I just got a renewal letter from Progressive Insurance, 60% increase in premiums. No claims or tickets, so I don't know what gives. Time to start shopping insurance again. Anyone using DairyLand, good,bad, whatever?

My Progressive went up from $124 for last year to $143 for this year for liability only. Still way less than Dairyland for me.

State Farm here. No penalty for size of motorcycle like some other companies.

AAAAAAAAAAAhhhhhhhhhhhhhhhhhhhh!
please let that be a USA thing! a 60% increase would force me to hang up my jacket. Or risk riding with no insurance.
Good luck my boy! Sheesh!

I just got a renewal letter from Progressive Insurance, 60% increase in premiums.

Curious, how much do you pay for the zx-14 ?

Hey guys, I dug through the pile of renewal information and found a statement saying that negative information from Experian Credit Reporting Agency was the cause of the massive increase in premium. I'll almost bet I won't get any answers when I call Progressive in the morning. I have 50 days to request a free credit report from Experian. I'm very concerned now, my credit has always been top tier, I'm thinking identity theft, it is rampant.

OK, haven't called Progressive yet but Googled Progressive rate increases and found a lot of information. Progressive checks your credit every six months as opposed to other insurers once a year or every two years, this allows them to jack your rates. They have an insurers credit score based upon reported credit information and get this, it has nothing or little to do with your FICO score but rather see complex algorithms based on things like number of new credit cards applied for in past six months, account balances on card accounts, total number of credit card accounts, late pays, charge offs etc. etc. etc. You could have excellent credit history but if you trigger several of these factors a computer spits out a bad score and your premium goes way up. This sucks!

Most all of the scores are calculated using such factors, request your report from Experian and Equifax, they have to allow an annual review, at least up here in the great white north. All the agencies 'only collect reported data' then they develop their own proprietary scores and sell the shit out of it to whomever thinks it works.
If you see a misreported line etc. you can ask to have it corrected, but it is an uphill battle. The easiest way is to contact the reporting party and see if they can request the line they reported to be removed.

On another note, just got my quote from SF for the 14 and it went down 125 bucks since December, still 150/month though, no collision, just liability and theft etc., getting close now...days are warming up...damn I can't wait to ride this thing....

All is status quo with insurance here. I might add, I am already getting raped!
Wman

NO CLAIMS. That is the key. You claim, they lose money, they raise your premium to catch up. Nothing any more complex about the insurance business than the casino business. The House always wins---or they would go under.

rook wrote:

NO CLAIMS. That is the key. You claim, they lose money, they raise your premium to catch up. Nothing any more complex about the insurance business than the casino business.

Kruz wrote:

I just got a renewal letter from Progressive Insurance, 60% increase in premiums. No claims or tickets, so I don't know what gives.

Rook, please go back and reread my original post, no claims at Progressive....ever.... and my insurance premiums went up based on credit history changes. There are a lot more variables involved here than just claims history, please Google it, there is a wealth of information on how insurers set premiums.

NO CLAIMS. That is the key. You claim, they lose money, they raise your premium to catch up. Nothing any more complex about the insurance business than the casino business. The House always wins---or they would go under.

Right Caps, I just talked to a customer service agent at Progressive Insurance and he went over with me in great detail why my rate went up 60%. Here's the (+)s and (-)s:

(+) My payment history was excellent.

(+) My number of currently open accounts was dead on industry average, so all good there.

(-) My current credit card accounts have been open for less than an average of 20 years.

(-) I have had one late pay in the last ten years, $56 at Verizon/GTE. Have no idea what that was about but will find out if it is even valid.

(-) I have not financed a new car in the past five years. The fact that I financed several motorcycles in that period had no effect on their model.

That was it, based on these factors, rate height of 60%.

I just dropped my coverage on the four bikes I had on that Progressive policy to minimum liability, premium dropped to $24 per month for all four so about $6 per month per bike or $72 per year per bike. How does that compare to what you guys are paying for liability only?

The ZX-10R is on a seperate policy and is due to renew on July 1, I'm sure that one's going to go way up also.

I am with Progressive. I pay $75 per year. Another option is Markel Insurance, but they are a little higher. State Farm is GREAT!! My mom used to work for them, but not usually the cheapest.

I had Progressive with no tickets and no claims. I was just looking around and I ended up switching to Geico. Together with my son's CBRF2 it saved me $500 a year. I had no real problems with Progressive, it's just that Geico was cheaper for the same coverage.

Mad

all four so about $6 per month per bike or $72 per year per bike. How does that compare to what you guys are paying for liability only?

OMG,,,, My ZX14 insurance just dropped. Was 1400 a year now 1200. State Farm. UGH !

Romans I can't get near that!
but I have 2 ten over tickets and one at fault car accident where I swirved out of the way of car coming head on and ruined a curb.
Live in facility is painful.PAINFULL>>>>>>>
Wolf

[quote] OMG,,,, My ZX14 insurance just dropped. Was 1400 a year now 1200. State Farm. UGH ! /quote]

wow!!! thought mine was high at $800 yr for full coverage. gotta love Michigan no fault insurance

My Progressive renewal is next month. For basic 30/60/25 coverage I went from $124/yr to $143/yr. I just got an online quote from Geico for $101/yr for the same coverage (full coverage was $881). So looks like I'll be leaving Progressive.

wow!!! thought mine was high at $800 yr for full coverage. gotta love Michigan no fault insurance

That pricing is under no fault.
It's the accident benefits/health care costs premium that gets you.....still cheaper than medical bills I guess/hope.

State Farm here.... 40 yrs old, clean record full coverage 500 deductibles.. 42.95 a month
If I chose liability only it would be 11.00 a month... So far I haven't found anyone that beats them with the big bike..

I just checked on a quote to add a zx-14 to my policy. It says $1195.

Progressive
300,000 CSL
1000 deductible for coll and comp
Roadside included

$1518 w/ $5,000 medical.

I have medical insurance so I do not have coverage on my policy.
I pay $193 for my 05 Road King and $422 for the 2013 Ultra Limited.

Seems like these bikes are considered much higher risk.

New bike every 10 years...free.

New bike every 10 years...free.

That's the theory anyway but I've had two crashes and two expensive "incidents" in the past 8 years, the math didn't quite work out for me. One of the crashes was a total and with liability only it cost me right at $9000 out of pocket so it's really a crap shoot.

You can never predict when you are going to have an accident, that's why they call them "accidents" and not "intentionals".

A lot of the younger guys cannot afford full coverage, it's enough to buy a new bike every two to three years with the premiums they get hit with..... so they go liability only and part the bike out if they crash. You can usually get most of your money back out by going this route but it is a hassle.

You can also not crash but that doesn't seem to be an option, if you ride long enough you will drop one someday, it's inevitable.