11-08-2019, 01:27 PM
(11-08-2019, 08:37 AM)peterbaron_imp Wrote: Premium in Canada as well, at least in my case, despite of no accidents for decades...
Mostly GTA/Toronto area is paying for the rest of the province of Ontario = big rip off of all insurance companies
GO will chime in, I am more than certain
Sure. Vehicle insurance varies greatly across Canada and is based on claims and fraud statistics. As indicated by PB, the Greater Toronto Area (GTA, Ontario) is likely the highest in the country. No surprise: Toronto area commands the major chunk of drivers in the country (analog to LA or NYC regions of the 'merica). In contrast, Alberta province pays almost half the premium of an equivalent Ontario driver.
Rates in the GTA are essentially outright gross. In Ontario the minimum coverage required is the liability portion. All else is optional.
Liability breaks down into:
1) Bodily Injury
2) Property Damage
3) Standard Accident Benefits
Item #3 commands the lion's share of the premium.
By law, the minimum coverage in Ontario is $200,000 Cdn. It is very common for average drivers/riders to carry $1,000,000 coverage. If travelling often to the U.S. $2,000,000 coverage is not unusual (because it is a popular perception that 'mericans love to sue).
In terms of motorcycle experience, and the bike (yes, the actual machine) determines the bulk of the premium. Items said by other Forum members also may factor in. How they link an idle machine to your ability to ride safely is beyond me. I suspect insurance companies bet that riding a BMW S1000RR will be statistically less safe than a Honda Forza scooter. Truth probably is if you can afford a S1000RR, you can afford the premium too. In any case, there is a gouge factor in play in Ontario.
All said, I reckon the premium range for a rider owning a late model CB1100 in Ontario with only $1M liability coverage (because many insurance companies won't offer less coverage, or will but with very little cost savings) might be $400 to $2800 Cdn per year. Again, experience and location plays an important role in Ontario.
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Now, you want collision, comprehensive, etc? Add that to the premium.