Posts
1657
Joined
10/18/2014
Location
Beer City, MI
US
Edited Date/Time
5/25/2015 7:21pm
So I got some quotes for insurance on a road bike I'm buying (2013 Yamaha FZ-8, brand new, 0 miles). State Farm was the best price around, roughly $700/year. Progressive and Allstate were both higher at about $1300 per year. But get this: GEICO was $6300 (yeah, sixty-three-hundred!!) per year. So I called GEICO thinking that I did something wrong when I filled out the app and they said "nope, you did everything fine, that's just how much it costs..." They didn't even express any interest in lowering that price at all to try and earn my business. Obviously I was pretty unhappy with that, so I canceled my auto policy with them, moved that over to State Farm and the guy goes "oh cool, now your motorcycle is only like $600 per year". Great!! So now I'm curious and I ask "now what if I get rid of my GEICO policy on my KTM (which was only like $300 /year) and move that over to you guys too??" He goes "honestly man, you'd get everything insured for cheaper (and the KTM for free) just because that qualifies you for a multi-vehicle discount on your moto policy. The policy for that KTM is only $150/year and the savings is greater than $150, so you'd be stupid not to..."
So, moral of the story is, GUCK FEICO, and make sure you shop around for prices on this stuff, cause there's a lot of ways to rip people off from the sounds of it...don't be fooled by the little gecko
So, moral of the story is, GUCK FEICO, and make sure you shop around for prices on this stuff, cause there's a lot of ways to rip people off from the sounds of it...don't be fooled by the little gecko
They thought you said Corvette Z06.
And someone has to pay Tomac's salary too...
That is a crazy quote, they must have just put street bikes into an ultra-high risk category or something. Meaning they basically don't want that business.
The Shop
If you're a captive agent, it sucks for writing new business at times and makes it difficult to keep policyholders who price shop. If you go to an independent agent, there's a chance that they can find another company that's at the point in the cycle where they are "buying" business.
The best pricing I've found in the last 10 years consistently has been the Ameriprise policies through Costco. But they don't do motorcycles, unfortunately. I'd recommend anyone check out there auto and homeowners rates if they find their current policies are going up.
Post a reply to: Guck Feico