Tuesday was also the one year anniversary of the purchase of my Suzuki Burgman. I remember when I was signing the final paperwork at the dealership they had asked me if I wanted to insure it. It was a bit of a surprise to me because, unlike for cars, ICBC doesn't require that motorcycles be insured when you take it off the dealer's lot. Being the newbie that I was, I had the Burgman fully-insured for just over $1200....
When I got my insurance renewal papers this year, I did some research on optional coverage and found a much better deal. ICBC was going to charge me $946 which includes collision and comprehensive and $2 million 3rd party liability. Coast Capital offers motorcycle insurance but doesn't give coverage if you have had your Class 6 license for less than 5 years. (That information should really be stated on their web site. I only found out after waiting for someone to call me.) Beacon quoted me $325. I finally went with Megson Fitzpatrick in Victoria. I heard a lot of people mention them over at BC Sportbikes and they emailed me a quote of $216 for "All perils" and a $1000 deductible. That was way better than ICBC. I chose a high deductible because I would probably pay for any minor damage myself anyway. Since Megson doesn't offer 3rd party liability, I bought it from ICBC for $36. So, the final result (both basic and optional coverage):
- Canadian Direct = will not insure mega-scooters
- Coast Capital = rider must have at least 5 years experience
- Beacon = $644
- ICBC = $1262
- Megson = $537