What's everyone paying for insurance?
#11
08-25-2018, 04:29 AM
Cruiser
My situation is not typical. Insurance is to protect from a catastrophic loss. With 26 paid for bikes in the garage it is obvious that the loss of one would not be a significant loss. So I opt for the min liability required in Illinois so it costs me about $700 per year for all of them. The reduction in cost over having full coverage on them every year will pay for one every three to four years.
I am investigating getting a surety bond for $100K which when placed with the DMV makes you a self insurer for liability and the annual cost of the bond is far less than the current $700.
Even if they all went up in a fire I would just start over.
Even the average of $26 per bike is 1/3 to 1/4 of what the average person pays for liability coverage. My rate is due to zip code, age, credit score and ticket history. So with no insurance claim in my 62 years of driving and no tickets and well over 800 FICO score I have the lowest rate that Markel gives. They beat Progressive, Geico, Allstate and the others dramatically. Geico wanted $2,200 for the same coverage.
I am investigating getting a surety bond for $100K which when placed with the DMV makes you a self insurer for liability and the annual cost of the bond is far less than the current $700.
Even if they all went up in a fire I would just start over.
Even the average of $26 per bike is 1/3 to 1/4 of what the average person pays for liability coverage. My rate is due to zip code, age, credit score and ticket history. So with no insurance claim in my 62 years of driving and no tickets and well over 800 FICO score I have the lowest rate that Markel gives. They beat Progressive, Geico, Allstate and the others dramatically. Geico wanted $2,200 for the same coverage.
You can't really compare other people's Insurance to yours without knowing their exact levels of coverage.
Last edited by ChickinOnaChain; 08-26-2018 at 07:51 AM. Reason: Multiple posts
#12
08-25-2018, 04:50 AM
Club Member
Insurance here is crazy!!!!! I pay $2000. for 9 months of riding and 3 months of winter. I get what I paid for the bike new for any reason. Fire, theft, accident or whatever. We don't have multi coverage here. If I own 2 bikes I pay $2000. again for the second bike. Insurance costs vary by bike size (cc)s and collector bikes are about $100. per year but you can't ride them to work or at night.
#14
08-29-2018, 06:42 AM
#15
08-30-2018, 08:15 AM
Novice
only way to compare how much you're paying is with the amount of coverage you have.. You most of you are way lower than I am, but what are you coverage's.. I may need to go to your company if they are equal or better.
Geico 843yr
Bodily Injury Liability
$49.00
$50,000 per person/$100,000 per occurrence
Property Damage Liability
$21.00
$50,000 per occurrence
For You
The below coverages pay out to you and your passengers.
Medical Payments ?
$38.00
$1,000 per person
Uninsured Motorist Bodily Injury - Reduced
$183.00
$25,000 per person/$50,000 per occurrence
Uninsured Motorist Property Damage - Reduced
$28.00
$50,000 per occurrence/$250 deductible
Geico 843yr
Bodily Injury Liability
$49.00
$50,000 per person/$100,000 per occurrence
Property Damage Liability
$21.00
$50,000 per occurrence
For You
The below coverages pay out to you and your passengers.
Medical Payments ?
$38.00
$1,000 per person
Uninsured Motorist Bodily Injury - Reduced
$183.00
$25,000 per person/$50,000 per occurrence
Uninsured Motorist Property Damage - Reduced
$28.00
$50,000 per occurrence/$250 deductible
Last edited by SteelHorseUL18; 08-30-2018 at 08:16 AM.
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Xcrossbow (09-20-2018)
#16
08-30-2018, 09:06 AM
Seasoned HDF Member
#18
08-30-2018, 09:15 AM
I had been with Geico for over 10 years. Lately it seams like anytime I had to contact them for anything my rate would go up. A couple of months ago I upgraded to a newer model, and my rate went from $624 to $868 annually. After shopping around I was able to get the same coverage through HD insurance for $428 annually.
#19
08-30-2018, 09:17 AM
Novice
Okay, now you kicked my butt same insurance for the most part and I have 500Dec on both Comp and Col.. I may need to call Statefarm!! only dig is do you have of your items with them? House, cars and bike.. I have all of the rest with USAA, but they don't do bikes.
#20
08-30-2018, 09:31 AM
