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Insurance rates skyrocketing for 2016 renewals ?

9K views 44 replies 22 participants last post by  sro 
#1 ·
Been insured with State farm in Ontario for the last few years. It's been a steady $1800/year during that time and nothing on my record has changed. Just got my renewal in the mail that is due in May and I am looking at $3100/year now.
Anyone else getting shafted like this by State Farm ? I am just inquiring since it looks like I may have to start shopping around again.
 
#6 ·
Moving from Calif to NC, switched to another insurance company, my rate was reduced by half using the same deductible and limits. Never hurts to shop around.
 
#7 ·
Allstate is not favorable to sport bikes... at least in Texas, which has very high rates anyway. I have Farmer's and it is moderately priced, but they offer good rates on my 911 and Nismo, so it equals out compared to State Farm which is less for the bikes, but works out to be much more expensive on the cars.

Sport bikes in general seem to be steadily increasing, not just Canada. My agent said that they are not issuing new policies and are selecting a few to not renew.

State Farm should be relatively competitive. Evidently, east coast Rider's was very low and then they got hit with the claims.
 
#9 ·
I had the agent read me the quote 3 times to confirm what I'm hearing is correct. I had this on my face: :grin2:

I really wanted to go with foremost as they offer track insurance. But their quote is twice as much as state farm. So I figured state farm wins, I can figure something out for the track.
 
#10 ·
As for those who get renewals that are higher, yet nothing about your circumstances have changed (credit, tickets, claims, you've moved, etc), the most likely culprit is the model bike you have and it's cost to insure for the company vs. recent claims.

As an example, state farm in Canada may have recently struck with numerous total loss, or near total loss claims or thefts on S1000RR's. In the USA, apparently this is not been the case, according to others.

The S1000RR for me was cheaper than most others, and I was told it was directly tied to the lack of historical claims when compared to gsxr zx CBR, etc.

There's not near as many of them on the road to begin with compared to the jap4.
Duc and Ape were also very cheap.
 
#11 ·
Insurance rates in Ontario suck for motorcycles. That being said, I just made the switch to Aviva using Carlos from Cornerstone Brokers (1-800-263-2369 ext 167). I got his info from GTAM. Wouldn't hurt to get a quote.
 
#14 ·
State Farm and TD don't want sort bikes anymore. Allstate is where it's at. I'm in Ontario. I was with td last season. I paid 1100$ last year and rates went to $2900. Allstate is 1150$ full coverage, 2million liability. I had to take my cars to them though.
 
#18 ·
Same happened to me with Statefarm. Was paying around $1300/year and got the renewal letter for 3700/year. The rest of the stuff is with TD MM, but MM doesn't do quotes on HP4 so called Intact and got full coverage with 2M for 1200/year.

Call around and leave Statefarm/Desjardin in the dust. I'll be moving the house from them very soon also.
 
#21 ·
What I've heard is a lot of companies are raising the accident benefits portions high. The gov't is getting ready to make Ontario insurance drop their rates. So they'll up the accident benefits, then when they have to charge less they'll still be operating at the same margins they always have been.
 
#29 ·
Full coverage on my 13' RR, allstate wanted 9000 a year.... And progressive wanted 11,000$ a year. Im 23, first bike, and insurance is out of the roof for it.

Luckily geico was cheapest at 2200$ a year and around 170$ a month compared to the other two mentioned who wanted 7xx$ a month.... Thats almost 4x more then my bike payment!
 
#32 ·
TD INSURANCE- with degree just dropped insurance to $800

Last year they jumped me up 50% on my tourer K1300GT and 30% on my S1000rr over a 3 year period. They phoned to see how happy I was with them a month ago. By the time they finished my motorcycle prices were close to the prices of the past s1000rr $800 and K1300GT $700 per year with collision and comprehensive. Shop around as a number of the companies went up last year and maybe hurting this year. INSURANCE INFO - NORTHERN ONTARIO, NO AT FAULT CLAIM, CLEAN RECORD, MANY YEARS OF MOTORCYCLING - note I was with a different division of TD insurance before but I found that with a UNIVERSITY :laugh:degree they switch you to another division of TD and the rates are lower - example in 2011 a 2002 Kawasaki ZZR1200 was going to be $1025, and the 2010 K1300GT was $685. The 2012 s1000rr in 2013 was $ 760 and jumped to $960 in 2015 and as stated is now $800 for the upcoming year. GOOD LUCK
 
#34 ·
Got a quote from State Farm, $337/6 mos ($674/year) with $2k deductible. I'm in Houston and this is for a new 2016 S1000RR base model. Chose the higher deductible as I figured I can repair most minor damage myself and only a major wreck will require me even calling them. Curious how this rate compares to other Texas folks? I have no accidents on my record.
 
#36 ·
In DFW area of TX, I pay $664 for a '16 S1000RR. Insurance:
Full Coverage, but no collision.
$300K/$300K Injury
$100K property
50K/100K underinsured
I may have an accident on my record from ~ 4 yrs ago.

If I added collsion, would be about $2K/year with a $2K deductible.
 
#37 ·
I'm on state farm for my S1000RR only - $1720/yr for full coverage (Liability + Collision + Comprehensive)

I was talking to my primary insurance agent (farmer's), he said on that bike age is a major factor. He also shared that the majority of the cost is in collision, which is the non-liability portion of accident coverage. Liability portion was super cheap like $140-180 for the year.

I'm in TX, 31, no major collisions, no tickets in past 5 years, and 2 minor claims against me over 5 years ago (under $3000 each).

Would love to know other peoples age for their premiums, Eagle, Quantized?
 
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