Switched from Geico. Yikes, what a difference!

[FJR Flyer]

I will also say we had great service from GEICO when a drunk driver totaled our van (luckily wife and kids were okay). They paid quickly, and gave us way more that I'd figured for a van with 100K miles on it. They even cut a check for the car seat.

That being said, its probably time to shop around. I had GEICO way back and when I got my FJ, their quote was outrageous. I switched to Progressive and it was cheaper than what I paid for just my old XS650. Then I got my DT250, with an historic tag, and Progressive wanted to double the rate. GEICO quoted me cheaper than the single bike rate at Progressive.

So it does appear to be worth the effort to shop around every 5 years or so. I wonder if I call GEICO with a quote from a competitor, they would meet it.

 

[Madmudder]

and I'm now paying $208 a year.... for BOTH.

I can only dream of rates that low!

Here in Ontario Canada, my FJR is $700 for just the basics! Clean record as well.

Who are you with?

 

[rbentnail]

So it does appear to be worth the effort to shop around every 5 years or so. I wonder if I call GEICO with a quote from a competitor, they would meet it.

In my part of the world, no. The GEICO guy basically said, "this is the price for the coverage listed. If you can find it cheaper I'm happy for you."

 

[hppants]

As I previously stated (wrote), I've gone full circle on this issue. When I was a young adult, I bought insurance from the same company as my dad and stuck with them for many years regardless of price fluctuations. I thought that when it was claim time, they would somehow recognize my loyalty.

Nothing could be farther from the truth.

I file one claim after about 15 years and they paid. The next year, they dropped me, along with many others in my predicament.

So I did some research and started believing that the only thing that separates one insurance company from another is their ability to pay claims (financial status). So from that point, at every renewal, I shopped the same coverage from about 5 companies, all of which I know are in good financial condition (AM Best rating meeting my minimum). Then I simply went with the lowest bidder each time.

However, since my recent experience with Geico from my crash, I'm now inclined to give Geico a little latitude, at least until my claim experience is cleaned up (perhaps 3 years).

So I'm painting on both sides of the fence right now....

 

[FJRBluesman]

I was with Allstate and switched to Geico.

A note for all the loyalists, it doesn't pay to be loyal to your insurance company, cable, phone, etc. They gouge you every time after the deal expires.

Allstate had been great to me no accidents/claims for well over a decade, but the cost kept going up. I finally switched all my insutrance, car, home, etc., with other insurance houses, but I cut my costs almost in half! Every few years I'm bolting.

 

['Sheg]

and I'm now paying $208 a year.... for BOTH.

I can only dream of rates that low!

Here in Ontario Canada, my FJR is $700 for just the basics! Clean record as well.

Where are you getting your insurance, I'm paying just over $1000?

 

[Madmudder]

The least expensive I have found are Aviva or Pembridge through Dalton Timmis. I am currently with TD Insurance Meloche Monnex group discount with McMaster University grads.

 

[DennisJ]

I put my insurance out for bid every two years right after I receive the quote for the coming year from my current insurere. I make it a point to call my current insurere and tell them that I am seeking quotes from other companies and usually receive a revised quote for the coming year. Sometimes they beat quotes I have received, sometimes not. I'm retired so I have time to mess around like this, your situtation may not work to well for this approach.

 

[CollingsBob]

I am 64 yrs old, I’ve been riding for 48 yrs..my last speeding ticket was 15 yrs ago...my licence has the most merits on it possible under Manitoba law...and I pay slightly over $1200.00 per year. Keep in mind that our riding season is barely 6 months long. We have to use the provincial insurance company, there are no options.

 

[Bill Lumberg]

F Canada. That’s goofy.

 

[RussRider]

I've worked in the insurance industry for over thirty years. As a rule, I wouldn't say auto (and cycle) policies have teaser rates per se, but some give unusual discounting options. Such as quoting a policy with an effective date that is 7-day out on new business. Progressive offers a handsome Paid-in-full discount, too. Yes, they have sometimes quite disparate rating factors such that one appears to be a bargain today but then seemingly bludgeons a person following a loss.

Let me help by offering a "look under the hood" to see rating mechanics: Whenever you are enjoying a preferred rate and discounting for claims free experience, you are getting the most heavily discounted rates they offer. So, when lady luck pays you an unfortunate visit, you are no longer statistically occupying the 'most preferred claims free' class. So your renewal will likely reflect that. Most state rules (not the company) have a rule which allows the company (or requires them) to charge a surcharge point (a certain percentage on the Liability Part and Collision premium) whenever collision or liability property damage has been paid on a claim over a certain threshold. So that surcharge and the loss of a claims free discount will be applied usually for no more than three years whereupon your rates should drop again. You want the cheapest rate you can get and you deserve it as long as you a part of the class of risk that is lowest in loss experience.

Some companies offer interesting bells and whistles - such as bike replacement (which covers the gap or depreciation for a new bike) or disappearing deductibles which reduce the out-of-pocket expense - usually these have a factored cost that may be added by endorsement, or might be promulgated in the base premium.

Having your policy pay your claim and then the company adjusts your premium accordingly (within reason) is essentially a function of spreading the risk while apportioning the premium according to the risk presented by the policy holder. When I previously had an FJR, my son lived in the house and so my premium on my bike was much higher (because he too was licensed to ride). Since he's moved out and changed his address for license, my new FJR is about 1/3 the cost. Whew!

 

[JamesW]

Age helps I guess (70+), happy with allstate, was told credit rating is a factor also.

 

[roger dodger]

Nothing wrong with Geico (or any well rated company) but they all have to make money. I find a broker who shops more than 1 company can help.

I shop my car and home each year (with a multi-lines broker) and he suggested Dairyland for the bikes(s). I totaled my '02 Connie and they paid more than expected ($5000+) . No increase in premium. I ate the next crash 'cause it was under $500. Today 2 FJRs cost about $400 annual. Keep in mind I just turned 60 with no issues for 5+ years.

Also, I get a number of discounts ... multiple bikes, COG owners group, and Advanced rider course all help a little. Be sure to ask for discounts... they gotta help.

 

[Bounce]

GEICO had a clause in their coverage that limits the miles-per-day they allow (at least on bikes). That, along with their huge rate hikes to pay for their new advertising, is why I quit them back when they started servicing more than their name meant (Government Employee Insuance COmpay).