Need Insurance Help

[Felix]

Hello fellow riders,

 

just posted this in another forum but thought it might be more appropriate here:

 

well, I knew it was coming at me, just not sure when!

 

I have now bought a used '04 L.A. police 1150 RT-P and will fly from Sweden where I live to L.A. on September 11th (what a day to fly, hm) and pick it up and roam California for a month, yeehaw!

 

The bike will later be stored with friends in San Francisco when I am not around but I hope to jump over the big pond a few times a year and explore your amazing country.

 

My question is how to insure the bike the best way? I know absolutely ZILCH about what is good, bad and necessary of insurance coverage itself and the companies in the United States.

 

I have an offer now from Geer Agency, a company the seller solicited to me - 824 dollars a year (2nd year it drops to $654). I have no idea wether this is reasonable or not or if there are better offers around.

 

Would very, very much appreciate some information on this matter.

 

Best wishes,

 

Felix

 

[Polo]

I think you can do better than that.

 

Check this thread

 

I pay about $350/yr. I don't remeber exactly, but it is in that range.

 

Check with Dairyland (Foremost) and Geico. There must also be soem insurance companies out there that will have a more convenient plan for as limited use as you intend.

 

Good luck.

 

 

[Paco]

Felix,

 

Comparing and purchasing motorcycle insurance policies in the USA are tricky propositions, even for those of us who live here as full time US residents. Be advised that there are significant variables in contract coverages and limits offered, as well as great deviations in costs (premiums) from county-to-county and state-to-state.

 

Therefore compare costs and similar coverages only within the county of California in which your bike will be licensed and stored.

[Felix]

Heh, it sounds like insurance companies are no better in the US than in Europe

 

But thanks, that is some great advice and I will now look into it.

 

Felix

[bobbybob]

Go to Geico online and spend the 15 minutes it takes to plug in all the data. Since you're not a US citizen, use your US friend's ID/driving records to get the quote. I recently left one of the largest insurers (State Farm) for Geico--they saved me about 40% ! And you can do it all online, pay with credit card. I like dealing with them. One thing to consider, depending on the value of the bike, if you want to save some $$$ (or Krona) you could get only liability insurance. Of course, you would have to pay for any repairs to your bike caused by wrecks that were *your* fault. But the liability would cover other vehicles & proprety damage.

[themagicone]

Just talk to an agent with Geico, American Family, State Farm, etc - most will allow to put the policy on "vacation" so you aren't paying for coverage when you don't need it. If it's stored at a friends house it will be protected by their homeowners policy while in the garage.

[Richard_D]

Different states have different rates. Uninsured motorist insurance in Florida is 60% of the total .It may be only 10% in other states. If you have health insurance you might save allot of money to not have UM.

[bobbybob]

...most will allow to put the policy on "vacation" so you aren't paying for coverage when you don't need it.

 

That won't work very well in NC and maybe not in other states either; if the insurance lapses for any reason, the state demands the tag be turned back in immediately or face a nice fine. And then go thru re-instating fees when you want to add it back. Of course, doing this may still be cheaper than paying the insurance year-round but could be a real hassle.

[Richard_D]

You can do anything in Mexifornia !

[Rob]

To the original poster, you need to contact three or four insurance agents There has been a lot of bad information given here. One was even fraudulent.

[bobbybob]

There has been a lot of bad information given here. One was even fraudulent.

 

The only statement here that one could mis-interpret to mean fraud was my comment to use his friend's ID to get a "quote". Just a "quote". Not a binding policy. So he would have something to compare with. Nothing fraudulent about it. No fraud intended or committed.

 

Please tell us about the rest of the "bad information". I really would like to know. BTW, Rob, how IS the insurance business these days?

 

 

[Rob]

There has been a lot of bad information given here. One was even fraudulent.

 

The only statement here that one could mis-interpret to mean fraud was my comment to use his friend's ID to get a "quote". Just a "quote". Not a binding policy. So he would have something to compare with. Nothing fraudulent about it. No fraud intended or committed.

 

Please tell us about the rest of the "bad information". I really would like to know. BTW, Rob, how IS the insurance business these days?

 

 

By doing what you suggested would not help. Most companies use credit scoring for rates now. Each company has a unique matrix so a high score with one company could be a middling score with another.

 

Each state has different insurance laws. What is proper in one state may not be possible in another.

 

I did mistakenly take the statement of using another persons ID as fraud. Sorry. As long as that person is secure in "loaning" his information out, then go for it. I would not recommend it. Some companies may not even insure non residents.

 

As for my business? We are doing well, thanks!

[bobbybob]

There has been a lot of bad information given here. One was even fraudulent.

 

The only statement here that one could mis-interpret to mean fraud was my comment to use his friend's ID to get a "quote". Just a "quote". Not a binding policy. So he would have something to compare with. Nothing fraudulent about it. No fraud intended or committed.

 

Please tell us about the rest of the "bad information". I really would like to know. BTW, Rob, how IS the insurance business these days?

 

 

By doing what you suggested would not help. Most companies use credit scoring for rates now. Each company has a unique matrix so a high score with one company could be a middling score with another.

 

Each state has different insurance laws. What is proper in one state may not be possible in another.

 

I did mistakenly take the statement of using another persons ID as fraud. Sorry. As long as that person is secure in "loaning" his information out, then go for it. I would not recommend it. Some companies may not even insure non residents.

 

As for my business? We are doing well, thanks!

 

Rob, glad your business is thriving. Question: How in the world can credit scores affect insurance rates? If you don't pay the premium, you won't have any insurance. Premiums are paid upfront. If not paid, no coverage.

 

That sounds crazy--but then this IS the insurance business. Please elaborate...?

[themagicone]

Insurance companies are crooks. My insurance on my 2005 Dodge Ram was $900/year last year - I had my house foreclosed on and it jumped to $1400/year this year all due to my credit ranking. I've never have filed a major claim, no small claims in 3 years, never been late, etc but they still rose my rate $500/year.

[Rob]

There has been a lot of bad information given here. One was even fraudulent.

 

The only statement here that one could mis-interpret to mean fraud was my comment to use his friend's ID to get a "quote". Just a "quote". Not a binding policy. So he would have something to compare with. Nothing fraudulent about it. No fraud intended or committed.

 

Please tell us about the rest of the "bad information". I really would like to know. BTW, Rob, how IS the insurance business these days?

 

 

By doing what you suggested would not help. Most companies use credit scoring for rates now. Each company has a unique matrix so a high score with one company could be a middling score with another.

 

Each state has different insurance laws. What is proper in one state may not be possible in another.

 

I did mistakenly take the statement of using another persons ID as fraud. Sorry. As long as that person is secure in "loaning" his information out, then go for it. I would not recommend it. Some companies may not even insure non residents.

 

As for my business? We are doing well, thanks!

 

Rob, glad your business is thriving. Question: How in the world can credit scores affect insurance rates? If you don't pay the premium, you won't have any insurance. Premiums are paid upfront. If not paid, no coverage.

 

That sounds crazy--but then this IS the insurance business. Please elaborate...?

 

There's a school of thought that those that don't/can't pay bills will not maintain the property or vehicles which will cause claims. Or wait to repair small issues until they are larger claims.

 

There are statistics that are used to sell this to the various government departments. Some states are discussing the banning of the practice.

[Fugu]

There's a school of thought that those that don't/can't pay bills will not maintain the property or vehicles which will cause claims. Or wait to repair small issues until they are larger claims.

 

There are statistics that are used to sell this to the various government departments. Some states are discussing the banning of the practice.

 

Huh. Do some Googling folks.

 

Low credit scores correlate with higher claims experience. School of thought be damned, reason unknown, it's a fact. Problem is, there's a race: credit score correlation as well, so some groups have said using credit scores is racist and are challenging the practice.

 

Now I don't know why there's a race to credit score correlation, but there is. For the purpose of setting insurance rates, the reason why seems immaterial. It is what it is.

 

Those with the highest likelihood for claims ought to be paying more, regardless of what sort of groups that means they are sifted into.

 

If purple people with orange hair, 4 kids and two divorces have a TON of claims, they ought to pay more.

 

Seems pretty simple until the purple people's rights groups muddy the waters and claim discrimination despite clear statistical evidence (if there is such a thing).