Insurance Prices (Huge differences between companies)

C

Connie Sue

New member
I just bought my 1098 in late May of this year. I was coming off a buell xb12 which I had insured through Progressive. I was paying right around $320/year full coverage.

Here's some background..
I live in PA.
36 years old
Completely clean driving record

When I started thinking about buying my duc, i got a quote through Progressive. $1180/year ! ! ! I called one other place (can't remember which) and got a similar quote. I wasn't going to give up on the duc at this point so I bit the bullet and went with Progressive.

So I was talking to a guy the other day and he suggested that I check out State Farm. He said he shopped around and found they were very affordable.

Later that day, I contacted a local agent who informed me that state farm will not insure my bike unless I also have an auto policy with them.

I didn't give up there...instead I contacted a second agent, also local to the area. This second agent not only said it would be no problem to insure my bike but went ahead and gave me a quote for $315/year full coverage (same coverage I had with Progressive)

Needless to say...My Progressive policy is cancelled and I'm expecting a refund check to arrive that will cover the cost of my new state farm policy for the next 2.5 years!

Why is there such a difference between companies? Even worse, why would one state farm agent tell me "no" they won't insure me, when it clearly wasn't a problem.
 
because each agent makes money from each policy they hole, so the other guy was a douche and was just trying to get you to move both policies over so he makes more money.

As far as why different companies are different, I'll leave that to the search button.
 
Outside of the things you eliminated (age, experience, location, coverages, how the bike is stored/parked/secured etc). My understanding, and I could be wrong on this is, that some companies have more loses than others, just like some locations are known for loses/damages etc.. Depending on your companies record, but this is just on part of the equation.

I tried Prog. and was appauled at the rates, State Farm and USAA as well. I stuck with GEICO, which many others have had issues with rates quoted. For me, being with GEICO basically the last 14yrs or so in the Army, and having them only see one ticket, its helped A LOT I am sure. $278/yr full coverage, sorry don't recall my coverages. My 2005 Hayabusa actually was more to insure than the 2008 Duc 1098, and the Bus had lower coverages/higher deducts!
 
Progressive used to be somewhat of a high risk insurer... a little like those 'safe auto' commercials you see. They market to a specific group and so their losses are higher - some companies just straight up don't want the risk of motorcycle insurance, and so they quote super high. Say you're an 18 year old insuring a CBR1000 w/progressive and watch them quote you 7000 a year.

State Farm is bar none the best for motorcycle insurance... perhaps followed by USAA grandfather policies (before they started farming out business to progressive)

Liberty mutual also rates by CC's (like state farm) not class, but they can be a little high in some markets too.

MA, NJ are just plain screwed w/rates because of state laws regarding 'no fault, med pay, Personal injury protection, etc) Some companies pulled out of those states because of the dumb laws.

Shop around every year, and go to your own states' dept. of insurance webpage. Sometimes they have sample comparison quotes so you can see who's less expensive.
 
Yeah, I'm getting boned... paying like 950$ a year for full coverage through statefarm, progressive wanted almost 1200$ I need to start shopping around but statefarm was good to me with the other bike I had, that and I need to retake DD course... but its sweet that it can be done online now from home.... I'm 23 with a near clean Driving record... I made a claim on my last bike hence the "near" clean... but I've had two different statefarm agents tell me that you can wreck you bike as many times as you possibly can in a year and your insurance isn't affected by the claims on a bike.... they go by your age, and the bike size/style... driving record has nothing to do with statefarms motorcycle insurance... and its true... my rate didn't go up after a made the claim.
 
950's pretty good for a 23 year old w/a claim.

When you say 'full coverage' make sure you're including uninsured/underinsured motorist coverage. There's nothing more important. I buy as much as they'll sell me.
 
Basically what tapit said... SF are independently owned franchises and each owner can setup his/her own policy/prices.



No offense, but you might want to check your policy... GEICO just like GENERAL and SAFEAUTO provide you with the bare-legal minimum coverage... basically shit.



Exactly! Another thing option helping decrease cost at StateFarm is MULTI-LINE (everyone in your family is insured through the same company and they can drive/ride the vehicle). Multi-line saves a ton!!
 
I have to have that in NY, thats not optional it is required, and I am FAR above state mins on my full coverage... I also have all my policies written with SF so I am getting a deal with that... the part that pisses me off is that they originally quoted me 750 and then I buy the bike pending that quote and my bill comes in for 1115$, then I go down to talk to my agent and they pull it up in the computer at 950$ so... theres lots of room for error in their system there someplace... I may switch to somebody else that despite may be higher priced, will charge me what they quote me.... basic principle..
 
$380/yr on the 1098R... about the same on the 1198S, maybe a few bucks cheaper. State Farm all the way. Last year, my buddy totalled one of my bikes, an '05 Factory R Aprilia. Payout...$15,500, insurance hike...nothing. State Farm all the way.
 
I would be interested in what coverage you guys have with State Farm that your rates are so low.
I have had State Farm for 18+ years (house, farm equipment, cars, bikes, etc.) and recently added a 2007 ST3 to the mix. It was $430 a year, full coverage with $250 deduct.
I'm 61 with a clean driving record.
Before I bought the ST3 I had looked at a B-King. The same coverage was $386 for it.
I just sold a 2003 SV1000S that was way less and of course my 2007 DR-Z400SM is also less.
When my wife asked the agent why it was so high she said, "He shouldn't have bought a Ducati. They're made in Italy and the parts are expensive'.
I think it might be time to do some shopping around.
Thanks
James
 
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