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Insurance on my dirtbike....what a joke!

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Bought a new 2012 KTM 250xc last saturday and went down to insure it today for theft reasons(in BC, Canada you dont have to insure your bikes AND there is only 1 insurance company). $550 a year + $125 for liabilty:banghead::thumbsup:. ***? I see the value, but nearly $700 a year!? I made a joke to the lady that in a year or 2 im just going to park it in a field and let it get stolen.

Lets do the math over 2 years.....

($9,800 new)-($4000 depreciation)=($6000 resale)-($675 per year insurance)=($4650 will be what its worth). 50% of it value will be lost over 2 years.

Now, if the bike goes "accidently" missing after 2 years.....

($9800 new)-($675 per year insurance)-($1000 deductable)=($10,000 check for bike that was stolen)

****My bike is insured for the full value if it gets stolen****

Now, I try to be an honest man but it just blows me away on how these companies just bend you over a barrel and there is nothing you can do.

Am I wrong to think this way?

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You can't get just fire and theft insurance? It's about $75 USD pr year for me on my dirt bikes.

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Never understood why people would voluntarily buy insurance....its bad enough that I am forced to for my vehicle and house.

Ya, I know. I just dont want to be out 10k while someone else is enjoying my bike.

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Never understood why people would voluntarily buy insurance....its bad enough that I am forced to for my vehicle and house.

You don't have to for your home.

But you chose to borrow money to buy it, and part of that agreement you entered into with the lender is that their collateral is covered against loss.

When you pay it off, you're free to drop the insurance coverage if you so choose.

However, considering the cost of that insurance vs the value of the structure and contents, that's not a wise choice.

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I'm in Ontario and have everything but collision on my WR250F and it's $16.00 month through State Farm. They were the only reasonably price insurer I could find.

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'Full Value' is not the purchase price you paid when new with taxes and what ever. It is the current used value of a stock bike of the same make and model. In your scenario, assuming it is correct, is $6000 (although that seems very high to me after two years)

$6000 is a lot better than nothing. Fortunately in the US, the rates tend to be better. I pay about $100 a year per bike for full coverage (Theft, collision and liability).

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State Farm - fire and theft about 200/yr per bike. Just have to find an agent who knows where to find the right rates, whoever you are dealing with, they are quoting you wrong because they have no clue (like most these days in the service industry, because after all, it IS just a job so why should they know anything about how to do it right.... :thumbsup:).

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Keep in mind too, insurance is a commission business.

Years ago, I lived in NJ. Paid about $400 a year for my car insurance. Moved to Philly, the agent quoted me like $6K a year!!!!! Same insurance company. When I told him what I paid in NJ and that he was insane, he adjusted the rate to $400 a year.

They see you coming and want to get you in the drive through.

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Bought a new 2012 KTM 250xc last saturday and went down to insure it today for theft reasons(in BC, Canada you dont have to insure your bikes AND there is only 1 insurance company). $550 a year + $125 for liabilty:banghead::thumbsup:. ***? I see the value, but nearly $700 a year!? I made a joke to the lady that in a year or 2 im just going to park it in a field and let it get stolen.

Lets do the math over 2 years.....

($9,800 new)-($4000 depreciation)=($6000 resale)-($675 per year insurance)=($4650 will be what its worth). 50% of it value will be lost over 2 years.

Now, if the bike goes "accidently" missing after 2 years.....

($9800 new)-($675 per year insurance)-($1000 deductable)=($10,000 check for bike that was stolen)

****My bike is insured for the full value if it gets stolen****

Now, I try to be an honest man but it just blows me away on how these companies just bend you over a barrel and there is nothing you can do.

Am I wrong to think this way?

Have you looked into BCORMA ? Not sure if they offer theft at all with there liability insurance they are now offering in BC, which is a hell of alot cheaper than ICBC.

Myself I only pay insurance on things I have to. But I live in an area were theft is pretty much nonexistant.

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Never understood why people would voluntarily buy insurance....its bad enough that I am forced to for my vehicle and house.

If the price is reasonable regarding the value of your purchase it always good.I live in a great neighborhood but you don't always now the people that walk or drive through.Three of my bikes where stolen.

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State Farm - fire and theft about 200/yr per bike. Just have to find an agent who knows where to find the right rates, whoever you are dealing with, they are quoting you wrong because they have no clue (like most these days in the service industry, because after all, it IS just a job so why should they know anything about how to do it right.... :thumbsup:).

Bc's insurance is run by the government of Bc. I can't remember the name of it, but they have some of the lowest insurance rates in Canada.

As for dirtbikes, give Oasis a call. If they insure dirtbikes in Bc, their average rate for liability is around 100 bucks. And their fire/theft are very cheap as well. You can also get a quote off of their website.

http://www.oasisinsurance.ca/

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'Full Value' is not the purchase price you paid when new with taxes and what ever. It is the current used value of a stock bike of the same make and model. In your scenario, assuming it is correct, is $6000 (although that seems very high to me after two years)

$6000 is a lot better than nothing. Fortunately in the US, the rates tend to be better. I pay about $100 a year per bike for full coverage (Theft, collision and liability).

I insured it for the full value + additional parts with a total of 10k. They dont care what its worth, they only care what your insuring and what its worth to you. On top of that my gear is insured for $1000 with a $250 deductable and so is my trailer.

Have you looked into BCORMA ? Not sure if they offer theft at all with there liability insurance they are now offering in BC, which is a hell of alot cheaper than ICBC.

Myself I only pay insurance on things I have to. But I live in an area were theft is pretty much nonexistant.

We live in the same area tribalbc. ICBC was $1100 a year. I went with Beacon. I see you have the YZ up for sale!?

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Bc's insurance is run by the government of Bc. I can't remember the name of it, but they have some of the lowest insurance rates in Canada.

As for dirtbikes, give Oasis a call. If they insure dirtbikes in Bc, their average rate for liability is around 100 bucks. And their fire/theft are very cheap as well. You can also get a quote off of their website.

http://www.oasisinsurance.ca/

Insurance Corperation of British Columbia aka ICBC and you are correct about the BC government. No, it isnt some of the cheapest rates here. My insurance is Alberta was much cheaper. There is no compitition here so they somewhat have free rein to charge whatever they want. Many of the out of province/country will not insure you in BC. State Farm/Oasis etc etc dont exsist here. The options are pretty limited. And with different companies there can be different stipulations. Im insured for everything so if someone steals it out of the back of my pickup, Im covered.

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I insured it for the full value + additional parts with a total of 10k. They dont care what its worth, they only care what your insuring and what its worth to you. On top of that my gear is insured for $1000 with a $250 deductable and so is my trailer.

.....

Got you. A lot of people THINK, they are insuring it for $10K until payout time comes. You have a value applied (or what ever they all it) policy. You could insure it for $1mm if you wanted to pay the premium.

I have my home insured like that. It takes a lot of time to put a home together on top of what it costs in dollars.

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80/yr for full coverage on my 07 KLX with $3k in aftermarket reimbursement.

$700/yr is crazy. That's about what I pay for full coverage on my 2005 Subie Legacy GT with 300hp. hahaa

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80/yr for full coverage on my 07 KLX with $3k in aftermarket reimbursement.

$700/yr is crazy. That's about what I pay for full coverage on my 2005 Subie Legacy GT with 300hp. hahaa

Welcome to my communist, oops, meant socialist province.

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