BC insurance

[06 Greyhound]

I don't want to start a big deal about how too much is charged for insurance and plates in BC vs anywhere esle.  I am planning to move out to the Island ( in the next 2 years) and am trying to understand the rating system.

As I read it my Bandit is in the top range and would run about 1590 (+-) a year, while a GSXR 1000 would fall in the next division down and be 1390 or so a year. 
Is it true that it is by engine size, and location that the rates are set? This would mean that 751cc to 1150 cc is the range for a GSXR 1000 and 1151cc and over is where my Bandit fits?

Am I reading this correctly?   
I have my Bandit to insure along with  200 and 70 cc scoots
Add in my truck and this starts to make me worry about living on a fixed income.
 

[pmackie]

Hey Tony

You are at least mostly right, the system depends heavily on displacement, and the 1200 Bandit (1157cc?) fits into the over 1150 cc range.

One thing you MUST look into, however, is using a private company for your fire, theft and collision. My "Beacon" policy, is approx $550-600/year, and then my ICBC is approx $50-55/month, so I usually ride for 7 months, for about $900.

You are also likely looking at the "Posted" rate. Good drivers get discounts up to 43% on liability, and 48%(IIRC) on comprehensive and collision. You will need to get a claims letter from your existing insurance company when you move to receive a discount.

[06 Greyhound]

Thanks Paul 

This is all as clear as mud still. It took me 73 pages of pdf files to find what information I did manage to find. I didn't know about the all extra coverage that was needed.  The one thing that helps is being able to buy insurace by the month.

I got a bit hung up on planing to move to zone X.   Having seen the files - one naturally worries.  (Giant tape worms in the road side outhouses and so on)  Do you have to get insurance for hazards like that? 

This just might be the excuse I needed to trade to a GSXR, or is that the catch 22.  Smaller displacement saves money with ICBC, but added cost for the extra insurance. 

[pmackie]

(Giant tape worms in the road side outhouses and so on)

Ha ha...remember Tony, this is rural Canada. You're lucky you don't get charged an admission fee to see those worms...

On a more serious note, you do have a couple of decisions to make, no matter whether you go with full ICBC or private, for you optional coverage.

1. How much liability. ICBC basic covers only $200,000 for liability coverage. Most agents, and prudence, says that at least $1,000,000 and usually between 2-5 million is worth it. ICBC's extra coverage is priced competitively, so most 3rd Party insurers don't try to compete, but it is worth asking about.

2. Comprehensive vs Specified Perils (Fire & Theft). Since M/C don't have windows, etc. you MAY NOT need full, all risk, Comprehensive coverage...but, most Collision policies, and ICBC's for sure DON'T cover impact with Animals. To get coverage for hitting a deer, you have to have Comprehensive...check with you private carrier.


3. Uninsured Motorist Coverage. ICBC provides $1,000,000 coverage in basic. You can increase this to $2,000,000 for about $40/yr. This is a yearly charge that applies on your Drivers License, so it covers you in all vehicles., but it only applies to you, not anyone else using your vehicle.

Make sure you check out the rates for Optional Coverage from 3rd Party insurers...as they vary a LOT.

[06 Greyhound]

Thanks again Paul

It looks like I will have to have a sit down with my insurance agent here to see if they cover BC and see what they can tell me. 
I know I can't beat their rates in Alberta so they should be competative if they operate there..   Here we are charged by the type of bike and not displacement.  My Bandit is 680 for full coverage for a year.  Collision and theft are the big secondary cost.   
My current coverage would go out the window if I were to buy a bike with an R or an RR in the designation.  The standard sort of charge for any of those(600 to 1300) is in the $1300 range, about the same as ICBC for a 1000cc. bike.  I do have it in mind to upgrade to a GSXR 750, for the move out, as I will be in the heart of where I want to ride.