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post #1 of 19 Old 04-03-2004, 1:27 PM Thread Starter
 
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Insurance industry redlining

I've a good friend who is the GM of a large, multi-marque bike dealership in Omaha (PSP for those familiar).

Well, it seems the country's insurance underwriters are keenly aware of Kawasaki's new motorcycle.

My buddy signs every single deal at the shop. A few days ago he had a 42-year-old professional prospect with very solid income. He made a cash deal on a ZX-10, but it fell apart when the guy called around for insurance.

For a decent policy with acceptable coverages and reasonably low deductibles, he would have been paying $1,200 a year for full coverage. A hundred bucks a month and he's got a clean driving record! He's 42! My pal was incredulous. The guy currently rides a 954 and pays around $200 a year for full coverage (about what I paid on my 954 as a 37 year old w/ a clean driving history, just for comparison).

Thus, sale lost. He wasn't about to pay a hundred bucks a month to ride a new 10R.

As impressionable youngsters who happen to land good jobs out of college continue to start with literbikes instead of 600s like they did in my generation, I suspect premiums will continue to swell for even we "mature" riders (as well as for young guys who aren't squids).

I hate subsidizing other riders' because of their own inexperience and stupidity.

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post #2 of 19 Old 04-03-2004, 1:44 PM
 
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Re: Insurance industry redlining

Preach on, brotha! I'm right there with you. It's a shame, but until we start policing ourselves, we're going to have insurance companies and laws doing it for us, to the point where sportbikes will be legislated off the roads.
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post #3 of 19 Old 04-03-2004, 3:51 PM
 
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Re: Insurance industry redlining

42 and full coverage on a 954 for $200 I was 34 with a clean record and had the same value of ~$1200/yr full coverage quoted to me here in Texas with Progressive on a 929. I opted out of full and that brought me down to $96/yr. Yes, yes, I pray for no serious accidents or theft but the insurance has been crazy the last couple of years and it's only getting worse with all the damn squids and their stupid antics. Maybe I need to move to another state to get that deal.....not trying to be an ass but that is hard to believe.

Can you say 6 in a ROW!!!!
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post #4 of 19 Old 04-03-2004, 3:58 PM
 
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Re: Insurance industry redlining

Quote:
Originally Posted by Mavic
42 and full coverage on a 954 for $200 I was 34 with a clean record and had the same value of ~$1200/yr full coverage quoted to me here in Texas with Progressive on a 929. I opted out of full and that brought me down to $96/yr. Yes, yes, I pray for no serious accidents or theft but the insurance has been crazy the last couple of years and it's only getting worse with all the damn squids and their stupid antics. Maybe I need to move to another state to get that deal.....not trying to be an ass but that is hard to believe.
I'm 31, and full coverage for me on my 954 was only $320/yr through State Farm.
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post #5 of 19 Old 04-03-2004, 4:06 PM
 
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Re: Insurance industry redlining

I feel like I am being scammed by the $*&%@ insurance companies.....I'm doing another online quote with progressive as I type....I want full coverage for $400/yr or I'm selling the bike.......ok, maybe not selling the bike, but I am going to sit a bit and boil over this issue.

Can you say 6 in a ROW!!!!
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post #6 of 19 Old 04-03-2004, 4:09 PM
 
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Re: Insurance industry redlining

Something must be wrong with progressive and the $*%^&#!!!! data input page. I get to the request quote page and will not pull up so I can get the info....... They must know I am looking for a scalp..............

Can you say 6 in a ROW!!!!

Last edited by Mavic; 04-03-2004 at 4:11 PM.
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post #7 of 19 Old 04-03-2004, 7:47 PM
 
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Re: Insurance industry redlining

You should try getting insurance in Canada. I'm 47 ,never had a claim and I'm paying 1200 Canadian. 20 to 25 years old are paying up to 1/2 the value of the bike. 5000 is not unheard of.
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post #8 of 19 Old 04-03-2004, 9:03 PM
 
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Re: Insurance industry redlining

Yeah, when I upgraded to the 954 last year from the Suzook 750, suddenly my insurance went from $33.00/month to $100/month! (This was with Farmer's). I was incredulous! I shopped around and found I could get coverage from State Farm for about $37.00/month. 41, clean driving record. Sheesh!
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post #9 of 19 Old 04-03-2004, 9:17 PM
 
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Re: Insurance industry redlining

My '01 RC51 ran me $50/mo. through State Farm. Progressive quoted me $4800/year. I'm 35 with just one speeding ticket on my record. I've never had an insurance claim of any sort. I think this is what they should base their pricing on. Those with the most claims should pay the most. Not just those with the fastest machines.
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post #10 of 19 Old 04-03-2004, 10:49 PM
 
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Re: Insurance industry redlining

Quote:
Originally Posted by Belch
You should try getting insurance in Canada. I'm 47 ,never had a claim and I'm paying 1200 Canadian. 20 to 25 years old are paying up to 1/2 the value of the bike. 5000 is not unheard of.
Welcome Belch! BTW, luvvv your forum name . Sorry to hear of your insurance dilemma - it sucks all over...
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post #11 of 19 Old 04-04-2004, 12:37 AM
 
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Re: Insurance industry redlining

you're bitching about $1200/year? Most people here would find that figure a dream for any performance bike. My 954 sets me back $2600/year (about $1900 US) that's a 29yo with clean record (short one crash on a 929 last year ) And I don't really know anyone who can get a 954 insured for less then $1000pa here...

And $200/year - that is unheard of...

You guys REALLY don't have it that bad...

Don't even think of bitching about fuel prices...

But on another topic - you all think it is still such a bad idea to have some sort of limit as to what a learner bike rider can ride?

Z...

You're f%#&king up my Chi...

Last edited by Zeeman; 04-04-2004 at 1:00 AM.
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post #12 of 19 Old 04-04-2004, 12:48 AM
 
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Re: Insurance industry redlining

Quote:
I think this is what they should base their pricing on.
Most insurance companies take that it to account as well, some more then others. I know my brother had State Farm and when he got the 954 they wanted like $1500.00 a year. They basically told him he had to many claims (none for his bike, but some comp claims for his car and truck, and a homeowners claim) and that was the reason for the high quote. After he added up everything he got out of State Farm for his claims it was something like 6 or 7 hundred after deductibles. I have no claims on my record and I pay State Farm $360.00 a year for my 954, (he's married, I'm single).

Makes you really want to think twice about using something that's supposed to bring you a little piece of mind.

I'm not even supposed to be here. I'm just "Crewman Number Six." I'm expendable! I'm the guy in the episode who dies to prove how serious the situation is! I've gotta get outta here!

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post #13 of 19 Old 04-04-2004, 4:42 AM
 
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Re: Insurance industry redlining

Belch

Good to see someone close to home.

I was paying $925 a year for the TLR (full coverage) and then in the fall, I added the Sprint ST to the stable, and the insurance peoples gave me a deal. That bike should have been $875 (same coverage), but due to the fact that we now have a multi-bike policy, they gave me $56 off. YA-PHUKING-HOO!!

Gezuz Crow, I am the only licensed rider in the house, so only one is ridden at a time, and we get nailed to the cross.

ZeeMan, what are the rules for milti-bike policies "Down Unda"?? I know most States have sweet deals for second bike, or more, but we here in the Frozen North get the shaft.
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post #14 of 19 Old 04-04-2004, 11:48 AM
 
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Re: Insurance industry redlining

[QUOTE=Newfie TLRZeeMan, what are the rules for milti-bike policies "Down Unda"?? I know most States have sweet deals for second bike, or more, but we here in the Frozen North get the shaft.[/QUOTE]


Last I read, the multi bike policy was being considered, though i'm not sure if it has been implemented or not. Must check...

Z...

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post #15 of 19 Old 04-04-2004, 7:35 PM
 
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Re: Insurance industry redlining

Wow you guys think that $1200 a year is bad! I only wish I could find a deal like that! State Farm wants $7000 a year and progressive wants around $3000 ! No accidents or tix but I'm only 21.
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