Insurance Poll

[MattP]

I just recieved my annual insurance bill, and I was wondering what the rest of you are paying (there's an invasive question!). Thought it might be an interesting topic.

[bmurphypdx]

The amount one pays for insurance premiums can be misleading. For a person with no appreciable assets, state minimum liability amounts are the norm and costs the least for someone of that age and experience. Some people have substantial assets to protect (home, investments, etc). In those cases state minimums are largely irrelevant. Insurance is purchased by such individuals to protect the assets owned by that individual, the coverage purchased is at substantially higher liability limits and costs significantly more. For example, in addition to carrying maximum coverage, I have an umbrella policy. All of this costs a pretty penney but I intend to live in my house for quite some time and really do not want to lose it over some motorcycle accident.

[R67]

The poll needs some higher number$ for Canada! My base insurance for an R1150RT is $1231, then with collision and third party liability it's another $844 for a grand total of $2074

 

Unfortunately, living in BC, I have to use ICBC (Insurance Corporation of British Columbia) for the basic coverage. Fortunately I have made no claims and get %43 off the $1231. I also use private insurance, so instead of ICBC's $844 I pay $288 (same coverage, just a better rate, and discounts for the motorcycle course I took, and the 20 years I've had a motorcycle license).

 

Now my R67, that has collectors plates and only costs 80 bucks for the 1/2 year I insure it!

[MrHondamatic]

I use State Farm insurance, and have a yearly policy. That way, when a warm day happens in the middle of winter, I am ready to ride. They do not offer 6 month policies for bikes, for that reason. I do get a multi vehicle discount since our entire fleet is insured with them, plus the house. While I might save a dollar or two by shopping around, I feel secure with my agent and our long term relationship. If something were to happen, I trust him to help me far more than some discount insurer.

[phod]

I questioned my State Farm agent about better rates. He said he knew they were not competitive. He recommended Dairyland and gave me the number. I ended up going with Markel Bmwmoa insurance.

[Lets_Play_Two]

The amount one pays for insurance premiums can be misleading. For a person with no appreciable assets, state minimum liability amounts are the norm and costs the least for someone of that age and experience. Some people have substantial assets to protect (home, investments, etc). In those cases state minimums are largely irrelevant. Insurance is purchased by such individuals to protect the assets owned by that individual, the coverage purchased is at substantially higher liability limits and costs significantly more. For example, in addition to carrying maximum coverage, I have an umbrella policy. All of this costs a pretty penney but I intend to live in my house for quite some time and really do not want to lose it over some motorcycle accident.

 

I agree with what you say, but I wouldn't load up my motorcycle insurance with my umbrella cost. Some people don't take uninsured motorist coverage. In Florida that will double your motorcycle premium. Others, like me, may stack it with the auto policy if you are insured by the same company for both. The umbrella covers more than just motorcycle liability. In my case I have a 20 year old and a 16 year old with car insurance, my umbrella insurance cost increased significantly (5X) when they were added to the auto policy. Compared to my car insurance cost, the motorcycle insurance is almost unnoticable!!

[John in VA]

Premium cost comparisons mean virtually nothing without comparing coverages.

[MattP]

Premium cost comparisons mean virtually nothing without comparing coverages.

 

I agree. But I think this is interesting anyway.

[omnione]

You guys over there sure pay a lot, I have just insured my RT1200 for £140 fully comprehensive, (I am over 50 though). Just in case you don’t know fully comp means all legally required U.K. road risks insurance, third party fire and theft liability and accidental damage to my bike even if it’s my fault.

[jakfrost]

Pretty much the same for the ROC, ( rest of canada ), here in Ontario as a 60+ rider with experience of 42 years and only one claim in that time...plus a clean licence ( O.K. I'm lucky too...), costs me 1200.00 for the 6-7 months we can have the '05 RT12RT on the road.

 

And believe me I have shopped around. There is one other provider who is reported to be a little bit cheaper but the personal reports on claim response times is dismal. So its one of those deals where you get what you pay for sometimes. Not worth the 100.00 savings if you ever have a claim.

 

Jim

[HexHead]

Premium cost comparisons mean virtually nothing without comparing coverages.

 

Premium cost comparisons are just mental masterbation. There are so many factors that go into calculating premium. Age, driving record, marital status, insurance (credit) score, zipcode, policy discounts for companion business, coverages etc etc etc.

 

To say I live in XX, ride an X and XXX charges me $$$ just isn't comparing apples to apples under any circumstances.

 

[chrisz]

In Ontario, Dalton-Timmis (sp?) gave me a BMW discount which ammounted to yearly price $650. Which seemed like a bargain compared to some of the other companies that quoted me. Age 45 and riding for about 5 years. Also have an VFR which I pay the same amount with another company but with minimal coverage, as its considered a sport bike.

[JMR]

costs me 1200.00 for the 6-7 months we can have the '05 RT12RT on the road.

 

And believe me I have shopped around.

 

That's cuz you got a RED bike!

(BTW, really enjoying your/my GPS mount)