Let's talk about insurance for a sec - Wrist Twisters
 
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post #1 of 20 Old 09-26-2006, 11:09 PM
RevToTheRedline
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Let's talk about insurance for a sec

So it's finally come time that I want to buy a motorcycle. A Honda 919 ok let me get to the point.

I'm getting insurance quotes and notice that I can either get raped or not by not getting collision coverage. How important is this for a motorcycle?

Would it be silly to just get liability?

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post #2 of 20 Old 09-26-2006, 11:33 PM
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damn i just typed a bunch and then backtracked on the browser.. sigh...

liability is a minimum, full coverage is req. by law for financed vehicles, yet often not checked.

In florida, the law states that if you are over 21 and wearing a helmet and something you are not required to carry insurance, yet this means not carry PROOF of insurance, as by federal law, any vehicle on the roadways must have insurance... also as of now those loonies on scooters and mopeds almost causing severe accidents on roadways, are not req. to have any license, or insurance, or tag... yet very soon, FL will require them to be 1)tagged 2) insured 3)driver must have moto-cicle endorsement.. which is great... as some of these strange scooter riders do not need to be pegging the little things at 45 on a 55-65 mph area...

also, a few other states ive lived in had similar to what florida has:

a 919 is considered a cruiser class bike, as it is a non-fairing bike, which is good for lower rates, also make sure, absolutely sure you list it as a CB and not a CBR it will help immensely (especially if your record is less that perfect)

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post #3 of 20 Old 09-26-2006, 11:39 PM
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That changes things quite a bit, I just redid Geico and Progressive to get some rough numbers, but this time selecting CB900F instead of 919 and the price for full coverage is 1/10th what it was if selecting 919.

What's the deal with that?

post #4 of 20 Old 09-27-2006, 03:36 AM
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Before I bought my 919 last month, I shopped the insurance just to make sure I wasn't getting trapped in sport bike premiums. Called State Farm, Progressive, Geico and my agent, which is Allstate. Asked all of them for a quote based on the same coverage - 300/100, collision, comp, 500 ded. Allstate came in lowest by quite a bit at $490 per year. Progressive was $600 and the others were not even close.

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post #5 of 20 Old 09-27-2006, 04:18 AM
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I pay $216 a year for liability from Look Insurance. I do own my bike though. I figure if your bike is crashed they won't give you much money for a used bike anyway. I'd rather pocket the extra money and invest it.

It's a bit of a gamble but if luck is on my side then in 3 or 4 years I'll have made out. I park my bike in my garage and I don't leave it anywhere else for long so I'm hoping it won't get stolen

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post #6 of 20 Old 09-27-2006, 04:48 AM
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I hemmed and hawed on that one as well, Steve. There are no liens on my title and I've never been involved in a bike accident (knock on wood). I've gone with collision insurance because of friends' experiences.

If someone hits you and totals your bike, it's their fault and you get replacement cost.

If a deer hits you and totals the bike, it's covered under comp and you get replacement cost.

If you hit some gravel or an oil spot and total your bike, it isn't covered under comp and you foot the bill to replace the bike. Only collision covers these accidents.

This latter category is a very large percentage of bike accidents so I decided that for the extra $150/year, collision was good peace of mind. Heck, that's like one tire!


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post #7 of 20 Old 09-27-2006, 05:42 AM
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Quote:
Originally Posted by RevToTheRedline View Post
That changes things quite a bit, I just redid Geico and Progressive to get some rough numbers, but this time selecting CB900F instead of 919 and the price for full coverage is 1/10th what it was if selecting 919.

What's the deal with that?
Double-check the year on that CB900. The 919 is technically a CB900F, but that doesn't mean that the insurance companies know the difference between a 919 and the CB900 from the 80's.

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post #8 of 20 Old 09-27-2006, 06:08 AM
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I use Progressive.
I have a horrible driving history.
I just turned 25 this summer.
I pay $38/month for full coverage and I own the bike.
I think it's a damn good deal.

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post #9 of 20 Old 09-27-2006, 06:18 AM
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Well I was quoted $75 a month on Progressive for full coverage, and my driving record isn't so hot, I'm turning 22 soon, does that price seem realistic?

post #10 of 20 Old 09-27-2006, 06:44 AM
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The annual premium cost doesn't mean a whole lot without the coverage numbers to compare -- bodily injury, property damage, uninsured/underinsured motorist, personal injury coverage, medical payments, collision, comprehensive, and deductible amount. But if you can afford it, it can't be all bad!

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post #11 of 20 Old 09-27-2006, 09:28 AM
 
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I don't believe in insuring my toys.

I pay $75/year for liability because it's the law.

Progressive wanted about $500/year for comprehensive.

I crash it - I pay for the damage. I don't leave it places where it can be stolen.

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post #12 of 20 Old 09-27-2006, 09:47 AM
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Quote:
Originally Posted by scope View Post
I don't believe in insuring my toys.

I pay $75/year for liability because it's the law.

Progressive wanted about $500/year for comprehensive.

I crash it - I pay for the damage. I don't leave it places where it can be stolen.
My method of operation exactly scope.

Insurance quotes are all in the zipcode baby. Two people trying to compare who live in two different cities, much less two different states, is pretty much worthless. And that's without regard to age, driving record, is your home on there, other vehicles, what limits on coverage, etc.

I pay liability only on all three streetbikes. $78/year each. Someone a lot smarter than me got me into doing this after showing me the numbers. It's worked so far. But, like mentioned before, if you finance you probably have to get full coverage unless you're doing some kind of equity loan.

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post #13 of 20 Old 09-27-2006, 10:58 AM
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Jim...please tell us what time it is...

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post #14 of 20 Old 09-27-2006, 11:15 AM
 
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With most insurance companys I found that if you put in the model # CB900F you get a really good rate but as soon as you enter your vin # you get screwed and it automaticly comes up as 919 and superbike rates. My agent ran it through Progressive as a cb900f for the quote and told me it would be $340 a year after I got the vin and he entered it,it went to $900 a year and he thought he had quoted the wrong bike. Also Geico wants $2500 a year for a 919 with a vin entered and for a cb900f SUPERSPORT 919 no vin its $1500.

Anyway my agent ended up putting the bike on my auto acct. and i pay $490 a year with Erie Insurance. Erie doesn't advertize the bike insurance.

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post #15 of 20 Old 09-27-2006, 03:12 PM
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Quote:
Originally Posted by ndcent View Post
Jim...please tell us what time it is...
Right now, the big hand is on the three and the little hand it close to the six.

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post #16 of 20 Old 09-27-2006, 03:42 PM
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Insurance companies are rich, and they get that way because they know the odds. Over the last 22 years I have paid $28,000 in Auto insurance. I have never made a claim!!!

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post #17 of 20 Old 09-30-2006, 06:18 AM
 
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I'm a new guy here, and I don't want to start off running my mouth and demonstrating that I'm an idiot. I guess I'll stipulate that I'm an idiot.
Anyhow, I'm a successful insurance agent of 12 years, and insurance companies now rate drivers and vehicles via a miriad of variables: Age, location, vehicle, driving record, credit, marital status and other factors determine rates. Agents no longer can manually rate policies, for the most part, and agents do not "jack up" rates on policyholders. Insurance companies determine what to charge ("jack up") for all the variables, and must provide in writing to the state it does business in how it determines rates. Agents don't want to lose business because of high rates, etc. Most agents are independent contractors, and have little, if any say in company operations.

The bottom line is that you pay the rate you "earned." My bikes are all paid for, so I self insure by carrying liability only. It does pay to check around, but there is no substitute for professional guidance.

Regardless, guys and gals, due diligence pays......

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post #18 of 20 Old 09-30-2006, 06:41 AM
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Rick... Thanks for the explanation. I have one problem with that, perhaps you can shed a little light. All things being equal i.e.: Progressive insurance, 100/300, collision, comp, yada yada yada.
Agent A... $500/ year
Agent B... $165/year
This is no small difference!

BTW: Head on over to the intro. forum and introduce yourself.

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post #19 of 20 Old 09-30-2006, 06:45 AM
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When I asked my agent this same question, he said some compaines aren't competitve on purpose. They price themselves out of the market if it doesn't mesh with their desired book of business. If someone comes along and picks it up at an ungodly price and didn't shop around, the profit margin surpasses their expectation. Not sure if this is true or not, but it makes sense.

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post #20 of 20 Old 09-30-2006, 08:03 AM
 
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Ken is right. It comes down to what kinds of business an insurer wants. Most big companies that insure homes and vehicles look at boats and bikes as "accomodating" business. I.E., the company really doesn't want the business, but the underlying home and auto policies are a strong enough (low loss ratio) incentive for the company to go ahead and place the business on the books so as not to lose the home and auto policy. Some companies are starting to figure out that most guys like us are real anal about our property, and therefore there is little risk, reflecting lower costs. Remember, it's a shell and numbers game.

Insurers are betting you will not have a loss, and you are betting that you will. Another thing to consider: Insurers don't make money on premiums. They make money on using the premium that we front them on investments, properties, developments, and the like. If they planned poorly, they generally have to increase rates on all policies. If you have a good agent, he/she is really on your side. And, contrary to popular belief, insurers DO want to pay claims.

Anyhow, I've rambled. Plus, this is a generalization.

"If ifs and buts were candy and nuts, we'd all have a very merry Christmas." - Tom Sneva, circa 1984

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