Insurance deductibles

[Old Guy]

I got my insurance bill on my FJR and after picking myself up off the floor, I called my agent and told him that $1150 a year, collision and comp -- $500 deductible, for a bike with a Blue Book value of $13,000 was absurd. I told him I planned to pay it off and cancel the collision and comp and just take my chances.

He contacted me today, and by raising the deductible to $1000, I can save $300 a year. Let's see -- raise the deductible by $500, save $300

That seems a no-brainer to me. I just wanted to suggest that those of you with low deductibles may save some serious coin for little more risk.

 

[BlacknWhite23]

What insurance company? What is your coverage?

Mike

 

[Wlfman]

Dude, you got the wrong insurance company.

My 1 year policy for 3 bikes (01 FZ1, 04 DRZ400, and 13 FJR)

With $500 deductible is only $657 and that's prior to the "Winter Storage" Discount of $350-400

 

[leclairk]

I got my insurance bill on my FJR and after picking myself up off the floor, I called my agent and told him that $1150 a year, collision and comp -- $500 deductible, for a bike with a Blue Book value of $13,000 was absurd. I told him I planned to pay it off and cancel the collision and comp and just take my chances.
He contacted me today, and by raising the deductible to $1000, I can save $300 a year. Let's see -- raise the deductible by $500, save $300

That seems a no-brainer to me. I just wanted to suggest that those of you with low deductibles may save some serious coin for little more risk.

You are getting bent over. Hopefully you don't have Progressive because if you don't, you should. They gave me $3000 over blue book for my bike after I wrecked to cover gear and farkles. My current 06 FJR is $300 per year, $100 decuctible.

 

[Old Guy]

It is Progressive, and that's only the collision and comp. My Goldwing was $160 for the same coverage, and the Blue Book on it was over $10,000. I got nowhere near that when I sold it, but I'd think they'd go by Blue Book.

My agent said he couldn't beat the price. I'll shop some before I pay the $850.

Any suggestions on what company to try?

 

[Niehart]

Your agent needs to take another look. I had to call Progressive and explain to them that it was a touring bike, not a sports bike. They have it listed wrong in their system. I explained that it had saddle bags, full fairing, drive shaft, electronic windshield, etc.

 

[TomInPA]

I would start with an online quote from Geico. Most of the insurance companies offer pretty good rates compared to what your agent says is his best deal. I think you might be better off dealing directly with the insurer, and doing the homework to find the best rate. Amazing what the internet can do now compared to when we relied on insurance agents and booked trips through travel agencies. There are even sites that will take your data and shop for you.

BTW if you have had a driving offense or have a problematic credit report, this high rate is not unusual. If not, then I agree it's time for a change.

 

[Old Guy]

Thanks folks. I wondered if Progressive maybe thought it was a sport bike. I'll give them a call tomorrow direct.

 

[Greg 03]

Make sure you give them the exact vin number and call around for sure. A lot of local agents are clueless about bikes and quote the wrong class for your bike. I'm an AMA member and pay a helluva lot loss and have only a $50 deductible through Foremost.

 

[DrWing]

That's nuts.

Shop around buddy there are way better deals to be had.

 

[SilverHound]

It is Progressive, and that's only the collision and comp. My Goldwing was $160 for the same coverage, and the Blue Book on it was over $10,000. I got nowhere near that when I sold it, but I'd think they'd go by Blue Book.
My agent said he couldn't beat the price. I'll shop some before I pay the $850.

Any suggestions on what company to try?

Yeah, any and every one other than Progressive. Agree with the others, that's absurd. I know that insurance rates vary greatly by state, driving record etc. but I'm paying a total of $324 per year full coverage, $100 deductible on collision on TWO bikes with two riders, my FJR and my wife's Bandit through Allstate.

 

[xcsp]

Make sure you give them the exact vin number and call around for sure. A lot of local agents are clueless about bikes and quote the wrong class for your bike. I'm an AMA member and pay a helluva lot loss and have only a $50 deductible through Foremost.

Value of the bike will come into play, 2003 vs. 2013.

In checking with Progressive, who I currently have, going to a 2014 FJR from my '03, they show a $328/yr. increase for like coverage.

 

[Bounce]

Full coverage

Dairyland

$250 deductible

100/300/max (whatever that last is)

$~$300 a year

Plus max on cars. In combination with my homeowner's policy then allows me to carry an umbrella liability rider that is recommended to anyone with a conceal handgun license.

 

[Fred W]

OK, you made me look...

Progressive

Full Coverage on all 4 bikes (all are 2005 or older)

$250/$500k liability coverage

$250/$500 comp/collision deductibles

Coverage is for two riders myself and 27 y/o son

Total bill is $751 per year. The FJR's portion is the biggest share at $292.

I think one thing that may help reduce the cost is I have told them that the primary use for all of them is for "pleasure" since I do not (can not) commute on them. They must figure I'll ride it like a cruiser, just to the coffee shop and back.

 

[rbentnail]

Progressive wanted to charge me $1300 back in '08. Told them to F themselves, went with GMAC. Then switched to Progressive when they finally pulled their heads outta their butts and lowered their prices to be more in tune with the real world.

My best advice is to shop around. Try an independent agent that reps several companies. That's where I found my best deals.

 

[Old Guy]

Thanks for all the input. I did have a $2000 claim this year, and they said that bumped the rate $300. I expected it to go up, but jeez!

I planned to shop online yesterday, but my phone and DSL were down Wednesday morning and are still not up. I'm in Farmington for the Hooterville run now, so I'll work on it Monday.

 

[Old Guy]

I finally got online for some quotes, and Geico's rate was less than half of Progressive's. I'll call Monday morning to verify, but it looks like I'll be switching. Thanks to TomInCA for suggesting them.

 

[Wlfman]

I finally got online for some quotes, and Geico's rate was less than half of Progressive's. I'll call Monday morning to verify, but it looks like I'll be switching. Thanks to TomInCA for suggesting them.

Yep. I check/compare every year when my policy is up for renewal. Geico has been the cheapest for me for 8 years now.

 

[YummYam]

Dairyland wanted $687 to renew...my third year with them, no claims but good coverages I guess. I thought nah, enough of this.

Looked on the forum here and tried Geico, Progressive and Allstate. Allstate came up trumps...I reduced coverage slightly but look to be saving nearly $500!!! (If it all works out, we'll see).

Thanks for all the suggestions guys.