Why is my insurance quote 10 times high than closing year?
So, i got my motorcycle license last summer and bought a 2003 Kawasaki ZX6R for $5000. My insurance from Progressive be $1700 for the year (full coverage). I rode it for two months before it got stolen. In those two months i get one ticket for straddling lanes. Once the bike got stolen i get all my money back. Now, I'm looking to procure the same bike again. I just call Progressive and they want $6056 per year for full coverage!! And if i were to buy a brand new 2007 model it would be $10000!!
So, $6056 for a $5000 bike?
And $10000 for a $9000 bike?
What give? One ticket and the theft did this? I don't get it. What are my option?
Answers:
Yep, unfortunately it will hit you hard for the first 1-2 yrs because insurance companies rate totally highly for recent activity......since you own one tic and a total theft.....you will pay the price for awhile....
Anytime your insurance pays for anything....you can expect to see a metamorphosis in your premium if it is over 501.00 and if you add tickets to the mix it get worse.....
It stinks cause it all happen in a short period of time but the righteous news is that it will go down adjectives at once too....
Try to up your deductables and carry just what you requirement to but always make sure you aren't below insured too...
Good Luck
are you seriously asking this because you don't know? you got a ticket and a claim that paid out 5000. yeah....imagine about it Source(s): agent
Seems simple to me...you have a ticket on your record and you've have a stolen bike claim.
Welcome to the real world! Unfortunately this is your reality. Insurance fraud is one principle people are paying higher ins premiums. YOU RIDE A MOTORCYCLE - a crotch rocket as I close to to call them. THAT IS A RISKY BEHAVIOR - for the insurance world. You have a ticket - for straddling lane - another risky behavior. Your bike was stolen - and you GOT YOUR MONEY BACK!. Not that I don't believe that you are an honest individual - but there are those out within who would claim the bike stolen (when it really wasn't) and then take the insurance money...... (WHAT A SHOCKER - but yes, it does happen). So, reason of it this way - having read the above information and you be the insurance broker and had to provide insurance to this individual - Wouldn't you make him foot a little more for it.
Also, your age will impact your insurance - most young men (under 25 ) are considered "superior risks"
Shop around - but you may not find things much better. (Also depending what state you live in - insurance premiums can be very elevated - fraud etc as mentioned above.)
Good luck - AND STOP STRADDLING THE LANES - next time you may not be so lucky (having a cop stop you) - it may be another motorist who DIDN'T SEE YOU - and smacks right into you.
I agree that the theft of your previous bike is have a major impact. The moving violation doesn't minister to much either.... I'm going to assume that you live in a furnace, fairly densely populated area? I'm pretty much floored by these amounts also.... insurance is a cruel business, auto, health, home, property, any of them. We basically retribution to protect our investments and in turn, we are expected in tons cases as consumers to not use what we've purchased.
Keep searching, perhaps own your policy underwritten in a lower tier of coverage... and hopefully you'll find something a little more average.
Your age, your driving record, your claim history, and for some companies your credit stability, married or single, etc.
You might want to get a bike that purely needs liability for a couple of years, until you stay clean going on for three years usually. Ummm, I am not surprised, you are unfortunately high risk, Progressive didn't procure much premium from you before paying out that much dollars.
Shop around, while you are at it, check auto rates too, having more than one policy next to the same company sometimes helps.
Drive meticulous
Yes, one ticket & one theft claim can do this. I enjoy a couple of suggestions, go to liability only, that will store you a bundle, but, theft & collision will not be covered. If you have a loan, you must hold full coverage. Or, shop around. Dairyland writes motorcycle, so does Foremost & American Modern Home. Good luck to you.
Related Questions:
So, $6056 for a $5000 bike?
And $10000 for a $9000 bike?
What give? One ticket and the theft did this? I don't get it. What are my option?
Answers:
Yep, unfortunately it will hit you hard for the first 1-2 yrs because insurance companies rate totally highly for recent activity......since you own one tic and a total theft.....you will pay the price for awhile....
Anytime your insurance pays for anything....you can expect to see a metamorphosis in your premium if it is over 501.00 and if you add tickets to the mix it get worse.....
It stinks cause it all happen in a short period of time but the righteous news is that it will go down adjectives at once too....
Try to up your deductables and carry just what you requirement to but always make sure you aren't below insured too...
Good Luck
are you seriously asking this because you don't know? you got a ticket and a claim that paid out 5000. yeah....imagine about it Source(s): agent
Seems simple to me...you have a ticket on your record and you've have a stolen bike claim.
Welcome to the real world! Unfortunately this is your reality. Insurance fraud is one principle people are paying higher ins premiums. YOU RIDE A MOTORCYCLE - a crotch rocket as I close to to call them. THAT IS A RISKY BEHAVIOR - for the insurance world. You have a ticket - for straddling lane - another risky behavior. Your bike was stolen - and you GOT YOUR MONEY BACK!. Not that I don't believe that you are an honest individual - but there are those out within who would claim the bike stolen (when it really wasn't) and then take the insurance money...... (WHAT A SHOCKER - but yes, it does happen). So, reason of it this way - having read the above information and you be the insurance broker and had to provide insurance to this individual - Wouldn't you make him foot a little more for it.
Also, your age will impact your insurance - most young men (under 25 ) are considered "superior risks"
Shop around - but you may not find things much better. (Also depending what state you live in - insurance premiums can be very elevated - fraud etc as mentioned above.)
Good luck - AND STOP STRADDLING THE LANES - next time you may not be so lucky (having a cop stop you) - it may be another motorist who DIDN'T SEE YOU - and smacks right into you.
I agree that the theft of your previous bike is have a major impact. The moving violation doesn't minister to much either.... I'm going to assume that you live in a furnace, fairly densely populated area? I'm pretty much floored by these amounts also.... insurance is a cruel business, auto, health, home, property, any of them. We basically retribution to protect our investments and in turn, we are expected in tons cases as consumers to not use what we've purchased.
Keep searching, perhaps own your policy underwritten in a lower tier of coverage... and hopefully you'll find something a little more average.
Your age, your driving record, your claim history, and for some companies your credit stability, married or single, etc.
You might want to get a bike that purely needs liability for a couple of years, until you stay clean going on for three years usually. Ummm, I am not surprised, you are unfortunately high risk, Progressive didn't procure much premium from you before paying out that much dollars.
Shop around, while you are at it, check auto rates too, having more than one policy next to the same company sometimes helps.
Drive meticulous
Yes, one ticket & one theft claim can do this. I enjoy a couple of suggestions, go to liability only, that will store you a bundle, but, theft & collision will not be covered. If you have a loan, you must hold full coverage. Or, shop around. Dairyland writes motorcycle, so does Foremost & American Modern Home. Good luck to you.
Related Questions: