fault" insurance, limited competition in the market, and the companies are trying to make an exponentially increasing annual profit for investors.
 
Man ontario people get bent over. Id rather have our govt run than have it be like that. Sgi wants 22 a month with an antique plate for my 400, and i can drive it anywhere. And its like 60 a month for a normal one.
 
CDNTX650 said:
Man ontario people get bent over...
Click to expand...
Thank you!
Bad enough we are now a "have-not" Province. What we do manage to have is taken by excess insurance premiums and taxes.
(Some of us, at least, do get a lower latitude in the winter though - so all is not lost! :wink2: )
 
24 year old male in Hamilton with a 1982 maxim. I pay about $900 a year with desjardins. one speeding ticket no accidents, full G for 6 years, just got my M. But calling around other companies wouldn't insure me cuz the bike was too old, or wanted $4000 a year
 
I just met with State Farm because my insurance was up for renewal. Since I got my insurance, I went from an M1 to an M2, and wanted to see if I could get a discount.

Nada. Still at $1065/yr, which is reasonable for Ontario I guess.

I'm also ONLY insuring a bike with them. They said I could get a discounted rate (but didn't say how much) if I was also insuring a car with them, or had some other insurance.

State Farm was also recently bought out by Desjardins insurance. I'm not sure if it's only in Ontario. I remember calling them last year, and can't remember if they a) didn't insure new riders, b) didn't insure old bikes, or c) their rate was astronomical ($3k/yr). Either way, let's hope this merger doesn't push up insurance rates even higher for new bike owners. I'm glad I've at least got my rate set for another year.

I might call Intact and see what they can offer, since others seem to be getting lower rates in Ontario.
 
This may just be an observation from your southern neighbor, but from what I've read on another thread, you guys have to buy $1 million liability coverage whereas we only need $150k coverage. I would bet thats because your government doesn't want to cover medical expenses when you get into a giant firey wreck so they make the insurance company do it. In the US, our private medical insurance would cover the cost. So in effect, you are paying for medical insurance indirectly through car insurance. When thought of that way, medical coverage for a family in the US is around $16k per year so we are paying the same if not more for the same coverage. But I assume you pay higher taxes for gov't healthcare so I'm sure it all breaks even. Regardless we are all get stripped of our money in some way or another.

I might be wrong but thats just my:twocents:.
 

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