Bike insurance increases.

  • 14 Apr 2019 4:01 PM
    Reply # 7281931 on 7258917

    Insuring a Vintage motorcycle just gets worse every day! A year ago, I contacted Dalton Timmis as I was completing restoration of my 1977 Benelli SEI. My other three Hondas (1971-74) were on a very reasonable policy, but State Farm (now Desjardins) now only insures pre ‘70 machines.

    Nice fellow, made me have an appraisal done, but quoted and provided the coverage for $583. Temporary slips arrived immediately. A month later, the permanent pink arrived and I was signed up with ECHELON. Great.

    Friday past, the renewal for 2019 arrives (ECHELON). Identical package and GUESS WHAT? $1014.00 No explanation, nothing! This for a motorcycle I rode less than 700km last season. The premium is now $250 more than I pay for three other machines combined. This industry takes the prize for inconsistency and blatant customer abuse.

  • 15 Apr 2019 12:09 PM
    Reply # 7283251 on 7258917
    Ian (Administrator)

    This worries me john as I also have insurance through ECHELON. If the increases are as bad as stated then I'm afraid 2 or more bikes will come off the road.

    Mine comes up in June.


  • 16 Apr 2019 9:01 AM
    Reply # 7284897 on 7258917
    Bob

    Hi John and Ian,

       Wish I had better news but I deal with the same Dejardins (formerly State Farm) office that you do and for a number of years I also got favourable rates. I decided this year I would acquire a "riding bike" and enjoy the Breakfast meetings and Rides put on by the Ganaraska Section. I got the same quote you did from the former State Farm office who treated me so well in the past. I should note that I have been riding for 65 yrs. and have never had an Insurance claim on a motorcycle. Makes no difference to Dejardins and hence I have decided to do my limited riding on the fields at Rallys on my Brit. bikes that I take to the Shows. One bucket on my list that will probably remain empty.      Bob....

  • 16 Apr 2019 11:48 AM
    Reply # 7285203 on 7258917

    your comment raises an issue I have thought about. I see many bikes being ridden around the grounds at Paris and other Canadian and US rallies and wonder how many have insurance. I believe the AMCA requires this  but am not sure. Most riders also do not wear helmets  when riding on private property . Could the club be sued if you hurt yourself or someone else? Must be a legal quagmire.

  • 16 Apr 2019 1:01 PM
    Reply # 7285353 on 7258917
    Ian (Administrator)

    (now Desjardins now only insures pre ‘70 machines.) I spoke with Kirk Norris Sate Farm about adding another bike to the policy.Nope.Desjardins is not taking any more motorcycles.

    Since I'm grandfathered in I'm OK yet but no more bikes.

    I've also been pricing insurance for a 2003 ZG Kawasaki Concours.The best rate so far is $960..OUCH!.


  • 16 Apr 2019 5:30 PM
    Reply # 7285852 on 7258917
    PJ

    I called the insurance broker and inquired as I hadn't received my vintage bike insurance renewal. I normally got it well before a month before the renewal date.  "Don't worry, it should be coming soon" was the reply from Dalton Timmis.

    Well I just got my renewal today and it has jumped an unbelievable 61% from last year.  No claims or accidents. Now I am wondering if this was intentional as I now have only a matter of days to find another provider.

    We were expecting a hike but this is ridiculous.  I don't put 500 miles on the bike a year.  It works out to $1.50 per mile to ride this year

  • 16 Apr 2019 6:01 PM
    Reply # 7285875 on 7258917

    PJ....... still waiting to hear from my “account manager” but since my increase was much the same as your 61%, not expecting much! I guess I’ll ride it until May 19th and then test the EBay waters. Pure racketeering. 

  • 17 Apr 2019 10:32 AM
    Reply # 7286761 on 7258917

    Just to give you all an update on my quest for cheaper Vintage bike insurance. I checked with 4 different sources. With the company that I have my house and auto insurance with now. Mitchell and Whale brokers out of Whitby. and Allstate broker in London and Dalton Timmis who I had my bike insured with last year. Now I had all of these insurance companies give me a quote on an insurance bundle of bike,auto,house, and RV insurance.

    Mitchell and Whale by far had the best quotes for the 3 bikes I want to have on the road, with full coverage and $1000.00 deductible. Through Wawanesa just as regular bikes they want $1223.00. That is without and mileage restrictions and I can drive them in the states. 

    Dalton Timmis wants $1827.00 for the same coverage. with driving restrictions (I paid about $1300.00 last year through this broker for Aviva vintage insurance.)

    Allstate wants $3417.00 , I believe this through Heggerty 

    My insurance company that has my house and autos wants $2422.00 and that is through Aviva.

    Mitchell and Whale also saved me $150.00 on my auto insurance and a small amount on both the house and RV insurance. 

    So it does pay to shop around.

    Mitchell and Whale have a good website that includes a lot of info on motorcycle insurance. Just google the name or they have a 1800 # 1800-731-2228 

    I was talking to Meghan at 289-278-1617.

    I have a feeling though, this bike insurance problem is only going to get worse each year as long as there is no fault insurance in Ontario. 


    Ross Thompson


  • 18 Apr 2019 1:05 PM
    Reply # 7292636 on 7258917
    Ian (Administrator)

    The other day I spent 4 hrs on the phone getting quotes.

    I tried all the Brokers and the big 3 companies that underwrite.

    For the 2003 Concours  $1080 was the lowest and 1400 the highest.

    My 77 Suzuki GT 750 was $1000.

    One quote for both was $2180

    What I found out really concerned me. not one broker would take my 36 Norton or my 53 Ariel.

    State Farm ( Desjardins ) no longer take motorcycles as well, I'm grandfathered in on my 31

    One Broker told me he no longer gives quotes for bikes due to the high cost.This he said is because Insurance companies do NOT want to insure Motorcycles.

    Majority of the brokers liked the idea of vintage motorcycle insurance if they could offer it.

    One broker suggested Aviva for my vintage bikes to which i replied they are really restrictive ,I might as well parked it, it's that bad !


    In the end I phoned Allstate.

    Both bikes above came in at $1000 each.

    OUCH!! I replied..But if I bundle my truck & house they would be $550 ea

    So looks like we are switching.

    The broker who we are with doesn't insure motorcycles at all.


    So now I await my Dalton  renewal for the Norton & Ariel.

    brokers told me to expect them to be near the $900 price now.

    I'm hoping they are wrong !!

    This  does not sound good for vintage motorcycling in Ontario







    Last modified: 18 Apr 2019 1:07 PM | Ian (Administrator)
  • 19 Apr 2019 12:16 PM
    Reply # 7294516 on 7258917

    I just paid my Aviva policy for 3 bikes at 955.00 Suzuki GT750 at $341, the TX 650 Yamaha at $342, and the GT250 at $271

    there were a number of changes non seem to affect me since I do not ride much anymore and I do expect to delete one bike by next year.

    All in all It seems like a fair deal for the moment.

Powered by Wild Apricot Membership Software