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Hi all. If you are like me you look forward to annual insurance renewal as much as visiting the dentist. Well having gone through it yesterday I was for once pleasantly surprised. I know everyone’s circumstances are different so £ or $ comparisons are worthless but for me (in the UK) the CB has pulled another bonus ball out of the bag! My premium hasn’t been as low as this for donkeys ( and I’ve been with the same company for about 10 years now mainly because I hate all the faffing about). I guess this must mean Insurance companies/brokers see the CB and its owners as a decent lot? I haven’t looked it up but whatever insurance group it’s in makes it very affordable. Have any of you had a similar experience?
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Are you sure the premiums don't reflect reduced risk for the insurer during a pandemic?
Is it possible the premiums will bounce even higher post-pandemic as [higher] risk to the insurance companies resume?
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With M2 for my first '13 CB1100, I paid C$2200, next year it was about C$1800, then C$1600 with M license.
For my '14 model, I paid C$1400, then C$1200, C$1000 and this year my premium is about C$800.
I only have theft/fire and liability coverage. No collision at all. Five years with the same broker, also have house and 2 cars with three drivers with them. No claims and excellent record for a few decades.
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(+1) For an old bike, theft/fire in Canada is not worth it. Even collision coverage has limited value.
Ride the ol' CB1100 steed in winter and summer and enjoy for all its worth.
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Insurance is a whacky business. I worked in it, and never understood it more than:
Young rider + Fast bike = $$$$
Older rider + Slow bike = $$
I was befuddled but pleasantly surprised when I bought my Fiesta ST, known as a hooligan car which is almost immediately augered into a guardrail by giddy teenagers. My carrier listed it as a "station wagon" and my premium dropped from my previous car.
I just look at my premium renewal, and if it's the same as the last one, I'm happy. We periodically get refund checks sent with great fanfare, telling us that due to reduced driving in the pandemic, they are giving back to help us. My wife asked "Why don't they just reduce the premium cost up front?" My answer was "Then there would be no fanfare about how much they are trying to help us!"
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(01-29-2021, 02:42 AM)GoldOxide_imp Wrote: (+1) For an old bike, theft/fire in Canada is not worth it. Even collision coverage has limited value.
Ride the ol' CB1100 steed in winter and summer and enjoy for all its worth.
What do you mean for an old bike...I thought the CB1100 never gets old, ask our forum members. An AT is a different story...
For me, an extra C$20/year for theft and fire is peace of mind.
Don't have collision on any of my fleet either.
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I keep collision (I crash) and comprehensive (house falls on stuff), even though my cars and bikes are fully paid for. As Peter says, it's peace of mind.
Plus, the combined additional coverages are less than earthquake insurance on my condo. So, if The Big One ever does hit, and my house pancakes down onto my garage, I'll have the added peace of mind that my flattened vehicles are covered.
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In the UK I haven’t heard of ANY insurance company giving anything back to it’s customers due to the pandemic (with all vehicles being off the roads). Occasionally a radio phone in program might bring it up but it never seems to go anywhere. I went through all the normal questions they ask and all that, I just think it must be the bike and how the CB is perceived as a sound risk.
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Really?, for my car, I got a couple of hundred bucks off, for not driving to work...
Call your insurance and ask but if you keep driving to work daily, it may not apply.
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(01-29-2021, 03:36 AM)Jfro5687_imp Wrote: In the UK I haven’t heard of ANY insurance company giving anything back to it’s customers due to the pandemic (with all vehicles being off the roads). Occasionally a radio phone in program might bring it up but it never seems to go anywhere. I went through all the normal questions they ask and all that, I just think it must be the bike and how the CB is perceived as a sound risk.
Similar in Canada from what I can determine.
Many seniors are getting one-time discounts without much challenge from the insurers. That is all I have witnessed (in the case of automobiles that is).
(01-29-2021, 03:17 AM)peterbaron_imp Wrote: (01-29-2021, 02:42 AM)GoldOxide_imp Wrote: (+1) For an old bike, theft/fire in Canada is not worth it. Even collision coverage has limited value.
Ride the ol' CB1100 steed in winter and summer and enjoy for all its worth.
What do you mean for an old bike...I thought the CB1100 never gets old, ask our forum members. An AT is a different story...
For me, an extra C$20/year for theft and fire is peace of mind.
Don't have collision on any of my fleet either.
What do you mean for an old bike...I thought the CB1100 never gets old, ask our forum members. An AT is a different story...
For me, an extra C$20/year for theft and fire is peace of mind.
Don't have collision on any of my fleet either.
For me, old is five years or more for a m/c. Heck, automobiles too.
