How much are you paying for Insurance?

[Alex]

A whole bunch of threads on this already. Search for "insurance" in thread titles only.

http://www.ninjette.org/forums/showt...ight=insurance
http://www.ninjette.org/forums/showt...ight=insurance
http://www.ninjette.org/forums/showt...ight=insurance
http://www.ninjette.org/forums/showt...ight=insurance
http://www.ninjette.org/forums/showt...ight=insurance
http://www.ninjette.org/forums/showt...ight=insurance
http://www.ninjette.org/forums/showt...ight=insurance
http://www.ninjette.org/forums/showt...ight=insurance
http://www.ninjette.org/forums/showt...ight=insurance
http://www.ninjette.org/forums/showt...ight=insurance
http://www.ninjette.org/forums/showt...ight=insurance
http://www.ninjette.org/forums/showt...ight=insurance
http://www.ninjette.org/forums/showt...ight=insurance

EDIT: Many of 'em merged into this one...

[PsychoNinja]

Have you checked with Progressive or any other insurance company? I am currently paying $34 a month to insure my Ninjette and that's without the endorsement and MSF course. It will lower to $30-31 after I get my endorsement and safety course out of the way.

[dubojr1]

Originally Posted by n4mwd

Everybody keeps saying that Motorcycle insurance is cheap, but here is what Geico just quoted me.... Almost as much as the bike itself and about three times what the car policy costs.

Insurance isn't required in this state, but I was thinking about getting a minimal liability policy. Should I just forget about it? Anybody else live in Florida and have a decent rate?

This is not necessarily true... Talk to your insurance agent about this.

My premium on each of my bikes is less than $20 a month with Statefarm. There are many factors they used to calculate your rate though. Yours will be different depending on your "factors"

[grandelatte]

Picture 3.png

i'm in texas and am an old guy, so my insurance rate is low. but here is what i pay progressive every year. all of the above suggestions are great. but there isn't anything you can do about your age.

[wvninja]

The place I have insurance through only has it in a couple states.. I JUST did a qoute for new insurance on a cbr600rr



Just did it for my old Ninja .. my 2010 ninja i had.. this is not a typo or mistake

[Live2ride]

Wow....I did a quote with $1,000 deductibles for everything I could on progressive and it came out to around $45 a month for the ninjette, or $167 a month (Wtf?!?!, yes, same coverage) for an 06 gsxr 600 I looked at. I've never had any accidents or tickets, and discounted for taking msf course in the past 3 years.

On another note, I wish that those guys were available in VA . Seems like insurance quotes here just suck for everything, I pay $125 a month for car insurance on my suv. I guess that's what I get for being an 18 year old male...

[HKr1]

Originally Posted by dubojr1

This is not necessarily true...

It's true.

Only if your found at fault in an accident, then they make you carry insurance for 3 years or loose your license.

[Live2ride]

I just did a quick geico quote, with $1,000 deductibles for Comprehensive / Collision it shot up over $1,250 a year from about $180. If I were you I'd drop both completely because it's in no way whatsoever worth that much every year. Three years of that and you could afford a new bike...

[wvninja]

Geico is a joke when it comes to motorcycle insurance .. their rates suck. My friend who has had geico for like 10 years did a qoute the other day and it would save him around $600 with a new company.

Geico Motorcycle = horrible rates...

He's paying now in "storage insurance" for the winter, for what I pay for an entire year on my 600rr.. and we own the same bike but mines 3 years newer.

[slolane]

I used to have progressive but Geico actually saved me money on my bike by switching to them. I check rates every year, I will jump ship to save money. I'm at $276 year full coverage on my 08 and my wife is $471 a year full on her 2011. $500 ded, anything less than that and I would not file a claim, I would just fix it myself. We both have 0 insurance points, no claims and mid-thirty year old rates. Many years ago I had a cbr929 that insurance was like $1900/year, I paid the bike off and rode with liability only, the bike was only $6000 used.

[n4mwd]

Originally Posted by HKr1

It's true.

Only if your found at fault in an accident, then they make you carry insurance for 3 years or loose your license.

I think that Florida also requires bikers to carry health insurance if they choose to go without a helmet.

FWIW, I am 48 and Geico still gave me a quote that high. I changed my "Number of years riding" to 30 just to see if that made a difference and it didn't. I've actually only been riding since last September.

Note how they nail you on the uninsured motor vehicle. In Florida, that only covers your medical expenses if another driver is at fault and doesn't have enough liability to cover the cost or runs off without stopping. In other states, it will also cover damage to the bike, but not in Florida.

I did search but I must not have done it right because nothing came up for me. I'm thinking that I'll probably just get a barebones liability policy just to cover me in the event that the bike falls over on a little kid in the parking lot or something.

[Ichiro]

Get quotes from at least four different companies. I was quoted anywhere from $350 to $2000 per year.( I'm not getting into the details of the coverage since the point is the variance between companies for the same policy ) Each company has its own methods for determining rates and the fact that company A is the cheapest for me does not mean it will be the cheapest for you. That said, I ended up with State Farm who gave me great coverage for a very reasonable premium. The others were much higher and it was for the same coverage, same bike and of course the same driver, me. Check around and you will be surprised at the wide range of quotes.

[nexus]

Originally Posted by wvninja

Geico Motorcycle = horrible rates...

I second this. Even with high deductibles, Geico quoted me somewhere near $1200 for full coverage, on a 250r!

I'm paying $220 annually with full coverage and $250 deductibles with Rider Insurance

[wvninja]

Originally Posted by nexus

I second this. Even with high deductibles, Geico quoted me somewhere near $1200 for full coverage, on a 250r!

I'm paying $220 annually with full coverage and $250 deductibles with Rider Insurance

I heart rider ... they are cheaper than everyone around. Guess thats the perks of a motorcycle insurance company that only does motorcycle insurance.

[TenaciousD]

I pay about to $20 a month with Geico, in Florida. That's with a $500 deductible. Not sure what you guys are doing wrong!

[Live2ride]

Collision insurance is what really changes the price, Looking at my quote right now with a $50 deductible for it it costs $1,312 only for collision. With a $500 deductible its about $1,000 a year(both prices are before any other costs, so add another $300 or so for the actual annual cost). If i drop medical, income loss, collision and comprehensive it goes down to $235 a year....

[TenaciousD]

Yeah, it doesn't make sense to carry the whole suite of coverages on a vehicle that costs so little to replace. I carry comprehensive with a $500 deductible, just to cover if it gets stolen, but I don't carry collision because if I utterly destroy the bike the worst case scenario is I'm out $3000. It's not worth insuring for that when it drives the premium up so much. I have $40,000 in liability, which might be low, but I don't use the bike for everyday transportation, so my risk exposure is low. Those of you getting crazy high quotes are asking for too much coverage, most likely. Put a few bucks a month away in a savings account and insure yourself for collision.
But in no circumstances should you just go without insurance.

[Live2ride]

From progressive with $250 other than collision deductible and $500 collision deductible ($50k for insured / $25 for non insured injuries) its $32 a month which is around $380 per year...needless to say I will choose progressive before Geico anyday (geico with less coverage was around $1300 per year).

[rickyny]

Originally Posted by dubojr1

This is not necessarily true... Talk to your insurance agent about this.

My premium on each of my bikes is less than $20 a month with Statefarm. There are many factors they used to calculate your rate though. Yours will be different depending on your "factors"

Same here, I spoke to State Farm today and they quoted me $19 a month full coverage with a $500 deductible.

[ride2rideagain]

WOW.....good for you guys...

Rates in Canada are super high. I pay roughly $1300.year

[rickyny]

Originally Posted by ride2rideagain

WOW.....good for you guys...

Rates in Canada are super high. I pay roughly $1300.year

Might be the age of the rider, how old are you Rob?

[ride2rideagain]

22 and have a cage insured for cheaper....

[dubojr1]

Originally Posted by HKr1

Only if your found at fault in an accident, then they make you carry insurance for 3 years or loose your license.

That's why its not necessarily true. Don't forget you would still be responsible for any damages caused it the first accident if your found at fault. Those $$$$'s can be huge... One accident could potentially ruin someone financially. IMO it's not worth the risk.

[Alex]

/merged

[n4mwd]

I tried Rider.com insurance, but they don't insure bikes in Florida. I then tried Progressive insurance and they quoted me $160 for $100 deductible coverage. I went ahead and got the progressive insurance because I don't think I'm going to do much better anywhere else.

Progressive also covers riding gear which is apparently not covered by Geico. They were radically lower than Geico. State Farm and Allstate were also ridiculous, but slightly better than Geico.

[m11]

I pay about $20 a month in Florida with Allstate.

I suppose I should also mention that I'm an agent with Allstate and I service all of Florida. Sorry for the plug but I'd be happy to answer any insurance questions. Reading through the pages, I've noticed there are some misconceptions about how rating is calculated and other general misunderstandings--- just send me a PM or ask in here.

[n4mwd]

Originally Posted by m11

I pay about $20 a month in Florida with Allstate.

I suppose I should also mention that I'm an agent with Allstate and I service all of Florida. Sorry for the plug but I'd be happy to answer any insurance questions. Reading through the pages, I've noticed there are some misconceptions about how rating is calculated and other general misunderstandings--- just send me a PM or ask in here.

Ok here is a question. Why do some guys get a quote for maximum coverage that is next to free, and the next guy gets one for $1200 minimal coverage?

I'm 48 and a single male. Is being a single male that big of a liability?

[m11]

Originally Posted by n4mwd

Ok here is a question. Why do some guys get a quote for maximum coverage that is next to free, and the next guy gets one for $1200 minimal coverage?

I'm 48 and a single male. Is being a single male than big of a liability?

Terms such as "maximum coverage", "full coverage", etc. don't actually mean much.

There are specific limits of coverage that increase in price as coverage increases. For instance, one can start with Bodily Injury coverage of 10/20** and go up to 250/500 with everything in between. To suggest "maximum coverage", that would imply that one is getting the highest limits -- this hardly happens. Therefore, as one goes from agent to agent or company to company, they can be quoted at different limits. Additionally, manipulating Comprehensive/Collision deductibles as well as Uninsured/Underinsured Motorist coverages will have significant impacts on premiums. If one were to hold all of those limits constant, one can more readily compare companies. I'll also mention that different companies provide different benefits and different levels of service. It isn't a random coincidence when one company charges more for the same coverage levels. As with many things, you get what you pay for. I'll touch on this a bit in a few paragraphs but I can elaborate, I suppose, if one requests for me to do so.

When comparing quotes from person to person, one's credit has a significant impact on their insurance rates. To be technical, it's not actually based on credit but rather based on something called the "Insurance Score", which is a value that take's into account one's credit.

However, to compare from person to person isn't prudent. Insurance Score, driving records, and loss history play a very large role in rating. Unfortunately, when people discuss their rates, individuals hardly mention those aspects or seem to forgot about the violation they had 3 years ago.

Another aspect is the discounts applied to the policy. For instance, having multiple motorcycles with Allstate qualifies one for a discount. Having an auto policy with Allstate will also qualify for another discount. Completing an MSF course is another example of a discount. It is possible for agents to not disclose these discount opportunities to the Insured -- they have no requirement to do so. This is essentially the only control that a particular agent has on the Insured's premium aside from setting coverage limits. With that said, it's critical to have an agent that actually cares about the client. Unfortunately, companies such as Geico (the companies that do not have physical agencies but instead conduct business via phone or email etc) may not provide the same quality of service as a brick and mortar agency because there is no consistency with the individual responsible for each Insured's policy.

**- a little lesson: when the limits are shown as 10/20 or 25/50 or 100/300, that refers to the amount that would be paid out in an accident. The first figure is per driver and the second number is the maximum payout per accident. Therefore, if one can be paid out $100,000 in an accident compared to $10,000...the 100/300 guy will obviously be paying a higher rate.

To give a one line answer to your question: In no particular order, the quality of the company/agent, the insurance score (affected strongly by credit), loss history, and driving record play a tremendous impact on rates and those factors are frequently ignored when comparing policies.

EDIT: I read a bit more in this thread and noticed a lot of explanations for why individuals are being quoted various prices. I boldfaced the above statement because those factors play a tremendous role in rating. The boldfaced factors are why two individuals with the same bike and basically the same coverage can have significantly different rates. Although the limits of coverages naturally affect the rates, the boldfaced factors can very significantly swing the pendulum.

[m11]

Oh, I'll mention one thing -- be weary about the quotes that some of these non-brick and mortar companies give you. As I mentioned, we need to check your loss history, insurance score, and driving records.

I'll give a quick anecdote: I was with a friend who was looking for insurance so we had the person handling his policy (companies like Geico don't assign you an agent, you get a different person handling your policy every time you call in) on speakerphone so that I can listen in.

It seems like a lot of these companies give you a quote without checking your insurance score etc. and then sign your first month (or maybe first period) to that rate. However, after that first month or that six month period, they'll increase your rates (if applicable) once they check all the necessary information. I cannot be absolutely certain that this is explicitly how it is done, but I found it very strange that my buddy's agent was ready to sign him to a policy without checking that information.

I had absolutely no idea that companies did that until I listened in on the phone with my buddy.

So I recommend keeping an eye out out for that.

[grandelatte]

M11 - I really appreciate you sharing your knowledge. That is very helpful.

I don't know about Geico, but Progressive has been just GREAT for me. When I was in an accident 18 months ago (a car turned left in front of me), the agent was at my house the VERY next day. First he asked how I was doing. Then he told me that he wanted to see what I was wearing, Scorpion helmet, Joe Rocket Jacket, Joe Rocket pants, boots, gloves, etc. He said that he already looked at my bike and he said it was totaled.

He proceeded to write a check for my bike, then for my gears. So I had that $$ very next day of my accident. He left me a card with direct number. Since then I had a few conversation with him. He returned my called immediately.

So needless to say, I am sticking with Progressive - decent rate and good customer service.

[m11]

Awesome, that's how those kind of situations should be handled. Progressive has a good reputation within the insurance industry.

I'll also mention that it's not necessarily as cut and dry as my post may have come across. In terms of service etc, I was more referring to the infrastructure, policies, and available services of particular companies. I think it would be fair to say that essentially all companies will have their share of positive and negative anecdotes.

[Ichiro]

Originally Posted by m11

Terms such as "maximum coverage", "full coverage", etc. don't actually mean much.

There are specific limits of coverage that increase in price as coverage increases..

+1
I really hope people read and listen to what m11 has to say. Too many of these "what I pay for insurance" threads are essentially worthless because you have people comparing their rates based on"full coverage" and as m11 points out, that term really doesn't mean much. I get so tired of of posts saying " You're paying too much! I got full coverage for $20/month with X Insurance co."
Thank you m11 and I hope some will read your post before responding.

[dubojr1]

Originally Posted by Ichiro

+1
I really hope people read and listen to what m11 has to say. Too many of these "what I pay for insurance" threads are essentially worthless because you have people comparing their rates based on"full coverage" and as m11 points out, that term really doesn't mean much. I get so tired of of posts saying " You're paying too much! I got full coverage for $20/month with X Insurance co."
Thank you m11 and I hope some will read your post before responding.

Now this kinda makes me think I have inadequate coverage for around $20 a month...

M11: Does this coverage and cost look right to you? The only discount listed on my account with this vehicle is a $2 and change home ownership discount. I'm sure there is prolly a "multi" discount somewhere as I have 6 vehicles with them. The un-insured motorist coverages is "stacked" for this vehicle...what ever that means...

[Alex]

The multi-vehicle discount definitely helps. I pay a little over $100/yr for the ninjette, and that is full coverage (liability/comp/collision/+ UIC) with 250k/500k limits. Seems like this thread is due for a poll. For a variety of reasons it won't be scientifically precise, but I'll do my best.

[dubojr1]

Originally Posted by Alex

The multi-vehicle discount definitely helps. I pay a little over $100/yr for the ninjette, and that is full coverage (liability/comp/collision/+ UIC) with 250k/500k limits. Seems like this thread is due for a poll. For a variety of reasons it won't be scientifically precise, but I'll do my best.

$100 a year......and your coverages are higher than mine! Now that makes me jealous! (As long as my coverages are sufficient) I guess I should mention the premimum above is for 6 months coverage for me.

[HKr1]

Originally Posted by m11

However, to compare from person to person isn't prudent. Insurance Score, driving records, and loss history play a very large role in rating. Unfortunately, when people discuss their rates, individuals hardly mention those aspects or seem to forgot about the violation they had 3 years ago.

Noticed allot of insurance companies going back 5 years now for there quotes.

[wvninja]

My rates actually went down after my first signing. I have called customer service on rider and always get a person in under 5 minutes. I haven't had to file a claim and hopefully never will.

I also have 0 tickets .. 0 accident driving record.

[n4mwd]

Originally Posted by m11

To give a one line answer to your question: In no particular order, the quality of the company/agent, the insurance score (affected strongly by credit), loss history, and driving record play a tremendous impact on rates and those factors are frequently ignored when comparing policies.

Here are my specs:

1. Insurance (credit) score: Excellent AFAIK.
2. Loss history: None since 1993 and it was the other guy's fault. I did have some homeowner's losses due to the 2004 hurricanes, but that shouldn't affect the auto/bike policy.
3. Driving record: No guilty tickets since 1989. No at-fault accidents ever. I did get a radar speeding ticket in 1997 but I was found not guilty. Back in October I was arrested and charged with a misdemeanor for riding a Ninja on a bicycle path in the woods, but the DA dropped the charges.

So what is it about me that causes Geico, State Farm, and Allstate to think I'm a high risk?

[Live2ride]

Originally Posted by n4mwd

\Back in October I was arrested and charged with a misdemeanor for riding a Ninja on a bicycle path in the woods, but the DA dropped the charges.

I still can't believe they arrested you for that. I think I remember you telling that story in another thread.

[m11]

Originally Posted by dubojr1

Now this kinda makes me think I have inadequate coverage for around $20 a month...

M11: Does this coverage and cost look right to you? The only discount listed on my account with this vehicle is a $2 and change home ownership discount. I'm sure there is prolly a "multi" discount somewhere as I have 6 vehicles with them. The un-insured motorist coverages is "stacked" for this vehicle...what ever that means...

That looks like a very nice policy. What company is it with?

Did you take the MSF course? If so, you may be eligible for some sort of additional discount. Ask your agent. Also, make sure that you are actually getting the multi-policy discount (if available).

You're deductibles are nice and low. This means that in the event of a comprehensive claim, you are only responsible to pay $100. Frequently, individuals increase their deductibles to decrease their premium. For example, a $1000 deductible means that you are responsible for the first $1000 in a claim. As you can see, the more you are responsible for, the lower your rates would be. By having a low deductible while still paying an inexpensive premium, you can see that you are in a pretty good shape.

Regarding your Bodily Injury insurance -- I cannot really speak specifically to your situation. The limits of your BI are determined by what assets in your life you need to protect. I can say though that for most people, 50/100 is sufficient. Talk to your particular agent about this coverage.

I don't see the UM on that screenshot. Perhaps you want to verify that you actually have UM coverage.

Uninsured/Underinsured coverage protects you in the event of a not-at-fault accident. If the other driver does not have enough (or any) insurance to cover your needs, your UM will cover it.

Stacked is a reference to the additional coverage that you will receive if you drive multiple vehicles. For instance, if you own three motorcycles and you have 50/100 stacked UM, you can receive up to $150,000/$300,000 in the event of a claim.

UM coverage also exists on auto policies and operates the same way. If you have 10/20 UM coverage and you own three vehicles, you can receive up to 30/60 in the event of an accident.

As you can see, if you have only 1 vehicle, there is no sense in having a "stacked policy". However, some companies may require that you have "stacked" UM.