Insurance Thread

[BockinBboy]

'04 GS500F
Progressive
Liability and comprehensive with $0 deductible and accessory coverage
$29/month
23yrs old
Illinois
1 year street experience, MSF course
Clean record with no moving violations

- Bboy

[jjcardozo86]

'05 GS500F
American Family Insurance
26 years old
full coverage\$500 deductible
$22\month
Ontario, OR
1 yr street and dirt exp
Clean driving record

[EdChen]

27 years old, clean driving record with MSF, 7 years riding experience
Chicago, 60647
2001 GS, Liability Only

Coverage & Premium Information


BODILY INJURY & PROPERTY DAMAGE LIABILITY   $39.00
    BI $20,000 EACH PERSON - $40,000 EACH ACCIDENT   
    PROPERTY DAMAGE LIABILITY - $15,000 EACH ACCIDENT   
Premium by Vehicle   $39.00
    Policy Level Coverage      
Uninsured/Underinsured Motorist Bi   $36.00
    $20,000 Each Person - $40,000 Each Accident      
Total Policy Premium   $75.00

[pliskin]

What does your credit score have to do with your insurance premiums? If you don't pay you don't have coverage. How does your score become a liability to your insurance provider? I always wondered this.

Oh and your credit score has a huge effect on insurance pricing. We have also seen some carriers start to surcharge if you have put insurance at minimums in recent years.. they have experienced higher than normal loss ratios with clients that insure only to the minimum amount (in MI its 50,000 for liability minimum, although 100k/300k is "standard"). For what its worth.

[gsatterw]

When you pay by the month, you can have not paid for that month but still have coverage = liability to them. I think that's part of the reason as to why it is cheaper to pay in full for the year.

[Reckoning]

Progressive
Arizona
23 years old
2007 gs500f
Liability
Safety class completion
$115/year

[Snake2715]

What does your credit score have to do with your insurance premiums? If you don't pay you don't have coverage. How does your score become a liability to your insurance provider? I always wondered this.

Oh and your credit score has a huge effect on insurance pricing. We have also seen some carriers start to surcharge if you have put insurance at minimums in recent years.. they have experienced higher than normal loss ratios with clients that insure only to the minimum amount (in MI its 50,000 for liability minimum, although 100k/300k is "standard"). For what its worth.

From what I gather basically they experience more claims on individuals with lower scores. Its also more likely that policies will cancel or be underpaid, experience lapses, etc. Vehicles may be maintained to a lesser level and more liable to be in an accident, etc. I will make this clear as well, I am not working at an insurance company, we are independant agency and work with many carriers. In my opinion its also just another way for the carriers to collect more premium, etc. The first line is their main reason cited.

[Snake2715]

It's worth noting that if I take away the under-insured motorist BI, my rate drops to $98/yr. That is almost half. But my good friend Murphy explained to me that if I do end up in a seriously body-harming accident, it will always be because of someone who has no insurance. I will also acknowledge that I just lumped myself in with those people by not actually purchasing this package.

I have insurance on my car though. Give me some credit.

This is a good point. While we write in every state in the US, I am not a pro at individual insurance in each state (they are others here who are). Some states you are self insuring and if you get in an accident you claim it on your own insurnace. The carrier then pays you/takes care of your/your damages/vehicle then takes the burden of going after the responsible party or their insurance.

in other states you are actually required to go after their insurance or them personally and it can take some time to collect.

PIP insurance is also a variable here, some states allow coverage for lost wages, etc. and in some states (Michigan is mine) its required. Here is some info on PIP:
  http://en.wikipedia.org/wiki/Personal_injury_protection

There is also Michigan Catastrophic claims associations here in Michigan.. thats a huge charge on our auto coverage.. Here is some info on that (basically its unlimited medical coverage if hurt in auto accident. This recently increased as well with the new no helmet required law we had put in place late last year:
http://carinsurance.about.com/od/PolicyFundamentals/a/What-Is-A-Michigan-Catastrophic-Claims-Association-Fee.htm

Insurance is all set by state and varies so much its really hard to do cross state comparisons, or even regional comparisons within states.

[gsatterw]

It's worth noting that if I take away the under-insured motorist BI, my rate drops to $98/yr. That is almost half. But my good friend Murphy explained to me that if I do end up in a seriously body-harming accident, it will always be because of someone who has no insurance. I will also acknowledge that I just lumped myself in with those people by not actually purchasing this package.

I have insurance on my car though. Give me some credit.

What does your credit score have to do with your insurance premiums? If you don't pay you don't have coverage. How does your score become a liability to your insurance provider? I always wondered this.

Oh and your credit score has a huge effect on insurance pricing. We have also seen some carriers start to surcharge if you have put insurance at minimums in recent years.. they have experienced higher than normal loss ratios with clients that insure only to the minimum amount (in MI its 50,000 for liability minimum, although 100k/300k is "standard"). For what its worth.

From what I gather basically they experience more claims on individuals with lower scores. Its also more likely that policies will cancel or be underpaid, experience lapses, etc. Vehicles may be maintained to a lesser level and more liable to be in an accident, etc. I will make this clear as well, I am not working at an insurance company, we are independant agency and work with many carriers.

These are great points

[pliskin]

It's my understanding that when you are injured by an under/uninsured motorist you will be covered by your health insurance policy after your auto insurance coverage is exceeded (but not all health policies cover auto/motorcycle riders so check). Currently I have $300,000/$500,000 and it costs me $244 a year. If I drop it to $25,000/$50,000 it will cost me $87 a year. My agent said if my health ins covers me than I'm just wasting my money on the high UI motorist coverage I now have. I'm going to drop it as soon as I confirm my coverage with my health ins provider.

It's worth noting that if I take away the under-insured motorist BI, my rate drops to $98/yr. That is almost half. But my good friend Murphy explained to me that if I do end up in a seriously body-harming accident, it will always be because of someone who has no insurance. I will also acknowledge that I just lumped myself in with those people by not actually purchasing this package.

I have insurance on my car though. Give me some credit.

[Snake2715]

It's my understanding that when you are injured by an under/uninsured motorist you will be covered by your health insurance policy after your auto insurance coverage is exceeded (but not all health policies cover auto/motorcycle riders so check). Currently I have $300,000/$500,000 and it costs me $244 a year. If I drop it to $25,000/$50,000 it will cost me $87 a year. My agent said if my health ins covers me than I'm just wasting my money on the high UI motorist coverage I now have. I'm going to drop it as soon as I confirm my coverage with my health ins provider.

It's worth noting that if I take away the under-insured motorist BI, my rate drops to $98/yr. That is almost half. But my good friend Murphy explained to me that if I do end up in a seriously body-harming accident, it will always be because of someone who has no insurance. I will also acknowledge that I just lumped myself in with those people by not actually purchasing this package.

I have insurance on my car though. Give me some credit.

Excellent point as well. Some carriers cover auto, some exclude it all together, some health carriers leave it up to the business that puts the policy in place. In my experience if the carrier excludes it and offers it as a "buy Up" option on the group pla its a 10% increase across the board to then include it and coordinate with the auto carrier. How HealthCare reform will change that yet I dont know, so it may change in 2014 as well, when the majority of health reform rules hit.

But yes in most cases the un and underinsured coverage is actually coverage for yourself if your involved with someone that is exactly that uninsured or underinsured. So its good coverage to have. I guess the other piece is if your health insurance is a higher deductible $5000, $10,000 +, then consider that in your decision to reduce the un/under insurance. Yeah thats a $157 a year in savings (in your example), but if your deductible is more than $200 your going to pay it there if you get in the accident with someone.. Its all about the risk and how much you can afford or want to take on. You really can never have too much coverage. 

[Leadberry]

This thread is pretty interesting, so I'll pitch in.


24/M/Ohio
'02 GS500
USAA/Progressive
Yes to MSF


Violations:

Speeding
05/28/2010
Application and LexisNexis MVR

Following Too Close
02/06/2010
LexisNexis MVR Only

At Fault Accident
02/06/2010
Application and LexisNexis MVR


- Liability ($65/year)
  Bodily Injury $25k/$50k
  Property Damage $10k

- Roadside Assistance (+$10/year)

Total:  $75/year

[Snake2715]

One other thing I figured I would bring up.. I love how the police will say well I will reduce it to ____ instead, its no points that way, just a fine.

The state accrues and counts points differently than the insurance carriers look at things. So just an FYI if you ever decide not to fight a ticket you may not have been responsible for cause its "no points" it will most likely effect your auto insurance rate.

No Seatbelt, speeding, failing to stop, DUI, etc also impact your life insurance to a large degree as well. in case you ever decide to get stand alone life insurance. Life carriers vary to some degree, but their typical look back is 3-5 years for those violations to effect your life insurance premium.

[weedahoe]

35yo with MSF.
Nothing on my DMV.
Currently with Geico priced @ $526 for 12months

You buys got me thinking and looking and with Progressive I can get BETTER coverage for less than HALF of the cost with Geico

Check it out!! Now THATS WASSUP!

[Watevaman]

 Yeah I'm going to look into a quote from Progressive and see what they get for me.

A lot of people here have pretty low BI and PD coverage, though. I'm not sure if you guys have good health insurance (I have a shitty policy) but you need to realize you can cause a lot more damage with small stuff. Breaking my jaw would have cost me over $90k if I didn't have insurance. That alone is why I'm on a $100,000/$300,000 BI policy.

[racinmason85]

27 year old male. Cambridge Ohio
11 years riding exp. on the street.
MSF
clean record

2006 Gsx-r 750 and a 2004 gs500.

Riders insurance.
$450 a year. full coverage on both.


www.rider.com  would recommend.

[Watevaman]

 Wow, thanks for reminding me of Rider Insurance. Last time I checked on it they didn't have insurance for Virginia. Now it seems they do.

[Jetts5000f]

You guys have some great coverage!
05 500f
23 male california
State Farm
Full Coverage $215 for 6 months
New rider with msf

Now I called my insurance agent and asked her if I can get a discount for the msf course completion and they don't discount for that am I missing out?? My coverage ends in march or april so I might want to switch if they won't cut me some slack I have a clean record no issues at all!

[BockinBboy]

$215 for full coverage isn't bad for 6 months... WAY better than what I was quoted for with State Farm... Ive had State Farm for full coverage car insurance 7 years, and renter's/home insurance for 5 years, clean record, 23 yrs old, '04 GS500F, multipolicy discount, safe driver discount... they quoted me nearly 2k for a year of full coverage on my bike... with a $500 deductible! 

Doesn't make sense, but I took mine to Progressive $29/month for a year of full coverage + accessories, no deductible

- Bboy

[weedahoe]

$215 for full coverage for 6 months isnt bad but $238 for full coverage for the year is better.

I was with Geico but Pregressive totally kicked their arse