Ontario Spyder Insurance

[jbim]

Hello to all the Ontario riders,

Would you mind telling me where you insure your Spyder, the model you own and how much you pay for insurance.

I currently have a 2015 BMW R1200R insured with Intact thru Riders Plus. I pay $1,242. including a multi product discount. On their website I got a quote for Echelon at $1,458 and for Intact at $1,846. Can't understand why a Spyder is that much more than my BMW as price wise they are close and I assume the accident benefits can't be more and most likely less.

I called Riders Plus but I don't have a definitive quote from them yet.

Any info will help.

Thanks

JG

[Nokesy]

I pay $1400 for two bikes one a Honda 1100 and the other a 2012 rss. Full coverage from Mass Insurance, (Carson and Weeks) in Markham

I was with TD but they bumped me to $2200 for both and when I complained they dropped me to $1700 and then I called C and W and they have treated me right

The spyder is $775

[stmike 1800]

Do not own a spyder yet, but got a price of $1200 RT L pem bridge.

TD $1527 .

[gerald37]

I cannot believed how the cost of insurance varies in different parts of the country. I live in the mid west of the United States and have a 2015 Spyder Rt. My cost per year is $262.00 per year. I have a 2015 Ford Taurus Limited and a 2018 Ford Edge Titanium and them two together are under $1200 a year. I have full coverage on both Spyder and vehicles.

[Big F]

I cannot believed how the cost of insurance varies in different parts of the country. I live in the mid west of the United States and have a 2015 Spyder Rt. My cost per year is $262.00 per year. I have a 2015 Ford Taurus Limited and a 2018 Ford Edge Titanium and them two together are under $1200 a year. I have full coverage on both Spyder and vehicles.

are you a NISR member?????? My insurance is similar to yours.
BIG F

[gerald37]

are you a NISR member?????? My insurance is similar to yours.
BIG F

No I am not I have my cars with Bristol West and my house with Farmers insurance. They are both owned together so I do get a discount with auto and home owners. But my Spyder is with Safeco. I use to have Progressive but they got to high.

[ARtraveler]

I have my car, house and three motorcycles with State Farm.

The 2014 Spyder RT-S is $523 per year.
The 2011 Spyder RT A & C is $416 per year.
The 2015 Vulcan 900 LT is $432 per year.
The 2017 Subaru Outback is $528 per year.

All have full coverage. A good driving record. No accidents or tickets in 18 years.

[bscrive]

Over here near Ottawa my wife and I pay $1800/year for both her 2015 F3S ($1003) and my 2014 Goldwing Valkyrie ($790). We have full coverage and no accidents, tickets or claims for over 25 years on our bikes and cars. My wife has had her bike license for only 5 years, but I have had mine for 34 years. We are with Dalton Timmis in Mississauga and Intact is the insurance company. I called Intact directly and the price was much more expensive for some reason.
Wynne was supposed to make insurance cheaper, but I guess she will do that if she gets in again...ya right.

[jbim]

Over here near Ottawa my wife and I pay $1800/year for both her 2015 F3S ($1003) and my 2014 Goldwing Valkyrie ($790). We have full coverage and no accidents, tickets or claims for over 25 years on our bikes and cars. My wife has had her bike license for only 5 years, but I have had mine for 34 years. We are with Dalton Timmis in Mississauga and Intact is the insurance company. I called Intact directly and the price was much more expensive for some reason.
Wynne was supposed to make insurance cheaper, but I guess she will do that if she gets in again...ya right.

Thanks for the info, I will check on them.

Cheers,

JG

[TomD]

I'm also with Intact through Buckley Insurance. Full coverage on my R1150RT and Spyder STS is just over $1800.00. Riders Plus quoted me higher.

I do have house and cars with Buckley as well.

[bushrat]

Back around mid-March 2018, there was a discussion on this subject on Ontario Spyder Ryders; you might want to check it out to see a range of policy costs from different companies across Ontario.

There was also some input here recently on another thread; the following was my contribution. I have provided detailed info for sake of comparison, as insurance rates are very dependent upon individual variables in coverage amounts, risk content, vehicle type, areas of use/residence and mileage driven:

Me: 77 year old accident free Ontario (Peterborough area) driver, multi vehicle discount, retiree discount, claims free discount, mature driver discount; G license holder for 62 years; M license for 44 years but have ridden motorbikes since age 13. Total premium: $2,082 CDN funds for 12 months.

Vehicles covered: 2015 Jeep Grand Cherokee Overland, list value new $55K, driven 20,000 km/yr.
Covered for $2 million public liability/property damage; accident benefits (standard coverage) and $500 deductible collision, $500 deductible comprehensive.
Annual premium: $768 CDN.

2017 F3L Spyder, list before taxes $35K, driven approx. 8,000 km/yr. Covered for $2 million liability and property damage; accident benefits (standard coverage) and $500 deductible for each of collision and comprehensive.
Annual premium: $1,314 CDN.

For $US values, just figure 3/4 or 75%.

These vehicles are used alternately of one another, never on the road at the same time; however, the third party insurance (liability) charges are assessed independently according to what underwriters believe their vehicular capacity for causing damage might be. Third party liability insurance costs are higher for Jeep (about 1/3 more), seemingly because it could probably do greater damage to others than the Spyder. On the other hand, my accident benefits cost about 7 times as much for the Spyder portion of my policy as for the Jeep, presumably because they feel I could suffer much greater injury while ryding the bike.

AND, get this, although the $500 deductibles are the same for both vehicles, and the list cost of the Jeep is nearly TWICE that of the Spyder, it costs TWICE AS MUCH to buy the collision and comprehensive coverage for the Spyder. Explain that one to me, if you can.

Such is the working of the mind (logic ???) of an insurance underwriter/actuary.

This is the best/cheapest policy I could come up with that provided the coverage level I wanted. I maybe could save a bit (not much) if I raised the deductible to $1,000. Not really worth doing so, in my judgment. I shopped around; I knew what I was looking for. Many years ago, I was a licensed salesman of casualty insurance. I grew up in a family-owned independent insurance agent/broker business first started 108 years ago by my grandfather (since sold). My policy today is through a direct writer, Co-operators, but just to double-check, I asked my niece (still employed in the former family firm) to look it over. Try as she might, she couldn't come within $700 of what I'm paying (and she tried all the angles, believe me; Bob Denman will understand what I mean).

I'm just glad that my retirement/pension savings allow me the opportunity of owning a Spyder and being able to license and insure it so as to go out on the road. BUT, it ain't getting any easier, at least not on the north side of the 49th parallel. And the rationale behind the rates charged for the different elements of the policy is beyond my comprehension. I suspect that Spyders are simply lumped in with other 3-wheel vehicles (trikes) as far as loss/risk expectations go, and thus may be getting penalized somewhat when really we're supposed to be a safer form of transport due to the 'reverse trike' better stability. But that's hard to determine without getting more into the heads of the underwriters and risk management staff.

[SteveP]

$1200 for my 2008 GS , also have my 2011 Dodge Ram with The Commonwell Insurance ( used to be Farmers ) through my agent in Whitby , that’s with certificate from Spyder course from Georgian in Barrie as well

[ppawheels]

I'm north of Toronto in Muskoka. Pay $1800 for both my 2015 F3S and my 2017 F3 Lmtd. Full coverage on both through my broker, insured by Wawanesa.

[stmike 1800]

I have multiple vehicles,but can only drive one at a time . I pay for insurance for the year one my sled,but only use six months of the year. Same idea for the bike and atv ,just bend over and ........