Author Topic: WTF? Insuranse Rate Increase (Read 16762 times)

FJR1300 · « **on:** January 07, 2014, 04:35:04 AM »

I called my agent on Monday to let her know I sold the CBR and bought the BMW. My rate went from under $200 a year to over $700 a year for the exact same coverage. I told her to write the new policy, but I will be calling around for a better rate.

marc11 · « **Reply #1 on:** January 07, 2014, 06:14:34 AM »

I would have shopped around. The new bike may be worth more in a total loss so that may explain some of the increase but it should have favorable discounts in theft and safety.

When I swapped my klr for my RT I only had an $11 a year increase from $93 a year to $105 and that is for the RT and my XR with full coverage $100/300 and $500 ded.

Sent from my SAMSUNG-SGH-I747 using Tapatalk

Cablebandit · « **Reply #2 on:** January 07, 2014, 07:08:12 AM »

I don't want to sound like Captain Obvious, but you didn't inquire about insurance rates prior to buying the bike?

Stripes · « **Reply #3 on:** January 07, 2014, 07:14:24 AM »

Quote from: Cablebandit on January 07, 2014, 07:08:12 AM

I don't want to sound like Captain Obvious, but you didn't inquire about insurance rates prior to buying the bike?

If you have to ask, you probably can't afford it.

FJR1300 · « **Reply #4 on:** January 07, 2014, 07:28:56 AM »

Quote from: marc11 on January 07, 2014, 06:14:34 AM

I would have shopped around.

I am shopping around, but I had him write the policy so I have the correct coverage. I'll get a full refund if I cancel quickly.

Quote from: Cablebandit on January 07, 2014, 07:08:12 AM

I don't want to sound like Captain Obvious, but you didn't inquire about insurance rates prior to buying the bike?

I did, but they can't give you a quote on motorcycles without a VIN. The agent figured my rate would go down because the CBR is a beginners bike with a lot of claims and the BMW has ABS and theft protection.

Rincewind · « **Reply #5 on:** January 07, 2014, 07:35:42 AM »

I would check with a multiline/independent insurance agent that can shop it for you. I did this and ended up back at Progressive. $700 for a F700 is pretty high! My T800 is around $200-250/year with good coverage.

Cablebandit · « **Reply #6 on:** January 07, 2014, 07:36:15 AM »

Definitely look around. I had an exact, to the penny, quote before I was even able to locate the bike at a dealership.

Of course every state is different with regards to insurance laws/regs so YMMV.

Royal Tiger · « **Reply #7 on:** January 07, 2014, 08:28:02 AM »

I pay under $300 a year for both of my BMW's with full coverage through Geico. Her 2 bikes were half as expensive with Progressive versus Geico. Mine was reversed. You have to shop around.

Cablebandit · « **Reply #8 on:** January 07, 2014, 08:46:27 AM »

I find synthetic insurance better over the long term than dino. Will your rates be lower with a car tire installed?

Royal Tiger · « **Reply #9 on:** January 07, 2014, 08:47:57 AM »

Quote from: Cablebandit on January 07, 2014, 08:46:27 AM

I find synthetic insurance better over the long term than dino. Will your rates be lower with a car tire installed?

Only if its a Michelin.

Cablebandit · « **Reply #10 on:** January 07, 2014, 08:49:36 AM »

The ice tires have a softer compound for cornering.

Black Hills · « **Reply #11 on:** January 07, 2014, 08:52:39 AM »

check with state farm, my CBR and KTM adventure are both right around $300

SLK50 · « **Reply #12 on:** January 07, 2014, 09:37:01 AM »

State Farm was especially good if you bundle.
I don't understand why some people object to that.
My co-worker saved over 2 grand a year by bundling
as opposed to previous individual policies.

Royal Tiger · « **Reply #13 on:** January 07, 2014, 09:45:03 AM »

Quote from: Cablebandit on January 07, 2014, 08:49:36 AM

The ice tires have a softer compound for cornering.

Even better grip with studs.

Blunder · « **Reply #14 on:** January 07, 2014, 09:45:51 AM »

Are you sure they know it's a BMW motorcycle and not some boy racer hot rod shitbox M sedan? I recall someone having that issue over on .net.

bomber · « **Reply #15 on:** January 07, 2014, 10:15:29 AM »

If you are interested, many companies (in many states) don't cover gear in an accident . . . . I was surprised when we found that helmets and jackets and the like were not covered byt the vehicle or personal coverage . . . . .

We changed carriers.

chornbe · « **Reply #16 on:** January 07, 2014, 11:00:15 AM »

Quote from: Royal Tiger on January 07, 2014, 08:28:02 AM

I pay under $300 a year for both of my BMW's with full coverage through Geico. Her 2 bikes were half as expensive with Progressive versus Geico. Mine was reversed. You have to shop around.

Sadly, what you or I pay is completely, wholly and summarily irrelevant. Insurance has absolutely zero viability between states, regions, companies and a host of other factors. I hate it. My insurance is ~60% higher living here in Delaware than I paid living in PA, 10 miles away, with the same company and coverage. Switched companies, it's cheaper. The new company is roughly 150% higher over the line in PA. There is no consistency at all. Which sucks. If there's one thing I'd like to see the federal government really do to make a difference for real people living real lives is to standardize the whole god damned driver thing. We don't even have consistent rules, so I guess insurance being such a cluster-intercourse is no real surprise.

Black Hills · « **Reply #17 on:** January 07, 2014, 11:05:56 AM »

Quote from: chornbe on January 07, 2014, 11:00:15 AM

Quote from: Royal Tiger on January 07, 2014, 08:28:02 AM
I pay under $300 a year for both of my BMW's with full coverage through Geico. Her 2 bikes were half as expensive with Progressive versus Geico. Mine was reversed. You have to shop around.

Sadly, what you or I pay is completely, wholly and summarily irrelevant. Insurance has absolutely zero viability between states, regions, companies and a host of other factors. I hate it. My insurance is ~60% higher living here in Delaware than I paid living in PA, 10 miles away, with the same company and coverage. Switched companies, it's cheaper. The new company is roughly 150% higher over the line in PA. There is no consistency at all. Which sucks. If there's one thing I'd like to see the federal government really do to make a difference for real people living real lives is to standardize the whole god damned driver thing. We don't even have consistent rules, so I guess insurance being such a cluster-intercourse is no real surprise.

true, but a lower cost company in state A will most likely be a lower cost company is state B as well.

chornbe · « **Reply #18 on:** January 07, 2014, 11:07:30 AM »

Quote from: Black Hills on January 07, 2014, 11:05:56 AM

Quote from: chornbe on January 07, 2014, 11:00:15 AM
Quote from: Royal Tiger on January 07, 2014, 08:28:02 AM
I pay under $300 a year for both of my BMW's with full coverage through Geico. Her 2 bikes were half as expensive with Progressive versus Geico. Mine was reversed. You have to shop around.

Sadly, what you or I pay is completely, wholly and summarily irrelevant. Insurance has absolutely zero viability between states, regions, companies and a host of other factors. I hate it. My insurance is ~60% higher living here in Delaware than I paid living in PA, 10 miles away, with the same company and coverage. Switched companies, it's cheaper. The new company is roughly 150% higher over the line in PA. There is no consistency at all. Which sucks. If there's one thing I'd like to see the federal government really do to make a difference for real people living real lives is to standardize the whole god damned driver thing. We don't even have consistent rules, so I guess insurance being such a cluster-intercourse is no real surprise.

true, but a lower cost company in state A will most likely be a lower cost company is state B as well.

Not always. I'd like to think "most likely" is correct, but I have zero faith on that. I just posted the opposite based on my experience, first hand.

bomber · « **Reply #19 on:** January 07, 2014, 11:08:03 AM »

Quote from: chornbe on January 07, 2014, 11:00:15 AM

Quote from: Royal Tiger on January 07, 2014, 08:28:02 AM
I pay under $300 a year for both of my BMW's with full coverage through Geico. Her 2 bikes were half as expensive with Progressive versus Geico. Mine was reversed. You have to shop around.

Sadly, what you or I pay is completely, wholly and summarily irrelevant. Insurance has absolutely zero viability between states, regions, companies and a host of other factors. I hate it. My insurance is ~60% higher living here in Delaware than I paid living in PA, 10 miles away, with the same company and coverage. Switched companies, it's cheaper. The new company is roughly 150% higher over the line in PA. There is no consistency at all. Which sucks. If there's one thing I'd like to see the federal government really do to make a difference for real people living real lives is to standardize the whole god damned driver thing. We don't even have consistent rules, so I guess insurance being such a cluster-intercourse is no real surprise.

States rights, FTW

Quote from: chornbe on January 07, 2014, 11:07:30 AM

Quote from: Black Hills on January 07, 2014, 11:05:56 AM
Quote from: chornbe on January 07, 2014, 11:00:15 AM
Quote from: Royal Tiger on January 07, 2014, 08:28:02 AM

true, but a lower cost company in state A will most likely be a lower cost company is state B as well.

Not always. I'd like to think "most likely" is correct, but I have zero faith on that. I just posted the opposite based on my experience, first hand.

Some companies use more expensive states to help support less expensive states . . . .

chornbe · « **Reply #20 on:** January 07, 2014, 11:09:08 AM »

Quote from: bomber on January 07, 2014, 11:08:03 AM

Quote from: chornbe on January 07, 2014, 11:00:15 AM
Quote from: Royal Tiger on January 07, 2014, 08:28:02 AM
I pay under $300 a year for both of my BMW's with full coverage through Geico. Her 2 bikes were half as expensive with Progressive versus Geico. Mine was reversed. You have to shop around.

Sadly, what you or I pay is completely, wholly and summarily irrelevant. Insurance has absolutely zero viability between states, regions, companies and a host of other factors. I hate it. My insurance is ~60% higher living here in Delaware than I paid living in PA, 10 miles away, with the same company and coverage. Switched companies, it's cheaper. The new company is roughly 150% higher over the line in PA. There is no consistency at all. Which sucks. If there's one thing I'd like to see the federal government really do to make a difference for real people living real lives is to standardize the whole god damned driver thing. We don't even have consistent rules, so I guess insurance being such a cluster-intercourse is no real surprise.

States rights, FTW

Must be that 433rd amendment protecting the states' rights to individually fleece the citizens as best seen fit.

Black Hills · « **Reply #21 on:** January 07, 2014, 11:11:31 AM »

apparently there is something to how long you have been with the company, more specifically how long each individual policy has been with the company? when insuring my new bike and cancelling two of my old policies the agent made a big deal out of cancelling the policy I had for 8 years and transferring the policy I had for 22 years? he said it would make a difference in the premium?

marc11 · « **Reply #22 on:** January 07, 2014, 11:14:29 AM »

A friend of mine who owns an Allstate agency said that Agents get paid the most on new policies, so they are pushed to bring in new business as much as possible. I am not sure if they are paid a commission on renewals.

When I switch my motorcycle policy from Allstate to Progressive it made no difference, my rates dropped from $500+ per year to $120 per year. Allstate who only ever increased my premium year over year was a joke. Progressive, not only had better rates for 100% the same coverage, but also has dropped my rates by an average of 10% each year at renewal the last three years.

Just switched my car insurance from Allstate for the same reason, ever raising premiums despite the fact that we have no losses, no new cars and no tickets. Switched to another carrier, actually increased my coverage, dropped my deductible and still lowered my insurance by 25% per year.

IMHO it pays to place the insurance game and shop around.

Royal Tiger · « **Reply #23 on:** January 07, 2014, 12:15:52 PM »

I agree with you Chris. There is no logical standard. Geico was cheapest for me and extremely high for her. And using credit scores? Just another way to rape consumers. My buddy lived on City Line Ave in Philly years ago. He was in Upper Darby in Bucks County. Across the street was Philadelphia City and insurance was over twice as high. Across the street!

chornbe · « **Reply #24 on:** January 07, 2014, 12:19:59 PM »

I hope to one day be rich enough to self-insure.

BWAHAHAHAHAHAAHHAHAHAHA like that'll ever happen.

motormike · « **Reply #25 on:** January 07, 2014, 12:29:20 PM »

Bring More Wallet.

marc11 · « **Reply #26 on:** January 07, 2014, 12:38:50 PM »

Quote from: Royal Tiger on January 07, 2014, 12:15:52 PM

I agree with you Chris. There is no logical standard. Geico was cheapest for me and extremely high for her. And using credit scores? Just another way to rape consumers. My buddy lived on City Line Ave in Philly years ago. He was in Upper Darby in Bucks County. Across the street was Philadelphia City and insurance was over twice as high. Across the street!

But that makes sense. The insurance companies are all about risk rating (I work in the risk management and insurance industry at a corporate level), so Philadelphia city proper would be a higher risk area than say Bucks County and there HAS to be a clear defining line between the two, at some point, that is a building or street. That is no different then an office we have in NJ that is right on the border of NY, you drive down the street and two gas stations are right next to each other, but the one in NY is 25 cents more expensive....why??? NY Taxes, no way for the gas station to avoid that, it is what it is, the border happens to be the property line.

Insurance in this case is no different. A high accident and crime area with higher population density will carry a higher risk, there must be boundaries to those zones, you just happen to be on the edge of one.

bluepoof · « **Reply #27 on:** January 07, 2014, 01:23:06 PM »

It seems a lot of insurance just looks at displacement, too, so a 700cc is going to be a lot more than a 250cc. Peter's 1000cc bike is by *far* our most expensive to insure even though it's the oldest (1998) and crappiest.

motormike · « **Reply #28 on:** January 07, 2014, 02:00:16 PM »

Check out Dairyland Insurance. I have three bikes insured for less than you paid to insure that fancy BMW.

https://www.dairylandinsurance.com/motorcycle-insurance

Cablebandit · « **Reply #29 on:** January 07, 2014, 02:03:24 PM »

Quote from: motormike on January 07, 2014, 02:00:16 PM

I have three bikes insured for less than you paid to insure that fancy BMW.

https://www.dairylandinsurance.com/motorcycle-insurance

Unless you are FJR1300's sockpuppet this means nothing.

motormike · « **Reply #30 on:** January 07, 2014, 02:04:15 PM »

Quote from: Cablebandit on January 07, 2014, 02:03:24 PM

Unless you are FJR1300's sockpuppet this means nothing.

It means check around, and check Dairyland as one soure. Or not. Fuck if I care.

FJR1300 · « **Reply #31 on:** January 07, 2014, 02:17:14 PM »

Quote from: motormike on January 07, 2014, 02:00:16 PM

Check out Dairyland Insurance. I have three bikes insured for less than you paid to insure that fancy BMW.
https://www.dairylandinsurance.com/motorcycle-insurance

I'm getting prices all over the board. The best two so far are from American Family and Geico.

Justin · « **Reply #32 on:** January 07, 2014, 02:32:16 PM »

Quote from: FJR1300 on January 07, 2014, 02:17:14 PM

Quote from: motormike on January 07, 2014, 02:00:16 PM
Check out Dairyland Insurance. I have three bikes insured for less than you paid to insure that fancy BMW.
https://www.dairylandinsurance.com/motorcycle-insurance

I'm getting prices all over the board. The best two so far are from American Family and Geico.

Make sure to check State Farm as well. If you have your cars with SF you also get the better rate class.

chornbe · « **Reply #33 on:** January 07, 2014, 02:38:42 PM »

Quote from: FJR1300 on January 07, 2014, 02:17:14 PM

Quote from: motormike on January 07, 2014, 02:00:16 PM
Check out Dairyland Insurance. I have three bikes insured for less than you paid to insure that fancy BMW.
https://www.dairylandinsurance.com/motorcycle-insurance

I'm getting prices all over the board. The best two so far are from American Family and Geico.

FWIW, I'm with Rider (.com). They beat Progressive by a fair margin; Liz has Progressive and we've got Progressive for the car.

Cablebandit · « **Reply #34 on:** January 07, 2014, 02:44:50 PM »

Well now that it's a "try my guy" thread.

I've had Markel Ins (formerly Bikeline)for years. They absolutely destroyed everyone else price and service wise around here. Of course I'm an old, fat, slow, homeowner with impeccable credit scores living in a low population density area with essentially no crime.

http://markelinsuresfun.com/

Royal Tiger · « **Reply #35 on:** January 07, 2014, 02:55:48 PM »

I keep getting referred to USAA. I'll have to look into them at some point.

giaka · « **Reply #36 on:** January 07, 2014, 03:20:26 PM »

Quote from: Royal Tiger on January 07, 2014, 02:55:48 PM

I keep getting referred to USAA. I'll have to look into them at some point.

Thats what I have always had. Not the cheapest by a long shot but they have always been good to me and done whats right when needed. Hell they paid me to crash my CBR and paid off the bike and let me keep it.

Oh and you get a dividend check every year. Its kind of a nice surprise.

FJR1300 · « **Reply #37 on:** January 07, 2014, 04:16:52 PM »

We had USAA and left them about ten years ago because they wanted us to have a special addendum added to our policy because whe had a Husky.

Cablebandit · « **Reply #38 on:** January 07, 2014, 04:18:20 PM »

Should have gotten a Husaberg instead of the Husky.

Dketchum · « **Reply #39 on:** January 07, 2014, 06:01:45 PM »

Insurance rates vary so much by where you live.

Down here in San Antonio, liability is very reasonable. If you want uninsured and underinsured coverage -bend over..due to the high percentage of uninsured drivers here, that Coverage is very expensive, but you have to have it due to high percentage of uninsured drivers. comprehensive and collision are considerable higher here. Doesn't matter who you quote they are all high here..I have progressive because theyare the most reasonable for the coverage here.

2RR2NV · « **Reply #40 on:** January 07, 2014, 06:31:25 PM »

WOW. when I was inquiring about the 14R, down in MO, with Progressive, I was going from $1000+ /yr (for the GSXR750) down to 800/yr. Now that I'm back in South Dakota, it would have been about the same. BUUUUUUT, I called GEICO and they went down to $36/month. so now I'm a gecko groupie with more coverage than I had in MO with Prog. State Farm won't even think about coming close to what I pay now. $2000/yr is a lil much.

kneescrubber · « **Reply #41 on:** January 07, 2014, 06:37:23 PM »

Insurance never enters my mind when I'm contemplating a purchase. Maybe it should, since it's third in line behind death and taxes.

I'm NOT Carl · « **Reply #42 on:** January 08, 2014, 08:14:19 AM »

Yea, it depends. I have the house, truck, and two motorcycles on State Farm and the Hayabusa's rate is $168 a year. The truck is $276 and the Transalp is $35.

Carl

chornbe · « **Reply #43 on:** January 08, 2014, 08:47:43 AM »

Quote from: dm_gsx1300r on January 08, 2014, 08:14:19 AM

Yea, it depends. I have the house, truck, and two motorcycles on State Farm and the Hayabusa's rate is $168 a year. The truck is $276 and the Transalp is $35.

Carl

Just to highlight the lunacy...

State Farm was the cheapest for me when I was in Chester County, PA... I believe it was about $275 for the bikes, each... Moved to Delaware and it went up to about $1000 for the bike. An SV650 standard.

At the time in PA, Progressive wanted about $800 for the SV. Here in Delaware they want about $400. Rider.com gets me covered for about $190... in PA Rider.com wasn't remotely competitive with State Farm.

Lunacy. Lunacy and bullshit.

PatM · « **Reply #44 on:** January 08, 2014, 10:07:36 AM »

Quote from: chornbe on January 08, 2014, 08:47:43 AM

Quote from: dm_gsx1300r on January 08, 2014, 08:14:19 AM
Yea, it depends. I have the house, truck, and two motorcycles on State Farm and the Hayabusa's rate is $168 a year. The truck is $276 and the Transalp is $35.

Carl

Just to highlight the lunacy...

State Farm was the cheapest for me when I was in Chester County, PA... I believe it was about $275 for the bikes, each... Moved to Delaware and it went up to about $1000 for the bike. An SV650 standard. At the time in PA, Progressive wanted about $800 for the SV. Here in Delaware they want about $400. Rider.com gets me covered for about $190... in PA Rider.com wasn't remotely competitive with State Farm.

Lunacy. Lunacy and bullshit.

Insurance is a numbers game. They evaluate (bet) the risk based on their "experience". Different insurers have different "experiences". That said "experience" is based on a bunch of numbers that include claims (they have) in the area, vehicle brand, model, type, is it financed, who you are, your driver record, etc.
As someone said earlier, you can't compare yourself with someone else. You can't compare what it cost you, ten miles away. The only thing you can do is shop around, compare coverage and have the insurers compete for your business.

chornbe · « **Reply #45 on:** January 08, 2014, 10:14:52 AM »

Quote from: PatM on January 08, 2014, 10:07:36 AM

Insurance is a numbers game. They evaluate (bet) the risk based on their "experience". Different insurers have different "experiences". That said "experience" is based on a bunch of numbers that include claims (they have) in the area, vehicle brand, model, type, is it financed, who you are, your driver record, etc.
As someone said earlier, you can't compare yourself with someone else. You can't compare what it cost you, ten miles away. The only thing you can do is shop around, compare coverage and have the insurers compete for your business.

Yeah, that was me who said that.

I'm simply highlighting why all these insurance discussions are a waste of time with all the "you should go with this company because they saved me lots even though you're on one coast and I'm on another."

Royal Tiger · « **Reply #46 on:** January 08, 2014, 02:45:30 PM »

Quote from: chornbe on January 08, 2014, 10:14:52 AM

Quote from: PatM on January 08, 2014, 10:07:36 AM
Insurance is a numbers game. They evaluate (bet) the risk based on their "experience". Different insurers have different "experiences". That said "experience" is based on a bunch of numbers that include claims (they have) in the area, vehicle brand, model, type, is it financed, who you are, your driver record, etc.
As someone said earlier, you can't compare yourself with someone else. You can't compare what it cost you, ten miles away. The only thing you can do is shop around, compare coverage and have the insurers compete for your business.

Yeah, that was me who said that.

I'm simply highlighting why all these insurance discussions are a waste of time with all the "you should go with this company because they saved me lots even though you're on one coast and I'm on another."

I pointed out that 4 bikes in the same house on 2 policies are vastly different with the same company. None of it makes any sense. And the credit score nonsense is borderline criminal.

chornbe · « **Reply #47 on:** January 08, 2014, 02:47:40 PM »

Quote from: Royal Tiger on January 08, 2014, 02:45:30 PM

None of it makes any sense. And the credit score nonsense is borderline criminal.

+1

Employers using credit scores to factor into hiring and retention policies, too.

I work in the financial world, and thanks to my ex, my credit score is now ~500... I don't know what's going to happen if I lose my job, or even if I might lose my job *because* of it.

Black Hills · « **Reply #48 on:** January 08, 2014, 03:35:46 PM »

Quote from: chornbe on January 08, 2014, 02:47:40 PM

Quote from: Royal Tiger on January 08, 2014, 02:45:30 PM
None of it makes any sense. And the credit score nonsense is borderline criminal.

+1

Employers using credit scores to factor into hiring and retention policies, too.

I work in the financial world, and thanks to my ex, my credit score is now ~500... I don't know what's going to happen if I lose my job, or even if I might lose my job *because* of it.

credit scores are a pretty good indicator of responsibility on average* a poor credit score in a business with bribery/embezzlement risk is a huge red flag.

Royal Tiger · « **Reply #49 on:** January 08, 2014, 04:19:20 PM »

Quote from: Black Hills on January 08, 2014, 03:35:46 PM

Quote from: chornbe on January 08, 2014, 02:47:40 PM
Quote from: Royal Tiger on January 08, 2014, 02:45:30 PM
None of it makes any sense. And the credit score nonsense is borderline criminal.

+1

Employers using credit scores to factor into hiring and retention policies, too.

I work in the financial world, and thanks to my ex, my credit score is now ~500... I don't know what's going to happen if I lose my job, or even if I might lose my job *because* of it.

credit scores are a pretty good indicator of responsibility on average* a poor credit score in a business with bribery/embezzlement risk is a huge red flag.

I read a piece defending using credit scores for auto insurance, written by the insurance PAC of course. They claim people with low credit scores are more likely to file a claim then someone with a higher score. They had a small data pool as the "evidence" to their claim. Since driving ability is ALLEGEDLY the #1 factor in determining insurance risk in automobiles, one would think that would matter. So Chris and I have had external events cause a drop in our credit scores that HAVE nothing to do with driving ability, yet are penalized for it. I teach EVOC and can guarantee that I can drive circles around most of you in real world driving, yet I pay more. If they determined non-whites have a higher rate of crashes, would that come into play? Here is an ACTUAL event that causes financial loss, yet they would be BANNED from the practice by federal law. Using credit scores is a way to LEGALLY rape otherwise good drivers (and some poor ones statistically accepted values) to make money. Plain and simple.