R3 Insurance

Just recieved my annual bill for the R3, and wanted to see if it was inline with what everyone else was paying or if I was getting knifed.
It's Dairyland Cycle insurance with full standard coverages of 15/30 across the board for 12 months with an annual premium of $642.60.

Is that close to the east coast average for a bike of this size? I would expect you guys in the midwest and texas areas should be paying less due to the location. Now is the time for looking at other companies for estimates, so if you have a suggestion who might have a better deal, please let me know.

What are others paying a year?

My problem is that I have USAA Military insurance for everything else, and you know how cheap it is ... they just don't cover bikes. So there wouldn't be a multi vehicle discount possible, USAA has the cars and house.

Not on the east coast, but I pay $500/yr in the Phoenix area. I had Dairyland for many years but when I came of age and joined AARP I found they offered a better deal through Foremost. You might also consider getting a quote from Progressive. They saved me quite a bit on my truck and the wife's car.

I paid $185 for 300/100 (or is 100/300) for my Rocket Touring. I paid less than $600 for it and the Tiger 1050. I pay a little less now that I have a T-Bird and the Tiger. I live in the Florida panhandle. I have Geico and they were cheaper than anyone else I checked. I get a really good rate because I've never had a speeding ticket or accident in all the years (many, many years) I've been with them and have the "Preferred Customer" rating. That's a plus because it means I have a higher threshold before my rates would go up even if I did have a claim. In other words, even if I had an accident that was my fault, my rates wouldn't go up unless I broke the payout threshold. I also have multi-bike discount and MSF course discount. My car is insured through them as well.

RocketDaryl said:

I paid $185 for 300/100 (or is 100/300) for my Rocket Touring. I paid less than $600 for it and the Tiger 1050. I pay a little less now that I have a T-Bird and the Tiger. I live in the Florida panhandle.

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Are you sure it's 100/300? I'd love to get that kind of coverage for the bike but no one seems to offer it. I have the max on the cars but could only get 15/30 on the bike, they say it's the most any company will cover for personal injury protection. I found that hard to believe but haven't been able to prove them wrong.
Could you check on that and let me know what company that is?

Progressive

Maryland - Progressive: I pay $259 a year for 100/300 and that includes $2500.00 personal medical and S3,000.00 for accessory coverage
Discounted rate for homeowner, claim free and responsible driver is included.
It has nothing to do with my home insurance. The only thing I have with Progressive is MC insurance. $500.00 deductible
FYI: I was paying twice that for State Farm and had less coverage

**** !
Geico motorcycle insurance is not available in Michigan, Massachusetts, New Hampshire and DELAWARE. Bummer, so much for that idea.

cktire said:

Maryland - Progressive: I pay $259 a year for 100/300 and that includes $2500.00 personal medical and S3,000.00 for accessory coverage
Discounted rate for homeowner, claim free and responsible driver is included.
It has nothing to do with my home insurance. The only thing I have with Progressive is MC insurance. $500.00 deductible
FYI: I was paying twice that for State Farm and had less coverage

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I'm looking on the site now ... that is a savings. I'm probably going to switch to progressive since it looks like I'll save over half.
They still have a max of 15/30 on the personal injury protection, the 100/300 is bodily injury protection for whoever you hit/injur in an accident, not yourself. It's good to have the 100/300 to protect yourself from being sued to death, but I would have liked to have that much coverage for myself as well. Seems they were right about no one offering more than 15/30 PIP.
Still, they are MUCH less expensive than Dairyland Cycle. I could get the "basic" package for as little as $93 a year, but that has no unisured motorist protection (around here thats all there are). It looks like I'll be paying $366 a year for what I want. 100/300/10 bodily injury and property damage, 25/50/10 uninsured motorist, 15/30 PIP, $5000 each medical payment, $500/500 deductible, roadside assistance and $3000 in accessory coverage.
Thanks for the tips guys.

Just remember there are a lot of factors going into how your rate is arrived at. It's not just your driving record or how many accidents you have that can affect it.

One of my pet peeves is that they now (and have been for some time) use your credit record for/against you. You can have the best driving record in the world with no tickets, accidents or anything but if your credit score is below...say 625, for example, you will draw a higher rate. The lower it is the more it affects your rate...lower the score the higher the rate.

Next you have your age and what type of bike you ride. I was surprised at how low my insurance was considering how big and fast the Rocket is (was). But if you are younger than me (currently 57) you can expect probably to pay higher but then again that is measured against what I mentioned in the previous paragraph.

So check the rates across the board, hopefully you will find pretty decent coverage at a better rate somewhere but be sure to compare apples to apples and oranges to oranges. Daryl is going to get a higher rate for the amount he is carrying than Hellfire will at 15/30 for instance.

About the credit score, there are hard hits and soft hits. The hard hits affect your score...too many and your score will go down. But if, in this case you are pricing insurance rates any company you get a quote from is going to go after your credit score (some use Equifax, others use TransUnion or Experian...some have their own private way of computing it) but in this case it is considered a soft hit and will not affect your score.

Good luck,

Dennis

73 dtg Dubai
74 dtg Home

Yes, I'm sure it's 100/300. I have $2500 in accessories and medical coverage. I could drop the medical part if I wanted because I always wear a helmet. You're not required to wear a helmet in Florida, but you have to have medical on your insurance if you don't and you'll get a ticket if you're pulled over, not wearing a helmet and don't have it on your insurance card. Florida also tracks good drivers. Those that have it have "Safe Driver" endorsement on their driver's license. I'm sure that helps with my insurance as well.

p.s. I also have a $500 deductible

p.s.s. my credit score is 798. According to Dennis, I guess that helps my rate as well. I can tell you for certain my insurance would be less than $400 for both bikes if both were cruisers. My Tiger is considered a "Sport" bike in the eyes of Geico and it's quite a bit more expensive than my T-Bird even though they cost relatively the same new.

RocketDaryl said:

Yes, I'm sure it's 100/300. I have $2500 in accessories and medical coverage. I could drop the medical part if I wanted because I always wear a helmet. You're not required to wear a helmet in Florida, but you have to have medical on your insurance if you don't and you'll get a ticket if you're pulled over, not wearing a helmet and don't have it on your insurance card. Florida also tracks good drivers. Those that have it have "Safe Driver" endorsement on their driver's license. I'm sure that helps with my insurance as well.

p.s. I also have a $500 deductible

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Wow, they go that far as to check your coverage to ride without a helmet? Deep.
Your 100/300 is PIP (personal injury protection)? Must be an area thing then, Florida might also have laws on that coverage as well. But unfortunatly it seems all I can get is 100/300/10 bodily injury and property damage, 25/50/10 uninsured motorist, 15/30 PIP, $5000 each medical payment, $500/500 deductible, roadside assistance and $3000 in accessory coverage. Looks like thats the best I can expect without the premium jumping drasticly.