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Administrator 06-24-2011 02:44 PM

Motorcycle Insurance: Final Thoughts
 

Original Article:
Motorcycle Insurance: Final Thoughts

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The_AirHawk 06-24-2011 02:52 PM

Thanks for writing this series, Kirk. I've really enjoyed reading it, and have learned a few things about the "inside" of the business from doing-so.

And thanks to MO for publishing him - I hope you continue to draw from the site Membership for ancilliary events and articles. Gives a Real World sort of "feel" to the site.

Dr_Sprocket 06-25-2011 11:16 AM

It's funny. I've always been of the mindset that as a bike gets older it depreciates. Barring any accidents or tickets, your insurance for that vehicle should go down every year, not up. However, this is not often the case.

I hate when you try to negotiate a lower rate only to have the agent tell you that you have a lower rate. Suddenly, when you take your business elsewhere, now all of the sudden they come up with a mysterious discount for "all of our loyal customers". That's just bunk!

Thanks for writing the series, ACE!

acecycleins 06-25-2011 05:50 PM

It's all in the losses. And remember that you get older with your bike. Yes- rates do go back up the older you get past 50. Also, there's really no negotiating rate. You can negotiate what you buy in a policy but rate is a set equation approved by the insurance commissioner.
Thanks for reading these. Hope I took some of the sting out of the process.

boprocity 06-26-2011 11:49 AM

Thank you for such an informative and educational series of articles. I learned the hard way after a near fatal accident that the insurance industry is a complicated and none-too-friendly institution to deal with.
Your articles certainly helped me re-think my own insurance needs and what I need/want from my next policy.
One thing still escapes me and maybe you (or anyone) can shed some light on this. How do I find a 'good' company? One that will represent and support me if I do have an accident? I've searched online, and unlike auto-only insurance, there are no customer service rankings. I've asked other riders and most have experience with lowered premiums, but very few have had to avail themselves of their insurance (ie "no accidents"). What's the best way to find out how an insurer responds and supports a customer after an accident has occurred?
Thanks again.

Sir_Angus 06-27-2011 06:36 AM

I've got a tolerate/hate relationship with insurance companies, and reading your "insider" tips only confirmed my disgust for this industry.

I had an exotic sportscar that was hit in a parking lot. The police on scene determined I was not at fault and cited the other person, but my insurance decided I was at fault. They only paid 1/2 of the actual repair bills, then dropped all my policies I had with them ...

My rant aside; good article.

acecycleins 06-27-2011 07:08 AM

State Farm, Allstate, Liberty Mutual, Cotton States and alike are not in the toys business. They will certainly cover your toys, but they are not always the best to deal with. Companies like Foremost (the Farmers family), Dairyland (the Sentry family), US Insurance (the Assurant family), Pacific Specialty (The McGraw family) and yes even Progressive have dedicated teams of people for their recreational products. But you cannot be "loyal" to any of them because rates and programs change often like I stated. Find an Agent or Broker that does what I do. It's not always convenient to have your home, auto and toys covered by different companies, but in most cases you will save money. I tell my customers to be loyal to me and I will help them find the best deal for the season.
The biggest thing to remember is that it's a for profit world. Patients is your friend. All the companies I deal with are A.M. Best A rated companies, but their job is NOT to stroke checks willie nillie. They all start low for a reason. Should be obvious. Your job is to get them into the "replacement retail cost" of you toys.
@-Angus- why was your insurer paying ANYTHING to fix your car if the other person was cited? Their insurance should have covered your vehicle. Further, it's pretty irregular and maybe even illegal to drop you mid-term on a policy. It may be that they didn't offer a renewal, but that is a different situation than being "dropped". Anyway, any company that drops you for something you didn't cause is a joke of an underwriter in my opinion.
Remember that if you are not at-fault and need your insurance companies legal team you can ask for the help. But claims reps by design will low ball all offers for bodily injury and physical damage claims. It's the nature of the business. Stay focused, never agree to be recorded wo legal help and go armed with all documents and your job will be easier.

Sir_Angus 06-27-2011 07:29 AM

Quote:

Originally Posted by acecycleins (Post 262237)
State Farm, Allstate, Liberty Mutual, Cotton States and alike are not in the toys business. They will certainly cover your toys, but they are not always the best to deal with.

I couldn't agree more, but it's a lesson learned now.

Quote:

Originally Posted by acecycleins (Post 262237)
But you cannot be "loyal" to any of them because rates and programs change often like I stated. Find an Agent or Broker that does what I do. It's not always convenient to have your home, auto and toys covered by different companies, but in most cases you will save money.

Where were you 10 years ago when I coulda used good advice! LOL

Quote:

Originally Posted by acecycleins (Post 262237)
@-Angus- why was your insurer paying ANYTHING to fix your car if the other person was cited? Their insurance should have covered your vehicle.

I don't know where the money came from initially, but with my Swiss-cheese memory I kinda remember the other guy was uninsured. The adjuster they sent out said he'd never even seen a Lamborghini in person and had no idea how to rate it ... It was my first repair claim; I was naive and trusting in the "process."

Quote:

Originally Posted by acecycleins (Post 262237)
It may be that they didn't offer a renewal, but that is a different situation than being "dropped".

Nope, they definitely canceled all my existing policies midterm. I had to scramble to get insurance for multiple autos, motorcycle & homeowners... That much I remember vividly.

Anyhow, I'm much more careful about protecting myself. Your advice in the articles will (hopefully) prevent someone from going through what I did back then.

Kevin_Duke 06-29-2011 09:52 AM

Quote:

Originally Posted by The_AirHawk (Post 262167)
Thanks for writing this series, Kirk. I've really enjoyed reading it, and have learned a few things about the "inside" of the business from doing-so.

And thanks to MO for publishing him - I hope you continue to draw from the site Membership for ancilliary events and articles. Gives a Real World sort of "feel" to the site.

Glad you liked the series, 'Hawk. Kirk did a great job for us.

acecycleins 06-29-2011 10:41 AM

Thanks Kevin- I got the msg. I had 1 outstanding for Joe- could have sworn I sent it weeks ago. When I get to the office Tuesday I will re-send it.
You guys have been very cool. Thanks to all of you.


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