What insurance company do you have?

Progressive, full coverage $350 yr

 

GEICO SUCKS on bike insurance. They wanted $146.00 a month for full coverage. :bs: I told the guy he was insane and what I thought of his quote. :bootyshake2: I pay $33.00 a month for twice the coverage with state farm...:cheersaf:

 

I have American Modern LLoyds Insurance with full coverage and $3000 for add on's and it runs me $112. I thought that was pretty good. The place where I bought the bike was an agent for them so I went with them because they wouldn't let me leave without insurance.

 

When I got my 05 I had bad credit and a spotty insurance record (maintaining coverage) so I figured my $1400 (full coverage, 500 deduct) with Progressive as dues for my past stupidity. However, at renewal and with no problems, not even a parking ticket, they wanted to up me to $1600! On a whim, I called Geico and they quoted me, on a NEW POLICY, $682 with 250 deduct. While chatting with an Geico associate one day, I mentioned in passing my MSF rider's course and how I wished I could get the discount (lost my proof long ago). She asked me a bunch of questions about the course (where, when, who taught and so on), did some research and gave me the discount. Note that's when I changed my car to Geico. One of the things I love is they have a policy that anything happening with one Geico policy does not affect other Geico policies, so despite an at fault parking lot bumper bang and red light ticket (both on the car), the bike's coverage has dropped to $500 with my second renewal...

 

HI,
I know this thread concerns USA insurance but, only as a matter of comparaison, I pay 500 € per year (only civil liability) for my VFR 750 ('87). Just consider that since more than 20 years no accidents or damages...
It is one of the most largest insurance company in Europe (Unipol insurance company).
Lamps !
Carmine

 

I've got the cages and the home with Liberty Mutual, and have been with them since the dawn of time. However, they want a ridiculous amount for motorcycle coverage (as I recall, almost $600.00 per year for my Viffer).

I've put my VFR with Progressive. Comprehensive, collision, and liability (high limits) for $219.00 a year. Seemed like a good deal to me. Geico and others I called were much higher.

 

I've been in the insurance business for about 20 years now, and while I own my own company, I don't get involved with "personal lines stuff" (home, auto, bike, boat) too often. I'll throw in my 2 cents since I feel I might be a little useful here.

There are too many variables to realistically make a comparison. Things that come into play include, but are not limited to: Age, tickets, limits, deductibles, driving record, experience, coverage, security (in a garage or outside), multi-vehicle discounts, and various others.

For me personally, its not necessarily about price, but about limit and coverage. Considering that I have assets, the last thing I want to do is be inadequately insured. While the chances are probably good that if I were in an accident with a cage, I'd be the one suffering damage (car vs. bike = bike loses!), what about more extreme circumstances? God forbid I'm tooling along, tragedy strikes, and I end up maiming a child. What if I run into a Mercedes with "Biff" in the back seat waiting for his trust fund, and I end up poking his eye out? There's going to be a million things to deal with, but the last thing I want to deal with is having inadequate insurance. WE live in a litigious society, and I really don't want to take any chances.

I have my 4 cars with Travelers. My boat is also with Travelers. My bike is with Foremost. All of my policies offer the highest limits available, and then I have a personal umbrella over that.

My suggestion is always to purchase the most coverage you can (afford). For those of you with assets - be it homes, condo's or anything else - keep in mind you are the most likely candidates to be sued in the event of a loss. And if you think you won't/can't be sued because it was "their fault" think again.

I could try to justify to myself: "My bike is 9 years old, its only worth $4,000, and if I get in an accident the bike is going to be ruined, so I'll just carry minimum limits and save a few bucks". But all it takes is that one accident to change that perception.

Several of the companies mentioned above - Geico, Selective, Progressive, E-surance, etc. - are referred to as direct writers. You, as the consumer, contact them directly and buy your insurance. On this basis, you should really be doing your homework on this to make sure you've made wise decisions. I'm not calling anyone dumb, but would you try to wire your own house if you weren't an electrician? Do you write your own will if your not an attorney?

Ask yourself: Am I that comfortable with my decisions? Am I properly covered? Do I have someone to represent me in the event of a loss/accident?

I mentioned earlier I don't do personal insurance. Even with 20 years in this business, I still elect to deal with an insurance agent/broker. Bottom line is they have folks who handle this stuff day in and day out. They've seen the claims. They've been asked the questions. They should know WTF they are doing!

In addition to (hopefully) their expertise, they should also be able to provide you with options from several carriers, saving you the work. They will (should) also know who has the most comprehensive policy (are all of your after market parts included? Seats? GPS? Side bags? Chips? etc), as well as who pays claims the "easiest".

Any carrier that you call directly is going to be helpful, of course. Do you think Geico is going to say "Nah, we're not the right company for you"? Of course not. They want to make a sale. (I'm not singling out Geico; that was merely for conversations sake). A broker/agent does not (necessarily) have the obligation of selling one insurance company's product. They represent YOU as an insured, not the insurance company.

Well that ended up being a whole lot longer than I anticipated, but I hope it helps. I know insurance people are towards the bottom of the barrel in most peoples eyes, but IF the day comes that you need to file a claim, you'll hate insurance people even more if you haven't made the right decisions and are stuck with inadequate insurance coverage.

 

Pliskin, I'm perfectly comfortable with my selection of carriers. In my previous career, I logged 25 years experience in the commercial and industrial insurance industry on the direct writer (engineering, underwriting, and sales), broker, and risk management sides.

But for those who do not have direct knowledge and experience in the industry, your advice is useful and I hope it's heeded. As you said, if you have assets, you will be a target, and they will come after you like crazed demons.

Saving a few dollars by only purchasing minimum required liability limits is a poor trade off for the potential loss of everything you own now or will own in the future. Get the highest limits available. It's the ATGATT of insurance.