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Insurance Quotes Crazy Differential

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drfood

drfood

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Our motorcycle insurance is expiring on 7/21 and I've been shopping for a month. Can't figure out what the heck is going on with insurance companies and pricing. Anyone have thoughts?

Current insurance w/Liberty Mutual renewal is $700+ annual and $1000 deductible on a 2014 V-Strom 650
Foremost (AARP) quote for same policy is $750+
Geico is $600+
Progressive is $290 for the exact same policy from what I can tell reading things

What the heck!!!!

If Progressive is really almost $500 less, how can we not pass that pricing up??

I talked to our LM agent. He said get it if you can. They can't touch that pricing on motorcycles.
 
Sounds about right. I have Progressive and periodically shop them out. They have always been a lot less than the next lowest quote
 
My Gecio is a little over $400 a year that's full coverage on a 15 V-strom and 11 KLR and my 40 year old sons on there also, so it looks like there making up for lost revenue are there tired of deal with MC all together. That liberty mutual quote sounds like my state farm quote I had a few years ago they insure cars and house but they don't like motorcycles.
 
Progressive cost about the same for a year as state farm did for 6 months on my Africa Twin. That was an easy decision.
 
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They treated me great when I totaled my first Africa Twin. Rate went up a little for the second year and replacement bike being newer, but not by a whole lot. Still cheaper than my usual go-to of state farm by a huge margin. We'll see what they try to change me next spring. I pay in full, so they can't sneak in a rate hike month to month.
 
I have Hagerty for my classic car, and their quote for my bikes was about 20% more than Progressive who have consistently been cheaper than everyone.
 
Retiredtosoon said:
progressive will real you in for a year are two and then jack you up the next, that's why i have Geico now. Insurance company like to play game
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My Progressive has actually gone down. Only by about $10 bucks, but it's still down and not up, and I've had them covering my Wing and car for about ten years now.
 
Progressive is usually the expensive one for me. Mileage varies case by case.
 
Full coverage on my AT plus liability on 3 other bikes and pay a little over $400 a year with Progressive. State Farm (who I’ve had my insurance with for my trucks for 45 years) wouldn’t even give me a quote.
 
I have Dairyland right now. I have used Gieco, Progressive (thru USAA). Like has been said before. A couple of years cheap and then they jack up the prices and I switch. Coverage for the Hayabusa for collision, comp and 100/300 liability and towing is mid $800 for a year. Gieco was over 12 and USAA/Progressive the same, even with bundling the car and house.

Dairyland cost me only $45.00 to add the Buell for a year before it sold.

The DR650's are the same, under $100 total for both, only liability
 
Ive had progressive for years. Just paid $141 for another year. Full coverage on my Harley.
 
I only have liability. When I bought my new FZ10, adding it to my Dairyland policy with three other bikes was going to cost me over $300 more per year, for a total bill of over $600 per year. I shopped around and now have Progressive. My latest bill was $149 for four bikes, including that FZ10. I recently sold a DRZ400 and talked to my agent. She told me I would have to pay $12 if I dropped the DRZ from the policy. ???????
 
In February when I added my DRZ with full coverage my policy only increased 5 dollars per year
 
I carry liability only as well and for 2 people with 4 bikes it is $145 a year. It has been that way for 10+ years now.
 
In the greater Houston area Progressive rules. In the other parts of the state have your agent shop Dairyland and Foremost. Dairyland has some very broad coverage like trip interruption and rental.
 
I ended up with Progressive for $259 full coverage on the 2014 V-Strom 650. I'm happy I saved $500 on that.

I am curious to get thoughts on the LIABILITY ONLY insurance. I am carrying high liability and high uninsured motorist plus comp and collision and trip interruption, no medical (works insurance covers that). It just scares the crap out of me not to be covered for uninsured motorists, especially in Houston. Is the reason for no comp and collision because you figure you can pay for loss out of pocket? My dad always told me to only carry liability on a car after it has been paid for because I should have enough in savings to pay for repairs or to cover a downpayment if it was stolen.....cheap German that he is. :roll:
 
Glad this was brought up. Switched mine to Progressive as it saved me over 30% and I took it from liability and ininsured to full comp and collision with uninsured and towing. Crazy difference!
 
drfood said:
I ended up with Progressive for $259 full coverage on the 2014 V-Strom 650. I'm happy I saved $500 on that.

I am curious to get thoughts on the LIABILITY ONLY insurance. I am carrying high liability and high uninsured motorist plus comp and collision and trip interruption, no medical (works insurance covers that). It just scares the crap out of me not to be covered for uninsured motorists, especially in Houston. Is the reason for no comp and collision because you figure you can pay for loss out of pocket? My dad always told me to only carry liability on a car after it has been paid for because I should have enough in savings to pay for repairs or to cover a downpayment if it was stolen.....cheap German that he is. :roll:
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Yes to the highlighted quote. I don't finance. All of my bikes are toys. If the cat poops in the sandbox, I go to the swing. Over the years, my lack of paying for full coverage has saved me way more than any of my bikes would cost to replace.
 
humanrace said:
Yes to the highlighted quote. I don't finance. All of my bikes are toys. If the cat poops in the sandbox, I go to the swing. Over the years, my lack of paying for full coverage has saved me way more than any of my bikes would cost to replace.
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Same for me. Since I have been insuring motorcycles since I was 18, the money saved just by not having full coverage is most likely between $30-40k. I remember getting a quote for full coverage for my first motorcycle (Shadow 1100) and it was $2500 a year with a $1000 deductible. Now sure, I've wrecked a V-Strom, but I repaired it for less than $500. I've wrecked my current Tenere but I repaired it for somewhere in the $1200 range. But if you factor in a high deductible then these are still pretty much break even events.

Now that I am slowly getting out of the "high risk" category, I might take a look at changing that, but so far it has been a huge savings by having liability only.
 
Yep mine are toys too. In 20+ years of road bikes I’ve saved enough with liability only to more than buy a replacement of my most expensive bike which btw is a 2015 vstrom. FMV is probably only $7500 tops. Then there’s the deductible and now I’ve got a claim on my record that would likely affect my car insurance which are the big ticket items. Assuming a crash that would total the bike, there’s still residuals in the salvageable value. I’ve got medical through work along with disability that covers the rest.

Back in the ‘90s, I had a pretty good insurance agent who was kind enough to run numbers for me. I was in my late 20s and married so I’m sure age had something to do with it, but we came up with a claim had to be roughly $3500 for me to break even once the 30 month premium increase + the $500 deductible came into play. I’m older now and less risk, and cars are also more expensive to repair, but I still keep that in the back of my mind when considering a claim. Out of 3 autos and 4 bikes, wife’s new car is the only one with full coverage. About six months ago a truck kicked up a chunk of tire and **** near took her front bumper off. It was about $1500 to repair but we paid out of pocket because I don’t think it would have been worth the claim once the deductible and the increased premium kicked in.
 
Only reason I went with full coverage is it was only $90 a year additional which covers the bike and $3500 in add on equipment. Worth that to me. When I was younger it was much higher and I always passed.
 
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