Who in Canada has motorcycle insurance they're happy with?

[camos]

Just got my renewal notice due July 1st.

Basic insurance: $1094 but according to ICBC that is after getting a 43% safe driving discount of $824.

What a deal...thanks ICBC.

 

Basic insurance includes $200,000 Third Party Liability, $150,000 Accident Benefits, Hit and Run Protection for the driver and passengers and Uninsured Motorist Protection up to $1,000,000.

 

Vehicle licence fee: $33

 

Total: $1,127

 

If I ever retire I should move to Canmore Alberta and become a snowbird for the 6 months of winter.

[Guest divey]

 

So, I guess our friends in Alta will have cheaper rates on ALL vehicles, based on THEIR friends in the Provincial Legislature. (Lucky YOU, Mr Ivey!)

 

Can’t talk politics on this Site but I don’t have too many friends there, lol 😝. Doug

[Semi-retired]

1 million CAD in liability? That may be why.

 

$200 USD ($260 CAD) yearly got me $25k in liability on my RSTD which is all my state requires. My 1999 Venture will be here in the next week or so and I'll be adding it to my insurance policy. To be "happy" I plan to carry double that in coverage along with uninsured coverage.

 

I think we may be talking apples and peaches, here, sysop!

 

For Canadians, to the best of MY knowledge, (which granted may be limited since I'm a banking and marketing guy not an insurance guy) OUR million in liability would only ever go to the 3rd party. i.e. The OTHER guy...the guy we HIT. And a million is the LEAST coverage you can have. About half the country apparently now opts for TWO million in liability. (Partly, most people think, because Canadians have been learning to "sue with abandon"...as taught by our Southern Neighbours!) (No offense intended. :-)

[SilveradoCA]

1 million CAD in liability? That may be why.

 

$200 USD ($260 CAD) yearly got me $25k in liability on my RSTD which is all my state requires. My 1999 Venture will be here in the next week or so and I'll be adding it to my insurance policy. To be "happy" I plan to carry double that in coverage along with uninsured coverage.

 

In Alberta, the legal minimum PLPD (Public Liability & Property Damage) you can buy is $500,000. That's kind of like $25K USD, right?

 

$1M is pretty much standard. Our government legislated a cap to value on certain types of injuries (whiplash claims, basically), which was intended to reduce insurance rates. It didn't.

 

That said, the PLPD portion is the cheap part of the insurance. It's about 30% of the cost of my policy, which works out to about $200 CAD per year.

[Kretz]

I think we may be talking apples and peaches, here, sysop!

 

For Canadians, to the best of MY knowledge, (which granted may be limited since I'm a banking and marketing guy not an insurance guy) OUR million in liability would only ever go to the 3rd party. i.e. The OTHER guy...the guy we HIT. And a million is the LEAST coverage you can have. About half the country apparently now opts for TWO million in liability. (Partly, most people think, because Canadians have been learning to "sue with abandon"...as taught by our Southern Neighbours!) (No offense intended. :-)

 

The minimum (standard) basic coverage we are required to have (here in BC) is $200,000. (probably varies by Province) BUT insurance agents push people to get $1 million minimum & really talk up the need to have $2 million & now they are even pushing for $3M or even $5M. We even have to sign to say that we were offered higher liability coverage but turned it down. You are correct that that payment would go to the 3rd party (ie the guy you hit)

The argument for higher coverage being necessary is that if a claim against you involves (say) a young wage earner they could in theory be awarded expected wages for life, mortgage payments, on top of pain, suffering, property damage etc etc (Last year the premium to increase from the basic $200k liability to $2M was $166 (after my $160 discount)

Edited June 7, 2018 by Kretz

[dogman]

Insurance For my 2007 Midnight with Coseco Ins Co. $445 for the year. Liability only. 1 million.

Have never made a claim, so can't tell you how they are thru a claims process.

[SilveradoCA]

The minimum (standard) basic coverage we are required to have (here in BC) is $200,000. (probably varies by Province) BUT insurance agents push people to get $1 million minimum & really talk up the need to have $2 million & now they are even pushing for $3M or even $5M. We even have to sign to say that we were offered higher liability coverage but turned it down. You are correct that that payment would go to the 3rd party (ie the guy you hit)

The argument for higher coverage being necessary is that if a claim against you involves (say) a young wage earner they could in theory be awarded expected wages for life, mortgage payments, on top of pain, suffering, property damage etc etc (Last year the premium to increase from the basic $200k liability to $2M was $166 (after my $160 discount)

 

Not surprising. A family member - executive in an insurance company - tells me that BC, the LML in particular, has the highest rate of fraudulent accidents in the country; people making you hit them to get a payout from your insurance. Usually a whole car full of people.

Edited June 10, 2018 by SilveradoCA

[Kretz]

Not surprising. A family member - executive in an insurance company - tells me that BC, the LML in particular, has the highest rate of fraudulent accidents in the country; people making you hit them to get a payout from your insurance. Usually a whole car full of people.

 

Yes, that's the "story" that ICBC like to put out & so many believe it!

Last year when applying for their annual increase, ICBC was asked by the Utilities Commission (the body which approves any increases) to quantify their losses due to fraudulent claims. At the time ICBC was running a huge TV commercial campaign telling the public how much fraud was costing them.

However, the truth of the matter is that ICBC when put on the spot, had to tell the Utilities Commission that:

They were not able to provide any figures as their accounting systems do not, & can not, differentiate between fraudulent & genuine claims!

I'm not saying there aren't fraudulent claims (I'm sure there are) but much of their losses are due to mismanagement, huge bonuses paid to executives & more importantly the fact that the BC Government has for years pulled millions of $$$ out of ICBC's profits that then went into Prov. Gov't "General Revenue".

Since 2010 (when the the Prov. Gov't changed the law to allow them to siphon money from ICBC) they have taken some $1.2 BILLION from ICBC's profits! I may be wrong but I believe ICBC is the only for-profit public insurer in the country.

Edited June 11, 2018 by Kretz

[chabicheka]

Insurance and happy in one sentence???

Question should be...."How long does it take for your blood to start boiling after reading

a motorcycle renewal notice from a Canadian Insurance Company?".

 

[SilveradoCA]

I met my commercial agent to sort out the rate increase on my biz insurance, and had her quote my auto policies as well.

 

I now have the following insured - all are $2M liability, full collision and comprehensive coverage:

 

2012 F150 XLT 4x4

2008 RSV

2009 Springdale RV travel trailer

 

Total yearly cost for the 3 is $2280 per year. I think I did well; this is about 35% less than I was paying via AMA per my earlier post. This is with Cooperators Insurance. They have a very good reputation for fast and thorough claims settlement and payment.

[Semi-retired]

 

Also, "Don't mess with Texas!"

 

:-)

[Semi-retired]

Insurance and happy in one sentence???

Question should be...."How long does it take for your blood to start boiling after reading

a motorcycle renewal notice from a Canadian Insurance Company?"

 

Agreed! Definitely takes less time than it took to read your post. :-(