British Columbia bike insurance - Stromtrooper Forum : Suzuki V-Strom Motorcycle Forums
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post #1 of 16 Old 03-17-2007, 12:22 PM Thread Starter
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Thumbs up British Columbia bike insurance

I got a pleasant suprise yesterday when the quotes came back for my 2007 V-Strom. Eight months with ICBC for everything was $1390..which floored me! The basic from them with $2 million liability for the eight months was $420. The private quotes for collision, comprehensive and including up to $1000 for clothing and breakdown assistance were, for a full 12 months..From Megan Fitzpatrick $399 and from Beacon $325. I have had Beacon before and this is the same rate I paid for my KLR and I put a declared value of $10,000 on the bike. So for a total of $745 I get eight months on the road and an additional 4 in storage. This is with 40 years riding experience and no accidents. Well worth either calling Beacon directly or go through your local broker.

If you don't start, you will always be late.

Last edited by kilby; 03-18-2007 at 02:13 AM.
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post #2 of 16 Old 03-17-2007, 12:41 PM
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Similar kudos to Beacon. Had never heard of them til BCBruce gave me the heads up. Insured the 1000 for a full year. ICBC was 812 w/2 mil. Beacon was $355 for optional w/500 deductible on $12,000 value. Megson was $492 for optional and that was with 1000 deductable. So the full year was $1167. $137.00 cheaper.
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post #3 of 16 Old 03-17-2007, 01:25 PM
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Thumbs down

Sure wish we had options here in Manitoba. Well, I guess we do..we can either buy from the government run AutoPac, or dont. Those are our choices.

My K5 Wee is about 1400.00 for the full year. You actually are only paying for 5 months as such, the riding season as defined by AutoPac. May to October. The rest of the year you are only being charged about 8$ per month. But, you must buy for the whole year.

Because I have accumulated points, and have no claims, I actually pay around 960.00. Thats still an awful lot for basic insurance. To add fire and theft is additional.

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post #4 of 16 Old 03-17-2007, 02:27 PM
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Anyone ever had a claim with Megson Fitzpatrick or Beacon? I wonder if it's a case of "you get what you pay for."

I went the MF route, myself. Might look into Beacon next year.

Yeah, ICBC is rifreakingdiculous.

DL1000K6 Two wheels good; four wheels bad.
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post #5 of 16 Old 03-17-2007, 03:54 PM
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Quote:
Originally Posted by larolco View Post
Anyone ever had a claim with Megson Fitzpatrick or Beacon? I wonder if it's a case of "you get what you pay for."

I went the MF route, myself. Might look into Beacon next year.

Yeah, ICBC is rifreakingdiculous.
Was wondering that during the whole transaction. The only difference I can see would be in the event of a total loss. ING through MF offers limited / no depreciation for the first two years of a new bike. Beacon is "agreed value", which means you think it is worth one thing, they think it is worth another. That would be problematic, especially in this, my second year of ownership.
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post #6 of 16 Old 03-17-2007, 04:37 PM
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I went with Beacon because of the their "agreed value" methodology. I was led to believe that once you agreed on the value of the motorcycle they would not apply depreciation and would pay out on the value you agreed upon. Just phoned the insurance co. to confirm and she said she believed that to be true, but it has me scratchin' my head now If I maintain coverage, will Beacon still pay out 10,170.00 plus another 1,000.00 for gear five years from now, or will we have to "agree" on a new value every year? Agent didn't seem to think so, but she wasn't the motorcycle "expert".

I could only insure to a value of 12,170.00 with Beacon (7200 for 06Wee plus farkles, 1000 for gear, 1000 for trailer, which I don't even have) MF would insure to 15k I think it was (new Wee pricing plus farkles plus gear & trailer). They then guaranteed replacement cost for 2 years before depreciation kicked in.

I'll have to make another call when the "expert" is in.

Everyone had enough rain?

Blue DL650 k6

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post #7 of 16 Old 03-17-2007, 05:03 PM
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V1VR, you probably did it the right way. I never really agreed on anything prior to signing. Agent said "How much to you want to insure for?. I came up with my purchase price, taxes, a grand for add ons. Rounded it down a bit (didn't want to appear greedy) and told her $12,000. After all it is year old. She said to take photos and get a couple of independant opinions as to it's value. Everything signed and done. I would much rather have gotten the company perspective on what they deemed fair value prior to signing. Oh well, live and learn. I will re-examine it all when it expires. I'll probably never get around to getting the opinions either.

Way more than enough rain!
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post #8 of 16 Old 03-17-2007, 11:21 PM
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Way more than enough rain!
Hey, it washes the salt off.

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post #9 of 16 Old 03-18-2007, 11:10 AM
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Hey, it washes the salt off.
lol, Ya, but it doesn't have to wash the asphalt off too!!

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post #10 of 16 Old 03-18-2007, 07:50 PM
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lol, Ya, but it doesn't have to wash the asphalt off too!!
That's why you have a "dual-purpose."

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