KRL Insurance

rawstewage

rawstewage

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Hey, I am a newbie to the whole motorcycle/KLR scene and have been riding my 06’ for three months. Read this forum almost every day, but so far have been very content riding to and from work every day.

When I bought my bike I was so excited I think I just agreed to every question the insurance person asked me.

So I am curious to know what kind of insurance some of you recommend, for a garage kept 06 KLR.

Here is my quote for comparison (43% discount) and discussion. I live in Burnaby.

Basic – $585.00

Optional

3[suP]rd[/suP] Party Liablity to 2,000,000 $75.00

Collision ($300.00 deductible) $416.00

Comprehensive (300.00 deductible) $580.00

Total = 1689 or 150.00 a month.

Declared value of my vehicle in their records is $7,000. Approx. 15% more than what I paid pre-tax.

Do I need all this? I called Canadian Direct and they don’t cover the KLR. Is the declared value too high?

Searched the Kawasaki forum for similar threads but saw none.

Does anyone have any opinions or advice. I like riding my bike so much I gotta renew the insurance for a few more months.


Thanks,

Stew

Ps: I know it is a KLR not a KRL? Howdo you edit a topic?


 
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kitchencabinet

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i don't know about your klr specifically but others will.

i have a dr z400. total cost is $600 per year. fully insured up to 10,000.

$300 from icbc and $300 from beacon. find an insurance agent that offers beacon policies and see what they say.

k.
 
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Yak_KLR650

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I insure my KLR with Beacon and it costs less than $1000 ($900 something, I think) for basic ($2 million liability), collision, comprehensive (all physical damage), plus riding gear covered to about $1000 (or $1500). That's for 12 months coverage.

If you are going with all ICBC - enjoy:mi:
 
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dstone

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I insure my DR650 and VFR800 through Coast Capital Savings' private motorcycle underwriter. (Basic coverage thru ICBC, of course -- Coast Capital is an autoplan agent also, so they'll do it all for you.) I save a huge amount on the VFR and nearly as much on the DR.

Their private underwriter requires you to apply they (quickly) decide if you qualify. Your premium is based, as it should be, on you, your age, experience, whether you've taken rider education, your bike, the style of bike, how many points on your record, etc. This kind of matrix still has its flaws but it's an infinitely more fair than ICBC's bizarre practice of rate classes according to motor displacement alone. :shoot:

As a bonus, the private policy can include good coverage for add-on parts like pipes, bags, helmets, jackets, boots, etc. These items are ignored by ICBC.

Our government "insurance" corporation really needs a reality check. Long-term, statistically safe drivers should not be carrying the disproportionate burden that ICBC tries to saddle them with.

As an aside, I find the staff at Coast Capital fairly clueless, but their policy and rates sell themselves.

-Darren.
 
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snackdaddy

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When Did you insure with them. I talked to them @ the bike show in Jan. And the nice lady behind the counter told me they did not insure dualsport bikes.
 
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Yak_KLR650

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snackdaddy wrote:
When Did you insure with them. I talked to them @ the bike show in Jan. And the nice lady behind the counter told me they did not insure dualsport bikes.
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Not sure who you were directing the question to, but I insured with Beacon in March of this year. I spoke to them at the bike show as well and the woman I spoke to wasn't sure about D/S bikes (I don't know if she knew what they were!). So I went to an agent and they did up the paper work. The agent called Beacon to check a couple of things and it was done.
 
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edzzed

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about that coast capital savings. here is my dealings with them. i insured thru john wind ins. aka with beacon for years. coast cap buys john wind and now offers up their own ins. covg thru great plains ins. i believe thats the name but not entirely sure. when i went to reinsure thru the same person from john wind ins who now works at coast. she gives me a new quote. cheaper than beacon. so we fill out all the paperwork and when she asks for the cash to pay i says is coast capitals ins. company going to cover me off road. she calls back east and they said NO they will not cover me off road. i pick up my paperwork and walk over to a new ins. company who deals beacon. short story is my icbc ins is for 6 months and beacons is a whole year. so the cost breakdown is roughly the same coin for basic 6 months icbc plus beacons full year . or full icbc covg which is good for 6 months and hope like heck no one steals my bike outta the garage between nov-april..... go with beacon. and to boot i sent coast capital a nasty email telling them their no off road policy will cost them dearly. we are swapping companies as our policies come up for renewal. they will lose our house, camper, boat and bike policies.
 
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dstone

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My DR's policy with Coast Capital (underwritten by Canadian Northern Shield, as you say) lists my bike as "Dual Purpose" (their category). So their underwriter is at least aware of our bikes and classes them differently (priced differently?) than touring or sport bikes. (Even if the desk staff are clueless about Dual Sports.)

I'll have to dig into what "off-road" means in terms of my policy.

Questions...
1) Collision: Who would decide fault in an "off-road" collision anyways? There are no rules to ride by so is this realistic or useful coverage to expect?
2) Theft: When I'm off-road my bike is not out of my sight (unless I'm sleeping next to it), so while I'd like theft coverage off-road if I could get it, it's not a major concern for me.

That said, I'll look into Beacon next time for sure. Thanks.

-Darren.
 
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Yak_KLR650

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Collision also covers single vehicle crashes. No need to determine fault. If you crash off road and do major damage wouldn't you want your insurance to cover you?
 
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dstone

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Yak_KLR650 wrote:
Collision also covers single vehicle crashes. No need to determine fault. If you crash off road and do major damage wouldn't you want your insurance to cover you?
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Fair enough. The answer to your hypothetical is "maybe". I'd like the option to make a claim, but I wouldn't necessarily make one.

In any specific case, I'd need to know:
1) dollar amount of damage to my dual sport
2) my deductible (typically $500, but could be more or less)
3) how much my premium will increase next year, plus the following X years because I've had an at-fault claim (sometimes you have to guesstimate this)

If 1) is significantly greater than 2) + 3), then the answer is "yes". For a crash of a few hundred bucks, no way. For a thousand bucks, possibly still "no", depending on 2) + 3).

If the entire bike was tweaked, then "yes".

Also factor in that once you have an at-fault claim, you're going to have to declare this fact for the next few years (at least 5, typically) when applying for other insurance or trying to move from one insurance company to another.

Vandalism and theft claims (at least with ICBC) aren't held against you come next year's premium time. With private companies, anything goes. That's the other edge of the sword.

-Darren.
 
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dstone

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Yak_KLR650 wrote:
Sorry for the hijack, butDarren what kind of bags are those on your bike?
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Those are three Pelican 1500s mounted on the stock tail rack and Happy Trails SU side racks. Larger image is here. They're small cases by some people's standards, but I can camp with a passenger with only a bit of external strapping, so I'm happy with it. The bags are no wider than my bars so I can still do urban squeezes when necessary.

-Darren.
 
VIMike

VIMike

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Hi there and welcome rawstewage. I have an 05 klr and insured it for the purchase amount including taxes. The 2mil from ICBC coupled withthe comprehensive through Beacon totaled $965/yr with the maximum discount.

Ihad my KLR stolen this summer and had it not been for some misunderstandings between the adjuster and the dealership where I had it repaired the whole claim would have gone off all- in- all rather well.

Regarding your question about how to edit a post, just go to the tool bar above your post aftersending itand hit edit and make your corrections.

VIMike
 
rawstewage

rawstewage

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First off, thanks for all the replies. It is much appreciated.

I just got back from talking to Coast Capital (they are just down the street from my work).

A few things to add to the other helpfull posts.. They cover "lock re-keying", emergency road service 100/year, Riding gear up to 1500, deductible options of 500 or 1000.

They do not cover off-road use, including forest service roads (according to nice lady who seemed to know what she was talking about).

They also require riders to have had their licence for 3 years minimum. I guess this is how you offer better rates, don't insure the noobs!! One other thing to note is that the rep couldn't find a brochure to give me because they had been recalled.



As for beacon insurance, I searched the web but could findno information about who deals in the lower mainland. Anyone want to share where I could find a rep. in Richmond, Burnaby, Coq. or Vancouver?
 
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edzzed

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most autoplan agents deal with beacon, a phone call or dropping in on one and asking if they deal with beacon is your best bet. on a side note i had my boat insured with beacon and declared the value at 14,000.00 the insurance place i went to after firing coast capital told me beacon will only pay fair market value and if i declared that amount i am paying ins. on that cost. they told me if the boat was a loss that i might only get a check for 7-8 thousand depending on what they thought it was worth. went with royal sun alliance as they pay out the declared value. it's about a hundred more a year but gives me peace of mind. anyone got info on insuring a 12 foot aluminum and motor. just bought another small boat for those small lakes, and get this i am now capable of bringing my bike and wee boat to the campsite. had to modify the trailer to do it. can't do that with the 18ft boat i'd need a bigger trailer..... Ed
 
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