Insurance Renewal Time: What I Have Learned - BMW Luxury Touring Community
 
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post #1 of 27 Old Mar 2nd, 2006, 11:33 am Thread Starter
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Insurance Renewal Time: What I Have Learned

Well, it is insurance renewal time for me, so I'll share what I've learned.

Bottom line is that it appears no one can touch the premiums I am getting from Geico, and I have only been with them for a year. I live in CA in the Silicon Valley area, have no accidents or tickets in the last 7 years or so, and pretty much carry full coverage with low deductibles ($100/300k BI & Liability, $50k prop damage, $100/300k Uninsured motorist, $100 deductions on comp and collision, 1 bike a daily commuter with ~9500 miles per year (RT-P), 2 bikes (GS-ADV & LT) pleasure at about 5000 miles per year).

Based on comments from this and other Boards, I checked with Dairyland. They don't write m/c insurance in CA.

Called GMAC Insurance and gave them the Rider Magazine discount code. ~$1400 for all 3 bikes, and their lowest deductibles were between $200-250 depending on the bike.

Used Progressive on-line quote estimator. They did not have the same issues as GMAC (I could get the same deductibles as with my Geico policy). Price was also over $1400.

Previously (when I got my bike last April) I called my Allstate agent. Allstate has covered my home and cars for probably 20+ years, so no other company can normally touch the rates they charge me. But with m/c's it was a different story, and they couldn't get near Geico's rate. (I spoke with my agent this week, and it turns out he is now a rider. He told me that Allstate might be able to quote more competitive m/c rates later this year as they revamp how they deal with m/c coverage).

And my Geico quote: $900 for all 3 bikes for 12 months. Due to the multi-bike discount and the fact that I don't ride the LT all that many miles (yet...), it only contributes $301 to the premium total.

Don't yet know how Geico handles claims (knock on wood), but for me at the moment they are $500 (36%!) cheaper than the alternatives I have researched.

Tom

2009 R1200GS-ADV
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post #2 of 27 Old Mar 2nd, 2006, 12:24 pm
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Thanks for the write-up.

I'm in the process if changing my insurance from State Farm ( ) to something else and Geico was one I was looking at.

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post #3 of 27 Old Mar 2nd, 2006, 12:39 pm
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Gino, Check out Foremost Insurance, I have received very favoritable rates from them for 5 years. They beat out Progressive, Geico, etc... I have no claims experience with them, so can't really speak about that..

Hal
Lodi, California

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post #4 of 27 Old Mar 2nd, 2006, 12:42 pm
 
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i have found progressive insurance to also have very competitive rates.

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post #5 of 27 Old Mar 2nd, 2006, 12:59 pm
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I had to leave State Farm because of the way they cover multiple bikes. I have a son who is now 23 and rides my bikes. I switched to Dairyland and insure 3 bikes with my son listed on the policy and I pay $900 per year and includes extra accessories and gear and trip interruption. Now I do not know how truly good the insurance is yet since I have not had to file a claim.

Marc Pillis- MSF Rider Coach
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post #6 of 27 Old Mar 2nd, 2006, 2:14 pm
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Just did this yesterday since I'm picking up an 02 LT soon. Full coverage with Progressive (who I've been using for my K75S) was around $800 per year. State Farm was slightly less (I've been with them forever, but was surprised they were as competitive as they were). What I found interesting was Geico would only do liability unless I moved my cars over to them as well, but that isn't an option for me. Based on what others are paying, sounds like I need to do some more research with other carriers.
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post #7 of 27 Old Mar 2nd, 2006, 2:36 pm Thread Starter
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Quote:
Originally Posted by tarheel_rider
What I found interesting was Geico would only do liability unless I moved my cars over to them as well, but that isn't an option for me.
Wow, that must be an NC thing, or maybe it isn't legally allowed in CA? I left my cars with Allstate, but still got full coverage on the bikes through Geico.

And Hal, thanks for the resource. I have done an "on-line" estimate through Foremost's web site, and we'll see what they come back with.

Tom

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post #8 of 27 Old Mar 2nd, 2006, 2:38 pm
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I too have Dairyland. It started out at about $480/year 3 years ago and has gone down to about $350/year when I renewed it last November. Bear in mind that this is in Texas and I put about 11k per year on the LT and it is the only bike I have.

My neighbor is retired from State Farm and told that Dairylad and Progressive would probably have the most competitive rates in Texas.

My 2 cents. YMMV.

Res ipsa loquitur, sed quid in infernos dicet?

Alan Stuber
2003 K1200 LTC Titan Silver
Austin, Texas



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post #9 of 27 Old Mar 2nd, 2006, 4:06 pm
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I have Geico, too, and...

I have Geico in California, too. I just switched full coverage from my RT to my new LT. The price dropped by about a third! I couldn't believe it!

BTW, never made a claim with them, so I can't tell you much about the expediency of their claims process. But, the prices are the lowest I've found and they're always helpful on customer service.
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post #10 of 27 Old Mar 2nd, 2006, 5:02 pm
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Quote:
Originally Posted by TMH
And Hal, thanks for the resource. I have done an "on-line" estimate through Foremost's web site, and we'll see what they come back with. Tom
Your welcome! But FYI, for me the actual amount was $88 a year less than their quote. When I called to check that all the coverages were as I wanted, they explained that this often happens when the policy actually gets rated. Prior to that, it's just an estimate. OK by me...

Hal
Lodi, California

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post #11 of 27 Old Mar 2nd, 2006, 6:01 pm
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Since you brought it up, I thought I would check mine. I was suprised to see I didn't go with as much coverage as my car and truck as the bike has 50/100 Bod Inj, 25 property, 50/100 wrongful death, 25 econ loss, 50 PIP, 75 pedestrian no fault and 50/100 sup uninsured with additional 1000 custom parts and roadside assistance I didn't think it was too bad. That was with Comp and Collision with $500 deductibles. Cost $231/year.


I guess I need to talk to my agent as I thought I had 100/300. Then again, probably don't do as much damage with a motorcycle as a car or truck.

What are peoples thought on coverage amounts?

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post #12 of 27 Old Mar 2nd, 2006, 7:01 pm Thread Starter
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Quote:
Originally Posted by surfran
Since you brought it up, I thought I would check mine. I was suprised to see I didn't go with as much coverage as my car and truck as the bike has 50/100 Bod Inj, 25 property, 50/100 wrongful death, 25 econ loss, 50 PIP, 75 pedestrian no fault and 50/100 sup uninsured with additional 1000 custom parts and roadside assistance I didn't think it was too bad. That was with Comp and Collision with $500 deductibles. Cost $231/year.


I guess I need to talk to my agent as I thought I had 100/300. Then again, probably don't do as much damage with a motorcycle as a car or truck.

What are peoples thought on coverage amounts?
My Allstate agent (note: vested interest) basically once said to me: "Do you own a house? If yes you should make sure that you have high coverages on your vehicle insurance to protect it."

Tom

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post #13 of 27 Old Mar 2nd, 2006, 7:54 pm
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My two cents: had good service from Dairyland when Iwas in Utah; here in CA, have had isssues with Farmers, Geico, and McGrath. No problems with Progressive.
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post #14 of 27 Old Mar 2nd, 2006, 10:41 pm
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In my opinion the most important limits with insurance next to your liability limits is your un/under-insured which should be a minimum of 500K.
My agent advised me years ago to maximize my un/under-insured...

Bill (aka Chipper)
Elk Grove Ca.
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2009 K1200LT (BLACK)-Traded In
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post #15 of 27 Old Mar 3rd, 2006, 11:54 am
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Mine just gave me the same advice for the reason that the person receiving the benefit of the un/underinsured is you. This insurance makes sure that if you are greviously injured, you will be taken care of.
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post #16 of 27 Old Mar 3rd, 2006, 12:33 pm Thread Starter
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Response from Foremost

Just got the quote estimate from Foremost. They came back at an annual premium of $1337. This beats both Progressive and GMAC for me, but is still $437 above my Geico quote.

With the Foremost process you personally specify the value of your bikes. This may be the cause of the difference between the Geico and Foremost quotes. Geico just insures to some internal KBB type of value. Perhaps with Foremost they base rates on a % of the bikes' total value, and you MIGHT get a higher payout from Foremost if one is totalled or stolen (just a guess, I have not confirmed). Also I didn't immediately see that Foremost provides $3500 for "accessory" coverage automatically when you buy full (comp & collision) insurance from them. I may have specified the value of the bikes too high as I was trying to capture bike + accessories in the "bike's value" box.

So right now they are the closest to Geico for my bikes and my coverage in California. I think that I will continue to work with them - Their coverage may be more complete than Geico's if an incident occurs, and I would pay a little extra for that.

Also, it looks like Foremost is part of the Zurich Direct organization.

Tom

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post #17 of 27 Old Mar 3rd, 2006, 1:58 pm Thread Starter
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I Got My Premiums Increased!

Well, my research is over, and through all of my efforts I ended up getting my Geico premiums increased. Am I happy about this... Well, sort of.

I followed up with Foremost and found that they do use an "internal method" of calculating the value of bikes, which they would pay out on a total loss or theft. So their higher premiums were not due to the fact that I had accidentally over-valued the bikes in getting the quote. They did seem like nice folks to work with, but their premiums remained substantially higher than Geico's, which seemed to surprise the Foremost rep.

But this got me to thinking: Was there something about how my bikes were listed on the Geico policy which was resulting in a falsely low premium? This would work in my favor - unless and until something happened. And I would not want to hear something back from them like "We're sorry but your bike was not listed to be used as a daily commuter, so we won't cover you for what happened." So I called Geico to get details on how my bikes were listed.

First off, Geico does not care whether you use a bike to commute to work: They are all still listed as "pleasure use". Seems like they only think of cars as workhorses, so all motorcycles are just for pleasure. Can't argue with their logic, as it saves me money. Good so far.

So how are the annual mileages specified for each bike? Well the RT-P and K-LT were listed too low so we fixed them. And the GS? It was listed for "0 (zero) annual miles"! How much fun could that be? The Geico rep specified that this must have occurred in a recent change to their computer system, where that bike somehow got "defaulted to 0."

So we fixed that error, and it turns out that my premium rises by about $108.

So I'm bummed that my premium increased. But I am now confident that if anything happens I am accurately covered, and isn't that what insurance is all about?

So I'm sticking with Geico as they still beat everyone else by $225+.

Morale of this story, if there is one? Might be good to check every now and then to make sure that your bike(s) are properly covered/listed. While I don't have any personal horror stories about insurance problems, I do believe that insurers will do everything which is reasonably possible to not pay out claims. They are "for profit" businesses after all. And incorrect information within your policy might be all the excuse they would need to say "Sorry, you are not covered since you stated in your application that __________, but that is not how the bike was being used when the incident occurred."

Good luck and stay safe,
Tom

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2005.5 KTM Adventure 950
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post #18 of 27 Old Mar 3rd, 2006, 2:11 pm
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I started out with State Farm on the bike along with my other cars --- then the bike insurance was $ 432 for 1/2 year! --- then when I switched my cars to Electric Insurance that company would not insure motorcycles, so I went with Kentucky Farm Bureau ---

For the 2001 K1200LT and the little Honda Rebel with only liability on the Rebel - the price is $343 per year plus a $25 per year member fee. --- Ky Farm Bureau ends up going to American Modern Home Insurance in Cincinnati, OH.

Never had a claim -- so not sure how they do either. ----

Electric Insurance on the cars and trucks has been wonderful to pay off on claims. -- but the last I checked they still won't insure the motorcycle.

Paul & June Moore
Briensburg, KY
'01 - K1200LT
'85 - Honda Rebel
'81 - Aspencade
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post #19 of 27 Old Mar 3rd, 2006, 7:49 pm
 
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When I was in the market last July to buy a motorcycle, insurance cost was the deciding factor on which model to buy.

My 03 Wing insurance was through the roof in Georgia, then doubled when I moved to Alabama. I had Progressive with 100/300/100 and uninsured motorist, 10K medical, 1000 for accessories and equipment. I'm 36 and have been riding on the street for 21 years, MSF advanced classes and over 800,000 miles of experience, no tickets or accidents.

My rate in GA was about $1000 every 6 months! With a lot of research and homework I was able to find a policy within $200 high of the GA policy here in Alabama. Geico was the highest at that time. I sold my Wing last year and was off a moto for a few months. When I decided to get another Wing or LT, I seached for the best rate and the bike with the winning quote was the bike to buy.

I compared the 05 Wing ABS to the 05 K12LT identical coverages. The LT won by $200. Geico came in the best this time around and it was for an annual policy instead of semi-annual. $550 a year with the above liabilities which is a quarter of what they quoted a year and a half earlier.

I had quotes all over the board ranging from $2300 to the amazing $550.
I don't understand the huge difference. Between the Wing and the LT the differences were huge also. The BMW kept coming up to the top.

So I went with the LT. What's up with Geico? I heard from others they are beating nearly everyone on MC insurance in the past year.

Dave Allen
2005 K1200LT, Graphite

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post #20 of 27 Old Mar 3rd, 2006, 9:08 pm
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Dave,

Must be location even in Alabama. I have progressive 250/500/100 and every thing else for both the Suzuki (1976) and the LT for $411 a year. Still it has been creeping up each year so I'm keeping an eye on Geico.

John
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2009 R1200GS (Gone)
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post #21 of 27 Old Mar 3rd, 2006, 9:33 pm
 
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Insurance rates

I'm in South Carolina and am using Progressive. Similar full coverage on a 2004 LT. No tickets. $496 a year.
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post #22 of 27 Old Mar 4th, 2006, 7:07 am
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Insurance rates

My "new" yearly quote came in from Progressive. It was almost $900 for the LT alone!

I called my regular agent and asked about the outrageous rate. He said that he would check on it and get back to me. After three days of not hearing from him, I decided to change agents.

I called an agent that the BMW shop recommended. This agent got me a revised quote from Progressive at under $500. Much more reasonable!

I think I need to check Geico and Foremost again, however.

"Those who would give up essential liberty to purchase a little temporary safety, deserve neither liberty nor safety." (Some really OLD friggin' White dude who couldn't have possibly known what he was talking about!) WARNING: Official HATE speech!
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post #23 of 27 Old Mar 4th, 2006, 7:10 am
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Has anyone told their insurance agent they use their bike for business? My Insurance company (of 30 years) refused to provide coverage and its hard to find insurance on bikes used for business.

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post #24 of 27 Old Mar 4th, 2006, 12:39 pm
 
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I've had Dairyland for several years and found it to be best. I would pay a lot more not to have to deal with the SOBs from Allstate (they are crooks and should be out of business and locked up in jail).
Leon
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post #25 of 27 Old Aug 16th, 2006, 9:28 am
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Quote:
Originally Posted by ronlray
I'm in South Carolina and am using Progressive. Similar full coverage on a 2004 LT. No tickets. $496 a year.
Same here, no tickets or accidents. I'll be 49 in a couple of weeks. All my other vehicles are with State Farm. They quoted me $634 yearly for the LT. Progressive quoted me $416. I tried getting a quote for my Montero, and Progressive was far more expensive on that. Who knows how they set their rates, and by what magic formula.

Current rides:
2003 BMW 1200 LT (bought in 2006)

Past rides:
97 Kawasaki ZX11(bought new in 1997, sadly sold in September 2014)
89 Honda Hurricane (sold)
88 Honda Hurricane (traded on an SUV)
86 Kawasaki 1000R (stolen but recovered)
84 Honda 750F (traded on 1000R)
81 Suzuki GSX1100 (sold)
78 Suzuki GS750 (traded on GSX1100)
74 Yamaha RD50 (sold)
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post #26 of 27 Old Aug 16th, 2006, 11:04 am
 
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Progressive = "Bait & Switch" ????

Quote:
Originally Posted by hagar
Progressive quoted me $416. I tried getting a quote for my Montero, and Progressive was far more expensive on that. Who knows how they set their rates, and by what magic formula.
I was w/ Progressive for over 15 yrs. For three different m/c. Switched to StateFarm when Progressive informed me that the $300± would go to $600± on a K12RS after a "review" (no tickets or claims). Was told that I had not been "reviewed" for three years, hence the increase. Seems to be fairly typical, for Progressive to do this.
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post #27 of 27 Old Aug 16th, 2006, 4:32 pm
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For what its worth

Everything I own has been with State Farm for about 15 years,
House, boat, truck and LT, now here's what really counts:
I filed my first claim after I totaled my LT in May,
I'm very impressed with how well State Farm treated me,
they gave me a very fair price for the bike
and then added the price of the sales tax and title transfer to it.
When I produced the receipts they bought me new helmets.
I might be able to save a few bucks with another company,
but I believe they've earned my business for the forseeable future.


Hans
St. Petersburg FL

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"Silver Buffalo" Totaled 5/06
2005 LT
"Esperanza"
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