StromTrooper banner

1 - 20 of 22 Posts

·
Registered
Joined
·
102 Posts
Discussion Starter #1 (Edited)
Hey everyone,

I just got a notice from Melonche Monnex that my insurance is going down for this season. That sounds good except that it's only going down $1.29/month (for 7 months) and they're taking away over $1 million in medical coverage in exchange for that! I guess there are new rules about minimum coverage that kicked in?

Anyway, can I call them and try to get a reduction, like you do with Rogers or Bell, or do I just shop around? They have our stuff bundled, so I'd rather not go through the hassle of switching insurers.
 

·
Registered
Joined
·
4,864 Posts
I tend to shop around every few years for insurance, to see if anyone has a substantially better deal.

As far as calling your current company, I don't bother doing things like that unless the service you have is controlled by a single company, like your cable service. It's tough to shop around when they're the only game in town. With so many people offering insurance, I'd rather check around and see what's available before I contacted my current insurer; that way, you'll know more about what the current market is like. If you decide to contact your current insurer to see if they'll make an offer, at least you'll have a reference point to know if their offer is ridiculous or not. I'd never let on to my current insurer that I was shopping around.
 

·
Registered
Joined
·
10,149 Posts
I just got a rate reduction with Progressive on both of my bikes. A lot of folks got hikes because they could not get access to their DMV records I found out. Once they got mine it fell. My 2014 DL1000 is now $352/yr for full coverage including $1000 Medical Payments. It was $398. I have an insurance broker and we go through everything annually.
 

·
Registered
Joined
·
21,986 Posts
full coverage.
that doesn't mean much without telling us your limits on liability & UM and deductibles on collision or comprehensive

my premium was $259/yr with Progressive for $250k/$500k/$100k on liability and UM, $100 deductible on collision and ACV on comprehensive
 

·
Registered
Joined
·
1,039 Posts
Ontario insurance is vastly different than US insurance for any of our US riders commenting.

Yes there have been changed to the way that your insurance is now charged. You should have received a package that specified exactly what the changes are. There are big changes to the way catastrophic coverages are handled.

My renewal was supposed to be through Cornerstone Insurance Brokers and the policy with Intact insurance. They were asking $947 as my renewal rate for the new reduced levels of coverage.
I did some reading and found that Paul South of Surnet Insurance Brokers came highly recommended. I gave him a call and his rate for the exact same coverage as my Intact renewal was $581/year. I then upped all the optional coverages to the max and it came in at $917 - now it's through Wawanesa Insurance which is a big, reputable company.

Call Paul South at Surnet and see what he can do for you.
 

·
Registered
Joined
·
102 Posts
Discussion Starter #6
There are a few Surnets out there. Do you know if it's Woodbridge, Brampton or Mississauga?
 

·
Registered
Joined
·
10,149 Posts
And Medical payments, zip code, and DMV record. Really you need all of the details. These are just ball parks.

that doesn't mean much without telling us your limits on liability & UM and deductibles on collision or comprehensive

my premium was $259/yr with Progressive for $250k/$500k/$100k on liability and UM, $100 deductible on collision and ACV on comprehensive
 

·
Registered
Joined
·
21,986 Posts
And Medical payments, zip code, and DMV record. Really you need all of the details. These are just ball parks.
I read that, just pointing out that saying "full coverage" doesn't mean much, you could have full coverage with state minimums on liability and $1000 deductibles on the collision/comprehensive , you can't compare that rate one pays for that "full coverage" to the rate one pays for "full coverage" with liability limits that are 10 times higher and deductibles that are 1/10th
 

·
Registered
Joined
·
59 Posts
The insurance climate in Ontario is a world of its own. It's a legal requirement to have $1M liability coverage, but from that point onward it's fair game to decline additional coverage. Up until recently the injury benefits packages were all bundled up into one straight forward package that was up to the company to pick, choose, and price. But now to allow the customer more "control" over the price, the government mandated a "build your own coverage" setup. Unfortunately that meant the companies just bumped up the premiums for liability so that any benefits you declined wouldn't lower the pot for payouts.

When I started riding in 2012 State Farm was easily the cheapest for a new rider, and their coverage was pretty good too. I was paying approx. $1100/year on a 1st gen SV650, and by the end of that year I upgraded to a TL1000R at $1800/year.

Three years later State Farm changed underwriting companies to Certas, citing a need to "match the current insurance climate." I heard of a handful of 50+ yr/old cruiser guys whose premiums dropped, but anyone younger than half a century and/or on a sport bike (especially above 600cc) got royally screwed. On my renewal after my 25th birthday (the "magic year" of responsibility) my $1800/year turned into $4000/year with no tickets and no claims! I tried calling around, but most agencies had blacklisted the TLR for anyone under 30, or were just as outrageously priced.

So at that point I decided to leave sport bikes and get a proper tourer so I started pricing out several bikes including the Vee2, which got priced at $2100/year at State Farm (not good but still not stupid bad).

Going forward about 10 months when I finally sold the TLR and was getting set to buy the Vee2 I called for a re-quote before signing the dotted line... State Farm came back to me with $4400/year!!! Still no tickets and no claims!

I shopped around a bit and eventually settled on Dalton Timmis who has me at $2500/year currently and it will drop to around $1900 once I move my car and my other bike over from State Farm. That's with the standard $1M liability, the full benefits package, fire and theft, plus depreciation protection for 2 years.

It's still a far cry from the public sector insurance in some other provinces, but the coverage is good (as long as you can get them to pay out)...
@RichWee; yes in mid Summer we do get cicadas up here... not so much in the city, but certainly in the countryside. They tend to be heard but not seen though.
 

·
Registered
Joined
·
1,039 Posts
It's a legal requirement to have $1M liability coverage, but from that point onward it's fair game to decline additional coverage.
FYI - minimum legal coverage for liability is $200k in Ontario not $1mil, although most policies have a standard base of $1mil. I purchased $2mil which was a really small addition to the premium. The biggest increase in my optional coverage was in maxing out the income loss benefits above the minimum $400/week max.

For all up to date info about insurance in Ontario - look here: https://www.fsco.gov.on.ca/en/auto/brochures/Pages/brochure_autoins.aspx#a5
 

·
Registered
Joined
·
10,149 Posts
None of it means much without everything. Again is it just ball park. :wink2:

I read that, just pointing out that saying "full coverage" doesn't mean much, you could have full coverage with state minimums on liability and $1000 deductibles on the collision/comprehensive , you can't compare that rate one pays for that "full coverage" to the rate one pays for "full coverage" with liability limits that are 10 times higher and deductibles that are 1/10th
 

·
Registered
Joined
·
59 Posts
Thanks for the correction! I thought that sounded a bit excessive for a minimum. Even so, $200K doesn't go very far if someone gets seriously hurt.
 

·
Registered
Joined
·
102 Posts
Discussion Starter #17 (Edited)
On an unrelated topic, do you have cicada's in Toronto? :D
We sure do. That was photo was taken in my back yard (which is in the west end of downtown Toronto). I think the one pictured is an annual variety - we see them every summer. My son and daughter love looking for the skins that they shed as they moult. You have them in Texas?
 

·
Registered
Joined
·
1,980 Posts
wawanessa was the cheapest for me and i upped my medical coverage. location is a big thing and if you're in metro toronto, markham or brampton you're going to pay significantly more than i am. that's ok, my house insurance is significantly more than yours.

there are 4 components to basic insurance in ontario

Liability - this is to cover damage you inflict on some one else
Medical - Covers your injuries whether you're at fault or not, includes things like medication, crutches/wheel chairs, transportation
Uninsured driver - usually a $500 deductible should an uninsured driver hits you
Direct compensation - property damage - if some one else damages your property, rather than you having to chase the party at fault your insurance company pays you out. only covers you if some one with an insurance company operating in ontario hits you in ontario.

you can bump up minimum coverages including sections of the medical

there are also optional benefits about being a care giver, etc that can be bumped up or added.

optional coverages
collision, covers repair/replacement of your vehicle if you're at fault
specified perils like weather/fire/theft/wildlife/sinking...
comprehensive, covers specified perils plus things like vandalism
all perils, includes above plus theft by a family member

other coverages can also include
rental vehicles so you're not stuck paying that $20 a day insurance
transportation replacement should your car need replacing/repairing due to a collision or other incident

there's a few others i'm not going to get into, but from talking to friends in the usa some of them may be paying peanuts for insurance but they do not have the same coverages we do and those that have upped their coverage end up paying equivalent to what we pay.
 

·
Registered
Joined
·
46 Posts
I bought my 2009 DL650 last year in B.C. and rode it cross Canada to Newfoundland and back to Ottawa. The province of B.C. was more than happy to plate and insure my bike even though I did not live there. Interestingly, they did not care how long I had previous motorcycle insurance, they only cared about my driving record (cage). They welcome tourists!

So now I have to insure the bike at home in Ontario (Ottawa). I'm in my mid 50's and have a clean driving record.

My insurance broker (Mantha) provided a quote from Aviva. $1 million liability, 1k deductible, with a multi-bike discount = $744 for 2017.

Seems ok but with health care provided by the Govt and having additional private health care coverage I feel we are still paying a tad too much.
 
1 - 20 of 22 Posts
Top