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+--- Thread: Insurance info (/showthread.php?tid=3784)
Insurance info - Romo1969_imp - 02-20-2014
Hey team CB
Wanted to share I got a rate I thought was pretty good from progressive who I've always had my bikes with. 417 for the year with replacement guarantee.
Maybe you all have done better bit I thought that was a solid rate and the replacment value is msrp of current model year not Bluebook. This is huge since the KBB kills this bike value in the 1st couple years.
Current kbb would suck for most of us.
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RE: Insurance info - pechorin75_imp - 02-20-2014
I was really surprised at the quote I received on the used '13 I just bought. It was actually higher than my BMW K1300S (which, if you're not familiar, is a 175 horsepower "hypersport" category machine with a full fairing. It's a 2009, but it's still worth more than the CB). I've done business with the agency for a while now, and in fact their rate on the BMW is quite good...but I was really surprised. I mean, c'mon: How many losses can they possibly be having on these bikes?
The agent told me that he double-checked the quote and it was correct. This is what he said: "Looking at the quote what I see is the Insurance Rating Group (IRG) is REALLY high. This correlates to the cost of parts for a particular vehicle/bike. For some reason, it is higher than the BMW. That tells me the parts for this bike are either: A) less readily available than the others—therefore some supply/demand issues apply or B) more expensive strictly due to some reason that I don’t understand (possibly because it’s a well-made bike with higher quality components)."
Anyway...maybe others can shed light, but that sounds fishy to me.
RE: Insurance info - rboe - 02-20-2014
I got a very very good quote from a local independent; found out it did not cover uninsured/under insured. Once that was factored in (a relatively cheap addition via State Farm) the savings went away for the most part.
In Phoenix about 25% of the drivers are uninsured so to go without it was folly. Highly recommend that you look into that for your area.
RE: Insurance info - The Spaceman_imp - 02-20-2014
Pechorin, I think you company has quoted the bike on the same risk category as a CBR. Progressive did that to me when the bike arrived; my quote went from $2k a year to $350 once they put it in the right group.
RE: Insurance info - Lord Popgun - 02-20-2014
(02-20-2014, 03:58 AM)The Spaceman_imp Wrote: Pechorin, I think you company has quoted the bike on the same risk category as a CBR. Progressive did that to me when the bike arrived; my quote went from $2k a year to $350 once they put it in the right group.
This happened to me too. Once I showed the agent it was NOT a CBR, all was good.
RE: Insurance info - dBuster_imp - 02-20-2014
(02-20-2014, 03:38 AM)Rboe_imp Wrote: I got a very very good quote from a local independent; found out it did not cover uninsured/under insured. Once that was factored in (a relatively cheap addition via State Farm) the savings went away for the most part.
In Phoenix about 25% of the drivers are uninsured so to go without it was folly. Highly recommend that you look into that for your area.
Having lived in Arizona for 18 years, I think your 25% is a little low... it is higher than that...
yes anywhere you go there are the ones without the insurance, as there are bikers without the motorcycle endorsement on their license, so it would be a good idea to ensure that you do get the uninsured/under insured coverage. In my opinion well worth it!
RE: Insurance info - rboe - 02-20-2014
http://www.statisticbrain.com/uninsured-motorist-statistics/
Has it 22%. But that is all drivers. If you break it out to cars and motorcycles bikes is probably much higher.
RE: Insurance info - pechorin75_imp - 02-20-2014
I explained at some length what kind of bike it is (and isn't), but maybe that's something the company--rather than the agent--has to figure out. Anyway, maybe I shouldn't be complaining ...the quote was $430/year, which isn't all that bad compared with $350 (the K13S is $414, which I consider quite reasonable for that bike). This is State Farm, btw.
Insurance info - Pauley - 02-20-2014
I have full coverage for a price a 15 % higher than romo in CA as an inexperienced rider. includes multi policy discount, good driver, age and MSF course discounts.
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Insurance info - HikerToo_imp - 02-20-2014
Another thing I had happen was the price "I" found on Progressives website myself was over a $100 cheaper per year than the dealer was looking at all their policies…maybe they were trying to tack on their fee?
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And its not just the final price, its what you get for that price.
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About $500 from Progressive.
Policy coverages
Bodily Injury & Property Damage: $250,000 person/$500,000 accident/$100,000 property damage
Uninsured/ Underinsured Motorist Bodily Injury & Uninsured Motorist Property Damage: $250,000 person/$500,000 accident/$100,000 property damage
Personal Injury Protection: $15,000 person/$30,000 accident ($1,000 ded) R
Medical Payments: No coverage
Transport Trailer: No coverage
Vehicle coverages for 2013 HONDA CB1100
Physical Damage Options: Total Loss Coverage
Comprehensive: $500 deductible
Collision: $500 deductible
Disappearing Deductibles: Selected
Roadside Assistance: Selected
Accessory coverage: $3,000 (Included)