Markel Insurance - BMW Luxury Touring Community
 
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post #1 of 19 Old Apr 30th, 2012, 4:46 pm Thread Starter
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Markel Insurance

BEWARE, I received a renewal notice from Markel Insurance with a letter from LexisNexis Risk Assets saying my rates will be going up. Never a claim 58 years old Why? No answer. May be one of four..Maybe?

% of open oil company accounts I have one Chevron
# of accounts opened in last 24 months Financed new GTL

Credit score of 842

Oh well I vented I am done

P.S. Went back to Geico for a third of the cost

Sounds like Merkel might be wanting to get out of the motorcycle insurance business.

Just my 2-cents worth.
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post #2 of 19 Old May 1st, 2012, 7:43 am
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Re: Markel Insurance

I had Progressive for 4 years and when they sent the renewal they talked about all the discounts I was getting. I got on line and found GEICO was half the cost. When I called Progressive to cancel my policy they asked why and I told them. Then they offered to match GEICO's rate if I stayed. Told them they should have given me the lowest possible rate in the first place..........told them what they could do with their offer.

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post #3 of 19 Old May 1st, 2012, 10:27 am
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Re: Markel Insurance

+1 on Geico!

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post #4 of 19 Old May 1st, 2012, 10:31 am
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Re: Markel Insurance

+2 Geico!

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post #5 of 19 Old May 1st, 2012, 10:49 am
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Re: Markel Insurance

Read the fine print carefully.

Geico has a habit of adding exclusion clauses in that can deny your coverage under certain conditions. For example, in some states, Geico can deny your coverage if you happen to ride more than 500 miles in one day. For most people that won't matter, but wouldn't it suck to have a problem at the end of a nice, long day ride, only to have your insurance completely deny coverage?

Remember, an insurance company's whole purpose is to take in as much money as possible, then pay out as little as possible. Some do it by raising up-front premiums, and some do it by severely limiting any payouts. Either way, their main concern is not you, but rather your cash flow to them . . .

Ken
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post #6 of 19 Old May 1st, 2012, 11:54 am
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Re: Markel Insurance Insurance Warning!!! Take Notice Please!

I just wanted to make everyone aware of a situation I recently encountered while being insured with Markel Insurance. I was out on a test ride on a new Triumph Bonneville. BTW, I currently ride a 2012 GTL. Anyway, I was involved in an accident which totaled the Bonneville. Markel DOES NOT COVER YOU ON ANY OTHER BIKE THEN THE ONE ON YOUR POLICY! I was amazed at this and always thought I'd be covered no matter what bike I was on. Well not so. So I did a survey and found out that the only two companies that will cover you on other bikes you ride other then your own is Progressive and Allstate. They both cover you on test rides, borrowed bikes and bike rentals. Geico, GMAC, State Farm, Formost and most other insurance companies I checked do not cover you on any other bike but your own which is specifically stated on your policy endorsement. Of course I live in Colorado and other states may be different. I would suggest everyone check with their insurance company no matter who you have or where you live and find out for sure if they cover you on test rides and other bikes. Do yourself a favor before you have an unfortunate incidence and have a huge out of pocket payment as I did. Also, don't just take the word of a salesman for the insurance company, chances are they really don't know. Do yourself a big favor and take the time to speak to a supervisor or underwriter and get a definitive answer. Some of the companies I checked with, this is what I needed to do to get the real answer. Good luck to all and let me know how you all make out.
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post #7 of 19 Old May 1st, 2012, 12:58 pm
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Re: Markel Insurance

lionsgate,

Thanks for the post. Those covered by the companies you list (that don't cover you on a motorcycle other than the one listed in your policy) should be aware of that. They should also know that those policies will often exclude any rider on the motorcycle listed on the policy if the other rider is not named on the policy (which could happen when the bike is being test ridden when it is being sold).

I have had Progressive for twenty plus years. I had one claim for a bike that was totaled while it was being ridden by someone else. The bike was listed on the policy but, of course, not the other rider.. Progressive promptly paid the claim and did not raise my premiums.

The next time there is a thread about much insurance coverage costs and how much someone saved by insuring their bike through "Brand X", remember that every policy is different.

westcott360
Frisco, Texas
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post #8 of 19 Old May 1st, 2012, 1:13 pm
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Re: Markel Insurance

I had Progressive for three years. In years two and three they reduced my renewal premium. Then suddendly for the year four renewal they wanted a hefty increase. No moving violations and no accidents or claims of any kind. I changed to Rider. Great policy terms and price (less than Progressive was). We'll see. I wanted to move to Geico, but they wanted three times as much for the same coverages and limits. Seems like these companies are all over the place in pricing.

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2005 BMW K1200LT, a/k/a "Fat Bottomed Girl" (traded for 2013 K1600GLT)...
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post #9 of 19 Old May 1st, 2012, 2:18 pm
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Re: Markel Insurance

About GEICO and their 500 mile limit, I believe others here have looked into it deeper or read their policy and it refers to more then 500 miles a day in "a contest".

I just got my renewal from Foremost. $112.00 annual premium for full coverage (with a $250 deductible and increased coverage limits). My BMWMOA renewal had a flier about Markel and a free gift. I figured I'd call. Quote was $134.00 for full coverage with a $500 deductible and the lower (normal) coverage limits. The Markel website also didn't have a place for MOA's redemption code for the gift so I had to call. Four weeks and waiting for my "gift". I got my Foremost renewal 3 weeks after getting my Markel quote. Guess I'm sticking with Foremost.

I got Foremost last year after getting a $300.00 renewal from Geico. Geico admitted they couldn't match or beat Foremost. Got to give them credit for being honest though.

UPDATE! I just pulled up my Markel quote and changed the figures to match my current Foremost policy. The Markel quote jumped to $275.00!

Chris Ehlbeck
2002 BMW K1200LTE Toscana Green Retired with 85,391 miles
2014 BMW R1200RT Quartz Blue Metallic

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post #10 of 19 Old May 1st, 2012, 4:16 pm
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Re: Markel Insurance

The issue and warning I was pointing out didn't have to do with who's insurance was cheaper but that people would be well served to check with their insurance carrier to see if they are covered while test riding motorcycles at dealers, renting a bike or borrowing a bike. Most people I've spoken to on this subject seemed to think they were covered on test rides, etc. But in fact when they checked with their insurance carrier they found out they weren't covered for anything. That if they went on a test ride or borrow a bike and damaged it they would have to pay for that damage. PUT SIMPLY THEY WERE'NT COVERED FOR ANYTHING!
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post #11 of 19 Old May 2nd, 2012, 2:34 pm
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Re: Markel Insurance

Quote:
Originally Posted by roadking04
BEWARE, I received a renewal notice from Markel Insurance with a letter from LexisNexis Risk Assets saying my rates will be going up. Never a claim 58 years old Why? No answer. May be one of four..Maybe?

% of open oil company accounts I have one Chevron
# of accounts opened in last 24 months Financed new GTL

Credit score of 842

Oh well I vented I am done

P.S. Went back to Geico for a third of the cost

Sounds like Merkel might be wanting to get out of the motorcycle insurance business.

Just my 2-cents worth.
Being in the 800 + club myself from all three I'm impressed you have an 842.

I thought the highest you can go is 840.

Unless.... hey, you're not a member of the Federal Reserve Board and can print your own money - are you??


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post #12 of 19 Old May 2nd, 2012, 3:13 pm
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Re: Markel Insurance

$112.00 per YEAR? That does not even make sense. Do you have full coverage?

I have seen nothing ever even close to $112 or $134 per year for full coverage and know no one payign thsi little for coverage.
What gives?

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post #13 of 19 Old May 2nd, 2012, 4:29 pm
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Re: Markel Insurance

Quote:
Originally Posted by RonKMiller
Being in the 800 + club myself from all three I'm impressed you have an 842.

I thought the highest you can go is 840.

Unless.... hey, you're not a member of the Federal Reserve Board and can print your own money - are you??


It depends on the Credit Reporting Agency because they all use varying models. The maximum FICO score is 850. The maximum VantageScore (a new score now used by Experian, among others) is 990.

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post #14 of 19 Old May 2nd, 2012, 7:16 pm
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Re: Markel Insurance

Quote:
Originally Posted by petevandyke
It depends on the Credit Reporting Agency because they all use varying models. The maximum FICO score is 850. The maximum VantageScore (a new score now used by Experian, among others) is 990.
I suddenly feel so inadequate.


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post #15 of 19 Old May 2nd, 2012, 9:41 pm
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Re: Markel Insurance

Quote:
Originally Posted by Atomicman
$112.00 per YEAR? That does not even make sense. Do you have full coverage?

I have seen nothing ever even close to $112 or $134 per year for full coverage and know no one payign thsi little for coverage.
What gives?
That's about what I pay, and it includes collision, comprehensive, and road side assistance.

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2005 BMW K1200LT, a/k/a "Fat Bottomed Girl" (traded for 2013 K1600GLT)...
1998 Honda VFR800, the finest sport/tourer ever created...
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post #16 of 19 Old May 3rd, 2012, 5:56 am
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Re: Markel Insurance

Quote:
Originally Posted by RonKMiller
I suddenly feel so inadequate.
Hey Ron,
Time to consider a little blue pill?

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post #17 of 19 Old May 3rd, 2012, 11:38 am
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Re: Markel Insurance

Quote:
Originally Posted by RonKMiller
I suddenly feel so inadequate.
Quote:
Originally Posted by PMitchell
Hey Ron,
Time to consider a little blue pill?
Or a Corbin seat . . .

Ken
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'09 Magnesium Beige Metallic K13GT, 63K miles
'03 Anthracite Metallic K12LTC, 66K miles
'02 Mauve Metallic K12LTC, 106K miles and sold
BMWLT#143, IBA# 366, MOA# 111996, SCMA# 24032


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post #18 of 19 Old May 3rd, 2012, 5:53 pm
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Re: Markel Insurance

Quote:
Originally Posted by meese
Or a Corbin seat . . .
I sent Mike a note asking if I could license his technology.


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post #19 of 19 Old May 3rd, 2012, 10:56 pm
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Re: Markel Insurance

Quote:
Originally Posted by lionsgate
The issue and warning I was pointing out didn't have to do with who's insurance was cheaper but that people would be well served to check with their insurance carrier to see if they are covered while test riding motorcycles at dealers, renting a bike or borrowing a bike. Most people I've spoken to on this subject seemed to think they were covered on test rides, etc. But in fact when they checked with their insurance carrier they found out they weren't covered for anything. That if they went on a test ride or borrow a bike and damaged it they would have to pay for that damage. PUT SIMPLY THEY WERE'NT COVERED FOR ANYTHING!
Yep.

I have Nationwide insurance on my LT. When I was doing a test ride of a K1600 GTL last year I called my agent to see what the story was, regarding coverage. They said I am covered while someone else rides my bike, as long as they have my permission. This is called “permissive use”. However, I do not have coverage when I ride anyone else's bike, including a dealership's service loaner, a dealership's demo bike, or a friend's bike. What??! They said the other owner (dealership or friend) needs to have permissive use language in their policy. I asked about additional endorsements that WOULD cover me for riding any other bike, as I ride a service loaner a few times each year. They never called back.

I think it's time to investigate other insurance companies for my bike.

Howard Schisler
2015 BMW K1600GTL
2009 BMW K1200LT - 60k miles
2012 BMW F650GS (sold)
2005 BMW K1200LT - "Gray Ghost", traded at 120k miles
2005 Honda Shadow 650 (sold)
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