Insurance Company Recommendation

So, I live in New York (Queens). Because of this and the fact that my insurance company believes that I am a reckless rider, solely because I own a sportbike apparently, my insurance rates are $240 a month. This is after a multi-vehicle discount (I'm on my brother's policy), a theft-prevention discount (Lo-Jack), and a perfect driving record. I am currently with Geico.

I called in for a quote with All State. They want $500 per MONTH for the same coverage (the minimum).

My roommate pays $31 a month. Of course, she is 29 (I am 24), has a license (I can't afford the $300 class that you are required to take), and she rides a Buell Blast (not a Lightning).

Why do insurance companies hate me? Does anybody have any recommendations for a better insurance company?

Mmmm... Delicious!

State Farm hands down

confuZion3 wrote: Why do insurance companies hate me? Does anybody have any recommendations for a better insurance company?

because you're 24yo.... spend the money on the test and age a little (no tickets allowed) and the price should come down some... a sex change operation should lower it even more...

I am on Allstate for my car (still part of my parents' policy), but a standalone policy from Progessive was about $600 a year cheaper ($700 vs. $96) on my bike, so I went with them for the bike. Progressive does seem to beat everyone else on bikes. Couldn't hurt to get an online quote anyway. I think progressive relies heavily on credit score to set rates, which could explain why they were so cheap for me.

State Farm. They seem to look at engine size more than other factors. Which would explain why a BMW GSA 1200 costs the same to insure as a Victory Vision Tour in their eyes. Hmmm, does one have a whole lot more body work that would need replacing in case of an accident? And yes, that was for identical coverage. No, I do not currently own either of those bikes.

Dairyland Insurance. They specialize in motorcycle coverage, and they're really cheap. I have three bikes insured, one full coverage and two basic. The bikes with basic coverage are about $25/year, the other one is $130/year. I am a lot older and I don't live in Queens, but you should still give them a call.

LOL.You suck at math... or logic. If you can afford $240/mo for bike insurance... and a $300 class will get you from $240 to somewhere closer to $31 how is it again that you can't afford it?

BTW, its really not going to be $31... its going to be more like 15% off of the $2880 you pay now. But... $240x12=$2880/yr. 15% of that is $432 you stand save every year. So the class saves you $132 the first year and $432 every year thereafter.

EDIT: Also... why is it that high again? When I was 19 I had an FZR1000 that cost $800/yr to insure and that was considered to be INSANE money because I could insure a naked bike for something like $175/yr.

More fun for me to consider in the spring. Put it with my car (and all the multi-line I get for living at home) on State Farm, or go to Progressive, on my fiance's policy.

Haha. No, I'm quite good at math. If I spend $300 on the class, my bank account will reach < $0.00 before the next paycheck. There will be two reductions though... a 10% discount ($24 a month) for the MSF course and another for getting my license. Then I turn 25 in June, so I'll be even better then.

I'll go online with the ones you guys mentioned now. I really want them to stop trying to steal all my money.

Hey, when I am looking at these quotes online, they ask for a lot of personal information. Is this going to show up on / or hurt my credit?

If they are pulling credit it will be a soft pull since they are not actually extending you credit, just using the information in their risk assessment. It shouldn't have any effect on your score.

State Farm. I have no accidents or tickets, and insurance for my 2003 SVT Focus is just under $100/month. I'm 22. I am not in New York City, however.

But seriously, take the class and get your license. If you have a car and a bike there should be something you can sell to afford it.

I would guess your insurance is high because you don't have your liscense. That and theft. http://www.nydmv.state.ny.us/motorcycles.htm

$21 - $120 to get yo liscense from the DMV. I normally recommend people take the MSF course, but obviously your lack of riding knowledge isn't stopping you now. Borrow someones 250-500cc motorbike (non-sportbikes work best, although I'd imagine a Buell Lightning would pass the test pretty easy) and take the test at the DMV. You have to pass it during the MSF course anyway..

Wow! Progressive will only charge me $140 per month. Looks like I might be calling them tomorrow-ish.

I have to take a safety course to get my license in New York. I can't just go to the DMV---those berkeleyers.

I badly want to take the MSF though. Not just for the discount, but for the learning experience as well.

Also got in touch with an agent for State Farm. Keep in mind, I have a flawless driving record in cars, motorcycles, and even motherberkeleying planes. Flawless. As in, you can't do any better than me because I have never made a mistake in a vehicle. Ever.

$750.00. Per MONTH!! The agent had to call me back because she thought she did it wrong, "I'll call you with a quote in like 5 minutes. I think there's something wrong with our system," she said. When she called me she was laughing. I knew.

Apparently, my rates would have been $150 per month had I been 25 and not 24. Wow. God hates me.

Wow! I've been with with state farm since I was 16.. NEVER had rates that high

Josh wrote: If they are pulling credit it will be a soft pull since they are not actually extending you credit, just using the information in their risk assessment. It shouldn't have any effect on your score.

I'm aware that they use credit scores, but I'm really not smart enough to figure out how my credit translates into my ability to drive / ride safely ....

In reply to wbjones:

It's not real hard to figure out. Being responsible with money other people lend you is strongly correlated with being responsible with the objects you borrowed the money to buy. It's not 100%, but the link is there, and IMO any company that doesn't take advantage of that info is doing their more responsible customers a disservice.

Edit: forgot to mention, beyond the actual accident risk, people with financial problems are also much more likely to commit fraud.

Grtechguy wrote: Wow! I've been with with state farm since I was 16.. NEVER had rates that high

I wasn't kidding about her laughing either. She was cracking up when I picked up the phone. I said to her, "Does State Farm hate motorcyclists?".

my problem with that is that there are many of us that don't have much of a credit rating because we've not used credit... the last loan I had was 10 yrs ago (car... paid off in 2 yr) no credit card payments nothing.... I end up potentially being penalized because I live within my means....

Not exactly, you get penalized because the companies can't accurately assess the risk you pose to them, and thus they can't reasonably be expected to extend you their lowest rates. If you get a credit card use it here and there every month, and set it up to automatically debit the statement balance from your bank account when it gets posted, you'd likely have a fantastic credit score. Not to mention the cashback and purchase protection benefits that you would achieve for no cost to yourself. If you want access to someone else's money (whether in the form of credit or paid claims), you gotta play their game. If you don't, then what are you complaining about :) ?

I have American Modern for my Ninja 250, costs $150 per YEAR for very good liability coverage, no coll or comp. I'm 30 and live in PA, plus I think the 250 is considered harmless as most fools who crash their bikes won't have anything to do with one.

I agree with the rest, get your license, it will pay for itself, and it kind of important

When I was your age (a long long time ago), I purchased an "assigned risk" policy in order to keep my rates reasonable. It was through a mom & pop insurance company that sought out the best price from a national chain.

Currently, I have Electric Insurance for the daily drivers and Hagerty for the Corvettes. I get a discount with Electric Insurance since I'm an Engineer at GE Energy. Hagerty insurance is very reasonable because they know I drive the other cars more often. Hagerty also insures racecars at all times when they're not being used in competition.

Insurance rates are very messed up. At one point I had a 1976 Chevy Monte Carlo that weighed over 4000 lbm and it cost less to insure than my 1977 Corvette (prior to Hagerty). The part that puzzles me is that at equal speeds the Monte Carlo's heavier weight and steel body would cause more damage (higher liability) than the Corvette. Both cars could easily run at 110+ MPH.

Also, at my current age, I don't feel like I can see as well at night as I could in my 20's. My eyes take longer to night adjust after seeing headlights from oncoming traffic.