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Insurance

6K views 34 replies 19 participants last post by  Ken45 
#1 ·
Last year when I got the Wing we used Grange insurance it was 271.00 from March first to November 30th. Seemed high to me. I've been checking and the least I've found was 110.00 for the year but the coverage was way less than the 300000.00/100000.00 I had. what is everyone else doing and who is the best?
 
#2 ·
Not sure what the best is, or the cheapest for that matter. I have used progressive for a long time. Right now my policy covers 3 bikes. Two goldwings and a classic 750 (agreed value of $2500). Have $500 deductable on the policies. Accessories to $3000 and roadside assistance.
The entire policy for 1 year, paying in advance, is like $480.00.
Experience with accidents.....paid well on a gw trike I had totaled. Downside, still fighting using a lawyer for all medical, pain/suffering and still no settlement. Has been 20 months so far and no movement. That said, I think all insurance companies calculate odds when refusing to pay. That is their business...get the money...keep it...make every loophole possible to find a way out of paying. Most other companies I checked were more expensive and no proof they wold pay out any better on accidents.
 
#6 ·
Progressive for 11 years..
 
#7 ·
Well I've been Progressive for about 30 years, 50/100 full coverage on my 93 wing, 83 venture and my son's 01 bandit. Matter of fact, I just opened my bill as I'm typing and I'm paying about $640. I had been paying like $310 for the wing and the venture before adding on my son, but that was a few years ago. See what your bill will be like now that you have a year under your belt. Most companies will drop the premium down after a year or two of being with the company. At least Progressive did.
Hey nohandles, should I get an insurance agent to come in for a presentation at our Safety Sunday next month? March 10, I'll be sending out the flier tomorrow I think. Still looking for a couple more presenters, booked officer from OHP so far.
 
#8 ·
I have always had Progressive....Hopefully I will never use it.
 
#9 ·
Progressive, as the name states is very progressive. A big supporter of the current administration. Geico is similar in what I have read.

I have use Markel for the past 5-6 years. 2 years ago when I was hit and run on my 1100 Shadow they paid everything right away, all I had to do was give them the totals from the hospital and lost work time. Also paid me what I had into the bike, no financial loss. Just a sore ankle for about a month. I am sure they wanted to settle to avoid a lawyer getting involved but I didn't see any reason to go that way.
 
#11 ·
Our insurance up here is a tad different. Unless you know who to talk/deal with, all the m/c endorsements and underwriters are pretty much under the same umbrella regardless of your broker. I did some real searching and found much better coverage for my sport bike from one of the largest companies in the country, and they'll be getting the whole enchalada this year's renewal. Goldwing, car, truck, house. Same outfit I had my plane insured with too. I'm not 'married' to any insurance company anymore. Tired of getting the high hard one all the time. Up here, it seems the longer you stay with them, the worse they gouge you.:hater:
 
#18 ·
So ummmm, can I ask who you ended up with? I was asking around a bit at the MC show and it sounds like I can expect my rates to go up a bit this year after someone (can't remember the name - wrote it down somewhere though) bought out Jevco.
 
#14 ·
+1.....Didn't know there was any such thing as a season:loco:
 
#21 ·
It's important to remember ... driving record, accident record, location of residence and credit score is a factor in policy cost.

That's a bunch of hogwash as far as I'm concerned. Just because a person has debt, they raise their rates.
 
#23 ·
Credit score does affect everything. It establishes a certain amount of risk that a company has to undertake.

Not saying it's right or infallible but......
 
#24 ·
What they really should consider is your personal TDR (total debt ratio) not your beacon score. That's a more accurate way of judging your risk factor on a personal level. You can have a real high credit score (over 800) and if your TDR is over 60% or even higher, unless your last name is Gates or equivalent you're very likely a high lending risk! I've had credit apps cross my desk that the customer had a beacon score of 815 but their debt ratio was in the stratosphere...couldn't finance a wheelbarrow much less a motorcycle. How you get in that deep without the lenders flagging you well before that is beyond me but it happens.
I don't propose to know how insurance works for you down in the States, but up here you can get road insurance in that 'facility' grouping without even having a license! You stand the the chance of getting racked by the police if you get stopped without a license, but as far as the insurance companies go, they're all fine with it as long as they get their money for the premiums, (colourful but vulgar expletive here) jerks. Don't even want to think what would happen to an unlicensed rider/owner in the event of a collision; the tossers would probably void the coverage for that very reason.
 
#29 ·
Cheap Insurance is great; however, it's when you have an accident that you'll find out the true value of your policy. I've been in two accidents with GEICO, one motorcycle and one car. My Triumph Rocket was totalled while sitting waiting for a red light to change -not my fault; but the car accient was my fault...dumb fender bender. GEICO was great!
 
#30 ·
Be careful in buying insurance. You may get what you pay for.

When we had our wreck, the other party had Safeco (aka Liberty Mutual/Ohio Casualty). The claims agent was less than truthful and ultimately only offered us less than 2/3rds of the value for our trike (2 years old). I filed with our "uninsured/underinsured" coverage with State Farm and they did a more honest evaluation and paid out almost $8k more than Safeco was going to do.

Coverage wise, be careful about going along with minimum insurance coverage (e.g. 25K or whatever your state minimum is.) $25K will not cover the property damage and my wife's medical bills are over $86K at this point.
 
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