LT Insurance in Ontario?

[DarkMeister]

Hi all from Ontario, a province proudly owned and operated by the insurance industry!

Just wondering what people around here are coughing up. I got some quotes for my 1200LT which I want to tag and insure next payday (just in case it gets nicer out). The quotes are actually better than I expected.

The insurance broker first of all stated that "part year" just doesn't work out well and you don't save much for taking it off the road, say in the fall. I got, with an LE group discount, these quotes:

Bare-bone legal, liability only.........................588 :)
Caddy version, all perils, 250 deductible.........1200 :eek:
Some others, i.e.: liability, plus theft/fire/vandalism, 950 or so. :confused:

Torn between the two extremes, I'm wondering...any comparisons/suggestions?
As you know, liability does NOT cover MY bike; but the other person's insurance should cover it if I'm not at fault.
Thx

[Nebish]

Darko:

I initially insured by LT through Riders Plus. I believe that they represent Kingsway General Insurance (one of the worst insurers, IMHO, DAMHIK). I switched to Echelon last year and they are charging me $1,050.00 with full tilt coverage. This is the coverage required since I financed the bike through BMW Financial Services. I believe my deductible is $500.

I am told that the rate charged varies with your postal code. Some areas are statistically more theft prone than others. That said, I suspect that the incident of theft of the LT is far less than say H-D or Suzuki. According to the Canadian Insurance Bureau, Suzuki was the most stolen marque in Canada last year. I guess those gixers are in hot demand in the ahem, "after market".

It ticks me off when I read that our American cousins pay as little as $250 per year to insure their LT's. Like you say, Ontario Land of the Insurance Rip Off.

[starky]

Hi all from Ontario, a province proudly owned and operated by the insurance industry!

Just wondering what people around here are coughing up. I got some quotes for my 1200LT which I want to tag and insure next payday (just in case it gets nicer out). The quotes are actually better than I expected.

The insurance broker first of all stated that "part year" just doesn't work out well and you don't save much for taking it off the road, say in the fall. I got, with an LE group discount, these quotes:

Bare-bone legal, liability only.........................588 :)
Caddy version, all perils, 250 deductible.........1200 :eek:
Some others, i.e.: liability, plus theft/fire/vandalism, 950 or so. :confused:

Torn between the two extremes, I'm wondering...any comparisons/suggestions?
As you know, liability does NOT cover MY bike; but the other person's insurance should cover it if I'm not at fault.
Thx

Dark Meister:

I was paying 575 for my ST 1100 with no theft, collision or fire.
I am now paying $875 for my LT with liability, collision, no theft or fire.
I think I have a $500 deductible.
I took the extra collision for fear of replacment parts costing me an arm and a leg.
If I'm hit by someone else they might cover it.
If I crash solo then I'll have to pick up the pieces, or my insurance company ( so the theory goes), Hence the reason for the collision.
I use Kingsway, through Weisz Insurance, The owners ride bikes, out of the Georgetown/Orangeville area.

Hope this helps.
JS

[Newf]

I bought my 05 LT last Oct. Full coverage cost me about $760.00. I use the personal insurance company. They also have all my stuff trrough them so that will help a bit.


Manny

[kriach]

Here in Alberta the insurance quote for a new 2007 LT full coverage with $1000.00 deducable is approx $1328.00 per year. This includes a multi vehicle discount and an additional discount for long term rider (27 years). No accicdents, no tickets and no claims. It seems that we have a high number of impaired drivers and that has caused rates to skyrocket in Alberta.



Ken

[ajs]

I too have an '05 LT. It is insured through a company called Primmum. I don't know if it operates in Ont. My bike has full coverage with 500.00 ded. I also have additional coverage for medical, rehab., funeral and loss of income for both rider and passenger. The total annual premium is 724.00. I don't have cancellation privileges and I can't buy partial year coverage.

FYI, Nova Scotia could also be considered to be owned and operated by the insurance industry. The insurance industry is the only one that I know of that operates on the basis you are guilty until proven innocent.

My wife and I are doing a cross Canada ride leaving N.S. on June 1. We will be travelling through Ontario. (real difficult not to) I don't know if we will be passing through your area or not. If so maybe we can hook up for a coffee or something. Our only planned Ontario stop so far is the Air Museum in Trenton. Everything else is wherever the front wheel takes us.

LOL on your insurance.

[Saxon]

Just received my renewal $670.00 all-in with $250 deductible (Edmonton, Alberta). Insured with Jevco - have been first rate even when managing a claim couple of years back. Have been riding again since 1999/2000 after a break of 25 years

[Caper11]

State farm is about the cheapest around in good old NB. Less than $600.00 full coverage with $500.00 deductable.

[finnsailor]

Dark Meister,

I am in the process of buying a 2003 LT from a gentleman in Michigan and just added it to my policy yesterday. I already have a 1989 BMW R100GS/PD which I have insured through RidersPlus (Echelon Insurance).

I am paying $685.00 per year for the LT for full coverage including collision with a $1000 deductible. For comparison, last year I paid $565.00 for the R100GS with the same coverage and deductible. The insurance company values my GS at $8550 and my new LT at $18580. Just doesn't add up but I assume they feel the LT is a lesser risk than the GS.

What really makes me shake my head in wonder is the fact that the gentleman I am buying the bike from pays $240US per year with the same coverage and a $250 deductible. Of course he lives in Michigan....

Hope this helps.

Chris

[DarkMeister]

Great input guys, thanks. I still haven't popped for insurance and plates. I drool at some of the US rates, too, but what can you do...
My quotes were "fleet": house, three cars and now the bike. Methinks I should be able to do better with shopping beyond my current insurer, despite the implied "multi" discount.
We have State Farm here as well - think I'll kick some tores there as well - Caper, your rate sounds great. Of course density of provinces make a difference I suppose.
AJS, let me know when you're doing Trenton.

[DentalFlossTycoon]

I am picking up my new to me 2003 LT this Monday so I cancelled the insurance on my 1985 Venture Royale and had it transferred to the LT. The insurance will cost me an extra $25 per year for the LT. That will put me at around $850 per year, PLPD only! Full coverage will cost just over $1100. :eek: just because I live in the GTA (Ghastly Toronto Area). Me thinks I will have to do some shopping.

[brantvol16]

man, where are you getting these great rates? My deal with State Farm is about $1400 for pretty good coverage and reasonable deductibles (can't remeber exactly but probably 500 collision if like my cars). I too have the package deal - houese, three cars and 2 bikes with an agent whom I :mad: have known since birth. Sounds like he and I need to have a chat!

[garry_kramer]

Just renewed my insurance with Dalton Timmis broker of Hamilton. 1-888-385-8466
Aviva Elite Insurance

Elite - Touring Program

$835.00 / year

$1,000,000 liability $132
accident benefits $293
uninsured $11
compensation $55
$1000 col deduct $98
$1000 comprehensive $237
$1,000,000 Family prot -$63

30% expert discount (31 years driving)
Pleasure use

I joined them 2 years ago when I met them at the motorcycle show. Talk to them this year at the show this coming weekend.

Garry

[EdBruce]

w0w.... I can't believe the rates I'm seeing !

Out here in BC, I'm insured through ICBC (Insurance Corp of BC)

I'm paying roughly $3200.00 / year

2 Million Liability
$500 Col Deduct
$500 Comp
Uninsured

And that's with a 40% discount for Road Star (Safe Driving)

[garry_kramer]

w0w.... I can't believe the rates I'm seeing !

Out here in BC, I'm insured through ICBC (Insurance Corp of BC)

I'm paying roughly $3200.00 / year

2 Million Liability
$500 Col Deduct
$500 Comp
Uninsured

And that's with a 40% discount for Road Star (Safe Driving)

I wonder if you could insure with another company than the provincial run insurance plan? I wonder if you could insure with an Ontario company? worth checking out.

[EdBruce]

Thanks for the idea, but I have checked it out allready.

I thought of getting Insurance in Alberta where I spend alot of time on business. Problem is that you have to reside there. Seems to be the same in most provinces. I could use a pals address, problem is though, as soon as you get in an accident, your not covered.

Thanks

[DarkMeister]

Wow! That's big bucks! I wonder if it's due to your longer riding season in BC?
Used to live in Manitoba many years ago, with gov't insurance and these days I lament not having it. But, wow again - maybe it's NOT such a good deal anymore.

[bill2009]

man, where are you getting these great rates? My deal with State Farm is about $1400 for pretty good coverage and reasonable deductibles (can't remeber exactly but probably 500 collision if like my cars). I too have the package deal - houese, three cars and 2 bikes with an agent whom I :mad: have known since birth. Sounds like he and I need to have a chat!

You have to shop around. Adding my bike to my home/car policy cost $1200 and a new policy from Echelon was under $800 for similar coverage. There were a couple of other quotes in between the two but it was certainly worth making the calls.

[brantvol16]

Well, thank you for that advice, Bill. I will do the shop around to see what savings are out there and then use it to help my friend the agent sharpen his pencil! Or maybe I will just move the policy.

Geoff

[8Ball]

Here in Quebec for my bran new 2007 R1200RT I pay $320 for the licence plate wich include body injuries insurance anywhere in the world plus $366 taxes included with $250 deductible and 1 million liability $250 deductible at AXA insurance company. This makes me a total of $686 to be fully insured. :bmw: