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Added a 2nd bike and insurance rate dropped?

Joined
Sep 4, 2017
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Location
Katy, Republic of Texas
First Name
Nolan
So I know many have said that adding a 2nd motorcycle to insurance is cheap since they know you can only ride only one at a time, but I added my 2001 Nighthawk to my Progressive plan with my 1994 Goldwing, and I got a $7 refund?

The Wing is like $220/year for full coverage, the Nighthawk is just liability.
I figured it was going to be cheap to add it, but did not think it would give me a discount.

Has this ever happened to anyone else or is it just a fluke on my part?

I am not complaining, just surprised.
 
I have Progressive also. Very happy with the service too. Seems to me I had a similar situation back when I had a 2000 DRZ and a 2004 V-Strom. I believe the age of the units has a lot to do with the pricing. My rates really shot up when I moved to newer vehicles.
 
Insurance will drop even more when you add your 3rd, 4th and maybe even your 5th bike.
That is what happened to me.
Might also be a great way to “show” the misses one of the “advantages” of multi bike ownership.
(just saying). :deal:
 
I also have Progressive and yes, my bill dropped when the Wing was added to the Concours policy, and the Wing dropped further when the CR-V was part of the package.
 
I’ve also had it happen where my rates were going to go up due to me selling a bike. I didn’t want that so I just kept it insured just for good measure. 🤣
 
I guess statistically, it's less likely you'll wreck your comprehensive-insured Goldwing while riding your liability-only Nighthawk.

In my case, not Progressive, but when I added each additional motorcycle onto my 100% liability-only policy, it increased each time, such that with 4 now it is nearly double what it was with only one. The big kicker was adding the first scooter, which increased the bill over two-motorcycles by like 50%. Research tells me this is because statistically, scooter riders are more likely to crash, because they are more likely beginners. But when I added my wife to the policy, who was an actual beginner, it didn't change the rate one cent. So I guess they figured an experienced motorcyclist would suddenly become a risky beginner once I get on a scooter.

Hard to complain too much since now I have liability only on four motorbikes for under $200/year. Thinking about adding comp on the Triumph next year. My agent shops my insurance every year to give me the lowest rate on the market, which hasn't always been Progressive, but it has been at least once or twice, for the cars.
 
I guess statistically, it's less likely you'll wreck your comprehensive-insured Goldwing while riding your liability-only Nighthawk.

In my case, not Progressive, but when I added each additional motorcycle onto my 100% liability-only policy, it increased each time, such that with 4 now it is nearly double what it was with only one. The big kicker was adding the first scooter, which increased the bill over two-motorcycles by like 50%. Research tells me this is because statistically, scooter riders are more likely to crash, because they are more likely beginners. But when I added my wife to the policy, who was an actual beginner, it didn't change the rate one cent. So I guess they figured an experienced motorcyclist would suddenly become a risky beginner once I get on a scooter.

Hard to complain too much since now I have liability only on four motorbikes for under $200/year. Thinking about adding comp on the Triumph next year. My agent shops my insurance every year to give me the lowest rate on the market, which hasn't always been Progressive, but it has been at least once or twice, for the cars.
Pretty much same here. Four bikes, liability only. Premium went up with each addition. Single bike 10 years ago in the neighborhood of $75 as I recall. Added the scooter and it went up by $20ish. Added dirt bike and second street bike and I’m in the $150 range now
 
It's been discussed before.
The theory is policy holders with multiple bikes are statistically more experienced than the pool of policy holders that have only one bike.
Lots of folks out there have a bike but don't ride much so their skills may be rusty and are more prone to have an accident. Or their ride is typically to the bar on Friday nights.
Insurance is all about the stats.
 
Smaller lighter vehicles tend to cause less damage than a larger heavier one. You insurance company figures that since you have two bikes, you will likely spread your riding between those two, so the probability of you having an accident in each is divided between the two. They also have actuary algorithm that predict how much you will likely ride each, and under what conditions.

If you drill down into the itemized listing of your policy, you can see where the $7 drop came from.

I did a quick quote to see what my premium would be if I take the KLX250 off, and it would go up - not much but not exactly insignificant either.
 
And yet my premium nearly doubled when I added my Goldwing. Might have something to do with both my bikes being relatively new.
 
And yet my premium nearly doubled when I added my Goldwing. Might have something to do with both my bikes being relatively new.

Did you get comprehensive insurance on it? If so, that would explain it. Bear in mind, comprehensive covers things that can happen when you are not riding it like theft and hail damage etc.
 
I haven't added a second bike but when I totalled my first I will say the claim process was so smooth that it only took 11 days from the day I called until it was closed and all money was in my account. And that includes 4 weekend days!!
 
I’ve also had it happen where my rates were going to go up due to me selling a bike. I didn’t want that so I just kept it insured just for good measure. 🤣
I did the same thing when I sold one of my DRZs. I was going to have to either add money or accept a closer expiration date. I kept the DRZ on the policy until I bought my KTM.
 
Same hear with 4 wheelers and sxs. I went to drop one of the 4 when I sold it and my premium was gonna go up, so I just kept it insured.
I have no clue where that 4 wheeler is or has been for the last ~3 years.
 
I've none of the trip interruption stuff. My Wing is unlikely to see more than day trips. I have it for riding with my mom and since we have a houseful of furballs we can't be gone overnight. Honestly I don't even get away for trips very often on my Twin either...
 
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