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Thread: Insurance premiums....

  1. #1
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    Insurance premiums....

    Got a nasty surprise in the mail today. The invoice for the next twelve months' bike insurance (through Markel) and the premium has risen a cool 20.42%. That was a decided "ouch." The big numbers are for "Comprehensive - Actual Cash Value" and "Collision - Actual Cash Value." Unless my bike (2008 R1200RT) has become an appreciating asset overnight (?), it looks as though the lower risk (reducing capital cost) is attracting higher premiums. Nice for the underwriters, but not for my bank balance.

    Am I missing some part of this picture that makes this (to me, dramatic) increase more justifiable, or are Markel wanting out of the bike insurance market?? Needless to say, I'd welcome suggestions of alternative firms to try. I primarily went with Markel because of the association with the MOA.

  2. #2
    Outlander Omega Man's Avatar
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    Welcome to the forum! There is a thread running from one our northern members (Saskatchewan) where his rates are changing and may be an interesting read for you- http://www.bmwmoa.org/forum/showthre...or-Motorcycles
    Please pardon one of our members for trying to drag the thread down the black hole.
    All my insurance is going up. I don't know can be done about it.
    Gary
    "Well they say.. time loves a hero but only time will tell.. If he's real, he's a legend from heaven If he ain't he was sent here from hell" Lowell George
    2009 F800GS 1994 TW200
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  3. #3
    2011 R1200RT ka5ysy's Avatar
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    Time to compare and shop around ?
    Doug, 2011 R1200RT Polar Metallic
    MSF #127350 NAUI #36288

  4. #4
    Unfunded content provider tommcgee's Avatar
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    Every state's insurance system is different. In Massachusetts, we have this wonderful explanation to reference, written by an agent who rides: http://listerins.com/MCcoverage.htm

    There are links to MANY states in the above URL. If you're buying insurance you really ought to read it directly from the industry, rather than listen to guys on a forum.
    Last edited by tommcgee; 07-13-2013 at 01:46 PM.
    Salty Fog Rally 2007, 2009, 2011, 2012, AND LOOKING FORWARD TO 2014!

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  5. #5
    Outlander Omega Man's Avatar
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    Quote Originally Posted by ka5ysy View Post
    Time to compare and shop around ?
    Well I used to think buying insurance was like going to Las Vegas, you paid to get in the game because you thought you would get a payoff and when the circumstances came to be, you got money. It has been my experience that paying the entry to get the insurance, to make you "whole", again should you need it, (the insurance company "bet" you weren't going to need it) the payoff needs to be fought for.
    Last October I put this thread up- http://www.bmwmoa.org/forum/showthre...the-race-today I recently, finally got paid from the insurance company- this July, 8 months. Last time I tried to pay a premium 8 months after the due date, things got messy after the second month.
    As for shopping around, I have tried and it seems to end up as the difference between Fios and Cable. YMMV
    OM
    "Well they say.. time loves a hero but only time will tell.. If he's real, he's a legend from heaven If he ain't he was sent here from hell" Lowell George
    2009 F800GS 1994 TW200
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  6. #6
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    PM sent, r.e., where to buy MC ins
    "If I had my life to live over, I'd dare to make more mistakes next time...I'd relax,I'd limber up... I would take fewer things seriously...take more chances... take more trips...climb more mountains...swim more rivers...eat more ice cream." Jorge Luis Borges at age 85.

  7. #7
    Registered User Firenailer's Avatar
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    I joined AARP when I turned 50 and really reduced my Bike and Auto insurance. I haven't had any alarming rate increases since. If your a member give it a try, insurance is written through the Hartford Group. (I think it's 40 or 50 a year to join and it pays for itself).

    At least shop around as most companies will match the quote to keep your business. Annoying, but true.
    Ride Safe,
    Bob
    '12 R1200RT

  8. #8
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    Quote Originally Posted by ka5ysy View Post
    Time to compare and shop around ?
    That was decidedly my initial reaction, Doug - and then I began to wonder what was going on. Had I missed some salient point? Seems that my mind still wants to live back when premiums went down a little each year as the capital risk declined. Simple stuff. I wonder why we humans insist on making life so (*deleted*) complicated??...

  9. #9
    Registered User greenwald's Avatar
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    Thumbs up

    Take a look at Progressive or AARP options.
    Kevin Greenwald - Touring Tips Editor
    Nationally Certified Law Enforcement Motor Officer (Ret.) / IBA Member #34281
    MSF RiderCoach # 121656 (BRC,SBRC,IS,IME,SMARTrainer)
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  10. #10
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    Thanks!!

    Quote Originally Posted by Firenailer View Post
    I joined AARP when I turned 50 and really reduced my Bike and Auto insurance. I haven't had any alarming rate increases since. If your a member give it a try, insurance is written through the Hartford Group. (I think it's 40 or 50 a year to join and it pays for itself).

    At least shop around as most companies will match the quote to keep your business. Annoying, but true.

  11. #11
    Sir Darby Darryl Cainey's Avatar
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    Just be happy you don't live in Ontario Canada.

    I ride a 1977 R100RS and my insurance is $620 a year for full coverage, Bushtec Trailer covered as well.
    45 years of continuous riding, no accidents, claims or tickets.

    I only have one bike, a second one would be the same cost.

    I have checked out other companies and those that would cover a 36 year old bike wanted over $1000.

    What do you folks pay in your state?
    Ambassador BMW MOA Ontario Canada
    President Niagara BMW Riders #298
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    1977 R100RS, (Retired) 1993 R100GS (just getting started)

  12. #12
    Survivor akbeemer's Avatar
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    We have 4 bikes with full coverage at Markle. A bit over $700.
    Kevin Huddy
    Tm Pterodactyl MT Outpost

  13. #13
    Old man in the mountains osbornk's Avatar
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    Quote Originally Posted by Firenailer View Post
    I joined AARP when I turned 50 and really reduced my Bike and Auto insurance. I haven't had any alarming rate increases since. If your a member give it a try, insurance is written through the Hartford Group. (I think it's 40 or 50 a year to join and it pays for itself).

    At least shop around as most companies will match the quote to keep your business. Annoying, but true.
    Like you, I joined AARP when I turned 50 and later bought my auto insurance through them with their affiliation with Hartford. It saved me some money (I thought) and everything went smoothly for a couple of years. I then got an insurance bill where the insurance on one of my cars and my pick-up went up. I called them and asked why. They told me the insurance on my car went up because I drove it more than "average". I then asked them why the insurance went up on my truck because I only drove it about 3,000 miles per year. I was advised the they were charging more for my truck because it was an "extra" vehicle (2 drivers-3 vehicles) and they feared that I would loan it out. I immediately went insurance shopping and found much cheaper rates with ERIE.

    I quit AARP because they filled my mailbox with junk mail almost every day and I didn't like their political position on most issues. It took years for the junk mail to stop. They were formed as a marketing tool and they work hard at it.
    'You can say what you want about the South, but I almost never hear of anyone wanting to retire to the North.

  14. #14
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    Did you get a letter that says Markel is now looking at your credit report to 'help' assess risk?
    My premium went up a bit, and even tho I have a stellar credit score, they didn't like:

    % of open oil company accounts to total open accounts (maybe they think I'll ride too much?)
    # of retail accounts established (I obviously buy too much):
    # of accounts open in last 24 months (1 HomeDepot & 1 Lowes. Should never have bought a house..):
    Total credit limit amount on department store accounts. (Sears, Lowe's & HDepot, that's it)

    Too easy to compare rates, & Markel was still the cheapest cost, so I'm still with them & at least I got a free credit report out of the deal....
    JMagda
    Deep in the OH wasteland...
    04 R1150r

  15. #15
    Registered User sit's Avatar
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    Quote Originally Posted by jm1515 View Post
    Did you get a letter that says Markel is now looking at your credit report to 'help' assess risk?
    My premium went up a bit, and even tho I have a stellar credit score, they didn't like:

    % of open oil company accounts to total open accounts (maybe they think I'll ride too much?)
    # of retail accounts established (I obviously buy too much):
    # of accounts open in last 24 months (1 HomeDepot & 1 Lowes. Should never have bought a house..):
    Total credit limit amount on department store accounts. (Sears, Lowe's & HDepot, that's it)

    Too easy to compare rates, & Markel was still the cheapest cost, so I'm still with them & at least I got a free credit report out of the deal....
    Insurance companies do this in Oregon too. They do not have to actually look at your credit report though each year! Of course to pull your credit report costs money, so they pay for the report once and then just use the same report year after year, regardless of what your current report may show. I called our state insurance board and learned that once a policy renews and they have not looked at a current report, you can call your insurance company and request (demand) that they pull a current report. If the new report is in your favor, they have to reduce your rates, if it is not in your favor, they cannot increase your rates until the policy renews. I have done this for the last three years and gotten a reduction in my rates each year. Yes, each time its like pulling teeth trying to get them to do. Just have to insistent that they do it. My company will finally give in after giving you a fire and brimstone warning and do it right on the phone and tell me then that I will save $90 a year. Small, but I'll take it.

    So if this is allowed in your state, that they can use your credit report (only for autos in Oregon, not motorcycles..??) call your insurance board and find out the laws that govern it and use what you can to your advantage.
    2005 K1200LT-Ocean Blue
    2013 Ural Patrol - White
    2007 R1200GS-Granite Gray-Sold
    2004 R1150R-Titan Silver-Sold

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