Vespa Insurance ...still confused ...

[jacques]

Hi Folks -

I have read alot of forums about what a "fair" cost of insurance would be for a Vespa - I have a '69 150 VBC which I had rebuilt when I lived overseas .... my insurance broker (who holds the policies on my house/car etc) is quoting me $485.00 for the year ... Because of the age of the scooter this does not include theft/fire etc ... just the basics ...What is the opinion out there ... is this par for the course ??

Regards

Jacques

[Stanley Parker]

I can only tell you what I pay in BC... (which is Gov't Insurance... sort of) for my GS 150.

basic liability coverage $536
1 million liability $102
collision ($300 deductible) $715
comprehensive ($300 deductible) $938

total $2301/year.

now... I get a 43% good driver's discount... and I only licence for 5 months...
so I end up paying $100/ month for 5 months of fully insured riding.
(the cost of a latte a day.)

there's no way I'd pay the full shot for collision and comprehensive...
you might as well just have a second bike in the garage for that price.

so, yeah... your quote of $485 anually seems to be ballpark.

[magoo]

ICBC rate classes rates are based on displacement:

Class Displacement
50 cc or below (not, sure if the class is 309)
310 51-110 cc
311 111-400 cc
312 401-750 cc
313 751-1100 or so
314 above

A GS150 ought to be class 311. In 2006/2007 the legal minimum liability coverage with a 43% discount cost me $317. Class 312 cost $585. That's for 12 months of $200,000 liability coverage, ie., if you smack somebody else (or their vehicle) and are at fault, it pays for them up to the limit. Over that and they get to sue you. It was about another $60 to bump liability to a million bucks.

The ICBC rates seem to go up by several percent a year but one million liability shouldn't cost more than $400 for anybody who has the full discount. Part of the reason for the high rates here is lack of competition but it seems that a bigger reason is that much of your premium is spent on things that have nothing to do with insurance, such as traffic light subsidies, not to mention pointless advertising and ICBC insider scams.

Theft or all perils/comprehensive coverage can be bought privately but sometimes there are conditions such as 10 years riding experience or having a homeowner or auto policy in addition to the bike policy. Buying this coverage from ICBC is a mug's game as it will likely triple your bill over the legal minimum cost. Whereas if you go partly private, the total bill bill will likely be less than half what full ICBC coverage would cost.

It can be helpful to know your class before going to the Autoplan store. Five or six years ago, I was hosed by several different Autoplan agents who were either ignorant or couldn't speak English, or both. It took nearly six months to get refunds from ICBC.

The autoplan store north of King Edward on the west side of Arbutus has people who know what they are doing, I forget the name. Also they can do a simple renewal in a few minutes compared to the half-hour it usually takes at the stores around Knight and Kingsway.

If you are a reasonably safe rider and your ride is worth, say $3000, and the deductible for optional coverage is $500 or more, you may find that the optional insurance isn't worth it, ie., you're paying the cost of the bike yourself over, say, three years. Just be prepared to spend some amount every year out of your own pocket to repair vandalism damage.

Coming here from out-of-province, it's important to get a letter from previous insurers, I forget the exact rules, but if you can show something like nine years of no claims that were your fault, I think ICBC gives you the maximum 43% discount.