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Author Topic: Insurance is definetly a racket!  (Read 1571 times)

Offline potshot

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Insurance is definetly a racket!
« on: February 24, 2007, 07:20:20 PM »
I've allways gotten dicked around when comes to finding reasonable insurance quotes. I usually just save up and pay cash for a vehicle,insure it for liability only then guard it with my life.

When I bought the Busa I was making better money at the time so I opted for full coverage even though I paid cash for the bike and it wasn't required. In CA the best rate I could find at the time was about a $1000 a year. The last few years I haven't been getting enough work so I have had to down grade to liability only. Still spending about $500 a year.

I put AAA roadside assistance on my truck and bike last year when I was planning a summer road trip and I switched my truck insurance over to them also since they were a couple of bucks cheaper and mine was expiring. I had them give me a quote on the bike and I was looking at the usual $1000 for full or $500 for liability. I allready had liability on it through McGraw so I told them I would check back with them when it expires.

McGraw wouldn't do lump some annual payments. I had to pay every six months. When I got my latest statement I decided to do an experiment. I photocopied it and changed the starting date on it so it looked like the $256 billing amount was for the whole year for liability. Then I went down to AAA with this statement,my bike and registration and I talked to a different insurance rep. She set me up for one year full coverage $460!! I thought something was up,there has to be a catch or a mistake but I just got my statement and insurance cards today and thats it. $460!

Just go's to show you that those fuckers will charge you whatever they think they can get out you. A little forgery and some BS and the problem is solved.

Happy Haulin!

Offline jimmygsxr

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Re: Insurance is definetly a racket!
« Reply #1 on: February 24, 2007, 07:33:12 PM »
As you say a racket for sure, I think if you don't use the insurance for the year you should get half back.
the insurance companys will still make alot of money
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Offline DJ

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Re: Insurance is definetly a racket!
« Reply #2 on: February 25, 2007, 12:08:14 AM »
I hate to burst your bubble, but numerous guys on this site are paying between $200-$300 a YEAR for full coverage.

Some ins agents, in SOME states classify the Busa as a touring bike. it gets insured like a cruiser.

In my state they insure it like a gsxr....the most $$$ they can get.

Try Farmers.

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Offline Chet

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Re: Insurance is definetly a racket!
« Reply #3 on: February 25, 2007, 12:20:09 AM »
FYI -
I believe DJ is right - It's in your best interest to shop around to find the best possible deal.

Chet

Offline potshot

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Re: Insurance is definetly a racket!
« Reply #4 on: February 25, 2007, 03:05:35 AM »
I've shopped till I've dropped and haven't gotten anywhere close to this deal in California.

My buddy only pays $280 for full coverage on his but... he has 6 other bikes,2 cars,1 truck,an RV and his house with the same insurance company. He also has other perks that get you cheaper insurance that I don't have like being married,home owner,good credit and lives in a better neighborhood.  We are both in our 40's,have been licenced riders since we were 16 and have good driving records. I was thinking about signing my pinkslip over to him and have him insure it and list me as another operator but he decided to file for divorce so that fucked that scheme up.

He's crying now. The divorce isn't even final but his insurance company has jacked up his rates around 60% just because he is separated.

I'll keep my eyes open and continue to shop. If anyone knows of any better deas in So. Cal. sound off I'm sure me and everyone else will be on it.

Happy Haulin!
« Last Edit: February 25, 2007, 03:09:50 AM by potshot »

Offline HOS

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Re: Insurance is definetly a racket!
« Reply #5 on: February 25, 2007, 07:13:46 AM »
Same over here.
Bike insurance is a major headache and rip off !

Take my case:

47 years young, professional career, at least 35 years riding experience, had shit loads of bikes over those years.
Reasonable neighbourhood, good safe(ish) place to keep bike.
No "No claims discount" as not had bike insurance for long enough since my bike smash in 2001.
V.experienced road rider.

With my latest Busa I telephoned around for insurance quotes..... after making 10 or more phone calls I had
been refused quotes due to no "No claims discount" on a bike. Not my fault, but no quotes for the Busa.
Couldn't get cover at any price.

So.... I went to one of the main UK brokers and asked about their multi bike policy.
Two bikes for me... one Busa and one Jap classic pre 1980, both insured fully covered for £630 no problem sir.

So how and why is that ?  10 no quotes on my Busa and then two bikes fully covered and no problems.

Thats just one example of how messed up the insurance industry is  :thumb:
I have no more sh*ts to give.