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Hi, just ordered a Suzuki M50 and got a couple of insurance quotes for full coverage. I am 49 years old , had my licence since 1982 but haven't had a bike since 85. First quote was $1350 , next quote was $950 . I had been guessing at around $1000 so I'm okay with the $950. Does this sound about right with you. (I am living just outside of Toronto )
I'd be very interested in hearing from people in urban Ontario for a good comparison.

I don't know much about Canadian Insurance, but it sounds awful high to me.
Even if that's only $750 US.
I got full coverage on a learners permit for my Honda 599 for only $240 US.
Sevulturus and BuzZz may be able to shed more light on this subject.

Is that $240 for 6 months or a full year, and what company was it?

Hammersfan wrote:Hi, just ordered a Suzuki M50 and got a couple of insurance quotes for full coverage. I am 49 years old , had my licence since 1982 but haven't had a bike since 85. First quote was $1350 , next quote was $950 . I had been guessing at around $1000 so I'm okay with the $950. Does this sound about right with you. (I am living just outside of Toronto )

I have full coverage on a Hayabusa for less than that. State Farm seems to have some of the best rates for sportbikes, the only question they asked me was, "what size is the engine" and since an m50 is about 2/3 the size of a 1300, I would think it should cost less for you.

Kevin

Relsek wrote:

Hammersfan wrote:Hi, just ordered a Suzuki M50 and got a couple of insurance quotes for full coverage. I am 49 years old , had my licence since 1982 but haven't had a bike since 85. First quote was $1350 , next quote was $950 . I had been guessing at around $1000 so I'm okay with the $950. Does this sound about right with you. (I am living just outside of Toronto )

I have full coverage on a Hayabusa for less than that. State Farm seems to have some of the best rates for sportbikes, the only question they asked me was, "what size is the engine" and since an m50 is about 2/3 the size of a 1300, I would think it should cost less for you.

Kevin

I think you pay quite a bit less in the States than we do in Canada, but thanks for your input .

Chris8187 wrote:

Is that $240 for 6 months or a full year, and what company was it?

Full year and State Farm.
They were funny about the bike ins though.
I carry everything with them and have for years. The wife's car is even a guaranteed policy. (Can't be cancelled except for non-payment.)
It's all on one big monthly payment and the car and truck are 6 month terms.
When I got the bike I had to pay up front, full year.
Discount for MSF? "NO. We already have the lowest rates, we don't need to give any additional discounts."
I don't know if it's true, but that was the answer.

I would have shopped around unless they gave you additional discounts on your other vehicles for adding the bike.

My first 1-year policy with Progressive for my Mean Streak was $800.00. When I renewed it last July it was $400.00.

State Farm does have the lowest rates, at least in my area (Florida).

Me, being a 21 year old male, get away with $1020 per year. My mother, being a late 40's early 50's female, gets away with $120 per year, on the same motorcycle!!! So your rates sound very very high to me, but then again, it might be a Canada thing.

CNF2002 wrote:I would have shopped around unless they gave you additional discounts on your other vehicles for adding the bike.

It is the strangest thing.
Homeowners, two cars, life insurance, even my boat is on the same policy.
And they all add in to multiple discounts.
Motorcycle is a different policy.
It was like dealing with a whole other company, but I thought the rate was right so I took it.
Plus I was 200 miles from home on vacation and doing it over the phone with a credit card. I really though they would work with me. Same agent for 15 years. Always treats me like gold.
Motorcycle is a separate policy. Maybe thats good though. My wreck won't affect all my other stuff.