BC Sport Bikes Forum banner

Cost of ownership question.

1351 Views 17 Replies 13 Participants Last post by  Spike
I am planning on purchasing a motorcycle pretty soon. I checked insurance prices and bike prices. Basically, I would be paying 400 a month just for the bike and insurance. How much on average do you guys spend on your bikes and how much should I expect to be paying on top of that 400 I am already going to have to spend? What would be the average amount you spend on gas a week too?


1 - 3 of 18 Posts
My advice, for what it's worth.

Buy a used bike. There are so many good used bikes out there that people are selling because they are getting out of riding, they just had a kid, just bought a house, etc. etc. etc. You save GST right off the bat, which is a huge discount. Almost enough to make it worth financing the bike.

Target something with a value around $5-6K. It's not so large that you couldn't eat the loss if something goes drastically wrong. And it's not so small that you'll be stuck on a 250 Marauder for the next 5 years. Get basic insurance for it only, and be vigilant about locking it up at night. Plan to ride safe, and don't buy comprehensive coverage. It rarely, if ever, pays back to have ICBC repair your bike if you drop it. Plan on fixing it yourself. The money you save not paying comprehensive for 5 years will easily buy you a complete set of plastics and a brake lever or two for most sportbikes.

If you believe that theft is a serious risk for the bike you're buying, get "specified perils" coverage (which is fire/theft, but not fire/theft/vandalism) to save some money. Be a little less vigilant in locking it up, if someone tries to steal it, gives up when they hit the disc lock, and drops it in your driveway instead, ICBC will call this "vandalism", or they'll claim that you dropped it yourself. You want them to successfully steal it, so ICBC can pay you out for it. Make sure the declared value is reasonable, and adjust it every year to reflect the bike's market value at the time it's most likely to be stolen (middle of summer). Unless you add something new to it every year, that means your declared value will drop every time you insure the bike.
See less See more
I guess I could have put some numbers in too:

First year (note that this was about 8 years ago):
$2000 - 1984 Honda Nighthawk 750
$250 - HJC CL-12 helmet
$350 - Joe Rocket Reaction Jacket (only ever saw them in one store, and they've stopped making it since)
$200 - Boots - Alpinstar (I think) all black leather, goretex lined, etc.
$660 - One year's insurance (12 months). Forget whether that was comprehensive included or not, but I think it was.

Current bike:
$5800 - 1996 Honda VFR 750F
$1381 - One year's insurance, everything included (I was feeling vulnerable when I bought the bike, so I got everything for a few years... But i'm not going to get collision/comprehensive when I renew, just specified perils)
By all means, take precautions to prevent theft, but make it easier for thieves and use the excuse the insurer (be it private or icbc) is likely to screw you over in a claim situation?
Well, I know it happens. A former co-worker's neighbour witnessed someone trying to jack the former co-worker's bike from his garage. Thief tried rolling the bike away, got to the disc lock, and dropped the bike. Then ran.

ICBC said it was vandalism, not theft, despite having a witness to the attempted theft. The owner went to the effort to try and protect his ride with a disc lock, only to have ICBC say "too bad, so sad" when someone tried to steal it. If he saved the $50 he spent on the disc lock, the bike would have gone bye-bye and ICBC would have been out the cost of replacement.

All that being said, i'm still planning to keep both chains and a disc lock on my bike when I drop to Specified Perils. Oh, and the alarm. But if I chose to stop using the chains and disc lock, keep in mind that there's nothing in the insurance policy that says I have to lock the bike up *at all*, so it's not like i'm "making it easier for thieves". More like i'd be "not making it harder" for them. Which isn't a reason to deny coverage.
See less See more
1 - 3 of 18 Posts
This is an older thread, you may not receive a response, and could be reviving an old thread. Please consider creating a new thread.