Here in Vancouver, BC (Canada) we have no options for vehicle insurance--Insurance Corporation of British Columbia (ICBC) is our only choice.
Take into account, I have a 40% discount and it's still $1086/ year, for the absolute bare minimum insurance (ie, I get nothing if I crash my own bike and it's my fault).
Without the discount, I'd be looking at $1938.
To make sure we're comparing apples to apples, here's the amount in terms of minimum wage.
$1086 / $10.85 per hour = 100 hours labor
$1938 / $10.85 per hour = 179 hours labor
So what are you paying and what is it in terms of minimum wage?
I pay about $200/year for full coverage with max liability limits and un/underinsured coverage. This does not include medical coverage for me. For medical, I am covered by my employer.
I'm obliged to buy a years coverage at a pop and it's under $100.... full coverage, but if I ding the bonnie I'm sure they'd total it in any kind of accident.
Crazy!
$503 annual, agreed value of $23,000. + tools, riding gear $500. Excess $500, $0.00 if stolen.
Rego covers traffic accident commission (medical costs and perminate disability)
Less than 20hrs wages and I could do with a pay rise. You guys are are paying through the nose.
Just the Triumph was $350/yr. All three bikes are $600/yr with full coverage. Thanks to our current President, insurance where I'm at doesn't pay medical. Which means I pay too much. No matter what your wages are.
In our state, the rider of the bike has never been covered under our moto insurance policy. To get medical coverage has always been prohibitively expensive. I get med coverage from my employer.
All registration in Australia or at least my state has TAC built in. Usually goes by how many people fit in or on a vehicle. A two seat sports car has a lower TAC component than a 7 seater family wagon. A mate was killed 9yrs ago on a road bike and his fiancee was given a substantial lump sum payment for loss of future earnings. No Rego, no TAC cover though.
Makes no sense to compare insurance rates unless the other rider lives in your area and especially in the same country. Here in NJ, you will get different rates going from one county to another. I was paying under $600/yr for my Thruxton and 955 Daytona combined. No collision, but comprehensive. If you only have one option, what does it matter? Either you can afford the coverage or not.
I guess some riders just want to know how much they are being over charged.
In our state the premium does not vary much by county. The biggest determiners are displacement and cost to repair the bike. For example, a Ducati would cost more to insure than a Yamaha of similar displacement. The Ducati parts are more expensive.
I agree about cost to repair. It varies from state to state how these thieves set their rates. I live 4 miles from NYC and the rates are very high even though I am 63 and have a clean slate in terms of tickets and accidents. I got sticker shock when I bought my Ninja1000 concerning what the premium would cost vs my two other old bikes. As you posted, displacement is a large factor. Anything over 750cc is going to cost more. I've heard that insurance companies also take your credit rating and whether you have paid any bills late or whether you own or rent where you reside. Maybe they should ask the NSA whether you are on their watch list as well.
no need to bother the NSA. A person's poor credit score speaks volumes about what a high risk they would be. In my state, the breakover in increased rates is 650cc, and that does not always make sense. My yamaha FZ6 (600cc) makes more HP than a Suzuki SV650, but the SV would be set at higher rate.
Age, claims history, and driving/riding record have a HUGE impact on rates. Comparing me at 48 with no accidents in the past 25 years to my son at 18 with an accident last year...
Me-Ducati Multistrada and T100 = about $160 per year ...... Him-Vulcan 500 just under $200 per year. His bike was only $1,600 when he bought it last year...my Multi was $16k when new a few years ago and my '07 T100 was $3,500 earlier this year.
And yes credit score does come into effect also.
Edit: I just checked with the wife (she does better keeping track of the money, I just make it and spend it) and I told a small fib......my son's is $140 and for all four bikes for my wife and myself it is $600 ('10 Multistrada, '07 T100, '11 VStrom, and '16 CanAm Spyder F3) the biggest chunk of the $600 is because of the Spyder.
I agree that of course there are a number of factors when it comes to calculating insurance. What I wanted to point out is that where I live, there are no other options, and since I have one of the cheapest rates (a motorcycle under 1000 cc's, plus a 40% discount for 20+ years of no claims), when you compare that rate to the minimum wage, you get a picture of what it costs in other parts of the world...
For example, if you take two regions with socialized healthcare, like where I live and the UK, why is motorcycle insurance so much cheaper in the UK?
Here in Vancouver motorcycling isn't seen as a positive way to relieve traffic congestion and I think those attitudes are reflected in things like insurance rates, parking spaces, the cost of using BC Ferries, etc.
Anyway, it's all interesting food for thought. Thanks to all for their input
Many are posting full coverage and a rate, but unless you state the coverage amount or limits and deductibles, doesn't really relate to another policy.
Having had the need of an insurance claim, because of an incident involving me on my motorcycle and an at fault driver, I am absolutely amazed at the minimal amounts of coverage some of you are carrying. I had more coverage than a lot have mentioned when I had my incident and it was barely sufficient to cover my medical, etc. I have since increased my coverage to the maximum limits, under the advice of my personal injury attorney, in the event I should have another incident by an at fault driver... lesson learned for me. Personal injury attorneys work in this arena every day and it was an eye opening experience for me regarding insurance coverage and how insurance companies will do everything they can to not pay on your policy. The same goes for the at fault driver who in most instances carry minimal coverage too, or none at all. You need to protect yourself and have adequate insurance coverage... that is the bottom line reality.
I just hope the ones on here that have posted their insurance coverage, which is minimal a best, never have an incident. The reality is, going on the cheap and not having appropriate coverage, will unfortunately be a heavy dose of reality.
EDIT: What I pay for my insurance policies is irrelevant as I will pay the premium expense to make sure I am adequately covered and I suggest some of you reevaluate your motorcycle insurance coverage and do the same.
$1400 a year full coverage $1000 deductible on the R. That is with a large company group rate. 122 hrs
$2500 when it was the R and the 13 Thrux. 219 hrs
the 2 old 72 Hondas I have cost me a total of about $450 a year, just liability.
The XRunner is 1400 a year full coverage as well.
Min wage will be 11.40 next Oct here.
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