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BOOBIES
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201 Posts
Discussion Starter · #1 ·
just wondering if anyone knows how much the insurance premiums are based upon year of the bike.

i know i could just call a broker, but i'm not actually looking for a new bike right now, so i dont wanna sift through all their bullshit to get my answer.

thanks
 

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Twin A
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i know i could just call a broker, but i'm not actually looking for a new bike right now, so i dont wanna sift through all their bullshit to get my answer.
going to the source usually makes more sense.. anyways Mikeiscool is right.
 

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Swivel on it
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they're based on displacement and declared value, not the year (unless it's old enough to be registered as a collector)
i've heard a couple of people mention now that anything from 600-1100 cc's is basically the same in their eyes. Any truth in this? I'm looking to upgrade to a 1000cc next year all things being well ...
 

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the broker i spoke to when insuring my new bike in May mentioned that ICBC was looking at changing the size classifications on bike insurance. i don't believe that year played a part, but check on the displacement classes to see if anything's changed.
 

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Fuelled by rice
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i've heard a couple of people mention now that anything from 600-1100 cc's is basically the same in their eyes. Any truth in this? I'm looking to upgrade to a 1000cc next year all things being well ...
once you're over 750 cc's then you're in the next bracket.
 

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The definitive answer:
Motorcycle insurance rates (for the basic coverage of $200,000 Third Party Liability) are based on the displacement of the engine (not what is written on the side of your motorcycle on a shiny decal).

The rates are based on these "groups," which each attract their own premium:
110cc and less
111 to 400cc
401 to 750cc
751 to 1150cc
Over 1150cc.
The greater cubic centimeters of engine displacement, the higher the rates.

That's for the basic. If you want to add Collision, Comprehensive or Specified Perils (please, DO NOT buy specified perils, it's not worth the premiums), *those* rates are based on the amount of insurance you want to buy, in dollars. Thus, $5000 of insurance (assuming your motorcycle is worth less than $5000, is less expensive than $30,000 worth of insurance on your motorcycle, to cover you for losses by Collision, or Comprehensive.
The rates are based on the extent of coverage desired.

The one and only place to get the exact premiums (because there's license fees on top of rates) is at an ICBC agent. Walk in and ask them, they'll punch it into their computers and tell/show you exactly how much.
And, they *should* be giving you advice on what kind/how much insurance to buy, based on your individual circumstances.
 

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Mmm...beer
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2,144 Posts
^^^ Correct, they can just build a quote for you, or even a number of quotes based on different coverages.
 

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When stating your declared value remember to include both pst & gst in the price as they do include those amounts.

Ie. If you think your bike can be sold in the market for $5000 you should actually declare $5650.

My cousin got screwed $700 because he forgot to declare the taxes on what he felt the bike was worth. The 1000 difference in declared values are often worth it in premium vs pay out.

Hope I didn't confuse you at all...
 

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Registered
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8,849 Posts
The definitive answer:
Motorcycle insurance rates (for the basic coverage of $200,000 Third Party Liability) are based on the displacement of the engine (not what is written on the side of your motorcycle on a shiny decal).

The rates are based on these "groups," which each attract their own premium:
110cc and less
111 to 400cc
401 to 750cc
751 to 1150cc
Over 1150cc.
The greater cubic centimeters of engine displacement, the higher the rates.
.
okay, so y'all are asking the same damn question thats naggin on me noggin' i am wondering why i' payed so damn much for my ins all year and nothing was really explained to me, bastards at icbc dont give a damn sometimes; all seem to treat you like you're stupid and should even play w/ these toys if you dont know ALL right off the bat!! can someone tell me where THEFT coverage is covered?? and if there really is a big difference in premiums over different parts in lower mainland, do you pay less if your off in a little island, as opposed to coquitlam or such?? its really buggin' me cause i really think i NEED a litre bike next season!! lol, hahahh!!! knock on wood...

edit** okay so i figured out theft is covered both by comprehensive and specified perils and so you dont need spc. per. only comprehensive... arghh, chances are i was paying double when i didn even need to... foggers!!!
 

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Registered
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I had this one fine lady in surrey at the insurance place, cant remember her name! She's on this site, rides a hog. She was amazing, explaining everything and giving me really good advice. Hopefully she reads this and responds, we all need to get our insurance through her

* Two guys with the 2000 R6, forgot the papers...about a month ago.
 

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Excommunicated
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567 Posts
Question then,

If I declare my bike to be worth 25,000$ (even if it wasnt worth that much ) and pay the insurance on it.

If it was stolen and similar models are selling for 6,000$ I would imagine that ICBC would only give me 6000$.

Conversly if I declare my value to be 2000$ and it is stolen and to replace my bike would be 6000$ IckBicky would only give me 2000$ because it is my declared value ?

Is this correct ? Why the double standard ?
 

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Eh Muh Gawd Becky!!
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6,648 Posts
double standard cause they can. this was discussed once before about it kinda being fraude where ICBC charges you at a rate based on $25,000 knowing full well that the bike is only worth $6000 and that's all you'd get. thing is.....if you have no documents to support that $25,000 value then they figure your just being silly. technically it's up to the rider to ask the ICBC agent to find out book value and then you can educatedly guess the actual market value. or........look at the market before you go in and get that as a declared value. save everyone time by doing some research yourself.
 
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