Prohibitive Insurance Cost!

[corndog67]

It appears that they are trying to make it so it places the big, fast ass bikes out of reach of younger (read, lower wage earners) riders. I've heard some stories about youngs 1000SS riders having to pay $500 or more per month for insurance. That would put a stop to me buying one.

 

[stan23]

It appears that they are trying to make it so it places the big, fast ass bikes out of reach of younger (read, lower wage earners) riders. I've heard some stories about youngs 1000SS riders having to pay $500 or more per month for insurance. That would put a stop to me buying one.

That's insane if it was true. I bought a brand new 2001 M3 when I was 24, and my insurance for full coverage was $300/month and I thought that was insane.

 

[Tim-That CX Guy]

Not that I advocate lying to insurance companies. . .

But, they really don't look at when you received your M-1 license. I don't even know if they can get the date from the DMV.

I have heard that individuals who use their their C license date rather than M-1, tend to have the insurance bill lowered quite a bit.

I mean, if you were an insurance company, would you rather insure a 27 year old who only has 1 year of driving experience, or a 27 year old who has 9 years of driving experience.

Yust sayin'.

 

[Burning1]

Late to opine. These levels seem low, especially UIM.

UIM is very low. Keep in mind... The $25K figure is per person, and $50K figure is maximum total payout. For most motorcyclists, the per person figure is the most important.

$25K is enough to cover your hospital visit if nothing is wrong with you.

 

[Tim-That CX Guy]

there are certain things the insurance company

• common things are adding or purchasing insurance on a vehicle not in your name..they suspect anything, they'll ask to see the registration
• continuous years of insurance...if you have been riding a motorcycle for last 9 years, they'll require a letter from your previous insurance company that shows that you have been listed as a driver for past 9 years...no insurance, no experience...(this often applies to people from out of state..they are new driver in a new state)
• odometer readings if they suspect you drive/ride more than what they are charging...also, if you state that you drive/ride less than what they are charging you for

Personally, I have only ever been asked for an odometer reading once.

As far as previous years insurance,
"Gee, Flo, I got my endorsement 9 years ago but couldn't afford a bike, so have been riding various friends' bikes off and on.
I finally got around to buying my own bike last year"

What exactly can they say to that?

 

[Oh My Sack!]

Seems like a good time to mention Vote YES on Prop 33

 

[Marcoose]

Not that I advocate lying to insurance companies. . .

But, they really don't look at when you received your M-1 license.

I wonder if vehicle insurance fraud is a crime like other insurances.

$25K is enough to cover your hospital visit if nothing is wrong with you.

Chris, last year I crashed and went to the ER. A bunch of tests later the hospital released me on the same afternoon. Nothing bruised, broken, busted, scratched, etc. Nothing. $30,000

Folks carrying little UIM better not be at the business end of an non/under-insured motorist.

 

[Jiggles]

I wonder if vehicle insurance fraud is a crime like other insurances.

Chris, last year I crashed and went to the ER. A bunch of tests later the hospital released me on the same afternoon. Nothing bruised, broken, busted, scratched, etc. Nothing. $30,000

Folks carrying little UIM better not be at the business end of an non/under-insured motorist.

Broken leg, $76,000 for just the hospital stay, does not include the follow up X rays, MRIs, doctor visits, physical therapy, wages lost not working.

I will probably be well over $100,000 in just medical expenses, that does not include reimbursement for pain and suffering.

Can someone explain exactly what an umbrella policy is, what it covers and when it covers it? Currently, I'm balls deep in uninsured/underinsured coverage, but it sounds like an umbrella is a better solution. So what exactly is it?

 

[High-Side]

Many years ago before I married my wife she was involved in a hit and run accident. Her car was struck by a car load of men that took off. She was pissed and followed them and got their license number and finally got them to stop. The driver gave her his name and address and told her he didn't have any insurance. This was back before she had a cell phone so she couldn’t call the police.

She gave her insurance company the information and the license plate was stolen from another car and the info the guy gave her was bogus. The insurance company told her that she could not use her uninsured motorist coverage because they couldn’t contact the person she claims was responsible. Since she didn’t have collision coverage she was out of luck.

So unless that has changed - if you don’t have a valid ID on the uninsured party or a police report, uninsured motorist coverage may not do you any good.

 

[Marcoose]

if you don’t have a valid ID on the uninsured party or a police report, uninsured motorist coverage may not do you any good.

Would it be fair to assume the health insurance coverage kicks in then?

 

[High-Side]

Would it be fair to assume the health insurance coverage kicks in then?

There were no injuries, but if there were then yes, my Kaiser would have covered her injuries.

 

[Tim-That CX Guy]

they'll request to see how long you have been listed as a driver/rider from your friend's insurance company....common when person in their 20s is getting their own insurance..insurance company will obtain parents' policy listing him/her on the policy for x amount of years....if you were not on any policy, you were not driving/riding much...the magic number is typically 3 years of continuous insurance anyways...for older driver/riders, they might just take their word for it and done deal....younger drivers/riders, typically they want to see proof..

And now it's time for the system rape.

"Well Flo, Of course I was never listed on their policies, I was not a regular enough rider on any ONE bike. I had lots of friends who ride, and I'd borrow a bike from someone when it was available. With all of the friends that I have, I'd easily ride once or twice per month."

Of course, I've heard that it really never gets that far . . .

 

[Burning1]

Can someone explain exactly what an umbrella policy is, what it covers and when it covers it? Currently, I'm balls deep in uninsured/underinsured coverage, but it sounds like an umbrella is a better solution. So what exactly is it?

An umbrella policy is an insurance policy that provides coverage in excess of your primary insurance providers.

In my case, I have a regular insurance policy with the following benefits:

Liability: $250,000, no deductible
UIM: $250,000, no deductible

Umbrella:
Liability: $1 million. $250K deductible
UIM: $1 million. $250K deductible.

By combining the two policies, I effectively have $1 million dollars in liability and UIM coverage.

An umbrella policy has several other advantages... It provides coverage against general liability... If someone's kid trips in my yard and cracks his head open on a brick, I'm covered. If I recall correctly, I don't have a deductible for that kind of liability.

A major benefit for us motorcyclists is that umbrella policies usually aren't broken down into per person / per incident. If I need $1M in medical coverage for myself, I get it.

Umbrella policies usually start at $1M in coverage, and can go up to $6M+. Cost is very reasonable. For me, it was less to buy the umbrella policy than it was to get $500K liability/UIM coverage. My wife and I pay less than $200/year.

If you buy an umbrella policy, make sure you get UIM. It's usually not included by default.

truth!...for um/uim coverage, the vehicle must be "identifiable"....hit and run is only covered under coll (and, mp if you or passenger is injured)....if the vehicle can not be identified, it is a hit and run....always call the police if the other party is missing any information...always write the vin or take a picture of the vin along with the license plate...get their drivers license...

Not necessarily true. The farmers policy I had provided UIM coverage in the event of a hit and run, as stated in the contract (you do read your insurance contracts, right?)

I've heard many stories of Farmers and other providers denying UIM on the basis you state. Again, read the contract, make sure you have coverage. If they attempt to deny, sue.

Again, make absolutely sure to read the contract. Insurance agents are often good people, but they don't always know what they are talking about. We've had really good people here on BARF burned very badly because there was an exception in their policy they weren't aware of. This is especially true now. The AMA is battling a trend in health insurance of excluding moto related claims.

 

[Burning1]

I'll see if I can pull my insurance contract...

 

[psychocandy]

Seems like a good time to mention Vote YES on Prop 33

I hope you're not serious. NO! NO! NO!

I was without a vehicle (well, aside from non-opped prject that never got off the ground) for 2 years by choice. Ergo, no insurance. Between the decent weather in California, the decent (I didn't say good!) public transportation in the bay area, and not being a lazy shit (I pretty much rode my bicycle everywhere), it was no problem. If someone wants to make that choice, why should they be penalized for it? I'm still a better/safer driver than most people I know. But if I decide I don't want to own a car or motorcycle for a couple years, insurance companies get to ding me for not having continuous coverage?

Something just like Prop 33 was on the ballot a few years ago. Prop 33 is being backed by the exact same people that tried and failed to pass it then. It's being backed by one particular insurance company IIRC. Do you REALLY think they have your best interests in mind?

This will not help your insurance rates. Just unnecessarily penalize people who choose not to own a car.

 

[Burning1]

Agreed on that. Insurance companies aren't in the business of providing discounts - they are in the business of raising premiums on 'at risk' drivers.

 

[Oh My Sack!]

Sounds like a big city problem. Not one I am terribly concerned about. I am not an "at risk" driver. I ALWAYS have insurance. I have no loyalty to any one insurance company and welcome competitive rates when changing companies. This will help that aspect of insurance shopping.

The last time this was proposed it shut out Military Service personnel that may have been uninsured during deployment. That has been omitted from this prop.

 

[MysterYvil]

Not that I advocate lying to insurance companies. . .

But, they really don't look at when you received your M-1 license. I don't even know if they can get the date from the DMV.

I have heard that individuals who use their their C license date rather than M-1, tend to have the insurance bill lowered quite a bit.

I mean, if you were an insurance company, would you rather insure a 27 year old who only has 1 year of driving experience, or a 27 year old who has 9 years of driving experience.

Yust sayin'.

I don't know about other insurance companies, but when I switched to GEICO in 2010 they specifically asked about my license status and issuing state.

When Mrs. got her MC license they took into account her overall driving experience, even though she had just acquired her MC license, and it very positively affected her rate. Seems that they believe that 22 years of driving of any type makes one a better risk.

As far as rates go, we pay $774 per year total for both motos ('09 Ninja 650, '09 Suzuki GS500) combined. For that price, we get Collision/Comp ($500 deductible), Liability & Underinsured/Uninsured ($100,000/$300,000), Property Liability ($100,000), and Towing coverage.

And whatever a company's quote policy is, READ YOUR POLICY! If you mis-state or prevaricate, they may not legally have to pay out when you need them to.

[Also, having been in the hospital fairly recently, I recommend not stinting on undersinsured/uninsured coverage; medical bills can be freakin' astronomical, easily into six digits!]

 

[Marcoose]

Just in case it was lost among the other stuff.

...having been in the hospital fairly recently, I recommend not stinting on undersinsured/uninsured coverage; medical bills can be freakin' astronomical, easily into six digits!

 

[Diezel]

Oh shit I missed it.

OP, Progressive sucks for you. Shop around.

It's not just your record. Try getting the same quote for a 2012 ninja 1k, and a 2011 ninja 1k. You'd be dramatically surprised at the difference in the numbers.