Motorcycle insurance. Bring the suggestions.

[BigLenny]

Okay Friends,

 

Just got my new 6 month premium bill from State Farm, and am now gonna pay $60.00 per month to insure our 2007 RSTD. I feel like I'm getting bent over and given the ol hoo ha.

 

If you don't mind me asking, what are rates that you folks are paying out there? Surely to goodness, there are better rates than this. We insure our house, 3 vehicles, and a motorcycle with State Farm, and haven't had a claim in years.

 

Thinking I need to go shopping.

 

Thanks, Big Lenny

[Flyinfool]

I go shopping every couple of years, American Family always seems to win for my situation, I have had them for around 30 years now. For the bike I am paying $22/month. For other people I know they are super expensive. Everyone's needs and history are different so you have to shop. Just watch out for those that will quote you based on minimal coverage. Be sure they are quoting the same thing you have now.

[slowrollwv]

I had insurance with Progressive for about 8 yrs. There auto coverage got out of hand and I switched to Allstate and saved enough to put coverage on my home for what I was paying Progressive. I also had my two bikes with them and they doubled the cost. I went to Allstate with them also. I pay $559. per year.

[CaseyJ955]

I too was with Progressive, not too bad until you need to use their claims dept, then it becomess clear why its cheap. I went to State Farm, bikes and all, and its considerably cheaper for the bikes. Im at ~$55/yr for each bike, basic liability only. My bikes are a yearly renewal while cars and trucks are 6mo policies. What your paying seems pretty steep to me but its been years since ive had FC on a bike.

[bongobobny]

State Farm, around $500 per year with half a million liability...

 

All our insurance is through them. To me what REALLY matters is how your claim is handled if and when you have one!

[BigLenny]

So, am I to assume you guys are only doing liability? I'm doing full coverage. Bongo, is that $500.00 per year for liability only?

 

Casey, I see you said liability only.

 

Slowrollwv, is that $559 for full coverage

 

Thanks.

[Leland]

Markel Ins., full coverage w/trailer coverage. $223/yr. 12 month coverage. Declaration page attached.

Markel Ins.pdf

[Sylvester]

I have GEICO for motorcycle only at 185.00/year liability only. Been with them since 03.

 

[leroy]

First off I am with State Farm. I have been insured with them since 1965, when I was 16. All of my things are covered by them. My family went with them in 1961. All their things were covered by State Farm. We have been with them ever since except when we lived in Germany. State Farm did not insure in Germany. I was with the same agent until moving from Oklahoma to Texas 21 years ago. I have been with that agent since.

 

Remember where you live has a big influence on rates. If I lived one county south my rates would be much higher. If I lived one county north they would be lower. Since my county has exploded in population my rates have increase a lot. Liability coverage limits doesn't change rates much but with some companies your deductibles can be a big issue.

 

I am sure there is cheaper insurance out there, especially for my RSV. I can't get a reason why my liability is almost double the amount I pay for liability on my VTX. Unless the reason is because the RSV is a tourer thus assuming more exposure on the highway. My VTX has been exposed to 136,000 miles in 10 years vs 27,000 on the RSV in 3 years. So, I have trouble with that theory. Because of that I might consider moving my motorcycles to another company if, if, I got the same coverage for a noticeable reduction in premium. But I will not move my other stuff unless State Farm really screws me.

 

A sore spot with me is why do I have to pay for liability on three cars and two motorcycles when we only have two drivers. I have never understood that. When I worked for the insurance company I asked an underwriter. His answer, that is the way it is.

 

I know State Farm is not the company they used to be, none are. I have always had good service from them. Getting to know the agent is valuable. He/she can help you when there is a problem.

 

I was an agent for a large company in the 1980s. I was one of their top producers. It was a good company but I stayed with State Farm for my personal coverage because I learned longevity does have its pluses as does knowing your agent. Also, if your agent has been with the company a long time he/she knows people by name in claims and underwriting. That is if they are any good and care about the service they provide.

 

If you can insure with USAA, go for it. I know they operate remote but from when I was in the business (another company) their premiums and service was hard to beat. We did not even try to beat their premiums.

 

All company's rates fluctuate. One will try to cut rates to build business then the losses mount so rates are raised in a few years. So I would just pick a good reputable service oriented company with a real person to talk to in person and stay with them.

 

I would never insure with Progressive because of the principle person at the top.

 

Good luck in your search. Remember, they all spread the risk. We who do not have claims pay for the ones who do. I don't like it either. You might call it redistribution of losses. Sort of like income tax is used to redistribute wealth.

[SpencerPJ]

Lots of good posts from this thread in April

https://www.venturerider.org/forum/showthread.php?135545-Insurance-Renewal-time&highlight=insurance

[Freebird]

I am with Progressive for the motorcycles only. My house and cars are with somebody else. I pay $156.00 per year for the '05 RSV and the '16 Slingshot. I carry only liability on them. I think it was $85.00 per year for the RSV only before adding the Slingshot.

 

I was with State Farm for my house for more than 25 years. I never had a claim but it went up every single year until I finally got sick of it. I called around and got more coverage with a different company for about $600.00 per year less money.

[slowrollwv]

Yes Lenny mine is full coverage on both bikes +$2,000 extra for accessories on the RSV and $1,000 on the V Star.

[Graywulf]

I know I'm in New Zealand, but similar story here

My bikes are all 'fully comprehensive' cover.

The 2006 Venture is $425 per year, my 2009 Honda CB1300S is $800 per year. Reason for double price for the honda, it's classed as a sports bike, the Venture a 'cruiser' so lower risk.

[vzuden]

$297.00 annual for full coverage with 300,000 limits with $5k accessories with Dairyland Isurance

[djh3]

Well here is my experience on the bike insurance. About every 3 years I have to move it to a different company. So go back like 6 years or so. I was with the lizzard, good rates all was good, come renewal went up maybe 20 bucks. Then the following year up another 20 or 30. Third year like 100 bucks, so shopping I go. Ended up with Dairyland, was with them 3 or 4 years and all was good untill this year, rates had went up like 80-100. So now I'm with progressive, I suspect I will be here for a couple years then have to go look again.

[Kretz]

I have to smile at some of your "complaints" about the cost of your insurance.

I just haven't bothered insuring either of my bikes this year in large part due to insurance costs. I know I've published my costs on here previously, so here to make you guys sigh with relief, are the rates I would be paying here in BC.

Please bear in mind these were LAST year's figures there was a roughly 15% increase at the beginning of this year.

Just to clarify, I have a clean driving record & get the maximum discounts allowable for "being a good driver" (that's the way the Insurance Co word it!) So the amounts below are AFTER my maximum discounts (43%)

2006 Kawasaki 900cc Vulcan: Liability only $990 (up to $2 million) don't forget to add 15% for this year's figure

2009 RSTD 1300cc - Liability only $1046 (up to $2 million) again, don't forget to add 15% for this year's figure

Please Note: I cannot shop around, we have only ONE insurer here in BC & they are useless. Liability insurance must to be purchased from our Provincial insurer, we have NO alternative so they can charge what they like. Good drivers are not really rewarded, & we have been advised that all drivers can expect minimum 10% increases in 2019 & again in 2020!

In addition to the above I have separate private insurance on both bikes for collision & comprehensive that adds another $$434 (for both bikes)

So... very sorry, but don't expect me to cry :cry:at the amounts you guys pay! LOL

Forgot to add that even with those rates our insurer is set to lose $1.3 Billion this year!

 

Just been reading the thread again agree totally with Leroy. I too would like to know why it is the vehicle that has to be insured. Four vehicles four insurance policies! Any claim is made against the driver not the vehicle. Why can't insurers insure the driver? Why insurance "per vehicle".

Also, when a person has multiple bikes why can't they insure say, the most expensive one, issue one plate & that plate can then be transferred to the other bike(s) after all most people can only ride one bike at a time & the other(s) remain in the garage.

Edited August 14, 2018 by Kretz

[Du-Rron]

TWO motorcycles... $500 deductable. $249 a YEAR,

 

MARKEL INSURANCE

 

 

 

[bongobobny]

So, am I to assume you guys are only doing liability? I'm doing full coverage. Bongo, is that $500.00 per year for liability only?

.

OK, bodily injury, 500,000/500,000

Property damage 100,000

PIP

$250 ded Comp

$250 ded Collision

Underinsured/Uninsured

Bodily injury 250,000/500,000

 

And I was wrong, I only paid $346.17 last fall...

[baylensman]

Actual cash value scares me! I have mine at a stated value of $8000 with and additional rider for $5000 for extras. yes i'm insuring a 2007 for $13K. But to get a similar picks with the extra goodies i've put into it as well as the options and luxury of my RSV would take that much in todays market. I'm paying $640 a year.

 

Most insurance adjusters try to screw you over at loss time. I figured I'd get the extra coverage and start the negations at a higher level.

 

One thing I did on a loss a few years back on a dodge truck, was take the adjuster to my pc in the house and showed him that on three different used car sites there wasn't a similar truck within 1000 miles for less than $2000 more than he was offering to total it out. I then asked to buy the truck back and rebuild it myself, he said no its already sold to a scrapper. I could have fought with him because they actually couldn't sell the truck till I signed off but i took the extra $2k. Come to find out that some yards bid on insurance totals while the ink is wet on the paperwork because the parts are so valuable. For example an intact dash ( no airbag blows outs) for a 2011 honda can bring almost $4k!!! A front bumper hit on a lot of new cars will result in a total loss due to the prices of and airbag hit. think about 2 or 3 in the dash and 1 or 2 in the doors. All the electronics as well as the soft trim adds up quick and the labor to do any interior work is just crazy.

[Graywulf]

Actual cash value scares me! I have mine at a stated value of $8000 with and additional rider for $5000 for extras. yes i'm insuring a 2007 for $13K. But to get a similar picks with the extra goodies i've put into it as well as the options and luxury of my RSV would take that much in todays market. I'm paying $640 a year.

 

Most insurance adjusters try to screw you over at loss time. I figured I'd get the extra coverage and start the negations at a higher level.

 

One thing I did on a loss a few years back on a dodge truck, was take the adjuster to my pc in the house and showed him that on three different used car sites there wasn't a similar truck within 1000 miles for less than $2000 more than he was offering to total it out. I then asked to buy the truck back and rebuild it myself, he said no its already sold to a scrapper. I could have fought with him because they actually couldn't sell the truck till I signed off but i took the extra $2k. Come to find out that some yards bid on insurance totals while the ink is wet on the paperwork because the parts are so valuable. For example an intact dash ( no airbag blows outs) for a 2011 honda can bring almost $4k!!! A front bumper hit on a lot of new cars will result in a total loss due to the prices of and airbag hit. think about 2 or 3 in the dash and 1 or 2 in the doors. All the electronics as well as the soft trim adds up quick and the labor to do any interior work is just crazy.

 

The one good thing about my insurer here, is my bikes are an 'agreed value'. So in the event of, I get paid out that sum, not the 'market' or trade 'guide book' value.

[Sylvester]

I have to smile at some of your "complaints" about the cost of your insurance.

I just haven't bothered insuring either of my bikes this year in large part due to insurance costs. I know I've published my costs on here previously, so here to make you guys sigh with relief, are the rates I would be paying here in BC.

Please bear in mind these were LAST year's figures there was a roughly 15% increase at the beginning of this year.

Just to clarify, I have a clean driving record & get the maximum discounts allowable for "being a good driver" (that's the way the Insurance Co word it!) So the amounts below are AFTER my maximum discounts (43%)

2006 Kawasaki 900cc Vulcan: Liability only $990 (up to $2 million) don't forget to add 15% for this year's figure

2009 RSTD 1300cc - Liability only $1046 (up to $2 million) again, don't forget to add 15% for this year's figure

Please Note: I cannot shop around, we have only ONE insurer here in BC & they are useless. Liability insurance must to be purchased from our Provincial insurer, we have NO alternative so they can charge what they like. Good drivers are not really rewarded, & we have been advised that all drivers can expect minimum 10% increases in 2019 & again in 2020!

In addition to the above I have separate private insurance on both bikes for collision & comprehensive that adds another $$434 (for both bikes)

So... very sorry, but don't expect me to cry :cry:at the amounts you guys pay! LOL

Forgot to add that even with those rates our insurer is set to lose $1.3 Billion this year!

 

Just been reading the thread again agree totally with Leroy. I too would like to know why it is the vehicle that has to be insured. Four vehicles four insurance policies! Any claim is made against the driver not the vehicle. Why can't insurers insure the driver? Why insurance "per vehicle".

Also, when a person has multiple bikes why can't they insure say, the most expensive one, issue one plate & that plate can then be transferred to the other bike(s) after all most people can only ride one bike at a time & the other(s) remain in the garage.

 

 

And you don't ride 12 months a year? What a business the Canadian insurance is...and they get to lose a billion plus every year.

 

:mo money:

 

[SpencerPJ]

State Farm, I have 250/500k with $500 deductible. Collision/uninsured/underinsured. Full coverage. $291

[camos]

I too would like to know why it is the vehicle that has to be insured. Four vehicles four insurance policies! Any claim is made against the driver not the vehicle. Why can't insurers insure the driver? Why insurance "per vehicle".

That would be both sensible and fair particularly since that is almost what they are doing already. You notice that they ask if you are the principal driver. Other people with less than 10 years experience or too many accidents or too many points have to pay an additional fee for coverage. That seems fair enough to me.

 

Also, when a person has multiple bikes why can't they insure say, the most expensive one, issue one plate & that plate can then be transferred to the other bike(s) after all most people can only ride one bike at a time & the other(s) remain in the garage.

That would work best with basic liability coverage but maybe not so well for comprehensive coverage. Of course, it would also mean the insurance company would get a much reduced premium and would seriously affect their profit. Probably a no go there.

[baylensman]

Back in the late 60's and early 70's it was possible to buy drivers insurance instead of car insurance in some states. that way if you drove it it was covered. The problem starting occurring when Judges allowed people with losses to go after my insurance company for renumeration on a stolen car!

 

Believe it or not in most places if a stoned little weed head grabs your vehicle and smashes into someone causing bodily harm or even death You are liable unless you reported it stolen prior to the accident (tuff do do at 3:00 am). Your insurance will still be liable even if its reported stolen in a lot of cases. If you have no insurance at all and someone steals your car and crashes you can be held personally liable for damages.

[RSTDdog]

When I had the RSTD, I had full coverage thru Geico. It was under $400/year. Claim I had when I dropped the bike at 0 miles per hour was handled well and promptly.

 

My ST1100 I had insured through the company that underwrites Rider Magazine Insurance for touring riders only (do not recall, Foremost comes to mind). They considered the ST1100 a touring bike because it had hard bags, full coverage insurance was cheap, under $300 a year) and I was still in my late 20's then. I priced Rider Mag Insurance for the RSTD and it was more money than Geico. Oddly, adding the RSTD to my Progressive auto policy was more money than insuring it through Geico. Similarly, it was more money in total to insure my bike and car's with Geico under one policy. (It appears 15 minutes DID NOT save me 15% or more on my car insurance, I actually told them that.....)

 

So for my situation, Cars with Progressive and RSTD with Geico was the cheapest route. Which company is cheapest can also vary by the state you are in and the pool of people they insure. Shopping around should get you a lower rate.

 

In Florida, one benefit to the bike and cars being on the same policy is if you elect stacked uninsured motorist coverage. In Florida if you elected Stacked UM coverage, you multiply your UM coverage per vehicle by the number of vehicles on the policy. If you have 100K stacked UM on each vehicle and you insure 3 vehicles, with stacked coverage, you have $300K of UM for a single incident. Difference in cost between stacked and non-stacked coverage is negligible. It is always best to elect stacked UM coverage if possible/available in your state. In Florida 99% of the time they will quote you NON-stacked UM coverage. You have to ask.

Edited August 15, 2018 by RSTDdog