SGI Motorcycle rates going through the roof, what do you pay?

[speede5]

So SGI is jacking motorcycle rates. I don't really want to get on here and bash bike riders or even discuss if the autofund should be subsidizing the bike side of things. Just curious what riders are paying in different jurisdictions.

Here's a link to the proposal, not seen is the 30% rate hike we had last year.

http://www.sgi.sk.ca/pdf/rateproposa...rcycles_LV.pdf

I have a 05 GSXR 60 which will be going from $1770 a year to $3669. $300 bucks a month is just not worth it, the riding is boring enough in Sk, and the danger of getting hit by some texting moron is ever increasing.

[undercoverbrother]

Can you buy other insurance in Sask? I thought SGI had the market cornered or is it like BC where you can buy excess insurance?

[Northendzone]

it would be interesting if SGI provided a bunch of the underlying data to support thier prosped increase as that is a lot to pay.

anywyas, i do not live in SK, nor am I a motorcycle guy, so I have no skin in this game.

[burn_this_city]

$3660 is only $2k less than the bike is worth.. I pay $1,500 full coverage on a 09 R6.

[speede5]

Originally Posted by burn_this_city

$3660 is only $2k less than the bike is worth.. I pay $1,500 full coverage on a 09 R6.

Not quite. I bought it from salvage last year for 2200, and have only repaired what needed to be done to ride it. Shift lever and clutch cable. My 2400 bike will cost 1660 more than it's value to insure.

They say they are 9M short on the claims side of motorcycle insurance, and that only accounts for motorcycle at fault claims. The shortfall is attributed mainly to injury claims.

They aren't providing much data to the consumer, but there are ~11000 bikes on the road in SK, and there are about 300 accident/claims a year.

Dividing a 9M shortfall into 11000 bikes is ~800 per, so the rates just seem scandalous. They are hitting sportbikes hard, but they lump a lot of bikes into that class. A CBR125 is going to cost 1500+ a year! Just cause it has fairings I'd hardly call it a sport bikje. Maybe they meed a supersport class, even though my GSXR would still get hit.

(it's for sale btw!)

[burn_this_city]

What's the cost to insure PL/PD?

[Fozzie_DeBear]

Wow...I only pay $40/mo for my R1150gs

[BigNumbers]

I'll take "Reason number 482,847,294 that living in Saskabush sucks donkey ***** for $1,000, Alex"

[Masked Bandit]

My Dad (still lives in SK) sent this link to me yesterday and asked what I pay here in Calgary for a 2002 Suzuki Bandit 1200. If I'm looking at this correctly the OLD rate in SK would be $1539 and the new rate would be $2510. And that's IF they classified by bike as Touring. Here in Alberta some companies call my bike a Sport and using that classification the old SGI rate would be $2067 and the new rate would be $5443. So what's my rate here in Calgary??? $475 per year with $1,000,000 liability and $500 deductibles on collision & comprehensive. The SGI policy only comes with $200,000 liability and $700 deductibles. I honestly wonder if SGI realizes what they are doing?

[DownhillGoat]

Originally Posted by burn_this_city

What's the cost to insure PL/PD?

Unless things have changed you can't do that with SGI.

[Bobblehead]

Here is a link where SGI talks about it from their perspective.

The reason behind that, SGI President and CEO Andrew Cartmell told reporters on Friday, is that motorcycle owners are currently paying far too little to cover the costs of their at-fault accident claims.

"I will say it's an unusual step for us to actually have something uncapped, but given they're optional and recreational in nature, it's pretty hard for us to defend to other drivers why they should be subsidizing motorcyclists," he said.

"Every other recreational vehicle like campers and trailers are paying the right rate. This was the one exception."

Cartmell admitted he didn't expect motorcyclists to be impressed with the changes.



Read more: http://www.leaderpost.com/proposes+s...#ixzz2LT9EFwYd

[Aleks]

Holy crap! I just keep pl/PD now, so I pay $280/yr.....it was the same on both my gsxr750, and my current Daytona 675. I kept theft on for a few years, and it was still <$600 per year...I don't have collision, the bikes are toys, and if I wreck its my fault

[Josh]

I couldn't think of a worse place to ride a motorcycle than in Saskatchewan. If for some reason I was forced to move there (I pray I never will have to), I would sell my bikes.

[pylon]

Originally Posted by Aleks

Holy crap! I just keep pl/PD now, so I pay $280/yr.....it was the same on both my gsxr750, and my current Daytona 675. I kept theft on for a few years, and it was still <$600 per year...I don't have collision, the bikes are toys, and if I wreck its my fault

Yup, I was insuring my Hayabusa through TD Primmum, with theft for $360/yr. Pro-tip, TD primmum is the cheapest bike insurance in Alberta, and still take litre+ sport bikes.

As far as collision goes, I have never taken it on a bike, and through the 20ish years I carried bike insurance, it has saved me around $16,000 in premiums. Enough to replace a couple machines at this point. Which leads to another pro-tip. If you finance your bike, do it through a credit union. They do not advertise it, but collision is not required on vehicle loans under 50k with credit unions.

[speede5]

I'd really like to see SGI go to a PL/PD with opt collision at some point. It really sucks paying ~$1000 to insure a car worth $2000. When your deductible is $700 you might as well take the risks on yourself.

Bikes are the same, but in this excersice SGI is saying it's not the damage claims that are hurting them, it's the injury claims.

[#22]

I believe I paid 320/yr. last spring for my '99 ZRX 1100 (PL/PD). I have also never had collision on any of my bikes. If you have a collision on a motorcycle, the last thing you are going to be worried about is the cost of the bike.

Guess that doesn't help the op as it sounds like that option isn't available in Sask. I would not be riding a bike if I lived there. (actually, I think I would move)

[Hevishot]

Full coverage on 2 dirtbikes (people like to borrow them out of garages and trucks) 350.00 through nordic insurance.

[speede5]

Originally Posted by #22

'99 ZRX 1100

Nice bike, I had a 96 ZX-11 and was considering changing to this bike when it came out. Love the nostalgic paint. Matches my leathers and tank bag!