Insurance coverages, how much???

[mrzoom]

Having just moved from IL to OK I needed to call Foremost about the change. To my surprise my rate went up $500.00 to about $800/per yr. Wow, "well you could just carry the basic rates and only go up about $200.00.

This got me to wondering do I really need the higher coverage for liability? ..100,000 each pers/300,000 each accident?.How about collision?, higher deductible should cost less but I've always carried the high coverage and $250.00 deductible.

After lowering this and raising that I got the rate down to $411.00 per year which was higher than the $256.00 I paid in IL.

I tried 3 other companies and all were higher some a little ,one a lot. Two of them called me on Saturday after I had gotten on line quotes and still were high. Lot's of pressure to "Buy Now".

Fast forward to today. My State Farm Agent called for some house information and I asked about motorcycle coverage. In IL the Farm was higher than Foremost.

"Sure we do and we have great rates here."

The end result is a policy with the good high coverage's, low deductible's and all of this for $190.00 / year.

I've got to read the policy when it comes as it sounds too good to be true .

Pays to shop till you drop.

[Marty Hill]

Odd that it went up moving form Il. to Ok. I've carried the 1k ded. since day one. So far no claims so I've won...so far. Guess this means no more rides south from countryside.

[Patallaire]

You don't need higher liability coverage if you are never in an accident and no one is ever hurt because of your accident. Liability coverage covers you and your assets and your future earnings from a lawsuit. Many people I know have $500,000 plus a $1,000,000 or $2,000,000 umbrella. Your choice, but I suggest that it is not a premium issue, it is a protection issue. Do not, by the way, ignore uninsured-underinsured motorist coverage, make that number equally as large as you can. Additionally, the collision portion is purely optional, unless you financed it. You can self insure as the motorcycles depreciate so quickly that you could probably buy a replacement fro a reasonable price.

[marcopolo]

Interesting how rates can vary so much. I faced this last year when moving from Canada. The first thing that struck me was how incredibly low the maximum liability coverages were on individual policies, be they for a motorcycle, auto, or home (this in a country that, by all accounts, is much more litigious than Canada). Then I found out about umbrella liability policies. In the end I opted for a $2M umbrella policy on top of my other three individual policies. I could not imagine having such meagre liability coverage as the maximums offered for most individual policies.

 

As for rates, last year I had State Farm for three policies and GEICO for the bike. When it came time for renewal, I switched everything to GEICO, saving a whopping 55-60% over what State Farm wanted to charge me. Go figure. The State Farm agent I dealt with had no explanation for the wide disparity in rates.

 

 

[DaveinNCMn]

I'm with Foremost. Have 4 bikes insured. See signature (below).

 

250k/500k liability

100k PD

1k deduct on collision

500 deduct on comp.

Roadside/Towing

 

$354/year premium.

 

.

[Skywagon]

If you want to save money, you might consider dropping medical coverage for yourself, not someone you injure. My company health policy covers me in accidents and does not exclude motorcycles. I dropped medical coverage on my mc policy and lowered the premium substantially. It was recommended by my agent and I checked with my work provider first to make sure it was legit....It was in my case. YMMV

[Chris in GA]

I'm with Foremost. Have 4 bikes insured. See signature (below).

 

250k/500k liability

100k PD

1k deduct on collision

500 deduct on comp.

Roadside/Towing

 

$354/year premium.

 

.

 

I too am with Foremost and in Georgia. I had a 2002 K1200LT and replaced it a week ago with a 2014 R1200RT in mid policy. My rate for nearly half the remainder when up an additional $304!

[Sweendog]

Compare coverage with Progressive. They have very good motorcycle rates.

[Larsman]

Compare coverage with Progressive. They have very good motorcycle rates.

 

Agree, at least in VA. Motorcycle policy through Progressive with higher liability limits was half the cost of GEICO's so I switched. Not so for my automobiles though. Progressive was higher by far in that case so I stayed with GEICO for my autos.

[mrzoom]

Yes, had Progressive before Foremost

Here's the ones I checked with.

Foremost

Progressive

Allstate

E surance {Owned by Allstate }

Dairyland { not sold in OK}

State Farm.

 

For the same coverage's and deductibles all but the Farm were over $400 / 6 mos.

State Farm came in at $ 92.00 for 6 mos. :thumbsup:I did get all the discounts for multiple vehicles, homes and umbrella .

Another thing the agent told me was to list the Wife on the policy even though she does not ride, have a license or is not even on the title.

Even stranger is that in OK you only need to have uninsured Motorist Coverage on one vehicle and then you are covered on all vehicles with the same carrier for the same amount.

The end result is the cages went up a little bike went down a little so my total out of pocket for vehicles is less.

Now if I could only find a way to cover 2 houses for the price of one. and find time to ride more.

[DiggerJim]

For the same coverage's and deductibles all but the Farm were over $400 / 6 mos.

Wow IL sucks! I pay not much more than that for all the bikes for a whole year. But they also classify me as a "mature" rider...silly people

[mrzoom]

Those were Oklahoma rates, IL was less.

Rates vary a lot between states and even cities vers country.

As has been mentioned here before it pays to ck rates between companies every so often.

[Bud]

I just had a conversation with my Friendly Neighbor agent.

 

YIKES!

 

Progressive beats them by more than a factor of 2. I have all of my other insurance with SF, but they obviously don't want to insure motorcycles in IL.

 

Unlike Progressive, no coverage for accessories or riding gear.

 

Said NO THANKS.

 

Very satisfied with Progressive's coverage and service.