Bike Insurance

[z3guy]

Premiums are set by the companies by the states they do business in and not by individual habits . The one thing shopping around does do is effect your credit score. By requesting a quote they all check your credit history which in turn effects your credit score.

 

[motodan]

Premiums are set by the companies by the states they do business in and not by individual habits . The one thing shopping around does do is effect your credit score. By requesting a quote they all check your credit history which in turn effects your credit score.

Are you including multiple tickets and accidents under "individual habits"? I think ones driving record (their driving habits) plays a very important part of premium charges and/or ability to secure coverage. Of course there's always the "pool premiums"...the last ditch effort to secure coverage.

 

[bdfbeemer]

Premiums are set by the companies by the states they do business in and not by individual habits . The one thing shopping around does do is effect your credit score. By requesting a quote they all check your credit history which in turn effects your credit score.

That is so wrong. The credit system needs to revamped to truly present a persons ability to repay loans.

 

[23217]

Price optimization is a technique by which insurance companies measure the shopping habits of its customers in order to set individual premiums as high as possible regardless of a customer's risk profile.

In other words, long-time customers who do not shop other car insurance rates tend to be charged higher rates.

Also known as the "Loyalty Penalty". The more loyal you are to your insurance company, the bigger the penalty you will pay. Sometimes the penalty comes from the insurance agent, and sometimes from the insurance company. Whenever I get an premium increase I shop around.

 

[BCKRider]

Depends on the state / locale. Had State Farm for 40 years in Iowa and Kansas. Moved to Texas. Bike premiums would have been up 5 times - for example - from $98 a year to $498 a year - same bike, same policy. Switched to Farmers on the house and cars and their subsidiary Foremost on the bikes. The problem - I carry liability and uninsured/underinsured motorist on the older bikes. With as many as 1/3 of Texas drivers running around without insurance the UU is the big jump.

The scam is buy insurance with monthly payments to register the vehicle - then drop it after the first month.

Paul, can this be true - 1/3 of Texas drivers without insurance? If you have very little in the way of assets, well it makes some financial sense to not pay for car insurance - go ahead and sue me. But I have trouble believing 1/3 of all Texas drivers fall into that category. Maybe 5%?

In British Columbia, Canada we have mandatory liability insurance from the government owned Insurance Corporation of British Columbia. On April 15 I bought this insurance and licensed the 1992 K100RS for 7 months - no other coverage - and it cost $527. Rather dear, considering I have never been involved in an accident or had a speeding ticket on either the bike or our cars in over 20 years. (The accident which totaled my K75 in Wyoming several years ago was judged the other rider's fault. His insurance paid me. Doubt ICBC ever heard about it.)

From reading the posts in this thread it is clear those of you in the US have a lot of things to consider to avoid being screwed. In BC we can relax. We are being screwed too but, since there is nothing we can do about it, might just as well accept it. The rape analogy comes to mind.

 

[globalrider]

But boy do I have plenty of opinions on insurance companies.

I have as much respect for them as I do for financial institutions, which is very little (scum of the earth).

 

[8ninety8]

All insurance I have has been on inflation creep, I think. Always clicks up a few bucks. It's a business, a protection business. I think all insurance rates would be adjusted if our plaintiff bench were changed to loser pays. Good place to start anywho. No troll, just musing.

 

[BC1100S]

With the posting of this thread, winter has now officially arrived.

 

[BC1100S]

We are being screwed too but, since there is nothing we can do about it, might just as well accept it. The rape analogy comes to mind.

Your comment is highly distasteful.

 

[z3guy]

Just caught the last two post. So very true!!!!!

 

[rangerdog]

Also known as the "Loyalty Penalty". The more loyal you are to your insurance company, the bigger the penalty you will pay. Sometimes the penalty comes from the insurance agent, and sometimes from the insurance company. Whenever I get an premium increase I shop around.

So true. My last insurance company was Progressive. I misplaced a bill and went to renew a little late. Since the policy I'd had about a decade had expired (by a week), the price was going to double! That's when I began checking around again and discovered Geico was considerably lower than the before-expiration price for better coverage. And I'll have to hand to them, my rates have continued going down as I age. They blipped up for a few years when I added a crotch rocket to the policy, but not outrageously so.

 

[Ponch1]

I'm using state farm right now but I think they are a bit high. Geico gave me a reasonable quote that I haven't followed up on. I'll continue to watch the thread to see what anyone else says.

I tried to switch to GEICO after they gave a good quote and all of a sudden it was a lot more. They said if I put my cars under the policy, I could get the original quoted rate. Bait and switch. I got my money back.

 

[Ponch1]

I want somewhere else to look for bike insurance. Progressive is asking for more per bike because I took one off the road. Had 3 older bikes and 1 small "antique" bike and they are playing how high can we go.
"How much can we squeeze out of this long time customer."
I'm in no mood to play.

Don't need details, but just some names of companies. Who y'all pleased with ?

I used to see an ad or two in the ON News, but not any other that what I have now in recent issues.
Not much competition when all of them share information.

Also didn't mean to start a long insurance thread. (But boy do I have plenty of opinions on insurance companies. But I do understand that no one is interested; (in my opinions).
But run with it if you want.

Charlie

A couple years back my rates went up for no apparent reason with Progressive. Then the next year the rates dropped and this year went up again. The only explanation I got was claims in my state increased. The thing is, I haven't been able to find anything cheaper. I've been riding since 1986 and I have been with progressive 4 or 5 years.

 

[BCKRider]

Your comment is highly distasteful.

You are referring to the last sentence of post #25, and I agree with you. Equating the distasteful practices of insurance companies with rape was not responsible on my part and I want to sincerely apologize to all who read this thread. You may note that other questions in that same post have not been answered. Hope this post and apology gets some responses.

 

[JDOCKERY132445]

You must play the game

The folks who get screwed the most are the ones who do not do the work to find lower premiums. I shop every year. When I married my wife, she had State Farm and her rates were outrageous. I switched her and she was paying 1/4 of her previous premium for the same coverage. I was with GEICO until last year when they went up on my rates. I asked why and was told that I had been in an accident. It turns out that the "accident" was me reporting a minimal damage brush with a truck while pulling a car. No police were involved. No claim was filed. But because I am of good character and reported it as required, I was punished. I went with Progressive with my vehicles and Allstate with my bike. And yes, saved money over my old policy.

So play the game.

 

[sailorlite]

Haven't seen it already stated here, but if you're eligible for USAA membership, join. And get their insurance coverage for everything including motorcycles. From time to time I check their rates and find that they're the best, and there seems to be none of those questionable periodic increases mentioned in earlier posts.

 

[martyhill]

Haven't seen it already stated here, but if you're eligible for USAA membership, join. And get their insurance coverage for everything including motorcycles. From time to time I check their rates and find that they're the best, and there seems to be none of those questionable periodic increases mentioned in earlier posts.

As a long time USAA member I can assure you that they do not insure motorbikes. They will send you off to another insurer.
I think at some point in the distant past they did insure but not at this time.

 

[sailorlite]

As a long time USAA member I can assure you that they do not insure motorbikes. They will send you off to another insurer.
I think at some point in the distant past they did insure but not at this time.

USAA most assuredly does insure motorbikes - in California and in some other states - but evidently not in all states. What USAA does not offer in Calif. is roadside assistance coverage for motorcycles.

 

[martyhill]

Amazing. They don't do Ga. or Fla. for sure. I was told years ago that they stopped accepting new people but continued to insure some folks from many years ago. Is that where our info differs?

 

[motodan]

Just a Google away....https://www.usaa.com/inet/pages/insurance_motorcycle?akredirect=true

Their small font details:

Motorcycle insurance not underwritten by USAA or its affiliates. USAA Insurance Agency means USAA Insurance Agency, Inc. or USAA of Texas Insurance Agency. CA Lic #0D78305, TX Lic #7096. 9800 Fredericksburg Road, San Antonio, TX 78288. The Agency represents third party insurers that are not affiliated with USAA, and provides services to you on their behalf. It receives a commission on the sale or renewal of third party insurance products, and may receive other performance based compensation from them. The third-party insurer underwriting this coverage has sole financial responsibility for its own products. Purchase of third party insurance products does not establish eligibility for or membership in USAA property and casualty insurance companies. All requests subject to underwriting. Product availability may vary in some locations.

So per rangerreece below...their "third party", in his case, is Progressive.