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Thread: Insurance premiums....

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  1. #1
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    Insurance premiums....

    Got a nasty surprise in the mail today. The invoice for the next twelve months' bike insurance (through Markel) and the premium has risen a cool 20.42%. That was a decided "ouch." The big numbers are for "Comprehensive - Actual Cash Value" and "Collision - Actual Cash Value." Unless my bike (2008 R1200RT) has become an appreciating asset overnight (?), it looks as though the lower risk (reducing capital cost) is attracting higher premiums. Nice for the underwriters, but not for my bank balance.

    Am I missing some part of this picture that makes this (to me, dramatic) increase more justifiable, or are Markel wanting out of the bike insurance market?? Needless to say, I'd welcome suggestions of alternative firms to try. I primarily went with Markel because of the association with the MOA.

  2. #2
    Outlander Omega Man's Avatar
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    Welcome to the forum! There is a thread running from one our northern members (Saskatchewan) where his rates are changing and may be an interesting read for you- http://forums.bmwmoa.org/showthread....or-Motorcycles
    Please pardon one of our members for trying to drag the thread down the black hole.
    All my insurance is going up. I don't know can be done about it.
    Gary
    "Well they say.. time loves a hero but only time will tell.. If he's real, he's a legend from heaven If he ain't he was sent here from hell" Lowell George
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  3. #3
    2011 R1200RT ka5ysy's Avatar
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    Time to compare and shop around ?
    Doug, 2011 R1200RT Polar Metallic
    MSF #127350 NAUI #36288

  4. #4
    Unfunded content provider tommcgee's Avatar
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    Every state's insurance system is different. In Massachusetts, we have this wonderful explanation to reference, written by an agent who rides: http://listerins.com/MCcoverage.htm

    There are links to MANY states in the above URL. If you're buying insurance you really ought to read it directly from the industry, rather than listen to guys on a forum.
    Last edited by tommcgee; 07-13-2013 at 01:46 PM.
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  5. #5
    Outlander Omega Man's Avatar
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    Quote Originally Posted by ka5ysy View Post
    Time to compare and shop around ?
    Well I used to think buying insurance was like going to Las Vegas, you paid to get in the game because you thought you would get a payoff and when the circumstances came to be, you got money. It has been my experience that paying the entry to get the insurance, to make you "whole", again should you need it, (the insurance company "bet" you weren't going to need it) the payoff needs to be fought for.
    Last October I put this thread up- http://forums.bmwmoa.org/showthread....the-race-today I recently, finally got paid from the insurance company- this July, 8 months. Last time I tried to pay a premium 8 months after the due date, things got messy after the second month.
    As for shopping around, I have tried and it seems to end up as the difference between Fios and Cable. YMMV
    OM
    "Well they say.. time loves a hero but only time will tell.. If he's real, he's a legend from heaven If he ain't he was sent here from hell" Lowell George
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  6. #6
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    PM sent, r.e., where to buy MC ins
    "If I had my life to live over, I'd dare to make more mistakes next time...I'd relax,I'd limber up... I would take fewer things seriously...take more chances... take more trips...climb more mountains...swim more rivers...eat more ice cream." Jorge Luis Borges at age 85.

  7. #7
    Registered User Firenailer's Avatar
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    I joined AARP when I turned 50 and really reduced my Bike and Auto insurance. I haven't had any alarming rate increases since. If your a member give it a try, insurance is written through the Hartford Group. (I think it's 40 or 50 a year to join and it pays for itself).

    At least shop around as most companies will match the quote to keep your business. Annoying, but true.
    Ride Safe,
    Bob
    '12 R1200RT

  8. #8
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    Quote Originally Posted by ka5ysy View Post
    Time to compare and shop around ?
    That was decidedly my initial reaction, Doug - and then I began to wonder what was going on. Had I missed some salient point? Seems that my mind still wants to live back when premiums went down a little each year as the capital risk declined. Simple stuff. I wonder why we humans insist on making life so (*deleted*) complicated??...

  9. #9
    Survivor akbeemer's Avatar
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    We have 4 bikes with full coverage at Markle. A bit over $700.
    Kevin Huddy
    Tm Pterodactyl MT Outpost

  10. #10
    Registered User danvestedbb's Avatar
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    Quote Originally Posted by TwoMetreMan View Post
    Got a nasty surprise in the mail today. The invoice for the next twelve months' bike insurance (through Markel) and the premium has risen a cool 20.42%. That was a decided "ouch." The big numbers are for "Comprehensive - Actual Cash Value" and "Collision - Actual Cash Value." Unless my bike (2008 R1200RT) has become an appreciating asset overnight (?), it looks as though the lower risk (reducing capital cost) is attracting higher premiums. Nice for the underwriters, but not for my bank balance.

    Am I missing some part of this picture that makes this (to me, dramatic) increase more justifiable, or are Markel wanting out of the bike insurance market?? Needless to say, I'd welcome suggestions of alternative firms to try. I primarily went with Markel because of the association with the MOA.
    I used to be in the insurance business for a number of years and currently use Dairyland Motorcycle Insurance. My '05 R1200RT has full coverage with them for just over $320 per year. The agent who I use and who I used to work with has about 20 years in the business. She has a great reputation. Tell her Dan Schmidt referred you. They can insure in all 50 states:

    Ms. Claudia Lovrity-Smith
    John M Glover Agency
    http://www.johnmglover.com/
    e-mail:clovrity@johnmglover.com
    Dan Schmidt
    http://www.vestedbb.com
    2005 BMW R1200RT

  11. #11
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    Quote Originally Posted by danvestedbb View Post
    I used to be in the insurance business for a number of years and currently use Dairyland Motorcycle Insurance. My '05 R1200RT has full coverage with them for just over $320 per year. The agent who I use and who I used to work with has about 20 years in the business. She has a great reputation. Tell her Dan Schmidt referred you. They can insure in all 50 states:

    Ms. Claudia Lovrity-Smith
    John M Glover Agency
    http://www.johnmglover.com/
    e-mail:clovrity@johnmglover.com
    I did make contact with Claudia, but she was on vacation at the time of my renewal - maybe next year. She has my info. Thanks for the connection, Dan.

    I eventually went with Progressive online. Foremost fell by the wayside due to unacceptable (to me) medical payments coverage ($1,000 only, no other options - really, nowadays?? - that's almost the price of a Band-Aid in ER!!) With the level of coverage I was seeking and with my deductibles, Progressive got it.

    Thanks to everyone who added to this thread. It has been an educational eye-opener - though I am still mystified why Markel upped my premium by such a large percentage, with no explanation!

    Ride safe!!

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