Kruz, my insurance guy put it like this: All insurance companies have to be backed by some outside entity to ensure that they will be able to pay all claims. Even in the most extreme situations (such as multiple policy holders in a hurricane zone making claims for the value of their home), the insurance company is protected from insolvency by some outside entity. This is the same relationship all US banks have with the FDIC. For example, FIMA (our Federal Government) is the entity that backs insurance companies that provide flood insurance. I’m sure State Farm profits from the sale of flood insurance because when there are no floods, they're not paying out. FIMA protects them from being overwhelmed with the cost of paying claims when they are paying out. An insurance company doesn’t have to provide flood insurance. State Farm doesn’t provide flood insurance in Florida right now. I presume the chances of flooding in Florida are so high that it’s more or less assured State Farm will be relying on FIMA to bail them out before there would be any chance to profit. The 6.1 billion dollar loss of State Farm sounds devastating but as with any business, the market ebbs and flows. Insurance companies know this and are ready to deal with the lean times. Insurance companies are one of the most calculating and lowest risk taking businesses that exist. They have to be because their customers are people who do take risks.
My insurance guy is a sportbike person. He owned an R1 before moving here.
My insurance for my 14R will be $191.80 for 12 months, liability only. This is the about the same that I paid for my 2008 ZX-14. Michigan is a crappy State for auto insurance but that price isn't bad.
* Last updated by: Rook on 6/5/2024 @ 4:09 PM *
08 MIDNIGHT SAPPHIRE BLUE ZX-14 Now Deceased, will be resurected
2024 ZX-14R bran friggin NEW!