Insurance question

F

Franco58

Junior member
Location
New Brunswick, Canada
As discussed in another thread, the insurance companies (and govt.) seem to have their way with anyone who rides. I've been in the saddle for over 40 years, and still get lumped in with the young pimple-faced squids for insurance (some companies won't even insure bikes!)

So, to get to my question...how did the SFC folks on the forum, who ride their bikes, insure them?

I want to eventually be able to start and ride mine, but I'm curious about how I should insure it. I doubt that I'll ride it often, because you need the body if an Orangutan to fit on it. 😳🤔

I'll stick to my Monster or F650GS for daily rides.
 
Not much I can offer for help from BC. Here it is three options.

1: Full government insurance with liability, collision and comprehensive for probably $4500 a year ...... but can be purchased monthly with a 3 month minimum.

2: Government liability (mandatory here) for about $1100 a year with the monthly option as well. Then private insurance can be had for maybe another $1000 to $1500 ........ IF they will insure a rare bike. Probably not.

3: Register the bike as a collector bike and get cheap government insurance for about $250 a year. You need one vehicle insured yearly at regular insurance rates (can be a 4 wheeled vehicle). Caveat is if you are caught using it for other than a casual weekend ride or a trip to a bike show or event ........ you could get a very large penalty applied.

There is a further option to get multiple bikes insured for one set price and one plate to be shared between the bikes (makes sense ...... you can only ride one at a time). I am working on that for this summer.

Word is Hagerty may be extending their motorcycle insurance to Canada soon so that could be an option sometime.

Good luck.

Jim
 
I will have an agreed value insurance for my SFC. First time around, I didn't. Just third party.
Otherwise, I've been riding and insured for 45 years and fully comprehensive insurance for a bike costs me €150.
My old machines are insured third party only. €150 a year for a dozen bikes.

Paul
 
The insurance for my Mirage and Bonneville was £95 a year fully comprehensive with an agreed valuation on the Mirage. Just to insure the Bonneville alone this year is £72 fully comprehensive.
 
helicopterjim said:
Full government insurance with liability, collision and comprehensive for probably $4500 a year ...
Click to expand...
Holy fucking shit! 😲 $4500 to insure one bike? Why would you bother?

I pay $1,368 per year to fully insure 7 motorcycles and my car on a combined policy. Total insured value in excess of $100,000. It also includes unlimited 3rd party property cover in case I crash into somebody's Lamborghini.
 
I'm in south west BC, Metro Vancouver, probably the most expensive insurance policies in the western hemisphere. I have 5 bikes on what they call a 'multi vehicle collector plate'. Based on the highest CC engine size, and supplemental retail appraised value, my insurance is $325cdn a year. This gives me unlimited 'pleasure only' riding anywhere in Canada and USA. Not even once to school or work. I also have other non collector machines I use for seasonal commuting. This costs me $700 for 7 months, with no collision, no comprehensive, 5 million liability. If i ride in the USA I add private optional comp/collision from a couple local companies, but their packages are 1 full year, usually $300 a year for that package.
I've ridden a 'collector plate' bike into Baja twice, but Mexico is an entirely different insurance system, as they use "Napoleonic" law there, USA and Canada insurance does not work, you must get special, easily available insurance from Mexican companies, and they are very good, and inexpensive.
 
Dellortoman said:
Holy fucking shit! 😲 $4500 to insure one bike? Why would you bother?

I pay $1,368 per year to fully insure 7 motorcycles and my car on a combined policy. Total insured value in excess of $100,000. It also includes unlimited 3rd party property cover in case I crash into somebody's Lamborghini.
Click to expand...
Yea similar policy as cams, full comprehensive, can have more than 1 bike on the road at the same time.
Having bikes on the historic registrar helps with a reduced premium.

Doesn't help Franco 58 though, bugga. Bloody lucky here in Oz.🍻
 
Steve G. said:
This gives me unlimited 'pleasure only' riding anywhere in Canada and USA. Not even once to school or work.
Click to expand...

That's what I read but the local agent tried to tell me that "pleasure only" meant only for special events and occasional rides. I called another agent today and got the answer as you have posted. I was also told that the "other" regularly insured vehicle must be insured for 12 months so I may have to get a cheap POS for that as I don't want to insure my Monster for a full year at $1100.

Jim
 
Thanks to all for your replies! I have all of my vehicle and home insurance policies through one company, so I'm hoping that they will have a solution for me that won't break the bank.

I doubt that they will have a lot of info to work with for calculating the amount, but I'll ask. In another thread, someone mentioned insurance on the rider that covers them regardless of which vehicle they're in. That makes perfect sense to me, which may explain why it isn't an option the insurance companies discuss!

Jim mentioned that Hagarty may be offering motorcycle insurance in Canada at some point. If so, that might be worth checking out as well.

Thanks again for the input!
 
helicopterjim said:
That's what I read but the local agent tried to tell me that "pleasure only" meant only for special events and occasional rides. I called another agent today and got the answer as you have posted. I was also told that the "other" regularly insured vehicle must be insured for 12 months so I may have to get a cheap POS for that as I don't want to insure my Monster for a full year at $1100.

Jim
Click to expand...


There have been 'warning letters' from our public insurer here, ICBC, saying the implementation of more accurate premiums will be undertaken at the start of 2021. Other forum attendees have indicated a 200-250% increase on the multi-vehicle' plate in particular. If this is the case, an hour with a pocket calculator, and perhaps a mass return of multi plate back to the state insurer will be the theme of 2021. My renewal is in Sept, so will get alot of heads up of others in the vintage clubs I'm involved in here in metro Van City. I shall give an update as confirmation events happen.
 
Steve G. said:
There have been 'warning letters' from our public insurer here, ICBC, saying the implementation of more accurate premiums will be undertaken at the start of 2021. Other forum attendees have indicated a 200-250% increase on the multi-vehicle' plate in particular. If this is the case, an hour with a pocket calculator, and perhaps a mass return of multi plate back to the state insurer will be the theme of 2021. My renewal is in Sept, so will get alot of heads up of others in the vintage clubs I'm involved in here in metro Van City. I shall give an update as confirmation events happen.
Click to expand...

Thank you Steve. I am not surprised that they want to stock their coffers any way they can ......

Jim
 
Government vehicle insurance is only "choice" here in Manitoba Canada . And no multi vehicle options for any type of vehicle or antique plates for motorcycles. Based on insured value my 1985 Corsa costs more to ensure than my 2013 Guzzi. You want go play you have to pay...a lot.
 
Provincial Government manages drivers licenses, vehicle insurance and registration.. Basically pretty socialist system where most everyone(except repeated bad drivers) with cars and trucks pays fairly low rates compared to many other provinces. But for motorcycles they are a separate class of vehicles so based on actual claim costs including related payouts for injuries for motorcycles. And I think that includes if the claim was the fault of a car driver. I value my Corsa at higher $ than my Norge so it costs more.

Also they write off many bikes with what appears to minor damage, but things like guages and damaged body work etc are very costly to replace these days.
 
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