RE: Insurance - Long
Hey gang,
I ended up going with Progressive, through my local agent that handles our car and homeowners insurance. After hearing from listers and reading Consumer Reports (can't remember the issue, but I can look it up, it has excellent advice), I went with full coverage at the higher then normal coverage. I figure for the extra coverage and peace of mind its worth it, especially since I have a wife and kids to look after. For my '96 KLX 650 I went with full coverage (theft, collision and liability). I live in WA state, am 39 years old, clean driving record, got a discount for AMA membership, and experienced rider. The rate is $238 per year with this elevated coverage:
250/500/100 (Bodily Injury/Per Accident/Property Damage
250/500/100 (Uninsured Motorist/Uninsured Motorist Per Accident/Uninsured Motorist Property Damage
Med Deductible: none
Comprehensive Deduct: $250
Collision Deduct: $250
And here's some great advice that I rec'd from someone that used to be an insurance agent. They sent this to me directly, so I edited out some of the personal comments and left the excellent content.
1) Don't buy based on price alone, the quality of the company and it's agents and claims people is far more important than price. I could tell you numerous horror stories about how some other (major) companies attempted to settle claims. An interesting sidelight, I often heard one of the following comments from the people I was dealing with: "My friends/neighbors/co-workers said"
A) "Thank god you're settling with XYZ insurance company" or
B) "God help you if you're settling with XYZ company".
I worked for xxxxxx Insurance Company in the late 70's and they are an excellent company. However, one of the other adjusters in my office was an adjuster from hell, and I wouldn't wish him on my own worst enemy. Bottom line, it's not a black & white issue.
2) Buy from an agent who has insured a lot of motorcycle policies. My agent is very qualified, but he blew it on my liability coverage (more on this in a bit). If the agent is also a bike rider, all the better.
3) I prefer an insurance company with a local agent and claims office. 2 years ago, I was shopping for m/c insurance and I had problems trying to get $$$ quotes over the phone. Most local and/or '1-800' agents would gladly quote a package price, but try to get another price for a higher/lower deductible, more or less liability, with or without medical coverage, etc and it was a real pain! This is not a problem with a local agent. If you're dealing with a local agent, be careful if you're dealing with one of the office 'assistants'. These assistants my be very knowledgeable or ....
4) Price-wise, you will save money if you have multiple policies with the same company (i.e. homeowner's/rental, auto & m/c, boat, etc). These savings can amount to 5-10% on one or more policies.
5) If you've narrowed down you choice of companies, contact the state insurance commissioner's office (by phone or web) and request information about the companies in regards to their complaints. Keep in mind the 'big boys' will have more complaints than the smaller companies.
Lastly here's the poop on my insurance coverage for my 1995 KLR650:
my driving record: clean & no at fault (chargeable) accidents
my age: 40+ years old
residence: WA state
liability coverage: 250/500/100 (BI/PD)
under insured coverage: 250/500/10 (UM/UIM)
personal injury coverage: none (very expensive for very little coverage)
collision coverage $200 deductible
comprehensive coverage $200 deductible
The bottom line: $115.60 for 6 months coverage (and my rates haven't gone up in 9 years).
VERY IMPORTANT INFO about an accident with an uninsured motorist:
I've been dirt/road riding for 30+ years without needing so much as a band aid in that time. All the years that I paid extra for the higher liability/UM/UIM coverage is now paying off. If not for my high UM/UIM coverage, all I could collect for my injuries is $25K. My thinking with paying for the higher limits was if I were to screw up & hurt someone else, I wanted them to be able to collect more than the minimum amount. I never counted on my needing high (UM) coverage, after all, UM claims are not that common & hell, I'm a safe driver & I'll never get seriously hurt - that only happens to the other guy! Well you're talking to one of those other guys!
As good as my agent is, he blew it on the Liability/UM/UIM coverage. He had me down for 100/300 and failed to tell me that for only $5 (five !!!) more every 6 months, I could have had 250/500 coverage [I'm going to fight this under his 'errors & omissions' coverage]. Most companies charge a fair amount more for higher Liability limits than the minimum required by the state. The premium increase does not go up proportionately to the coverage as you buy even higher limits.