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Discussion Starter #1
hey all, i went down to Mcbride Cycle in T.O. today and the guy there started to talk to me and my dad about bikes. We then got into talk about insurance. He then mentioned that he and his buddies (some of them had just got their license and their first bikes) used facility insurance. (gave me a guys card and the site is www.surnet.net).... my question is, would a new 16 year old rider with and M2 be able to sign up for this (supposedly its ridiculously cheap insurance rates).

He told me that he looked at a GSXR-1000 and it was like 10,000 a yr, but he then said that witht his facility insurance it was only about 2700 maybe a lil more.

anyways, is this possible?
 

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Hmmm...my understanding of facility insurance is that it was designed as an alternative for those deemed "high risk"...i.e. drunk drivers, multiple accidents, licence suspensions etc. I think the coverage is minimal at best (to keep the rates down) and is usually a "one shot deal". Sooooo....if you use the insurance, you pay, say $2700 for the Gixxer however the trade off is (and $2700 is still high) that your coverage is bare bones and would most likely not even cover lawsuts, injuries etc....probably a liability only coverage...just enough to get you on the street legally)...but would not be any help to you if you had a collision. This is just my theory based on some limited knowledge.....look around the Canadian Forum section and you will find a thread on insurance. You will see that prices very wildly....oh yeah....if you owe money on the bike, you will probably want "collision coverage"...that way if you write it off....you will be paid out.

Sean
 

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Originally posted by seanmcc
Hmmm...my understanding of facility insurance is that it was designed as an alternative for those deemed "high risk"...i.e. drunk drivers, multiple accidents, licence suspensions etc. I think the coverage is minimal at best (to keep the rates down) and is usually a "one shot deal". Sooooo....if you use the insurance, you pay, say $2700 for the Gixxer however the trade off is (and $2700 is still high) that your coverage is bare bones and would most likely not even cover lawsuts, injuries etc....probably a liability only coverage...just enough to get you on the street legally)...but would not be any help to you if you had a collision. This is just my theory based on some limited knowledge.....look around the Canadian Forum section and you will find a thread on insurance. You will see that prices very wildly....oh yeah....if you owe money on the bike, you will probably want "collision coverage"...that way if you write it off....you will be paid out.

Sean
Well when i do quotes on kanetix.ca for a 2006 ZZR600, its still 2700 for just getting on the road, its upwards of 4000 to get collision etc.
 

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I was 2100 with kingsway, 900 with state farm, but their car insurasnce was more than what I paid but still a huge savings, About $900 per year
 

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Discussion Starter #7
hey i just got an email back from the broker guy, told me for a 2002 CBR600F4i, its 2,504 a year for minimum liability (facility insurance). Thats all i really was gonna get anyways cuz i needed the cheaper rates.
 

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Just remember that if you are financing a new bike (or even used) you will be required to carry full coverage insurance for the length of the loan term... unless you use a line of credit or something to that effect.
 

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Discussion Starter #9
Originally posted by MaDgamEr
Just remember that if you are financing a new bike (or even used) you will be required to carry full coverage insurance for the length of the loan term... unless you use a line of credit or something to that effect.
won't be financing, i ain't gonna buy a bike until i have the full cash to pay for it, to many other expenses to deal with. So i can get the minimum liability for 2508 a yr.
 
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