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Well I decided to call my insurance this afternoon and talk about my policies, i decided to inquire about my unfinished project (1971 CB450), seeing I don't wanna get fouled up when its ready to ride.
He told me they dont have anything that old in the "system" we tried it a few different ways and no luck, the oldest thing they had was a 82 cb450 superhawk. Then he went on to say for bikes 15 to 30 years old they need an appraisal done to consider it for coverage. Now i didn't say too much about what im doing with it, but now im concerned im going to be SOL for insurance when the time comes, based on the modifications being done.
- This is in Ontario for the sake of the conversation
- The Insurance company in question is TD meloche monnex, Has anyone had any experience dealing with them with this sorta thing ?
- TD said they wont insure a new rider until you do a certified rider training, is this a normal thing?
- Whats gonna be involved time and money wise to have this bike appraised and insured?
- Anyone know a good appraiser in the GTA that does these vintage japanese bikes?
My 76 KZ750 is with Jevco, and its $575 for the year as well. I believe my agent told me that $575 was the lowest Jevco will do a policy for. Liability only, no appraisals, no photo, no BS is right. But we are still getting hosed LOL.
We're getting hosed in Ontario because the government requires a huge amount of liability coverage. The minimum coverage is much higher than what is required in many (if not most) other provinces and states. In Ontario, if some douchebag (with no insurance of their own) steals your bike and wrecks while riding it, requiring extensive and costly medical care, your insurance is on the hook for it.
Not saying I agree with it, but I can sorta understand why our basic coverage is higher. The insurance companies are on the hook for more, and in more situations than in other places. The only way our premiums are going to go down is if the government reduces the basic coverage requirements.
my cafe was $42 for liability and nothing else... granted i have 6 bike policies, 2 snowmobiles, 2 jet ski, a car, truck, house, and my wifes ring with them so they best be hooking me up on the pricing! my harley is the $$$ One! that sucker runs me 940 for the year but the coverage i have is custom built, so i will get money back for all the work that is in the bike if somethign goes south or it gets jacked. kind of funny to write mywelf a recipt every time i do something to the bike but that is the only way that i can prove to the insurnace man what was done and how much it cost.
You guys have no idea right now im paying $279 for a honda crf 150 and $319 for a KTM 200 OFFROAD BIKES, about a year and a half ago i inquired about a DRZ-400sm and they were looking for $1200 for a M1 level and $800 for a M2.
my friend has a RM125 and is paying $850 a year on a frigen dirt bike
The bike needing insurance will be a cafe'd 1971 CB450. that i think would be worth 3000-4500 when complete?
I think im gonna try JR duffy see if there interested in all my insurance business, they insure cars too?
Holy shit guys. Thats nuts! In PA my "all stock" CB350 is $80 a year for liability before the MSF saftey course discount. My buddy called about his upcoming CB750 project and it was $100 a year, only because he didnt have his MC license in PA yet.
All that is only third party (eg I hit somone the insurance pays for any damage to them...but not my ride). Keep in mind I'm an under-25 year old male (highest risk out there) and don't have a no claim bonus. YOu can get up to a 65% no claim bonus with some insurance companies here...so that'd drop my 850 right down to about $160 a year. It'll probably end up being less than that because I'll be over 25 when it kicks in...
Anywho, have a good one guys, and hope you get any insurance issue sorted out OP.
so I have found a second reason to ride my vespa. my 1973tx650 cost me $86 a year with very good coverage. when I added my vespa I got a multi bike discount and I was paying $83 per year with both bikes same coverage. the vespa actally saves me money. Though it's in fact $30 bucks a year if I was to have it alone.
I guess being 39 does not hurt either
I have a policy with Elite Insurance called Road Wings .
The broker is Dalton Timmis, Ancaster. 1-888-385-8466
1972 Honda CB750 is under $400.
An appraisal is a good idea as your bike may be worth more than the "book"value they will use if it's stolen.
As an example, with my now fully restored '72, I'm sure it's worth more than the $1900 that it was initially valued at.
So the $100 for the appraisal will be money well spent.
my ex put me on his bike insurance (he has an R6, i had a kz200) and adding me significantly reduced the cost of his insurance. it was $15 a month for the kz, i don't remember how much it took off his R6. he also has VA insurance, i don't know if we would have gotten the same deal anywhere else.
something to consider though! put your lady on your insurance, might bring your rates down!
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