View Full Version : ICBC rate class: 600cc vs 1000cc



AlphaRed
03-05-2002, 10:17 PM
Does anyone here know what the cost difference is on basic insurance for 600cc vs 1L? I heard it's nearly double for 1L bikes, is it true? I want to make sure I know what I'm getting myself into if I do decide to purchase a 1L bike.

adamantium
03-05-2002, 10:19 PM
First off, I would recommend calling an Autoplan broker, it's a lot easier to get the straight goods from them.

But it's not double, in fact it's not nearly as much as I though it would be, I think it's about $150 to jump from 600cc to 1000cc.

The big cost in insurance isn't your cc's, it's your declared value.

CG
03-05-2002, 10:25 PM
Adam is right, the cost difference from a 600 to a litre bike is so so small.... hell, if I had the cash at the time, I would have gotten the gixxer750 over the 600 cause it costs the same to insure as my gixxer600.

Depending on your discout percentage, you'll be looking at anywhere between 1600 to 2800 a year (for a 3-4 year old bike or newer) with 1600 beening you have 43% discount and 2800 beening you have 0% discount.

I saved nearly 150bucks by dropping my declared value down from 10grand to 9grand....

also, maxing out your deductibles to $500 bucks for both collison and comprehensive is another way to save some coin.

AlphaRed
03-05-2002, 10:49 PM
Hmm... thanks, that's interesting to know. I've always thought it was the CCs, since I paid a lot less than my friends did when I had the F2. I guess it was just because of the value of an older bike.

I've been thinking about getting either a R6 or a R1, depending on the price and condition. Considering that their declared value are similar (older R1 vs newer R6 etc), can anyone take a stab at estimating what the difference will be on insurance?

I will also check with an Autoplan broker, but I've got to say that this place is a great for stuff like this! :D

CG
03-05-2002, 10:54 PM
Originally posted by AlphaRed
Hmm... thanks, that's interesting to know. I've always thought it was the CCs, since I paid a lot less than my friends did when I had the F2. I guess it was just because of the value of an older bike.

I've been thinking about getting either a R6 or a R1, depending on the price and condition. Considering that their declared value are similar (older R1 vs newer R6 etc), can anyone take a stab at estimating what the difference will be on insurance?

I will also check with an Autoplan broker, but I've got to say that this place is a great for stuff like this! :D

you'll end up paying roughly the same amount on both bikes. So for your money value, the R1 would be a better bang for your buck if you want the extra power, but really who really needs all that power for the street on today's 600 and up sportbikes anyway?? ICBC is ripping people off on old bikes, only after a 2 years of insurance on your F2, you'd have enough to buy another F2!! :( that was a main reason I bought a new bike.... it just aint right when your insurance is more than the worth of your bike....

TeeTee
03-05-2002, 11:28 PM
It would be worth doing the numbers but I suspect that if you bought say, a 98 model 600 and just put the liability on it with the money you save over about a 3 year span of not getting the collision and comprehensive you could afford to put new plastic on the whole bike if you ever did have that lowside. It all depends on how many accidents you plan on having. Hell, if you have more than one or two you won't be able to afford it anyway, will you.

CG
03-05-2002, 11:30 PM
Originally posted by TeeTee
It would be worth doing the numbers but I suspect that if you bought say, a 98 model 600 and just put the liability on it with the money you save over about a 3 year span of not getting the collision and comprehensive you could afford to put new plastic on the whole bike if you ever did have that lowside. It all depends on how many accidents you plan on having. Hell, if you have more than one or two you won't be able to afford it anyway, will you.

dont forgot what happens if your bike gets stolen :( better be safe than sorry and get that comprehensive....

Quasi
03-06-2002, 07:59 AM
Originally posted by Canadian_Gixxer


dont forgot what happens if your bike gets stolen :( better be safe than sorry and get that comprehensive....

Or instead of comprehensive you can get Theft & Fire will save you a bit more money the only problem is your not insured for vandalizm.

TeeTee
03-06-2002, 08:24 AM
Oh, I didn't say there weren't other risks but a lot would depend on how you use your bike. If it had a really good "New York" grade chain and lock for the garage at home and you didn't ride it where you leave it unattended, like an open parking lot at work, then the risk could be quite acceptable. It's certainly not for everyone's situation but it sure would cut the insurance rate if it did fit someone's style of usage.

Ryan R
03-06-2002, 04:38 PM
Well I got an insurance quote when I went to reinsure my bike for that one day and my insurance with a 20% discount is 2100 for my 01 6R. I checked out what it would cost if I traded in for a Yamaha R1 and it ended up being 3200 with my discount. And I declared the value at 11000 cause it would have been a used R1 that I bought and that was what my declared value already was for my 6R. This was the same quote I got from 2 different insurance agents. So I really dont know if the declared value is the only big price affecting factor :confused

AlphaRed
03-06-2002, 05:06 PM
The whole declared value and rate class is puzzling me a bit. I called a few places and they seem to be inconsistent. The last placed I called, they quoted me $3012 and $3355 for a 600cc and 1000cc respectively. This is for a $8500 bike with basic coverage, 1 million liability, and comprehensive. The difference of $343 seems little to me, but I'm not even sure if this quote is correct.

CG
03-06-2002, 05:37 PM
well, I saved around 250-300 bucks by dropping my declared value from 10grand to 9grand.

Digi168
03-08-2002, 08:34 AM
Originally posted by AlphaRed
The whole declared value and rate class is puzzling me a bit. I called a few places and they seem to be inconsistent. The last placed I called, they quoted me $3012 and $3355 for a 600cc and 1000cc respectively. This is for a $8500 bike with basic coverage, 1 million liability, and comprehensive. The difference of $343 seems little to me, but I'm not even sure if this quote is correct.

When you get your quote make sure you tell them what the actual cc's are, ie an R1 is 998cc, since the bracket cutoff is 999cc if you tell them 1000cc you will get a higher quote.

AlphaRed
03-08-2002, 05:51 PM
Originally posted by Digi168


When you get your quote make sure you tell them what the actual cc's are, ie an R1 is 998cc, since the bracket cutoff is 999cc if you tell them 1000cc you will get a higher quote.

oh... never thought about that! :rolleyes

But then i guess the numbers are still relatively correct. the R6 is 599cc, and R1 is 998cc. so most likely both of the quotes i got are in a price bracket that's one above where they should be.

arai
03-08-2002, 06:28 PM
I'm pretty sure they don't use those numbers as there aware that people will say 599cc even though its a 600 and really should be classified under the 600cc bike. I think they have it at over 500 cc then 7 or 9something to avoid that little slip up


-arai-

Digi168
03-08-2002, 08:24 PM
the brackets actually start with the whole number

as posted above cutoffs are 399, 749, 999, 1149 etc...they have a list of what the actual cc's are but they don't look at it so if you tell them you have an R1 and it is a 1000cc they will charge you in the 1000-1149 bracket, whereas if you tell them the output is 998cc they can check and they will insure you in the 750-999 bracket.

Bandit_Ryder
11-21-2004, 11:22 PM
Sorry to bring up an old thread, I was wondering about how much more it would be to insure a litre bike too if I were to buy one...seems like nobody knows what the fuck they are talking about in this one...

I know for sure that the CC brackets are up to 400cc (including 400), then 401cc-750cc, then 751-1000cc I guess, not sure on that one...but I know that it starts at 751 and litre bikes are included in it...they start everything +1...not bang on 750 or whatnot...

Now is this true that the declared value would affect the price of insurance a lot more...say I were to buy a CBR929 and say it was only worth 6g's or so...would that cost a lot more than my 2003 600cc bike?

grant
11-22-2004, 04:21 PM
Liability insurance is based on CCs, comprehensive is based on declared value.

2 totally different things.

Digi168
11-23-2004, 07:29 PM
the bracket is actually 750 to 1150. Dollar value only affects optional insurance, base insurance will be the same regardless of price.

Bandit_Ryder
11-23-2004, 07:31 PM
Yeah I found that stuff out, thanks guys.