Insurance companies...warning possible rant material - Honda RC51 Forum : RC51 Motorcycle Forums
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post #1 of 33 (permalink) Old 06-19-2012, 01:46 PM Thread Starter
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Insurance companies...warning possible rant material

I freaking hate insurance companies! Here I am at age 55, been riding for 41 years (legally) on the street, never had a claim or an accident, and have no citations on my abstract at all. What irks me is getting lumped into a category called "facility" (it's also where they stick non moptorcycle endorsed riders to buy insurance...yes no f***ing license at all) with all the wet behind the ears noobs and dorkwads because I ride a so called 'supersport' bike (call it an RR, a crotch rocket or whatever) so there is only one underwriter in the entire country that will touch it. Exhorbitantly so I might ad.
Case in point: my other bike...a 2009 GL18000 Goldwing, fully decked as what you in the States would call a level 4 (all the bells and whistles). PL/PD, fire & theft, comprehensive, and collision. Paid new $27k CDN. Premium $600 annually. 2003 RC51 retail value (paid) $4500. PL/PD, fire & theft (no comp or collision). Premium $750 annually. Comp and collision would bring the premium to over $1500/year. Agent says it's 'because of the bike it is', and has nothing whatsoever to do with me, my driving record, or where I live (rural low traffic area). Funny though when it comes to my Wing, or my automobiles it has everything to do with me, my record and where I live. Because it goes down that way!
I know they can pull stats that say sport bikes (600 cc and up) have a high incidence of crashes and thefts. But those same stats also show the ridership of these incident stats are typically under 25 year old males that are single and have limited road experience and licensed time on their bikes. They also typically have multiple moving violations and/or suspensions to their credit. Not sure about how you all get treated where you live by the powers that be in the insurance game, but that really pi$$es me off! However if I wish to license and ride my RC on the road legally I pay it. I'm also looking for another insurance agent. I'll likely get penalized for not having a long term history of claim free coverages and will have to pay more on my house. But I'm fed up with being hosed (therer's way more to this that I won't bore you with about my current agent's stupid mistakes) by a company that I have been loyal to for over 25 years. It's just the last 3 years have benn inexcusable with screw ups.
Anybody else getting the shaft?

Duct tape can't fix stupid...but it sure helps muffle the sound
'03 SP2, '09 GL1800

Last edited by budoka; 06-19-2012 at 01:49 PM.
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post #2 of 33 (permalink) Old 06-19-2012, 04:45 PM
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yes, but i don't even want to get started because i won't stop. Largest group of thieves the world has ever seen.

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post #3 of 33 (permalink) Old 06-19-2012, 06:08 PM
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Soooooooooo my measly $300 / year wouldn't piss you off would it??



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post #4 of 33 (permalink) Old 06-19-2012, 06:18 PM
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I actually don't pay anything for either the Apes and the RC, it gives me a discount. Its the triumph with full coverage that is a big hit....its not too bad though. My biggest issue, is insurance companies when an accident happens (referring more to my car) and they do everything to get out of it or try everything to replace stuff with cheap aftermarket parts.....most will do everything NOT to replace with OEM parts. Or because the fact i live in CO, not paying for a windshield after a rock hit and cracked it.

2001 Honda RC51 SP1
1996 Honda CBR 900RR
2003 Aprilia RSV Mille R
1999 Aprilia RS50
2012 Triumph Daytona 675R (Sold)
2010 BMW S1000RR (Sold)
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post #5 of 33 (permalink) Old 06-19-2012, 09:15 PM
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They've got you over a barrel and they know it... It's wrong, but you're committed to buying insurance because it's a legal requirement. But there may be ways to reduce it.

Just for comparison there are other systems. In Japan the bi-annual inspection includes a payment of some $150 USD which is compulsory basic insurance for 2 years for a bike.
Thereafter people can pay extra to their individually chosen insurance company for further liability cover if they want.
So I don't bother with my own bikes, cars, etc. Hate the idea of getting ripped off for insurance. If I crack a windscreen whilst driving I'll pay for it out of my own pocket and if I should have an accident (Not prone to them, so that would be unlikely) then I'll cover the cost of my own repairs.
Insurance premiums go up when the insured makes a claim which essentially covers the costs of repairs - and insurance companies can remain profitable.
It's best to reduce the costs as much as possible and take responsibility where you can.
Sometimes raising your excess helps, or even switching companies to get good introductory discounts.

With only basic cover - Even if you should have to repair your own bike if an own fault accident occurs in the long run the cost will probably be less than the increased premiums will cost you. Hope you work it out anyways.

Euro RC51 SP2: HRC WSB Ti Hi-Level, T1 Airbox & Snorkel, PCIII, Dymag CA5 Carbon Wheels, Ti64 Spindles (F, R & Swing Arm), Mori Link, Maxton GP7 Shock & Ohlins 832 Forks, Brembo GP Calipers & SBK narrow track (F), Braketech Disc (R), Brembo billet Underslung x 2 Brembo RCS, Tyga Triple, 7075 Stem, Probolt Titanium all over, Babyface rearsets, MR Complete Carbon Lineup, Custom Undertail & CBR 1000 LED, Watsen LED Indicators, Harris Brace, Giles clip-ons, Corbin seat, etc. 2013 BOTY.
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post #6 of 33 (permalink) Old 06-19-2012, 10:50 PM
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It sounds like Budoka's main problem is a lack of competition with insurance carriers.

Any time there's a lack of competition (either government allowed or not) there's the natural tendency to jack up rates as much as possible.
Especially if you add the government requirement to have coverage.

Most companies would give their left nut to have government mandate you buy their product.
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post #7 of 33 (permalink) Old 06-20-2012, 01:41 AM
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I put 5 months of BASIC insurance on my RC $470 bucks. My Buddy I sold BOTH of my CBR600's too insured BOTH with basic for 4 months for $390............. My real bitch is I'm listed as Principle operator on all my vehicles yet ICBC offers no multiple vehicle discount unless you have a fleet policy which takes two or three years to get.

'01 RC51 w/ Chinese plastics, PC2, Flapper Mod, PAIR delete, Yosh highmount, -1/+3 Gearing, Hot Bodies Undertail, Proton Fronts, Zero Gravity DB, Speedo Healer and HyperPro Damper.
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post #8 of 33 (permalink) Old 06-20-2012, 10:45 AM
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Sorry budoka I don't have any answers or help in this situation as I am being screwed by ICBC...the holier than thou Insurance Corporation of British Columbia. They are so nice with their new 40 over impound law, that everyone I know goes and rides down in Washington state.

How about this one...taken right from ICBC's website,



2. Seating Requirements


Motorcycle operators and passengers must be seated with their feet on foot pegs or the floorboards at all times (even when the motorcycle is stopped at an intersection).

Tell me how the hell do I stay stopped at a light with both my feet on the pegs?

Whoever is writing and legislating these new mc safety laws is an idiot.



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post #9 of 33 (permalink) Old 06-20-2012, 11:54 AM
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Quote:
Originally Posted by nobody View Post
Sorry budoka I don't have any answers or help in this situation as I am being screwed by ICBC...the holier than thou Insurance Corporation of British Columbia. They are so nice with their new 40 over impound law, that everyone I know goes and rides down in Washington state.

How about this one...taken right from ICBC's website,



2. Seating Requirements


Motorcycle operators and passengers must be seated with their feet on foot pegs or the floorboards at all times (even when the motorcycle is stopped at an intersection).

Tell me how the hell do I stay stopped at a light with both my feet on the pegs?

Whoever is writing and legislating these new mc safety laws is an idiot.
I think you must have been reading the seating requirements for a trike! lol.

I'm not going to complain about my insurance here in the states. I pay $350 for mine, fully covered. England was a different story, probably 5 to 10 times more expensive than the states due to theft, deaths and crashes. You can't even ride anything bigger than a 500cc before the age of 21.

2000 RC51 SP1
2007 Yamaha YZ450f
2002 Yamaha YZ125 (sold)
2007 Triumph Speed Triple (sold)
2004 Triumph Speed Triple (sold)
2001 Suzuki GSX-R 1000 (sold)
1996 Honda RVF NC35 (sold)
1983 Kawasaki KX60 (wrecked)
1982 BSA Scrambler (wrecked)
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post #10 of 33 (permalink) Old 06-20-2012, 12:11 PM
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Yes, insurance is nothing more than legalized extortion especially when financing a bike, but for the real reason the exorbitant costs can be justified by the underwriters just look at your fellow rider...

Too many fucktards wadding their shit at the track then claiming a deer ran out in front of them, too many asshats stunting on the streets then padding their bank account with the insurance money and just too many inept riders using bikes for a part time adrenaline rush until they move on to some other hobby that impresses the girls... Happens all the time.

I'm a married over 40, home owner that has never filed an insurance claim in my life, but they still wanted $1700 a year to insure any one of my literbikes so I just cancelled all the insurance one day.

Soon after I got a letter from the finance company saying they were going to automatically add their own insurance to my monthly payment. I called them up and told them to make sure they record this phone call and explained to them flat out and in great detail that my bikes were now track only bikes and that all of them had been crashed at least once if not more and that if they assessed additional monies on my account for insurance that I would stop paying the monthly note. I went on to tell them that since I no longer lived in the same state they thought I did that they were more than welcome to come repossess the bike IF THEY COULD FIND IT.

Never heard from them again on the matter, payed off the remainder of the loan(s) based on the prearranged payment schedule and all is well.
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