Motorcycle Insurance...RANT

[JDOCKERY132445]

When I rode old airheads, my insurance was simpl;e and CHEAP. I had both two airheads insured with Hagerty for $100/year...that is $50/bike...full coverage.

Now I am paying $148.91 for one bike, 1996 R1100RT,

Like most of you, I have seen all the motorcycle advertisements for "lower rates". Don't believe them.

The worst part of this is the FALSE marketing.

AARP has an ad every month in the magazine touting their "lower premiums". Guess what? It is NOT an AARP policy; it is a Hartford policy and it was nearly $300/year.

I am a veteran. I have seen the AAAA ads so I decided to join them to get their insurance. After a half an hour filling out their forms on line, I get an email that accepts me and a link to "their" insurance...WRONG. Theyu are just re-directing me to Progressive. Their price? $276.00.

Someone on this site had mentioned that the BMWMOA had a policy. I tried to get an estimate. Guess what? It is a link to Markel and they do NOT write coverage for NC.

Have any of you found anyone besides GEICO with good rates?

How does the $146.91 stack up with what you are paying?

 

[osbornk]

My cost here in Virginia is similar to yours but most people on this forum would love to have our premium. I priced my insurance through several "save you money" insurance agencies and websites a few years ago. When it got down to it, most of them were writing through Progressive at an increased price. I pay less for full coverage through Progressive Direct (.com) than two of my friends pay for liability only through agents who sell Progressive.

I experienced Hartford through AARP a few years ago. I got a pretty good price on my 3 vehicles and changed to them. However, after I was with them a couple of years I got a premium notice with an increase on my car and truck. I called them and asked them why the premium on my infrequently used truck was higher. I was told it was my "extra" vehicle (3 vehicles and 2 drivers) and I might loan it out. I then asked why the premium was higher on my car. They said it was because I drove it more. I dropped them immediately when they told me they increased the premium on one because I didn't drive it enough and the other because I drove it to much. I found a much better price through Erie.

 

[MotorradMike]

$602 for PL only.
If the company decides you have a sport bike, it gets crazy.

 

[darrylri]

Insurance rules are different in every single state. The companies that write insurance participate or don't as they like in every state. You cannot compare insurance costs and coverages from state to state, only within your own state.

Also, if you had Hagerty insurance, you were buying specialty vintage insurance. That is way, way cheaper than regular insurance, because the companies generally believe that you are not going to be riding the bike a lot. (In fact, most of the vintage isurance companies -- but not all -- have a low annual mileage limit like 2500 miles.)

As an example, I have three bikes insured with a regular plan here in California. My 2007 R1200ST has full coverage and my 1994 R1100RS and 1981 R65 have just liability. That costs me $2k/year. I have 5 older BMWs insured with JC Taylor (a vintage insurer) with full coverage for $400/year. JC Taylor doesn't have a mileage limit, so theoretically I could put 20k miles a year on my 1928 R52.

California is a relatively high cost insurance state (though certainly not the highest). These numbers are not comparable to insurance costs in Arizona or Oregon, for example.

 

[MOTOR31]

I had progressive for several years. It was a decent rate for the higher level of coverage I carry. I changed motorcycles last December I got the new bike insured at a reasonable rate, really only about $50 more than the 04 RT for the same coverage. By January I sold the BMW and cancelled that coverage. In Feb it was the normal renewal time for the policy. I got a renewal notice with a 50% increase in premium for the same bike they insured the previous December with the same policy coverage. There were no claims, no tickets (not even parking tickets) so no reason I could see for the increase. No explanation was given. When I asked them why they just said that was the premium, pay up. I switched to Nationwide. Their premium for the same coverage on the bike was 30% of the premium that progressive was trying to charge. Flo got told to take a hike off of a short pier.

 

[jogitu]

Progressive would not write me in NC when I moved there from TN. Something about the state insurance commission and liability. I mentioned this earlier on a thread and a member said they have Progresssive so things may have changed but that is my experience. I used Allstate when in NC. I don't remember what I paid but it was low for my Ducati. I used the agency up at Monkey Junction.

 

[osbornk]

Insurance rules are different in every single state. The companies that write insurance participate or don't as they like in every state. You cannot compare insurance costs and coverages from state to state, only within your own state.

You really cannot compare coverage within the same state very well. Different areas of a state are rated differently based on the risk. I paid nearly double for insurance when I lived in Northern Virginia than I do now that I live in the sparsely populated mountains. I am at far less risk of being in an accident with another vehicle and less of a chance of a theft claim where I am now as compared to densely populated Northern Virginia.

 

[moralem]

In Texas through State Farm I pay 428/ year for my brand new 2011 RT. On my mid nineties Ducati Super Sport 900CR I pay 98/year with the geko. The RT is fully insured with 250 deductibles and coverage at 100k/100k/300k. The Duc only has liability at the same levels. And I carry a 1M personal liability umbrella policy for about 300/year.

As a veteran have you tried USAA out of San Antonio or is that what you meant when you referred to AAAA?

 

[WalterK75]

In the Toronto area basic motorcycle insurance to get my 1991 K75RT on the road: $560 for 12 months. This is up $100 from last year. I am also getting preferred customer discounts at this price. No "legitimate" reason for the increase in my opinion. I guess the insurance company didn't make enough money. All motorcycle insurance companies claiming "lower rates" are more expensive for essentially the same coverage.

 

[Paul_F]

How does the $146.91 stack up with what you are paying?

You are getting a bargain compared to me; $1600 for my two bikes, without full collision, without any claims, without any speeding tickets and licensed since 1972. And when I called around in August before the September renewal with my company, that unfortunately was the best rate for me in SW Ontario.

 

[JDOCKERY132445]

Golden Opportunity

This is a great opportunity for BMWMOA to actually get into the insurance business. BMW riders are being lumped in with all motorcyclists for premium calculations. I would think that our pool of BMW riders would be a better risk for a company.

 

[cehlbeck]

This spring I had gotten our renewal from GEICO for insurance on our 2002 K1200LT. It hadn't gone up much but was right at $300 (I can't remember the exact figure but just a few dollars either way). Using my current GEICO policy as a guide I contacted Foremost and was given a quote for an identical policy for $97! GEICO said they could not match it or even come close. I called Foremost back and RAISED my coverage and cut my deductible in HALF all for $107 for a 12 month policy.

 

[dlowry]

We have "bend-over" pricing in Ontario. $146 buys me about two months of coverage. Wanna trade?!?!

 

[bmwcliff]

insurance

I pay 208.00 a year for full coverage on my 2004 Rockster. I am 60 years old, and that seems like an OK price for me.

 

[JDOCKERY132445]

Still waiting

This spring I had gotten our renewal from GEICO for insurance on our 2002 K1200LT. It hadn't gone up much but was right at $300 (I can't remember the exact figure but just a few dollars either way). Using my current GEICO policy as a guide I contacted Foremost and was given a quote for an identical policy for $97! GEICO said they could not match it or even come close. I called Foremost back and RAISED my coverage and cut my deductible in HALF all for $107 for a 12 month policy.

I filled out the information on line last week; but I am still waiting on a quote. Hopefully they will have a better price for me.

My RANT is not about price though; it is about organizations LYING about offering coverage when all they are doing is getting a kick back from some second party.

 

[cehlbeck]

Jerry,

The friend who told me about them said it took her over a week to get a response and in the interim she just went with another company because of it. On the other hand, I got my quote back the next day. Definately not instant like some of the others. Maybe calling the "800" number would get it done quicker?

 

[mneblett]

My RANT is not about price though; it is about organizations LYING about offering coverage when all they are doing is getting a kick back from some second party.

??? Are you serious ??? Do you really think that ANY member-based organization actually offers insurance themselves?? Surely, you can't possibly be that naive.

With the joy of massive potential liability, having to deal with State insurance commissions, and dealing with huge quantities of litigation (and plaintiff lawyers), it's no wonder that every organization must be just rushing to get into the insurance biz! (rather than working a deal with a third party insurer to obtain some income for the organization while providing a source of insurance their members may find advantageous)

As to your "they all lied" accusation -- it's baseless. I doubt than ANY of the organizations you identified "lied" to you -- for example, I know for a fact that BMWMOA plainly states who the insurance vendor is, and I suspect that all the other organizations you mention did, too.

As for USAA (disclaimer: I'm a 34-year member) or anyone else promising "low rates," YOU are the primary determining factor as to what they charge -- your age, your location, your driving history, your collection of vehicles, your collection of people to be covered under the policy, your choices for coverage levels, deductables, etc. From there, the organizations price according to their profit goals and other factors, so some are higher or lower than others -- but the fact remains you are the primary factor.


Sorry, just not feeling a lot of sympathy for a rant that amounts to little more than "I think all the companies charge too much" and "Somebody (such as my enthusiast club) should be giving me a price down at the level I think I should be paying."

 

[JDOCKERY132445]

foremost quote

Type of Coverage Deductible Limit

Bodily Injury Protection 30000/60000

Property Damage Coverage 25000

Uninsured Motorist BI 30000/60000

Other Than Collision 500 Actual Cash
Value
Collision 500 Actual Cash Value
Towing and Roadside Coverage Reasonable
Expense
Optional Equipment 3500

Annual Premium: $303.40


That is over twice as much as I am paying with GEICO.

Based on all the replies, I am getting a pretty good deal.

 

[Scott C]

??? Are you serious ??? Do you really think that any member-based organization actually offers insurance themselves?? Surely, you can't possibly be that naive.

With the joy of massive potential liability, having to deal with state insurance commissions, and dealing with huge quantities of litigation (and plaintiff lawyers), it's no wonder that every organization must be just rushing to get into the insurance biz! (rather than working a deal with a third party insurer to obtain some income for the organization while providing a source of insurance their members may find advantageous)

as to your "they all lied" accusation -- it's baseless. I doubt than any of the organizations you identified "lied" to you -- for example, i know for a fact that bmwmoa plainly states who the insurance vendor is, and i suspect that all the other organizations you mention did, too.

As for usaa (disclaimer: I'm a 34-year member) or anyone else promising "low rates," you are the primary determining factor as to what they charge -- your age, your location, your driving history, your collection of vehicles, your collection of people to be covered under the policy, your choices for coverage levels, deductables, etc. From there, the organizations price according to their profit goals and other factors, so some are higher or lower than others -- but the fact remains you are the primary factor.


Sorry, just not feeling a lot of sympathy for a rant that amounts to little more than "i think all the companies charge too much" and "somebody (such as my enthusiast club) should be giving me a price down at the level i think i should be paying."

+1

AAA ,AARP and BMWMOA all state who their carriers are up front. AARP actually had a tv ad stating "AARP insurance thru the Hartford".

I see nothing wrong with different organizations offering products to their members from outside companies so long as they are honest about who the carrier is.

 

[kantuckid]

You really cannot compare coverage within the same state very well. Different areas of a state are rated differently based on the risk. I paid nearly double for insurance when I lived in Northern Virginia than I do now that I live in the sparsely populated mountains. I am at far less risk of being in an accident with another vehicle and less of a chance of a theft claim where I am now as compared to densely populated Northern Virginia.

Obviously you are correct as the county in a state makes a difference -BUT!Also, the rates will vary , depending on which agency you get the quote from , within the same insurance company. I tried Progressive after my American Modern (from Cinn,OH and they have several brands there)went way up & policy went high , then after a member suggestion went to an agency in Lexington,KY (Randolph Scott that caters to bikers) & got a much better rate with even better coverage. Price around and ask like you are doing now...