Author Topic: Are you insurance broke? (Read 2652 times)

8 Track · « **on:** January 04, 2007, 06:35:40 PM »

I have a question for you guys of multiple bike ownership: How do you insure around five bikes without going broke? I have the multi car discount since I insure four cars and a bike, but combined with boat and the house insurance that covers two garages (the boat insurance is comparable to homeowner's insurance), it gets expensive! Maybe I just plain have too much stuff?

heffay · « **Reply #1 on:** January 04, 2007, 06:42:56 PM »

its much better for me now that i'm not 22 years old with bunches of points on my license but, i also save a decent amount of money being on dad's policy w/ my stepmom and sister.

we're switching companies real soon... i'm leaving it up to him since he finds the best deals. i'll let you know. between all of us there are 7 bikes and 2 cars... i guess you can see where our priorities lie

8 Track · « **Reply #2 on:** January 04, 2007, 06:50:46 PM »

I'm 37, married and one speeding ticket on my record from two years ago (one ticket never raises my rates). I probably spend $2500 a year for everything. My wife's record is clean. To own four more bikes I could easily end up paying another grand!

(I want a vfr!)

heffay · « **Reply #3 on:** January 04, 2007, 06:52:10 PM »

the best thing you could do for your rates is take the msf rider's course.

8 Track · « **Reply #4 on:** January 04, 2007, 06:54:40 PM »

Do you have any idea what kind of discount that is? I thought it was about 3%.

heffay · « **Reply #5 on:** January 04, 2007, 06:59:00 PM »

well, that's a 75 percent discount for you.

we use state farm right now and i have no idea how much dad pays altogether but he's got beemers and ducatis and landrovers so i'm sure its not cheap.

ElCheapo · « **Reply #6 on:** January 04, 2007, 07:01:03 PM »

I have insurance that covers the bike I am riding at the time, even if it one that is not licensed at the time. This was needed as I just could not afford to cover all of them at once. Once in the shop they are covered for loss by the biz insurance.

8 Track · « **Reply #7 on:** January 04, 2007, 07:10:49 PM »

Quote from: heffay on January 04, 2007, 06:59:00 PM

well, that's a 75 percent discount for you.

Ok, I don't get it.

Elcheapo, that's what I need. After all, I can't drive everything I own at once!

My bike insurance is roughly $200 a year.

heffay · « **Reply #8 on:** January 04, 2007, 07:36:37 PM »

yes... do tell, cheapo.

medic09 · « **Reply #9 on:** January 04, 2007, 08:53:44 PM »

MSF rider's course is worthy in and of itself; but not everyone will give you a discount for it.

We've got USAA. Great insurance, but they won't cover bikes. They sent us to Progressive. They're okay, nothing special; and they do not give us discounts even though both wife and I have taken the MSF course.

DarkRider · « **Reply #10 on:** January 04, 2007, 09:39:45 PM »

Quote from: twostrokecrazy on January 04, 2007, 06:50:46 PM

(I want a vfr!)

Good choice...which generation though?

Rsnip988 · « **Reply #11 on:** January 05, 2007, 03:16:00 AM »

Quote from: twostrokecrazy on January 04, 2007, 06:54:40 PM

Do you have any idea what kind of discount that is? I thought it was about 3%.

Geico and Progressive offer 10% discounts from when i did research for mine

GroovieGhoulie · « **Reply #12 on:** January 05, 2007, 04:42:34 AM »

I am with USAA and medic09 is right, they farm out bike insurance to Progressive. I've got three bikes on there for $200-ish a year altogether, and I think that's damn good compared to my car insurance. Five to Seven bucks a month per bike is not bad at all to me, especially considering the insurance my peers are paying on new bikes*.

Of course part of that is that the car is still being paid off and as such, I have to carry every insurance known to man on it, while on the bikes, I only have the minimum liability to get them on the road legally. It's just not worth it to carry tons of insurance on old machinery. I got burned on this on an old car. If something happens, they NEVER give you the actual value, but instead some bull#$%* out of a book and a formula.

*: I have a soldier who just bought a Hayabusa cash with money from an insurance settlement. He has a less-than-stellar driving record, so his insurance payments are, wait for it...$360 per month!!!

Jonesy · « **Reply #13 on:** January 05, 2007, 05:08:43 AM »

I've got Progressive and I'm paying $200 per bike for just the basic PLPD! And, like medic09, both my wife and I have taken the MSF courses and they don't give us any discount. We get a "multi bike" discount, which amounts to a whopping $5.00 in total savings...

I wanted to get classic bike insurance (which according to the Progressive website they offer for registered antiques) but when I ask my agent about it he's like, "Hmmm... I'm not familiar with that offering..."

I need to go elsewhere.

BobbyR · « **Reply #14 on:** January 05, 2007, 06:01:10 AM »

I uncoupled my bike insurance from my car insurance. I only carry liability since a 29 year old bike does not have a high enough value to make collision worthwhile.

medic09 · « **Reply #15 on:** January 05, 2007, 07:20:49 AM »

Quote from: Jonesy on January 05, 2007, 05:08:43 AM

I've got Progressive and I'm paying $200 per bike for just the basic PLPD! And, like medic09, both my wife and I have taken the MSF courses and they don't give us any discount. We get a "multi bike" discount, which amounts to a whopping $5.00 in total savings...

I wanted to get classic bike insurance (which according to the Progressive website they offer for registered antiques) but when I ask my agent about it he's like, "Hmmm... I'm not familiar with that offering..." I need to go elsewhere.

They told me that they wouldn't cover any value on the older bikes presently insured ('78 Honda, '78 Yamaha) without me paying for an appraisal. Oh, and they couldn't even send an appraiser in our area. So it was all up to me. Lame. My wife's '02 Shadow got completely covered no problem, including roadside assistance. Unfortunately, their roadside assistance call-takers are helpless and clueless from my one experience with them. I think by the time we get our Triumph running, I'm going to visit a local agent who rides and see if he can't get us better coverage/service.

Rsnip988 · « **Reply #16 on:** January 05, 2007, 08:13:08 AM »

Nationwide offers pretty good rates if they offer it in your area

medic09 · « **Reply #17 on:** January 05, 2007, 08:37:14 AM »

The local guy I'm thinking of is a State Farm agent. I used State Farm years ago when I was in Texas, and they were excellent. Just one more thing for the list before spring.

BobbyR · « **Reply #18 on:** January 05, 2007, 11:34:18 AM »

Maybe the title Insurance Broker is apt.

Uncle Ernie · « **Reply #19 on:** January 05, 2007, 11:51:26 AM »

Many things cause variances- what state you live in, your age, the bikes profile, and even your credit report. I have a car and 5 bikes (basic liability) for around $650 a year. If you can't get information, you need a different agent. There's an insurance company that insures antiques -I think the name might be Hagerty- but I don't think 29 years old qualifies as an antique. Give 'em a call.

neudl · « **Reply #20 on:** January 05, 2007, 01:31:34 PM »

In my state insurance is not required, but I am thinking of getting liability insurance in case I accidently run someone down (God forbid). I guess I had not thought of comprehensive - does anyone think the value is there? I looked at comprehensive from GEICO, and that portion would run about $300/yr. If I don't trash my bike or it isn't stolen, I feel like I would wind up ahead without insurance (except the liability)? Any thoughts?

Jonesy · « **Reply #21 on:** January 05, 2007, 02:08:03 PM »

Quote from: Uncle Ernie on January 05, 2007, 11:51:26 AM

Many things cause variances- what state you live in, your age, the bikes profile, and even your credit report. I have a car and 5 bikes (basic liability) for around $650 a year. If you can't get information, you need a different agent. There's an insurance company that insures antiques -I think the name might be Hagerty- but I don't think 29 years old qualifies as an antique. Give 'em a call.

I looked into Haggerty. Our bikes are old enough, but they have a minimum value. All of my stuff would have to be in mint condition to just barely qualify..

Gordon · « **Reply #22 on:** January 05, 2007, 02:21:52 PM »

Quote from: neudl on January 05, 2007, 01:31:34 PM

In my state insurance is not required, but I am thinking of getting liability insurance in case I accidently run someone down (God forbid). I guess I had not thought of comprehensive - does anyone think the value is there? I looked at comprehensive from GEICO, and that portion would run about $300/yr. If I don't trash my bike or it isn't stolen, I feel like I would wind up ahead without insurance (except the liability)? Any thoughts?

My personal cut-off point for rationalizing the expense of comprehensive coverage is about $4000. Meaning that if any car or motorcycle is worth less than four grand, I only carry liability on it. For me, paying for full coverage on a relatively inexpensive vehicle is throwing my money away.

If at some point my 750 becomes more valuable due to its age and collectible status, I would consider more coverage, but only through a company that will cover the true value of the bike and not just consider it an old POS.

TomC · « **Reply #23 on:** January 05, 2007, 04:31:44 PM »

Hi Insurance Lovers
I am for the moment with Drive which is Progressive through a agent. About 60% of my coast is for uninsured motorest coverage. You would think that they would pay me to drive my pick up but no I have to pay them for uninsured motorest on the truck too.
I understand that in Ohio I can get a form of insurance that covers what ever I am actually driving. The first step in getting this is to be convicted of drunk driving.
TomC

Dave K · « **Reply #24 on:** January 05, 2007, 05:26:01 PM »

I too am in Ohio and have Progressive Ins. On just liability, after I think 3 bikes, my premium is the same. They don't care if I have 3 or 30 bikes, the total premium is the same. I just make sure they have all the VIN's for them. Check with your agent about multiple bike discounts. It may pay to have more bikes!

8 Track · « **Reply #25 on:** January 05, 2007, 05:45:12 PM »

Tom, very funny. I got my dui in jan '96; all I remember is $2000 a year. Currently my bike is insured through Progressive and everything else is through Ohio Casuality. I go through an agent who shops around for the best price. Dave, do I understand you correctly? If you have three cb's and they're $200 a piece for a total of $600 and you go out and buy 10 more, you'll only pay that same $600?

From what I've read so far, we all pay about the same (Washington state excluded!) so I guess you all are just making the sacrifice necessary to own multiple bikes- pay more insurance. Maybe I just need a higher paying job. As you all know, there exists a joy of growing up and acquiring all kinds of neat stuff and the misery of possibly losing it all in the event of an accident where you get sued. Enter more insurance.

Another thing I do (I think it's overkill) is per my agent's suggestion, I carry higher coverage than the state minimum requires. She tells me that it will protect me better in the event I get sued by someone I'm in an accident with, since I'm a homeowner and I have a lot of assets.

More comments please?

8 Track · « **Reply #26 on:** January 05, 2007, 05:52:27 PM »

Quote from: Gordon on January 05, 2007, 02:21:52 PM

My personal cut-off point for rationalizing the expense of comprehensive coverage is about $4000.

Good idea, but you mean collision, right? Comprehensive (as we call it in Ohio) is VERY inexpensive. I carry it through the winter on my '94 Impala SS while it sits in the garage all winter. Costs me $28. Some states won't let you pull that stunt.

8 Track · « **Reply #27 on:** January 05, 2007, 05:54:26 PM »

Quote from: OutlawZ24 on January 04, 2007, 09:39:45 PM

Good choice...which generation though?

A brand new red white and blue one!

The gear drive of the older ones is too much noise for me. It's like a Pete Jackson gear drive!

Dave K · « **Reply #28 on:** January 05, 2007, 05:54:40 PM »

Yes, you read it right. I was surprised and I even asked my agent why. Actually there were a few bikes that I didn't ride but once a year because of the insurrance I had neglected to ask about. When he told me that, I had every bike on the plan and rode at will.

8 Track · « **Reply #29 on:** January 05, 2007, 05:56:14 PM »

Quote from: medic09 on January 04, 2007, 08:53:44 PM

MSF rider's course is worthy in and of itself; but not everyone will give you a discount for it.

I'll take it just in case there's a tidbit of information that will save my life. I started on dirt bikes and I learned a lot of stuff the hard way, going slower and on that soft muddy ground!

8 Track · « **Reply #30 on:** January 05, 2007, 05:58:48 PM »

Dave, you just gave me another lever against my wife for my quest for more bikes! Thank you!

8 Track · « **Reply #31 on:** January 05, 2007, 06:00:55 PM »

Quote from: Rsnip988 on January 05, 2007, 08:13:08 AM

Nationwide offers pretty good rates if they offer it in your area

I'll check it out.

8 Track · « **Reply #32 on:** January 05, 2007, 06:03:36 PM »

Quote from: Uncle Ernie on January 05, 2007, 11:51:26 AM

...and even your credit report.

My beacon score is a few points away from perfect.

HITMAN · « **Reply #33 on:** January 05, 2007, 06:06:21 PM »

Country Co. insures all my wheels, what I do is add one (or more) of my bikes when I want to ride them. Then cancel them when not, keeps things all in check and it helps when you make good friends with your agent. You can check to see if they will allow you to do that, most of them are pretty understanding if you explain your situation to them as they don't normally expect people to insure multiple bike and they may have options for that.

If I spend a lot of money fixing up an older bike like my 550, I will have it appraised to protect my investment.

Gordon · « **Reply #34 on:** January 06, 2007, 04:33:33 AM »

Quote from: twostrokecrazy on January 05, 2007, 05:52:27 PM

Quote from: Gordon on January 05, 2007, 02:21:52 PM
My personal cut-off point for rationalizing the expense of comprehensive coverage is about $4000.

Good idea, but you mean collision, right? Comprehensive (as we call it in Ohio) is VERY inexpensive. I carry it through the winter on my '94 Impala SS while it sits in the garage all winter. Costs me $28. Some states won't let you pull that stunt.

Sorry 'bout that. Yes, collision is what I meant, thanks!

ieism · « **Reply #35 on:** January 07, 2007, 04:38:14 AM »

Why is it so expensive in the US for these old bikes. I pay $32 a year for my 550 in The Netherlands. This is a special "oldtimer insurance" you're not allowed to drive more than 10.000 miles a year or something. Shouldn't be a problem if you have 7 bikes though.

ofreen · « **Reply #36 on:** January 07, 2007, 05:19:13 AM »

I paid $290 this year for liability insurance on three bikes, a CBR1000F, R100GS-PD, and my old 750F. This is with Progressive. For some reason, the premium was $25 higher for the 750 than it was for the GS. I called them up to ask why, but the individual I talked with was unable to provide a logical answer. Progressive gives me a 5% good driver discount, and 5% each for the MSF course and multiple bikes.

heffay · « **Reply #37 on:** January 07, 2007, 09:40:52 AM »

Quote from: ieism on January 07, 2007, 04:38:14 AM

Why is it so expensive in the US for these old bikes. I pay $32 a year for my 550 in The Netherlands. This is a special "oldtimer insurance" you're not allowed to drive more than 10.000 miles a year or something. Shouldn't be a problem if you have 7 bikes though.

i don't think it is terribly expensive. my cb350 w/ liability only costs me 8 dollars per month... the zx7r is what costs me because i put full coverage on it before our baja trip (actually ended up being a vegas trip but, whatever) and i haven't taken it off because it is not even that pricey. i pay 29 dollars per month for both bikes.

now, you also have to remember that my dad is and has been w/ state farm for 30+ years now so that may make a difference. (i'm on his policy if you'll remember from my earlier post.) but, he's not been happy w/ them so, we're switching.

News:

Author Topic: Are you insurance broke? (Read 2652 times)