[effenay]

This was mentioned on another thread and I thought it was worthy to confirm.

I spoke to a rep from Megson Fitzpatrick today and he said that they will be dropping coverage for sportbikes for all but the safest class of riders.

Whereas before you could qualify if you had a safe record on just your driver's licence, they will now be considering how many years you've had your motorcycle licence.

They may grandfather existing customers but this will be handled on a case-by-case basis.

Anyhow, this is not meant to bash Megson but to give you guys a heads up so that you're not surprised when it comes time to renew.

 

[KatRider]

Bummer. I hope I still qualify next year under their new coverage guidelines.

 

[CyBeR_Pinky]

Isn't it nice that private insurance can have the luxury of just dropping off higher risk classes.

 

[EF ZED ONE]

they just laughed at me when I told em I had 7 tickets in the last 5 years. No loss on my part

 

[Betamax]

Isn't it nice that private insurance can have the luxury of just dropping off higher risk classes.

That's what private companies do. People can bitch about ICBC all they want, but at least it's (still) a crown corp and can't turn people away.

 

[Prez]

But..... if you do fit the profile :thumbup

Let's see, got my motorcycle licence in 1983, no tickets in ten years, no accidents, alarm installed..... do I qualify?

:ban

 

[REVELATIONS]

It pays to ride/be mature

 

[exodus23]

I believe you have to have a motorcycle license for 10 years now rather then just a drivers license for 10 years. (which is what it used to be I think)

 

[Granny22]

If we allow private insurance in to just cherry pick the best or lowest risk drivers and require ICBC to take all the rest, what do you think is going to happen to ICBC rates? Then the private insurance company asks: "Have you ever been refused insurance by another company?" You better not lie because they can find out in fairly short order. Sorry can't insure you. So you finally end up at "Ripmeoff Insurance Brokers" and because you had 2 tickets in 14 years and have been refused insurance at another company you get to pay the highest rate for insurance on the planet. Isn't free enterprise, private insurance great!

 

[FLAX]

For the new/younger riders and drivers, ICBC offers rates below what can be justified by the statistics. This is offset by what the seasoned claim-free riders pay (way too much). Megson knows this and can offer substantially lower premiums to lower risk riders. In my case, ICBC $1,600, Megson $585.

I am glad I got my licence in the '60's.

 

[3 of 7]

Welcome to the new world kids!
Wait till health care is privatized....

BTW anyone take a look at your Hydro bill lately?

 

[Guest]

People think muscle cars of the late 60's . i am 100% certain sportbikes are headed the same way. Well not the gas mileage part. but they got fast, people crashed them so much to the point most insurance companies would refuse to insure them and ones that did cost an arm a leg and left nut.

 

[JamieJames]

crap

Welcome to the new world kids!
Wait till health care is privatized....

BTW anyone take a look at your Hydro bill lately?

I hope I qualify next year.. as for private insurance, it's not necessarily that it's private.. there's just no competition in the private sector.. if more companies were encouraged to offer insurance (tax incentives) or even if insurance companies could offer insurance nationally and spread out their risks geographically and on a larger population base.. it wouldn't be so bad..

as for Hydro.. natural gas prices are high.. in Canada and the US

 

[FLAX]

I hope I qualify next year.. as for private insurance, it's not necessarily that it's private.. there's just no competition in the private sector.. if more companies were encouraged to offer insurance (tax incentives) or even if insurance companies could offer insurance nationally and spread out their risks geographically and on a larger population base.. it wouldn't be so bad..

as for Hydro.. natural gas prices are high.. in Canada and the US

Rest assured that insurance is offered anywhere an affordable premium will offset the risk.

 

[Granny22]

if more companies were encouraged to offer insurance (tax incentives) or even if insurance companies could offer insurance nationally and spread out their risks geographically and on a larger population base.. it wouldn't be so bad..

That's the theory that all insurance companies work on (actuarial tables) the problem is if you open it up to competition the risk is spread thinner based on the numbers of companies competing for your business and in order for them to make a profit to return to their shareholders they have to get the rates up higher to cover that risk. So much for cheaper insurance unless you can prove that your are a great driver and even then I have heard of cases where a great driver was refused coverage because they were due for an accident.

 

[r1100s]

That's what private companies do. People can bitch about ICBC all they want, but at least it's (still) a crown corp and can't turn people away.

which means that everybody else is forced to subsidize people who really are not insurable... insurance should not be a "right", but in BC it is!

 

[JamieJames]

That's the theory that all insurance companies work on (actuarial tables) the problem is if you open it up to competition the risk is spread thinner based on the numbers of companies competing for your business and in order for them to make a profit to return to their shareholders they have to get the rates up higher to cover that risk. So much for cheaper insurance unless you can prove that your are a great driver and even then I have heard of cases where a great driver was refused coverage because they were due for an accident.

True.. the more players.. the more concentrated the risk. And of course it has to be profitable for them. I'm just saying instead of insuring only in BC, if they could offer insurance across the country. The addressable market is bigger and the market can support more players.. and if there is business incentive that compensates for some of the risk.. we might end up with better rates.. but fat chance of that happening.

 

[Newfie Girl]

Piss me off, they beat ICBC by mega$$$$ but I couldn't do it at the time... :banghead

 

[3 of 7]

I hope I qualify next year.. as for private insurance, it's not necessarily that it's private.. there's just no competition in the private sector.. if more companies were encouraged to offer insurance (tax incentives) or even if insurance companies could offer insurance nationally and spread out their risks geographically and on a larger population base.. it wouldn't be so bad..

as for Hydro.. natural gas prices are high.. in Canada and the US

WTF does natural gas prices have to do with your hydro bill? This is B.C......home of the hydro dam!!
The 7.9 % it went up last month was because they privatized the transmission lines ,,They didn't even get permision to raise it yet.....bastids :rtfm

 

[JamieJames]

WTF does natural gas prices have to do with your hydro bill? This is B.C......home of the hydro dam!!
The 7.9 % it went up last month was because they privatized the transmission lines ,,They didn't even get permision to raise it yet.....bastids :rtfm

A lot of places in NA provide electricity with natural gas fired plants which raises the price of electricity - alternative providers of electricity raise their rates to market rates.