Insurance rates in Ontario, for Spyders, are outrageously high, especially in comparison to the US rates I see being charged. Just renewed my Co-operators policy - $1,000 annually for my 2018 RAM 1500 pickup; $1300+ for my 2017 F3L Spyder. The truck is more valuable than the bike. What is interesting (and curious) is to break down the coverage into the various elements, then compare the costs for each. My policy provides $2 million public liability and property damage, replacement cost of both vehicles subject to $500 deductible, plus the usual standard income loss and medical coverage. It costs more (on my policy) to buy the $2 million PL/PD for the truck than for the comparable coverage on the Spyder. This occurs, presumably, because the insurer's underwriting actuary figures the truck is larger and more powerful, thus will probably cause greater damage to others if I'm ever involved in an accident; the Spyder, being lighter/smaller will probably cause less. How else to explain? When it comes to the collision/comprehensive loss portion of the policy as it applies to each vehicle, the truck is far more valuable (not quite double) than the Spyder, but costs much less to insure. That can only logically be because the actuary assumes the truck is going to be less frequently or less fully damaged than the Spyder. Again, how else could it be? Neither assumption, though, is iron clad. But, it is the same driver; same roads; same area. Truck usage is estimated to be 2-1/2 times greater than the Spyder (13,000 mi. vs. 5000 mi driven). Seems logical to most folks that the truck provides the greater risk, while the Spyder is assessed the higher premium. Go figure.... Does anyone really understand the intricacies and variables of an insurance underwriter's mind??? Oh yeah, should add that these rates are for an accident-free driver, claims-free, no demerit points and include multi-vehicle discount, senior's discount, etc., etc.; supposedly best rates available, but certainly not cheap!!!
