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Thread: Insurance Premium

  1. #1

    Insurance Premium

    Iím not sure if this thread belongs here or not. I am 74 years old. No recent tickets or accidents of any kind. Iíve been riding off and on since 1965. I recently bought a 2015 K1300S. Progressive wants me to pay an eye watering $202.00 a month for $250,000.00 liability and $250.00 deductible comprehensive and collision. I have three other vehicles insured with them and the monthly premium for the K1300S is more than the monthly premium for a 2006 Ducati ST3S, 2016 Polaris General 4 seat and 2015 BMW R1200RS combined. Does anyone have any suggestions, besides selling everything and walking? This is outrageous!

  2. #2
    IBA# 5819 61996's Avatar
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    I pay $396 per year through Progressive.

    Sum Ting Wong.

    Joe
    ďFate whispers to the warrior, 'You can not withstand the storm.'
    The warrior whispers back, 'I am the storm.'

  3. #3
    Registered User mlytle's Avatar
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    you don't mention where you are. location makes a huge difference in premiums.

    not to mention insurance on a very high horsepower sport bike is definitely going to be more than the rest of the things you listed....cost of doing business.

    insurance on my K13S is 5x higher than my K75S. that is with Progressive...
    Marshall
    92 K75s, 94 K75s, 96 K1100RS (caretaker), 09 K1300s

  4. #4
    Registered User Motodan's Avatar
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    Check with your agent as to what the next premium renewals will be for your other bikes, you may find they'll be going up also. While location, driving history and vehicle type have a direct connection to premiums charged, they can pale in comparison to the age factor. Mid 70's is a typical time when companies increase their rates. Just like ages up to mid 20's typically are higher, due to immature/inexperienced drivers...so it goes for those mid 70's and older, too mature/inattentive/decreased skills and judgement. They follow their empirical data to so charge and to validate those charges should there being questioning oversight. I'm 71 and just waiting for the day my rates go up.
    F750GS

    MOA #46783

  5. #5
    Registered User wbrownell9's Avatar
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    Just throwing out a few ideas here: The K1300 has more power than any of your other machines (to an insurance company that means riskier). Also, it's "sportier" - again, that's spelled R-I-S-K.

    Too, you're getting close to the age where premiums go up simply because you'll belong to an age group that is statistically more accident prone. Nothing to do with you personally. It'll be interesting to see what happens to your other premiums at your next renewal.

    Comp and collision on my policies have typically been at least equal to, if not greater than, the liability portion. I think it's likely that some people who say "I only pay (some ridiculously low amount)" are only paying for minimum legal liability, no comp/collision, no uninsured motorist (not required by all states), etc. Good on them for successfully keeping themselves alive and others' property undamaged while not paying much for insurance. My state just recently raised the minimum liability from $20K to $50K. $20K wouldn't have been enough to cover them if their accident totaled a 2-year old minivan, let alone a new Mercedes. Guess who pays the difference? Many people are underinsured and are risking financial catastrophe because proper insurance is more (too?) expensive.

    Like the person said: the only way to win the insurance game is to lose. I.e. to get the payout, someone or something has to be damaged.
    2016 R1200 GSA

  6. #6
    Registered User WWeldin's Avatar
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    Try getting the deductable raised to at least $1000 to see if that makes a difference in the premium. Worth a shot.
    2000 R1200C, 2019 R1250RT

  7. #7
    Shop around. DEFINITELY shop around. I've had yearly quotes that ranged from $350 to $2200 on the very same bike. And just because a company was low priced on my last bike doesn't mean they were low priced on my latest bike, I've found.
    jZ
    There is some perverse beauty about being up in the air looking down at your bike during a high-side get-off.

  8. #8
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    AAA insurance is $230 a year for my 2003 K1200GT. Northern Climate in Chicago.
    2003 K1200GT

  9. #9
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    Where you live, credit and accident history affect insurance. In this case something is very wrong. I don't care if the 1300 is a higher risk machine, it goes back to the rider more than the motorcycle. There is no way premiums for one motorcycle should cost as much as two-three others for the same rider.

    Just for reference, I insure a 2003 R1, 2016 HD limited, 2018 R1200RT and a 2007 Chevy Trailblazer, all with full coverage for $100 month. The coverage on the three motorcycles are the same, the premiums are very close to each other pus the R1 is the lowest priced one of the three to insure due to the smaller engine size and age (value), and the collision coverage for it is darned near free. When I bought the R1 I was going to put just liability on it until I checked and comp and collision for it was just a few dollars more.

    I am with State Farm and the premiums are based on engine size, plus value and other points, but it is funny, I looked into buying a new Yamaha R1 and the premiums on it were less than the R120RT, and the Harley was the highest premium all because engine size and value!

    To the OP, I would shop around. Something stinks! Not that is is worth anything, but Geico and Progressive would be the last too insurance companies I would go with.
    From the only real Fargo, ND!

  10. #10
    Registered User lkraus's Avatar
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    If your agent can't do better, you'll need to shop around. As has been said, rates vary by state, neighborhood, driving record, credit rating, age, and other variables. Comparing rates with others on the internet is useless, pick up the phone and make some calls.
    Larry
    2006 R1200RT

  11. #11
    IBA# 5819 61996's Avatar
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    Quote Originally Posted by lkraus View Post
    Comparing rates with others on the internet is useless, pick up the phone and make some calls.
    Agree. But its a good starting point.

    Joe
    ďFate whispers to the warrior, 'You can not withstand the storm.'
    The warrior whispers back, 'I am the storm.'

  12. #12
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    Quote Originally Posted by PoorUB View Post
    but Geico and Progressive would be the last too insurance companies I would go with.
    Why?

  13. #13
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    No personal experiences, but less than stellar support from the companies with friends that had insurance with either company.
    From the only real Fargo, ND!

  14. #14
    Registered User lkraus's Avatar
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    I've had no claims on my Progressive bike insurance, but our van was hit by a car insured by Progressive. We had no problems or delays with the claim settlement, a rental vehicle was delivered and picked up at the body shop of our choice, and there was no pushback when I requested genuine Toyota parts rather than aftermarket.

    I think my rate is useless for comparison, but it's $321/year for liability(250K/500K), U/U(300K), medical, collision/comprehensive($250 deductible)/accessories/roadside assistance/trip interruption. Discounts applied for prompt payment, being 30+ years claim free, and a "responsible driver." No points on license, good credit, and a low-crime, Ohio neighborhood all help. At one time, I shopped rates every couple of years, but I kept renewing with Progressive when no one else came close.

    At one time I insured two bikes. When I sold the smaller, older one, the rate went up.

    I know the K1600 bikes are often totaled if the vulnerable crankcase is gouged or scratched because there are no replacements available. BMW only sells the complete engine ($18641). Is the K1300S another of these "unfixable" bikes, leading to high premiums?
    Larry
    2006 R1200RT

  15. #15
    Registered User
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    Quote Originally Posted by lkraus View Post
    At one time, I shopped rates every couple of years, but I kept renewing with Progressive when no one else came close.
    I ended up going w/ GEICO for my moto which for identical coverage was about 60% of the cost of Progressive, dunno why the giant discrepancy.

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