Insurance BS!@!!#@ - Sportbike Forum: Sportbike Motorcycle Forums
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post #1 of 31 (permalink) Old 12-14-2005, 05:28 PM Thread Starter
 
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Insurance [email protected]!!#@

I called my insurance company today (USAA, who insures military members) to see if I could insure my bike for a higher value; they said no, but suggested using Progressive which they considered a good value. I got a progressive quote for the motorcycle only: They said it would cost

$$9000 a year THAT's $750 A MONTH !

Holy crap I can't believe that's legal. That amount would be almost five times my monthly bike payment.

Fortunately USAA isn't crazy, I get a good deal through them. I was wondering if anyone else has had an insurer quote them a ridiculous figure like that. I'm 24 too so it doesn't even make sense.

Are insurance companies just anti-sportbike??
ESanders2 is offline  
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post #2 of 31 (permalink) Old 12-14-2005, 05:45 PM
 
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No, Insurance companies are businesses, and sportbikes don't make them money.

They make money by collecting premiums, and paying out less then they collect. Sportbikes are fragile, and the claim costs are high. They are crashed frequently, and a lot of them are crashed early in the policy where they haven't collected a lot of premiums yet.

The point is, we are a BAD investment for them. Don't be surprised that they charge us rediculous prices.
Kevlar7R is offline  
post #3 of 31 (permalink) Old 12-14-2005, 05:53 PM
 
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Luckily in MA, the insurance rates are state regulated, so they can't kill you like that. Each company is SUPPOSED to be the same. They'll be a little different, maybe $200-300 for the year, but we don't have companies trying to hit us over the head like that.
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post #4 of 31 (permalink) Old 12-14-2005, 06:08 PM Thread Starter
 
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I don't think it's just progressive who would rip me off, but Geico is similar. There's no way I could insure my bike if I was not with this military company right now. What is everybody else paying?
ESanders2 is offline  
post #5 of 31 (permalink) Old 12-14-2005, 06:49 PM
 
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I pay $1290 for full coverage. I know someone who got quoted $12k/yr I think by Progressive. He just laughed and hung up.
Unas_the_Slayer is offline  
post #6 of 31 (permalink) Old 12-14-2005, 09:08 PM
 
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I paid 450/yr with State Farm...First thing you're gonna have to do is live to be over 40...............
Rundog is offline  
post #7 of 31 (permalink) Old 12-14-2005, 09:23 PM Thread Starter
 
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Quote:
First thing you're gonna have to do is live to be over 40...............


You've confused me. Are you saying that by riding motorcycles I've significantly shortened my lifespan?
ESanders2 is offline  
post #8 of 31 (permalink) Old 12-14-2005, 10:59 PM
 
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I paid 300 for liability. I suspect full coverage would be a whole lot more, but since neither of my bikes are worth more than $1500 it would be a waste of money.
slick1537 is offline  
post #9 of 31 (permalink) Old 12-14-2005, 11:27 PM
 
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Quote:
Originally posted by ESanders2


You've confused me. Are you saying that by riding motorcycles I've significantly shortened my lifespan?
Hope not, but I'd say the insurance company sure thinks so, and they're afraid you'll take their money with you....
Rundog is offline  
post #10 of 31 (permalink) Old 12-15-2005, 04:57 AM
 
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Many companies charge much higher rates for the first 6/mo of policy.



Vash is offline  
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