2016 Motorcycle insurance...WTF?!

[spankey]

Has anyone else fell on the floor when they opened their bike policy this yr? I insure 2 american built bikes and the premium jumped $289.00 since last yr! Some of my friends are experiencing the same. Is this the toll we pay to have our car insurance drop the promised 15%? My driving record is clean. My SO has 2 old speeding violations that our insurance has been aware of. I'm thinking we may jump ship from this company.
Has anyone had experience with Insurance Co's? One of my SO's coworkers made a recent switch and said they found a newer company in line with 2015 rates.

 

[thumper18474]

Has anyone else fell on the floor when they opened their bike policy this yr? I insure 2 american built bikes and the premium jumped $289.00 since last yr! Some of my friends are experiencing the same. Is this the toll we pay to have our car insurance drop the promised 15%? My driving record is clean. My SO has 2 old speeding violations that our insurance has been aware of. I'm thinking we may jump ship from this company.
Has anyone had experience with Insurance Co's? One of my SO's coworkers made a recent switch and said they found a newer company in line with 2015 rates.

Jumping ship from your Ins. Co. sometimes backfires if you have other coverages with your present Insurer...I have my house..Life and Car with the same one...so I get..multi policy discounts...multi vehicle discounts..loyalty discounts..(36 yrs)....and so on.(which adds up)..5% here..10% there....
If you're in the same boat..check out the competition..cus you might not get the same deal if you split your Insurers

 

[Titalian]

Has anyone else fell on the floor when they opened their bike policy this yr? I insure 2 american built bikes and the premium jumped $289.00 since last yr! Some of my friends are experiencing the same. Is this the toll we pay to have our car insurance drop the promised 15%? My driving record is clean. My SO has 2 old speeding violations that our insurance has been aware of. I'm thinking we may jump ship from this company.
Has anyone had experience with Insurance Co's? One of my SO's coworkers made a recent switch and said they found a newer company in line with 2015 rates.

I guessing its because there's no seatbelt or air-bag on a motorised bike. Jmts

 

[spankey]

Jumping ship from your Ins. Co. sometimes backfires if you have other coverages with your present Insurer...I have my house..Life and Car with the same one...so I get..multi policy discounts...multi vehicle discounts..loyalty discounts..(36 yrs)....and so on.(which adds up)..5% here..10% there....
If you're in the same boat..check out the competition..cus you might not get the same deal if you split your Insurers

No just the bikes with this insurer. They wanted it all but I told them if the rates stayed consistent I may consider it. It looks like their honeymoon rates have expired for my application.
My auto insurer made it clear years ago to me that bike insurance through them would be costly.
So basically I have nothing to lose by leaving them.

 

[thumper18474]

Try Geico...and Progressive...unless 1 of them is who you deal with already...
Got a feeling they all have decided to put the screws to Riders though...

 

[spankey]

Try Geico...and Progressive...unless 1 of them is who you deal with already...
Got a feeling they all have decided to put the screws to Riders though...

I was at the bike show last month and the funny thing is I aquired half a dozen business cards from insurers. Most of whom I've contacted previously over the years for quotes. I'll give em another call I suppose and see what they offer now.

 

[Indiana]

Might be something to do with the young idiot riders giving you a bad rep.
Come spring there's pretty much a crash in the news each day in the GTA and a fatality couple times a week.

 

[ICEman72]

Might be something to do with the young idiot riders giving you a bad rep.
Come spring there's pretty much a crash in the news each day in the GTA and a fatality couple times a week.

That may be their argument but based on the OPs statement the logic would not seem to apply to him. The crashes and fatalities occur amongst young men for the most part. I don't know the OPs situation but that he mentioned his wife had very old speeding tickets I assume he is middle aged (no offense OP, lol). That demographic is normally the one to receive good behaviour discounts. To me, the more plausible explanation is his insurance company is just trying to gouge. Insurance is nothing but government regulated theft. They will do whatever they can to squeeze more and not pay out when necessary. The best strategy is to shop around and start a bidding war.

 

[GEMSHINER]

I haven't recieved my update yet but have heard from buddies saying they are looking at Substantial increases.One guy says his almost doubled ,he found an insurer specializing in bikes and the increase amounted to a couple hundred.He rides an Ultraglide ,newer model.I have an 06 Road King ,and was a little over $1100 last year

 

[GEMSHINER]

I haven't recieved my update yet but have heard from buddies saying they are looking at Substantial increases.One guy says his almost doubled ,he found an insurer specializing in bikes and the increase amounted to a couple hundred.He rides an Ultraglide ,newer model.I have an 06 Road King ,and was a little over $1100 last year

He went through RidersPlus

 

[fisherm]

Yeah, we get screwed up here in Canada. I have friends in the states and some pay $200/yr and ride year round compared to our short riding season. Granted their coverage and deductibles may be different, but I can't help but think there's some collusion going on up here.

 

[spankey]

Yeah, we get screwed up here in Canada. I have friends in the states and some pay $200/yr and ride year round compared to our short riding season. Granted their coverage and deductibles may be different, but I can't help but think there's some collusion going on up here.

I spoke with a friend in Rochester Ny. about this and he pays $400 yr for his 2014 Breakout. Our rates were twice that untill this yr. There're asking me for $1000 for a street glide. Last yr $800

 

[Tiger]

Count yourself lucky you aren't riding a supersport.

Some insurance companies are getting out of that game completely, I couldn't even get a quote for a S1000RR with my current carrier, they just don't want the SS class anymore

So perhaps not collusion, rather pure and simple less available insurance supply and high demand economics are at play here

 

[SkyRider]

Insurance companies are raising premiums to offset lower interest income on their investments.

https://wealth.barclays.com/en_gb/s...-could-profit-from-rising-interest-rates.html

 

[Keebler Elf]

You have to be willing to jump ship. Insurance companies don't really care if you leave, price increases are part of larger factors out there. But if you're not willing to jump ship, then bend over and lube up because that's the nature of the business.

 

[SkyRider]

You have to be willing to jump ship.

You lose the "loyalty" discount but it might still be better.

Query: Does switching insurance companies affect your credit rating?

 

[fisherm]

This thread has been a good reminder to call my insurance company to see where I can save some money. Just got off the phone and this is what I was able to do:

Motorcycle insurance: Reduced my km per year cause I don't ride as often saved me $60/yr
Home Insurance: increased my deductible to $1000 (I can't remember my last claim), went for a less premium package and mentioned I installed a new roof a couple years ago saved me $200/yr
Auto Insurance: Got the winter tire discount of 5% and reduced my km driven per year saved me $225/yr

Not bad, I think I'll see one of my favourite SPs now with my new found savings

 

[whitewaterguy]

Just renewed with TD. I belong to a university of Waterloo alumni group. I also insure 3 cars with them. My rate remains the same, going into third year in a row now
$860., for a 2011 Road Glide Ultra

 

[Keebler Elf]

Auto Insurance: Got the winter tire discount of 5% and reduced my km driven per year saved me $225/yr

Did they immediately apply the discount? I read somewhere that they will only apply it when you come up for renewal so I haven't bothered to call (yet).

 

[fuji]

Insurance companies are raising premiums to offset lower interest income on their investments.

https://wealth.barclays.com/en_gb/s...-could-profit-from-rising-interest-rates.html

Good point.