Actually, in Virginia around 2014, State Farm only came competitive or should I say reasonable with bike insurance. In the past, they where ridiculous high and I grew up with my agent and he and I built his first office into a old gas station 50 years ago.
Back before 2014, he told me to go with progressive.
In 2014 or so, he called since he knew I wanted all my stuff together, and told me they had farmed it to Progressive. My agent retired couple years back and after a couple rate hikes as all insurance companies do,I switched back to Progressive to save a $100. (My driving record is spotless with no tickets or claims since I started driving in 1964. )

 

 

Thanks.. makes sense now. When I get back in the country, I will make that adjustment. It use to not bother me but I am retired and do not want to start over.

 

Last year Progressive jumped me to $550. Got the same coverage from Geico for $308. They just sent me a renewal for $313.

 

Most companies will provide you with a lower premium to start to gain your business. State Farm in general is losing what was once a strong grasp on the industry, having to shut down various offices and lay off some people due to underwriting losses.

Just my personal opinion is that this is because most of their business is Agent-Driven.

Personally I'm not a big fan of securing policies through Agents. You can almost always get a better rate getting a direct policy online or over the phone (online is much more transparent). Some times you need to educate your own agent as they can sometimes be afraid to provide you with adequate coverage in fear of your premium going up and losing your business.

I personally don't sell, I have a management position on the claims side, so I apply/enforce much of the coverages. We tend to be more knowledgeable on what is actually covered compared to sales reps. So again, if anyone needs help interpreting some of the stuff they have, feel free to send it my way. I won't know everything as some odd coverages vary from state to state but I can certainly find out.

 

I'm sure there are a million factors affecting the cost of insurance, but one not-so-obvious reason is the interest rate. When interest rates soar and insurance carriers stand to rake in double-digit interest rates on the money they lend [your premiums], they fall all over themselves to issue policies, collect premiums and re-lend that money. However, when the interest rate bubble bursts and the carriers are stuck with high-risk policies that are now starting to drain profits in the nature of claims, the insurance carriers suffer. While competition is most likely the greatest factor in bringing down rates, don't dismiss the state of the economy. IMHO, that's what caused a re-set with insurance giants such as State Farm and Allstate in the 80's and 90's (and continues to today).

 

I can see your point of view and I shop my rates every year. My agent has been with me for many years and I can tell you I shopped the same insurance companies direct for rates that he has placed me with. Before he wrote me with Progressive, I had already shopped a rate and it was the same. Only difference is they had to pay him a commission. He placed us with Travelers 10 years ago when we first moved into our home and I shopped a dozen insurance companies back then and at least a dozen times since. Never once have I been able to find a better rate then what I got through my agent. I love USAA and I want a reason to buy insurance through them since I use them for loans, accounts and investments. Even there I shop apples to apples with what my current coverage is and I have better rates through my agent.

Auto has also been better or around the same as other quotes. Because I always have questions and I have learned to trust my agent when I need advise. I value that advice and even If I found insurance elsewhere at a lower rate. I would stay with him unless it was more then 5% difference for same coverage.

So while I agree with you in principle and I suggest everyone should always shop their rates at least every two years. If you found that one guy who you trust and can speak frankly to and he gets you what you need at a reasonable price. Keep him, but be honest with him If you find better rates, give him an opportunity to match that rate with another company in his portfolio. For me, relationships do matter when it comes to insurance.

Just my two cents...

John
Another Very Happy M8 Owner!

 

I am wondering if you looked at the states that progressive is charging ridiculous rates , WHAT WOULD YOU FIND? Here in Arkansas Progressive wanted to sock it to me. but i have not checked in years . Might be the time right now.

 

Just tried to get a quote from progressive, over $500 and they would not give me comp and collison, maybe they should not have ask my age.
Once a bunch of jerkoffs always a bunch of jerkoffs. i'll stick w/ full coverage from geico for $390

 

I live in MA.
I dont have a choice in coverage here, because we are a **** state. We get progressive. And we get the rates they want to give us.