Guck Feico

TailSoHard
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

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motosmith
Posts
2039
Joined
11/8/2010
Location
Washougal, WA US
5/22/2015 2:15pm
$ 6,300 can't be right. They must be confused.

They thought you said Corvette Z06.
APLMAN99
Posts
10106
Joined
4/1/2008
Location
Dallas, TX US
5/22/2015 3:58pm
TailSoHard wrote:
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...
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

If an agent ever offers to "lower the price" be very wary. Insurance rate formulas have to be filed with the insurance commissioner in every state I'm pretty sure so if he's changing your rate it's because he's changing your coverages. .....
AZ35
Posts
2266
Joined
6/1/2008
Location
Glendale, AZ US
Fantasy
550th
5/22/2015 4:09pm
That little green foreigner lizard doesn't work for free.

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.
burn1986
Posts
9779
Joined
4/16/2010
Location
bossier city, LA US
Fantasy
3311th
5/22/2015 5:13pm
TailSoHard wrote:
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...
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

OMG! What were they thinking?! Sounds like they need a letter written. That is completely ridiculous!

The Shop

TailSoHard
Posts
1657
Joined
10/18/2014
Location
Beer City, MI US
5/23/2015 7:58am
TailSoHard wrote:
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...
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

APLMAN99 wrote:
If an agent ever offers to "lower the price" be very wary. Insurance rate formulas have to be filed with the insurance commissioner in every state...
If an agent ever offers to "lower the price" be very wary. Insurance rate formulas have to be filed with the insurance commissioner in every state I'm pretty sure so if he's changing your rate it's because he's changing your coverages. .....
See that's what I thought too, but for them to have me at such a high rate right out of the box just seemed a little ridiculous. The guy didn't even offer to play with the coverages. And $6300 was for 20/40/10, which is their cheapest option anyway... I couldn't believe it would be that high
TailSoHard
Posts
1657
Joined
10/18/2014
Location
Beer City, MI US
5/23/2015 8:00am
I've also heard people say that Michigan is one of the states with the highest insurance costs for motocycles because they charge a "catastrophic claims fees" which is because you're not required to wear a helmet (I think). But still, State Farm is charging me that fee and they're still half as much as Progressive and Allstate...
APLMAN99
Posts
10106
Joined
4/1/2008
Location
Dallas, TX US
5/23/2015 10:57am
TailSoHard wrote:
I've also heard people say that Michigan is one of the states with the highest insurance costs for motocycles because they charge a "catastrophic claims fees"...
I've also heard people say that Michigan is one of the states with the highest insurance costs for motocycles because they charge a "catastrophic claims fees" which is because you're not required to wear a helmet (I think). But still, State Farm is charging me that fee and they're still half as much as Progressive and Allstate...
Rates usually go in cycles. Companies will file a product that reduces the rate for most risks in order to bring in more policies, then when their exposed risk rises to a high level based on premiums they file a "new" formula to discourage certain risks inside of that product.

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.
mxb2
Posts
22488
Joined
6/15/2010
Location
Bowie, MD US
5/23/2015 11:59am
do it like the wheelie boyz, no fucks given. Grinning
markit
Posts
2638
Joined
1/10/2013
Location
Bogalusa, LA US
5/24/2015 6:33pm
State backed theaves. Nuff said.
5/25/2015 6:01pm
sounds like one is full coverage and the other is liability only, might wanna make sure whats covered.

XXVoid MainXX
Posts
7733
Joined
5/25/2012
Location
Schenectady, NY US
5/25/2015 7:17pm Edited Date/Time 5/25/2015 7:23pm
I have a 2014 ZX10R and I am paying right at $75 per year (Progressive). I have 2 ZX6Rs that I pay even less than that for. I don't do full coverage on bikes. I take the money I save and put in the bank. If I crash, I just fix it myself with the money I save or get a new bike. No big deal. Can't see lining someone else's pockets. In fact I had State Farm on all my 4 wheel vehicles for the last 20+ years until about a month ago I switched all of them over to Progressive as well. Paying a little over half what State Farm was charging me.
Team Ideal
Posts
1142
Joined
9/22/2008
Location
Ste. Marie, IL US
5/25/2015 7:21pm
Damn, that sucks. I can't say enough good about Geico, I had both our bikes fully covered for around 300 a year. I sold one and it only knocked 75 off but its always cheaper with two. Just bought a new Yamaha Viking SxS and a years worth of full coverage with 500 deductible is only 150, hell, I didn't even shop around after getting that price

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