When is ONE more than TWO?

[3000psi]

I went to add my fjr to my Progressive insurance policy and had a bit of a surprise. I currently have my Magna insured and the premium is $150/year. It will cost $500/year to add the fjr. I asked the agent how much the premium will be for the fjr if I sell the Magna. The answer is $720/year. Huh? Why is that I ask? Multi-vehicle discount she says. OK, I understand multi-vehicle discounts but that usually means that 2 vehicles together are less than two vehicles separately but not that one vehicle is more than two vehicles. So I asked "If I sell the Magna, you are going to ask me for more money instead of giving me a refund?" Yes, that is right she says. Well I guess I won't be telling you when I sell the Magna. Maybe if I add a scooter, my rates will go down again!

SS

 

[keithaba]

That makes absolutely no sense....

Leave it to the insurance agencies to baffle our minds.

 

[JimLor]

I've never understood insurance rates - kinda like gas prices. I had the same deal with cars. Sold one car and my insurance went up - I forget the reason, but I'm sure it was a doozy. I think that you basically have two choices with insurance, take it or leave it - not much barganing power for the consumer. Plus living in N. VA is just another bonus!

 

[jwilly]

That's pretty crazy!! Shop around, I got quotes from $300-1500 when I first bought my bike. Search the forum for the word insurance and then sit back and start reading!!

If nothing else it will give you some company names to check out.

Good Luck!!

JW

 

[3000psi]

I've never understood insurance rates - kinda like gas prices. I had the same deal with cars. Sold one car and my insurance went up - I forget the reason, but I'm sure it was a doozy. I think that you basically have two choices with insurance, take it or leave it - not much barganing power for the consumer. Plus living in N. VA is just another bonus!

Hi Jim! Hope it is ok to hijack my own thread for a second. We met last year at Haymarket Sheets when I came out on my Magna to drool at the FJRs. I gave you a "special thanks" in my introduction post. Got the 07 Saturday and taking it in for the 600 mile service today. I hope to meet up you folks for one of the SE rides.

SS

 

[JimLor]

Thanks for the thanks and you're welcome! I'm sure we'll meet up again and I'll keep you in mind next time I head out. I'll often do early morning rides on Sat/Sun AM, maybe one of these. Unfortunately, my one early morning event this weekend will be at the shooting range for this weekend so no early bike go.

Jim

 

[v65]

It helps to keep things in perpsective - somewhere there is a statistician getting paid gobs of money to come up with this stuff.

 

[shokdimn]

Leave it to the insurance agencies to baffle our minds.

I've never understood insurance rates - kinda like gas prices.

That's pretty crazy!!

My 2cw. It seems everyone but the ins cos recognizes a vehicle as a depreciating asset/item. In all the years of owning a vehicle, I’ve never had a reduction in comp or coll premiums that corresponds to the aging vehicle’s diminishing value. <_<

 

[Inlaw1]

Here's my recent encounter with insurance companies. I wanted to renew the liability only policy on my 01 CBR 929 and decided Progressive, whom has insured it since new (liability only) was charging too much. I found a couple of policies, one through the company that insures the FJR, Foremost. And one through another company called Allied. Both were comparable in pricing saving me around $60/yr. Considering Progressive was up to $140/yr for liability only, this was a significant savings.

Only this is where it got convoluted. Since I have a higher rate of liability and uninsured motorist (along with comprehensive but no collision) policy on the FJR Foremost would not insure the CBR without me adding both the higher limits and the uninsured motorist. What the hey?!

"So" I ask, "in my quest to save money by insuring both my bikes through the same company and get a multiple bike discount I'm actually going to have to spend more money?"

"Yes, I'm afraid so."

"Why?" I ask.

At first the Agent couldn't answer my question and it took a day or so and finally a supervisor for a logical answer. It turns out that liability and uninsured motorist follows the individual, not the vehicle. Even though you buy it for the vehicle, it actually insures the individual. Since I had higher rates on the FJR I could claim against FJR policies even if the incident were with the CBR (and it's lower rates). So they want both to have the same coverage.

I asked "So, I can just get one policy and use it for both bikes then, right?"

"Well..... technically, yes."

However if you live in a State that requires you to have an ID card showing a policy to that vehicle then I'd be in trouble as the insurance company won't give you an ID card for two vehicles. Maybe I'll just get me a three month policy on the CBR and if anything happens I can (legally) claim on the FJR's liability or UM.

I went to Allied and the cheap liability on the CBR and said nothing about the other bike so there wouldn't be any hassle and I've insured both bikes like Texas wants.

Sheez!