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Old 09-28-2007, 02:34 PM   #21
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That's nice riding up there. Ocala Nat'l forest etc.
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Old 09-28-2007, 03:11 PM   #22
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Acecycleins, we’re looking at the same from different perspectives. As an insurance consumer for over 40 years, my opinion of the industry was not formed overnight.

My agent insures my business (liability, property loss, workers comp, and E&O), my cars, my motorcycles, and my home. He’s a nice guy that works hard to make a decent living doing what he does. I’ve been insuring the business through him for over 20 years. And I get a call from him about every other month explaining how the underwriter is going to stick it to me this time.

This year my Kemper homeowners/auto/umbrella package went up enough to make me look around, and I found a better package with MetLife for about 25% less (better because the m/c is covered under the umbrella, which Kemper arbitrarily stopped doing last year). I mentioned this to my agent, who then managed to find the same coverage from One Beacon for less than MetLife.

There’s a coupla’ of things that catch my attention here. First, it was up to me to notice that Kemper no longer covered the m/c under the umbrella – I read it in the fine print AFTER the policy was renewed for a year and they mailed me the complete policy. Change in coverage, no change in price. Second, why didn’t my agent offer the less expensive One Beacon policy right off the bat rather than making me inconvenience that nice guy from MetLife?

I don’t know the answers, but I can conclude that it I up to me – not my “Good Neighbor” - to make sure that I’m in “Good Hands” as far as insurance goes. What aggravates me is that this is the polar opposite of the advertising of every single insurance company and agency, who assure us that they will take care of our insurance needs.

And as far as the E&O goes, there’s no way one of your customers could make a claim stick against that policy unless you make a documented error or omission. If you simply tell a customer that they are covered against a particular risk and the written policy says otherwise, your customer is just plain screwed unless they have a witness or a recording.

And by the way, WTF is up with the skyrocket increase in premiums when you make a claim? Trying to intimidate the customer, perhaps?

And WTF is up with basing auto rates on credit rating? Is it possible that people with good credit ratings have more cash and are less likely to submit a claim because they are intimidated by the aforementioned skyrocketing increase in premiums?

And WTF is up with the underwriter that was going to charge me more for liability insurance on a 1966 BSA Thunderbolt than on my 1999 VTR 1000?

Arghhh! You were right, Acecycleins –I need an adult beverage BAD!
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Old 09-28-2007, 06:49 PM   #23
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Default Info from an insider

I work in the SIU (Special Investigations Unit) at a major carrier, and have worked for both GEICO and Unitrin in the past. In response to your question, the general rule is if the vehicle is less than $3k, it usually is not worth carrying collision (which would repair or replace the bike if it is involved in an accident), or comprehensive (which would cover if the bike was stolen or damaged by vandalism) given the fact the premiums you pay would more than likely exceed the value of the bike over a short amount of time.

If, however, you have a bike worth more than that (and especially if it is less than 2 years old), I would recommend comprehensive coverage if nothing else. I investigate claims in San Diego County (CA) and my contacts in law enforcement say that newer model sport bikes (especially the GSXR) are being stolen at record rates. The bikes are usually never recovered, and even with the most current anti theft devices (chains, brake locks, fork locks etc) a professional thief will be able to steal most any bike in less than 60 seconds if he knows what he is doing. (I have a friend with Santa Ana PD who had a case where a LA County Sheriff's Deputy parked his Harley in front of a bar in Long Beach, and someone stole it while he was inside the bar on a busy street)

If you have any other insurance related questions, do not hesitate to ask, as I have no problem giving an "insider's" view of the industry.
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Old 09-28-2007, 07:15 PM   #24
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Originally Posted by SeeJoy View Post
Last night I purchased insurance from State Farm in PA for the 2002 Ninja 250 I am buying.
Com/Coll/Liability $152.43 for a year with a $250.00 deductable.
Geico, who insures my car wanted $450.- for less coverage and higher deductables.
Can you guess which company is insuring my car now?
Saved over $300-. a year through State Farm with much better coverage.
No, I don't work for State Farm.
My girl friend turned me on to them. She uses them to insure her 1000cc Aprillia.
State Farm is the best, bar none.
I'm a knucklehead
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Old 09-28-2007, 10:20 PM   #25
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Default And Geico....

Originally Posted by longride View Post
State Farm is the best, bar none.
.... is about the worst. How do they stay in business?
"Make no mistake, Communism lost a big argument - one we know today as the 20th century."
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Old 09-28-2007, 10:29 PM   #26
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Originally Posted by seruzawa View Post
.... is about the worst. How do they stay in business?
Lies, Damn Lies, and Statistics; Propaganda, Baby!
Parfois, on fait pas semblant
Sometimes, it's not pretend
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Let them hate so long as they fear
политики предпочитают безоружных крестьян
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Nothing to see here, Citizen. Move along now...
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Old 10-01-2007, 12:43 PM   #27
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Originally Posted by Kenneth_Moore View Post
So...what happened??
As I said... I was reimbursed for the KBB value. I'd purchased both during closeout sales, so the amount of cash I got back from my insurer was just a few hundred less that what I'd paid for them. This was the 1980's mind you, so it'd be more like a couple of thousand now.
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