Insurance extortion?

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rick in seattle said:
Judging from the responses from the recent thread on our ages, most of the US members of this forum could join me as a policy-holder in AARP motorcycle insurance. I know, I know, its hard to come to grips with us as actual or potential retired folks, but their insurance, through Foremost, was the best deal by far that I found when I insured my Victor a few years ago. My current policy, covering both the Victor and my Norton Mk3, and including big liability limits and towing, costs around $800'year. Insured value is set by "agreed value", in my case a total of $16,000 for the two bikes. Anyone over 55 qualifies. Old guys (and gals) rule.

Is that insuring both as daily riders? That's a lot of $$$ for insurance for antique bikes. That's gotta be 4X as much as you'd pay with the classic car insurance companies.
 
I have 3 cars and 2 bikes, and a house through State Farm Mutual.
Make sure it is mutual, some secondary subsidiaries out there are not the same State Farm.
They will be here after the next major natural disaster.
Never had a problem w/ making a claim, house or Harley.
Rates are affordable.
Norton is insured for $8,500.00
Around a $100.00 a year, or $8.00 a month
I ride it at my leasure and do not have to be mileage conscious or any stipulations.
Just wanted to be able to replace unit if stolen, burned up in my garage etc...
Just make sure in these economic times that the company will be here next year!!!
Cheap isn't always better as some find out the hard way when you need to make a claim.
Marshal
 
MEHAVEY said:
...they don't cover you if you ride it to work....

They don't cover you if you regularly ride it to work ? ...or if you just happen to ride to work on one of those 2,500 mi/yr days ?

Specifically disallowed. I guess they figure if you're riding to work, it's a commuter. I do occaisionally ride to work and park it under the security camera. My biggest fear is some idiot backing over the bike with a car in the parking lot... probably not covered for that.
 
As is usually the case, the board has given me good info that I can, literally, take to the bank. My policy with AARP/Foremost was indeed for daily drivers, even though I had specified the motorcycles as collector bikes. As such, their premium was 40% lower than all others. I've just insured both bikes with Hagerty for under $200/year. This insurance covers extended towing, but is a bit light on liability, as they will only insure to the state-required minimum for motorcycles. Still, the risk in going with Hagerty is managable (I never ride two-up or in dicey weather) and the cost savings is substantial (factor four, as tpeever pointed out). I'll move my TR3A over to them this spring.
 
Just a heads up about USAA's new motorcycle policies. While it is true that they are not offering new motorcycle policies anymore, if you have a grandfathered in motorcycle they will continue to underwrite any bikes which you want to add. It took going through a couple levels of service people on the phone but that was how I got full coverage on my BMW and the Norton.
 
rick in seattle said:
As is usually the case, the board has given me good info that I can, literally, take to the bank. My policy with AARP/Foremost was indeed for daily drivers, even though I had specified the motorcycles as collector bikes. As such, their premium was 40% lower than all others. I've just insured both bikes with Hagerty for under $200/year. This insurance covers extended towing, but is a bit light on liability, as they will only insure to the state-required minimum for motorcycles. Still, the risk in going with Hagerty is managable (I never ride two-up or in dicey weather) and the cost savings is substantial (factor four, as tpeever pointed out). I'll move my TR3A over to them this spring.

Glad to hear you were able to save some money! My Hagerty policy lists 100,000/300,000 for bodily injury liability, 100,000 for property damage, 100,000/300,000 for underinsured driver plus 25,000/50,000 for passengers. Same as my automobile policy. Who at Hagerty told you that they only insured up to WA state minimums? If so, I need to find out what's going on!!
 
pelican said:
I hate insurance- all kinds, but not going to start that debate... They even have a yearly tax here based on your vehicle's value! As of now tax on my commando is over 300/yr. Any other states have this?


Here in Commiefornia, We don't have that ..................................yet.
 
Holy Cow, NC has a huge tax on antique m/c's? We have personal property tax on cars in VA, we pay about $500 for 3 relatively new cars, depends on the county. I think the antique rate is next to nothing.

Dave
69 S project
 
It's not just antique mc's, but any vehicle you own. They send you a bill with the year, model, and the assessed tax value. No way to fight it
 
tpeever,

I applied to Hagerty using their online system. During that process, Hagerty states that, for motorcycles, they only offer liability and uninsured motorist coverage that conforms to state minimum requirements. That is, there is no option to increase this coverage. Thus, while my auto liability coverage is 500,000/500,000, my motorcycle coverage from Hagerty is only 100,000/300,000, the WA state minimum. Like I said, it's a little light.
 
rick in seattle said:
tpeever,

I applied to Hagerty using their online system. During that process, Hagerty states that, for motorcycles, they only offer liability and uninsured motorist coverage that conforms to state minimum requirements. That is, there is no option to increase this coverage. Thus, while my auto liability coverage is 500,000/500,000, my motorcycle coverage from Hagerty is only 100,000/300,000, the WA state minimum. Like I said, it's a little light.

WA minimums are 25/50/10

http://www.dol.wa.gov/driverslicense/insurance.html
 
pelican said:
It's not just antique mc's, but any vehicle you own. They send you a bill with the year, model, and the assessed tax value. No way to fight it

There's property tax on all vehicles here in CT as well. Based on blue book value and whatever depreciation formula they use, and it varies by town/city. In my town they're reasonable about adjusting assessment values if your vehicle is a clunker for example.

Fortunately the state has a program where any registered vehicle over 25 years old can get "antique" status and the assessment is fixed at $500 for tax purposes. Unfortunately the license plates have Early American on them.. I can't seem to bring myself to insulting the Norton that way.
 
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