Insurance Premium

I’m not sure if this thread belongs here or not. I am 74 years old. No recent tickets or accidents of any kind. I’ve 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!

I pay $396 per year through Progressive.

Sum Ting Wong.

Joe

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...

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.

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.

Try getting the deductable raised to at least $1000 to see if that makes a difference in the premium. Worth a shot.

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.

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

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.

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.

lkraus said:

Comparing rates with others on the internet is useless, pick up the phone and make some calls.

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Agree. But its a good starting point.

Joe

PoorUB said:

but Geico and Progressive would be the last too insurance companies I would go with.

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Why?

No personal experiences, but less than stellar support from the companies with friends that had insurance with either company.

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?

lkraus said:

At one time, I shopped rates every couple of years, but I kept renewing with Progressive when no one else came close.

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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.

To update this, I held my nose and went with Dairyland. At one time they were ranked at the bottom. Anyway, For mediocre coverage my annual premium is $493.00. Once the bike arrives, I’ll shop around for something better. I wanted it insured while it was being transported.

lkraus said:

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

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I have a couple on my insurance that are being worked on. I called to drop one off as it’s a long-term project and won’t be ridden until next summer. Same deal, my overall premium would go up a bit. When I asked why, the agent said that my risk was spread across multiple bikes and removing one put more risk on the newest/most expensive bike.

zoomie said:

I’m not sure if this thread belongs here or not. I am 74 years old. No recent tickets or accidents of any kind. I’ve 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!

Click to expand...

Dump Progressive. I did!! Check out their politics! That's enuf reason for me!!

State Farm has always been the best deal for me. But, I bundle the bike with 2 car, a pick-up and a homeowners policy.

When we moved from Ohio to NC to a comparable neighborhood (insofar as crime statistics, traffic, proximity to shopping, walkability, housing costs, etc.) the insurance for everything went up. Bike insurance was about 3x higher. Progressive was the insurance provider in both states.

In shopping around for alternates for insurance I found some were even higher than Progressive (Geico) and one was about half (Hagerty). Alas, my new bike (2018 RT) didn't qualify for coverage with Hagerty. Then I discovered that Hagerty would not provide the
level of coverage that I needed before my umbrella policy took over. Progressive would provide this higher coverage level. So I continued with Progressive.

A major benefit is the extended riding season in NC (basically year 'round) - well it was year 'round (mostly) in Ohio, but a LOT colder.