Goddamn it I just HAD to read another thread on insurance. I talked to a guy back home in Newfoundland last summer who was insuring a Zx14 for $200/yr. I am getting quotes for $1000/yr for my Bandit12, and $800/yr on the XS, and $1000/yr on my GS1100. I am so pissed off at the raping we get here in Ontario, with absolutely NO justification. I sent of an email to the Ontario Insurance Commission asking why companies are allowed to charge 10 time the rate people in other states and provinces pay. I am not holding my breath for a response. Many companies won't even quote on bikes older than 25 years old. There is one or two companies who will insure bikes over 30 years old as vintage bikes, but you get a whopping 2000km a year to use them, and can't drive them to work or school. What I am supposed to do with a bike to old to insure as a regular bike, and not old enough to insure as a vintage bike? Let it age like wine I guess before getting reamed afresh by the one or two companies who will insure it in a couple of years after an appraisal. I rode a massive 3000km last year and shelled out $1000 for the privilege. Companies also tell you if you have a lapse in coverage, you get put back into the new rider pool, meaning even more massive ripoff rates. This is a blatant lie, but defacto law, as they will simply refuse to abide by the rules and slough you off to another company if you don't play ball. Some guys are getting quoted $10,000 a year to insure a supersport. One guy was quoted $3100 to insure a ZX6R even with 20 years riding experience because he took a couple of years off to pay for a new house. It stinks to high heaven, but the sale of insurance in Ontario is limited to a few large providers (mostly the big chartered banks) who underwrite a lot of smaller companies. Nothing like a monopoly for customer service. I wish they would bust this market wide open and let anyone who wanted to sell insurance here. Remember shit like this whenever you hear about how well the Canadian banking system has weathered the financial crisis. They have a closed shop and can do whatever they want in this market. Customer service is non-existent, bank fees go up whenever the wind changes, and venture capital is largely left to the government to provide. Oh, they'll be happy to get their snout in once you are successful, but they'd rather sit back, fix the system so they can maximize profit and minimize risk, pick the low hanging fruit, and ream it to you every which way possible.
