Insurance

[SilvrT]

I know there are several threads on this but just wanted all you folks down south and those here in Canada that still have private insurance to feel good about your insurance rates.

 

I just got my renewal notice for the scoot...

 

1 million 3rd party liability

Underinsured motorist protection

$1,000 collision deductible

$500 comprehensive deductible

Vehicle licence fee

 

Total for one year = $2,071 (this has gone down since last time)

 

Now here's the kicker... I have a clean driving/insurance record which means I get a whopping discount. If I did not, and if I had to pay the full rate, I'd be paying..... $4,162.00

 

ya'll feelin better???

[friesman]

Geez, I hope ya at least got kissed after you renewed. I surprised youre still finding the seat on the scoot so comfy after that going over that ya got.

 

I thought mine was bad at about 1048 yearly for almost exactly the same coverage except i get 750 deduct. Then I get my 20% off for my good driving record. I only pay for the 6-8 months I am riding so the rest of the year costs me 58 bucks for storage insurance for the whole year.

 

Brian

 

BTW my insurance is provincial govt like yours.

[Snaggletooth]

Ouch!

 

Well ya made me feel better. And that is what they call a "fair" rate up there?

[LilBeaver]

Hehe, thanks to my age I am a "high risk driver" even though I have yet to be pulled over. I have not received so much as a parking ticket and I'm paying 20% of that for full coverage on 2 bikes and only PI&Liability on a 3rd.

[silverdeer0454]

WOW!!!!!!! I think you wanted the short notice M&E so we could chip in to help with that bill. I feel for you, hopefully it will continue to go down.

silverdeer

[SilvrT]

Geez, I hope ya at least got kissed after you renewed. I surprised youre still finding the seat on the scoot so comfy after that going over that ya got.

 

I thought mine was bad at about 1048 yearly for almost exactly the same coverage except i get 750 deduct. Then I get my 20% off for my good driving record. I only pay for the 6-8 months I am riding so the rest of the year costs me 58 bucks for storage insurance for the whole year.

 

Brian

 

BTW my insurance is provincial govt like yours.

 

My discount is 43% but it doesn't apply to all parts.

 

FYI, my insurance runs out Oct 17th and I don't renew until mid April...only insure for 6 months. Currently I pay $192/month... when I renew in April it will be $179 so it has gone down a bit.

 

If I remember correctly, storage insurance is about 50 bucks ... PER MONTH!

 

geeeesh!

[SilvrT]

WOW!!!!!!! I think you wanted the short notice M&E so we could chip in to help with that bill. I feel for you, hopefully it will continue to go down.

 

silverdeer

 

 

dang!! ... how'd you figgure that out! maybe all the others clued in too as it seems everyone has something else to do LOL

[SilvrT]

Ouch!

 

Well ya made me feel better. And that is what they call a "fair" rate up there?

 

Government run insurance ... just like everything else... they rape ya every which way they can and still seem to operate at a loss.

[saddlebum]

Government run insurance ... just like everything else... they rape ya every which way they can and still seem to operate at a loss.

They just never say at who's loss they are operating at:mo money:

[RossKean]

Because of insurance rates, I elected to keep a good level of liability insurance and comprehensive/fire/theft (with a fairly high deductable) on the bike. I dropped collision because of the cost and on the theory that if I had an accident bad enough to require a claim beyond the (high) deductable, I would probably be too messed up to ride anyway. Also, the bike is paid for and as a 2002 does not have a very large "value". If totaled in a collision, my future insurance rates would likely increase by more than the payment (accumulated rate increase after a few years).

 

Ross

[SilvrT]

Because of insurance rates, I elected to keep a good level of liability insurance and comprehensive/fire/theft (with a fairly high deductable) on the bike. I dropped collision because of the cost and on the theory that if I had an accident bad enough to require a claim beyond the (high) deductable, I would probably be too messed up to ride anyway. Also, the bike is paid for and as a 2002 does not have a very large "value". If totaled in a collision, my future insurance rates would likely increase by more than the payment (accumulated rate increase after a few years).

 

Ross

 

I've rarely had collision insurance on a vehicle...ever. About the only time(s) were when the vehicle was financed and the bank had a lien on it and forced me to have collision coverage.

 

Collision coverage only protects you against yourself. You have an accident and it's wholly or partly your fault, it covers your damages. If it's totally another person's fault, then it doesn't matter if you have collision insurance or not because the other person's insurance company has to pay for your damages.

 

Since this bike is financed and the fact that even a small accident can rack up big bucks in repairs and it doesn't take a lot to write it off, I certainly don't want to take any chances. I'd hate to crash the bike, have it written off and still have to pay the bank. Once it's fully paid for, then I'll be dropping the collision coverage.

 

I used to manage car rental operations years ago. We were always "self insured" meaning we carried a large liability policy but nothing else. On a fleet of 100 vehicles, we saved enough money from what the premiums would have been to afford two writeoffs a year.

 

If I personally had saved the money I didn't pay out in premiums for collision over the years, I could afford to not carry collision on this scoot today....and then some...maybe even retire LOL

[Guest BluesLover]

Holy crap Rick, that does me feel better for sure!

 

I just got my renewal on the 09 Ultra yesterday, and its at $986 for the year (up about $70 from last year).

 

And that is with a $500 deductible on collision and factors in the accident where the RSV was written off last year.

 

I didn't think I'd ever say this, but I think I'm glad I live in Ontario!

 

Cheers,

[SilvrT]

Holy crap Rick, that does me feel better for sure!

 

I just got my renewal on the 09 Ultra yesterday, and its at $986 for the year (up about $70 from last year).

 

And that is with a $500 deductible on collision and factors in the accident where the RSV was written off last year.

 

I didn't think I'd ever say this, but I think I'm glad I live in Ontario!

 

Cheers,

ya .... and your Ultra is valued at probably twice what my RSV is. It really sucks to be raped like this. Like the saying goes ... BC = Bring Cash!

[Yammer Dan]

Makes me feel better. Backs up my opinion of Insurance Companies too. Biggest racket in the world.

[LilBeaver]

Makes me feel better. Backs up my opinion of Insurance Companies too. Biggest racket in the world.

 

I believe that B.C.'s insurance is either government run or goverment owned... Some fashion that makes it non-private which obviously does not allow for competition and market forces to drive prices...

[Bret in Houston]

I believe that B.C.'s insurance is either government run or goverment owned... Some fashion that makes it non-private which obviously does not allow for competition and market forces to drive prices...

 

And we want gov't intervention in Medical Insurance???

 

Are you sure???:confused24:

[SilvrT]

I believe that B.C.'s insurance is either government run or goverment owned... Some fashion that makes it non-private which obviously does not allow for competition and market forces to drive prices...

 

It's a "private" company that is government controlled ... LOL so what is that..really? (a government operation). There are a number of large corporations like that here. They used to all be run (operated) and owned by the government. Then, years ago, and probably a political move, they "privatized" them....but in reality, they're still run by the government and still somehow get our tax dollars. Now, let's not let this turn into a political thread guys.

 

FYI, we do have competition in the form of private insurance. We are forced to purchase our plates and basic 3rd party liability thru the "government run" Insurance (ICBC) but everything else can be purchased from private companies. I will be getting quotes come next season. Further, I am going to do some comparative pricing across Canada and, depending on those results, I am sending it all to the newspapers, my MLA, ICBC, and anyone else I can think of... asking .... WHY?

[SilvrT]

And we want gov't intervention in Medical Insurance???

 

Are you sure???:confused24:

 

My wife and I pay a total of $96 a month for government medical insurance. It covers a lot of the basic medical costs but many things are not covered. for example, Nina has a number of prescription meds she has to take and some are very expensive. Thankfully her job (and mine) provide us with extended, private, medical coverage which covers the cost of such extras like prescriptions up to 80%.

 

I have dentures and am in need of new ones.... without the extended coverage, it would cost me close to $3,000 ... but all I will have to pay is $750. The government insurance does not cover such things.

[saddlebum]

I just signed on with riders plus for 624 a yr thats 340 dollars cheaper then kingsway for the same coverage. thats close to what I had been paying kingsway until they jacked up the cost to 967