Switching from Beacon to Coast Capital for 3rd party insurance
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Thread: Switching from Beacon to Coast Capital for 3rd party insurance

  1. #1
    Registered User Array cvrle1's Avatar
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    Switching from Beacon to Coast Capital for 3rd party insurance

    Ever since I got my SV several years ago, I was using Beacon for 3rd party insurance. I liked that they pay out agreed value for the bike, and that they would insure my track only bike for theft. These are the 2 things that as far as I know no other 3rd party insurance would do.

    Last few years they have left me looking for alternatives. 2 years ago when I switched SV to Triumph, somehow they screwed up, and my Triumph was insured for only $3500 (value of SV) I found this out 1/2 way through riding season, when I got my paperwork from them. It took them 3 months to send me paperwork out after I insured. This made me worried, but Ena said they had some issues, mergers, etc, so this was the reason why. Last year I never got paperwork at all from them. No idea why.

    I will most likely be switching to Coast Capital Insurance. My cost will be about the same, but main issue is that CC pays market value on the bike, and not agreed. This is same as Megson and other places, so it shouldnt be a big deal. I would have $3K for gear, instead of $2K I had with Beacon. Main reason I was thinking of them is because they are only ones that offer 3rd party liability. I can get $3M from them, and then lower ICBC to bare min ($200K). That will save me $90 for 6 months of ICBC insurance. Only other issue is that they wont touch track bike, so it wouldnt be insured for theft.

    Anyone use CC, and what are your thoughts on them?

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  3. #2
    Original Pirate Material Array TMR's Avatar
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    Quote Originally Posted by cvrle1 View Post
    Ever since I got my SV several years ago, I was using Beacon for 3rd party insurance. I liked that they pay out agreed value for the bike, and that they would insure my track only bike for theft. These are the 2 things that as far as I know no other 3rd party insurance would do.

    Last few years they have left me looking for alternatives. 2 years ago when I switched SV to Triumph, somehow they screwed up, and my Triumph was insured for only $3500 (value of SV) I found this out 1/2 way through riding season, when I got my paperwork from them. It took them 3 months to send me paperwork out after I insured. This made me worried, but Ena said they had some issues, mergers, etc, so this was the reason why. Last year I never got paperwork at all from them. No idea why.

    I will most likely be switching to Coast Capital Insurance. My cost will be about the same, but main issue is that CC pays market value on the bike, and not agreed. This is same as Megson and other places, so it shouldnt be a big deal. I would have $3K for gear, instead of $2K I had with Beacon. Main reason I was thinking of them is because they are only ones that offer 3rd party liability. I can get $3M from them, and then lower ICBC to bare min ($200K). That will save me $90 for 6 months of ICBC insurance. Only other issue is that they wont touch track bike, so it wouldnt be insured for theft.

    Anyone use CC, and what are your thoughts on them?
    IIRC, Megson is agreed value. Just for comparison sake, can you provide a ballpark price for your insurance quote from CC? Please also include bike valuation and other perks. Thanks, M!

  4. #3
    Registered User Array cvrle1's Avatar
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    Sure, here are the details:

    $7000 declared value for the bike
    $3000 for gear
    $3M 3rd party liability (their Min is $1M)
    $500 deductible
    $300 for emergency roadside assistance
    Travel protection with $0 deductible
    Lock re-keying

    Total for a year $342. With $3M liability through them, take off $90 from ICBC and total is really $252.
    if I went with $300 deductible, total would be $360

    In terms of Megson, when I talked to them 2 years ago, they told me they do market value and not agreed on. So maybe that has changed, or whoever I spoke to gave me wrong info.

  5. #4
    Registered User Array Cordero's Avatar
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    Quote Originally Posted by cvrle1 View Post
    Sure, here are the details:

    $7000 declared value for the bike
    $3000 for gear
    $3M 3rd party liability (their Min is $1M)
    $500 deductible
    $300 for emergency roadside assistance
    Travel protection with $0 deductible
    Lock re-keying

    Total for a year $342. With $3M liability through them, take off $90 from ICBC and total is really $252.
    if I went with $300 deductible, total would be $360

    In terms of Megson, when I talked to them 2 years ago, they told me they do market value and not agreed on. So maybe that has changed, or whoever I spoke to gave me wrong info.
    I got insurance through Megson a few days ago. They asked me what I paid, I told them ($10,000) and that was that. So I guess that's agreed?

    $10,000 ageed value
    $1,000 gear (I should have upped it but didn't think about it at the time)
    No 3rd party liability
    $100 roadside assistance
    $500 deductible

    Total was $391. So about $140 more than yours for $3,000 more on bike and $2,000 less on gear. Megson also does one claim forgiveness (rates don't increase on your first claim every 3 years), not sure if yours does that as well.

    I'm very happy with Megson

  6. #5
    Registered User Array cvrle1's Avatar
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    Just took a quick look at Megson, and you are correct. They are on agreed value: Policies are written on an Agreed Value basis;
    Will get their quote to see what comes out of it. Thanks

  7. #6
    Original Pirate Material Array TMR's Avatar
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    Quote Originally Posted by cvrle1 View Post
    Sure, here are the details:

    $7000 declared value for the bike
    $3000 for gear
    $3M 3rd party liability (their Min is $1M)
    $500 deductible
    $300 for emergency roadside assistance
    Travel protection with $0 deductible
    Lock re-keying

    Total for a year $342. With $3M liability through them, take off $90 from ICBC and total is really $252.
    if I went with $300 deductible, total would be $360

    In terms of Megson, when I talked to them 2 years ago, they told me they do market value and not agreed on. So maybe that has changed, or whoever I spoke to gave me wrong info.
    This is a smoking deal if it includes third party liability. I don't feel that you need 'agreed value' unless you're running a pricier bike or one with lots of additional bits. I suspect your Megson + ICBC liability insurance will be much more than what you're getting from CC.

  8. #7
    Registered User Array cvrle1's Avatar
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    Yeah, I never heard back from megson, but do remember when I tried few years ago, they were even more expensive than beacon. As for agreed on vs market, I would tend to agree, but it is a bit different with my street triple. 09-12 is hard to find for sale, so they would probably use newer bikes and then deduct for years and mileage, which is going to give me lower value than bike would be worth on the market. Who knows, maybe thats a good thing, as I can say it is a unicorn and thus worth more haha.

  9. #8
    Registered User Array HighZoot's Avatar
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    hmm might have to phone megson... every year my bike gets more expensive, and i get more worried about icbc not paying out what i want

  10. #9
    Moderator Array jeckyll's Avatar
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    I insure 3 bikes with Megson (yeah, yeah, I have issues). Anyway, when I added the 3rd one they say "you qualify for additional discounts" ... and sent me a refund. The discount was so much that the 3rd bike was free and I got money back on the other two.

    To this day, I don't understand that business model, but I cached the cheque

  11. #10
    Registered User Array cvrle1's Avatar
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    Weird, but hey good for you. I dont know of anyone else that has 3 street bikes insured at same time through them. Wonder if this is norm for them. Since they wont insure track bikes, and cost more than Beacon, I wont be going with them.

  12. #11
    Registered User Array HighZoot's Avatar
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    you can only crash one at a time so... still makin' money in the long run.

  13. #12
    Moderator Array jeckyll's Avatar
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    Quote Originally Posted by cvrle1 View Post
    Weird, but hey good for you. I dont know of anyone else that has 3 street bikes insured at same time through them. Wonder if this is norm for them. Since they wont insure track bikes, and cost more than Beacon, I wont be going with them.
    To be fair it's one street bike, one DS, one Adventure bike. Get your point of course


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