Progressive Rate Reduction

[BMort]

I previously posted information regarding Progressive Insurance reclassification of the FJR into a "Touring" class. EVERYONE who has Progressive should do the following (by the way, I'm an insurance agent in CT): call your agent and ask them to check your policy (they may have to call Progressive customer service) and ask if the FJR is showing a "Symbol 43 with a Touring classification"(assuming your renewal is after 5/06). If not, it should be manually corrected. My renewal did not automatically reflect the new symbol as it should have even though I was told it would happen automatically. The customer service rep said is was because my 2006 was so new, the computer did not correctly classify it by the "vin"number. Once she did the manual change, my bike dropped down from $644 to $450. That's a savings on $194 annually. By the way, I have BI of 250/500, PD 100K, comp and collision with $100 ded and most importantly, Unisured/Underinsured coverage of $500,000 per person and $1,000,000 per occurence. Don't forget guys and gals, this UM/UIM coverage protects YOU!

This information is even more impressive considering that this change is two fold. Let me start at the beginning. My policy renewal dat is 8/1/06. When I added this bike to my "current"term policy, the rate is $700. However, I was informed by Progessive that two changes were taking place after 5/06. 1. An overall rate reduction only when your policy first renews after 5/06. 2) The reclassification of the FJR to"Touring". My policy came in on renewal at $644. Thus it showed the rate reduction, but the reclassification did not occur as it was supposed to-apparently due to the 2006 just coming out and the computer not picking up the new class. These new credits and rates will not occur until your renewals, so if you renewed in 4/06, you will not see the new rating until next April.

In conclusion, if you have not looked to Progressive in the past, you may want to look to them now. One potential problem that for new business, I am not certain if the agents are going to get the correct rating due to the problem in reading the vin. If it were me as the agent, I would do the quote and then call Progressive and have them verify that the classifcation portion is correct. As you can see, compared to my "current" rate of $700, the renewal rate of $450 is a HUGE savings. Add to this the exceptional claims service from Progessive and it's a home run.

Good luck to all and I hope you save a ton of money,

BMort

 

[GreyGoose]

I've only been insured by them for two months, is there a way for me to get some sort of refund if they reclassify?

GreyGoose

 

[BMort]

I've only been insured by them for two months, is there a way for me to get some sort of refund if they reclassify?
GreyGoose

GreyGoose,

It's doubtfull but I guess it wouldn't hurt to ask the agent to inquire. I don't think Progressive wants to go in and make a bunch of changes to all policies. Looking at it from the other side, if their rate went up, you wouldn't see the increase untill renewal.

I just realized that the rate changes took place in CT in May. I would not be surprised if this date differs arount the country by state.

BMort

 

[Cal24Master]

After I saw your post a few months ago, I went back and got another qoute from Progressive. When I first got my 03 they gave me a qoute of about $1,250 /year for 50/100/300, $500 deductable. I had been with them for about 6 years. I went to GMAC through the Rider Magazine program, got the same coverages with $250 deductable for $500/year.

When I got a qoute from them a couple months ago it was up to $1,300/year. They may be different in other states, but in California they are way out of whack.

Tom

 

[BMort]

You are definitely correct, rates can vary by state. I'm always amazed when I read the prices of different policies in different states. My marketing rep claims that they are trying to increase market share on a national basis so keep checking with them, especially after they correct the above rating problem.

BMort

 

[GreyGoose]

Just got off the phone with progressive. They have no idea what your talking about. There listing both states (CT and OH) as a symbol 39.

I told him i was in contact with an agent who is telling me otherwise. He said "no way" , have him call us.

I'm was taking the approach that it was quoted incorrectly initially, which would entitle me to a refund.

You got anything for me to go back with?

GreyGoose

 

[Cal24Master]

You are definitely correct, rates can vary by state. I'm always amazed when I read the prices of different policies in different states. My marketing rep claims that they are trying to increase market share on a national basis so keep checking with them, especially after they correct the above rating problem.BMort

Why would I keep checking with them? They tried to screw me with the highest rates of any major company, and now I have better coverage at a fraction of what they wanted. Just because you say they now want to lower their rates to become competitive isn't a good reason for me to switch. If they lowered their rates to under $350 a year for the same coverage, I might reconsider. You and I both know that isn't going to happen.

 

[krashdragon]

Very interesting...I will call them tomorrow and check...

funny... I bought a Triumph Speedmaster... when I called today for a quote, (I dont' have the bie yet) the lady said the VIN was not in the listing...

Any idea where I should tell her to look for it?

Thanks!

mary

 

[BMort]

Very interesting...I will call them tomorrow and check...funny... I bought a Triumph Speedmaster... when I called today for a quote, (I dont' have the bie yet) the lady said the VIN was not in the listing...

Any idea where I should tell her to look for it?

Thanks!

mary

Mary,

Even if the vin isn't in the computer they (Progressive) can look it up by make and model and place it the right catagory. This is a case where the company may be able to do it easier than the agent. Just ask them to make certain they have the bike classified by the correct "rate symbol" and classification. I'm not certain where the Speedmaster is catagorized. Probably not in the touring class.

By the way, I'm not trying to say Progressive is the best rate in all states. Heck, they probably don't have the best rate for all drivers and all bikes in CT. All I'm saying is it is certainly worth checking into. My old rate-$700, new rate $450. Rates are not the whole story either. Progressive probably has one of the best reputations in the industry when it comes to handling claims. Premium doesn't matter much when you need claim service. The last claim they paid for a stolen bike out of our office was a generous settlement. Even the client was surprised he reciieved the amount . Also, at least in CT, all policies include Guest Passenger Liability. Not all companies automaticallly include it. Not certain how it is handled in other states.

I again stress to all my clients that they should consider the highest Uninsured Motorist coverage they can get. In Ct we can double it. This leads me to another reason I like Progressive over some other companies like Dairyland. Dairyland will only write liability as high as 100/300 for BI. Therefore I would only be able to purchase UM/UIM in the amount of 200/600. I like Progressive because I was able to give myself Bi limits of 250/500 nd therefore my Uninsure/Underinsured Motorist coverage was written at $500,00/$1,000,000. This is coverage for myself and passenger for lost wages, medical bills, permanent disability, pain and suffering etc in case of another driver being at fault and injuring me and he either has no coverage, hit and run or he has coverage but has low limits and thus not hight enough to cover my injuries. Of course everyone's agent already explained this to them. I'm always surprised to hear how proud many drivers are because they are only paying $---- and have "full coverage " with 20/40 liability limits.. In fact I have one client who absolutely refused to purchase anything higher than 20/40/10 and sure enough he was rearended by a girl on a cell phone. He has fairly severe claimed injuries and an attorney. I know his attorney already chastized him for his ridiculouly low coverage. The attorney was probably looking to his Um coverage in the event the other driver has low limits. Well he's going to have to look somewhere else. His Um coverage won't get him squat. Seen too many injuries for me to carry anything less than the $500,000/$1,000,000.

BMort

 

[BMort]

GreyGoose,

Just sent you a personal message regarding your question and stupidly did not read it completelyl. I now see what state you are in. I gave you my phone number so feel free to call me Monday if you so desire. I still believe the reclassification is being done on a national basis but timing may vary by state,

BMort

 

[Dwavey]

$450?!! That's like $73, 539.67 CAD isn't it?

Seriously, at the current exchange rate I pay twice that in BC, even with the best good driving record discount from the public auto insurance corp for liability and acceptance by a private insurer (there's only two that offer it in the province) for collision & comprehensive with a $1k deductible. And we don't have anything near the $ judgements for liability you have in the US. And we have public health care and graduated licencing! And we don't have the higher volume of traffic, legal U-turns at traffic light intersections, or a hand-gun in every other car

If Progressive wants some market share how's about coming to 'Supernatural' (as in a blood-sucking insurance corp :vampire: with ghastly rates) BC?

 

[krashdragon]

Thanks!

Progressive had it listed as street-sport!

Only $108 difference, but that's ok!

Thanks!

paid the difference for me to add my Bandit and the Triumph....<G>

they give multi bike discounts... 3 or more...<G>

Now if the stupid dealer can just fine where they've hidden the Triumph, that would ne nice...

aint' adding it to my policy until i go pick it up....<G>

to quote the service manager.... "It's like the Keystone Cops around here! " <LOL>

Oh well, if they cant' find the red and black one, I'l settle for the blue/black one... the paint changes colors...<G>

thanks

again,

Mary

 

[BMort]

Thanks!
Progressive had it listed as street-sport!

Only $108 difference, but that's ok!

Thanks!

paid the difference for me to add my Bandit and the Triumph....<G>

they give multi bike discounts... 3 or more...<G>

Now if the stupid dealer can just fine where they've hidden the Triumph, that would ne nice...

aint' adding it to my policy until i go pick it up....<G>

to quote the service manager.... "It's like the Keystone Cops around here! " <LOL>

Oh well, if they cant' find the red and black one, I'l settle for the blue/black one... the paint changes colors...<G>

thanks

again,

Mary

Mary,

You made my day. Glad to hear you saved some money. You are right, every little bit helps. And yes, their mutli bike discount adds up. When you add the second two, your first one will also go down in rate. I pay something like $160 each for my 05klr and wife's 02 650vstar.

Ride safe,

BMort

 

[krashdragon]

Well, I picked up the Triumph Speedmaster today, called Progressive and now they owe me $64!

However, I should pbly raise the coverage... I'll check out the higher limit when I get my policy...

so having four bikes is cheaper than two... <G>

Now to figure out the bars on the FJR and find some risers for the Speedy...<G>

Thanks again...

Mary

 

[rivgar]

Hey BMort,

Thanks for the heads up.

I am from CT and I have a question for you.

I got my Progressive insurance policy for my bikes through the internet, so I do not have an ins. agent.

Is there a way I can check on their website if my bike is classified the right way? My renewal date is July 17th so I want to make sure they have it right before reissueing my policy.

Thanks again.

Bill

 

[timk]

If you're an AMA member you might want to check out Allstate. I had Progressive, but am going with Allstate, same coverage, but adding under/uninsured for $322 year. This is for 2 motorcycles. I'm in Ohio, 57 yrs old, 40 yrs riding experience, with no claims. This is still saving me over $100/yr.

 

[BMort]

Bill,

I don't think you can tell by looking at the information on the computer. You would have to call them or you can transfer your policy to an agent (still with Progressive and same rate-agent of record transfer) and have them do the work for you. You might have to explain to the agent what is going on. Some guys that don't ride don't really understand the rating classes. If you called Progressive, apparently as did Mary, you could try explaining to them and hopefully they could correct it.

BMort

 

[Caba]

I was just looking yesterday and Progressive dropped my rates in 1/2 last month! Went from $73 to $34 a month! I thought it was some sort of reduction after one year but this makes more sense. (and that is with a no-fault claim from a deer strike).

They paid the claim on the repair without any problems (although the dealership hates working with them).

$Cool$

 

[BMort]

Rivgar,

An update to your question. Check your policy on the web and see if anywhere it states your symbol as a "39". If so, I think it is in error. It should have a symbol of "43" which is actually higher rated, but now it would be in the"Touring" class rather than "Sport touring". I helped a fellow member today who also had Progressive Direct and they changed the class for him and netted hima savings of $101.

It's worth a call.

BMort