Home Message Board SBN Chat SBN Articles Bike Specs Register Pictures Classifieds Forum Rules Advertise Contact Us

If this is your first visit, be sure to check out the FAQ by clicking the link above. You may have to register before you can post: click the register link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below.

Go Back   Sportbikes.net > Topic Discussions > General Sportbikes
Register Subscribe Casino Garage FAQ Members List Calendar Arcade Search Today's Posts Mark Forums Read

General Sportbikes This area is made for sportbikes in general. Posts that dont really belong anywhere else besides here. Questions can be answered and addressed to fully understand certain aspects. If your question is Manufacturer specific please post it there.



Sponsored by: ICON Motorsports

» Insurance


» Site Sponsors
Corbin Pacific Inc.
SportbikeTrackGearAnnitori DistributingAdvanstarMotorcycleShowsTuck & Run Clothing CoMotoworld IncCycleGear.comBritish Motorcycle GearSoupy's Performance
Allstate
See your ad here!
Reply
 
LinkBack (1) Thread Tools Display Modes
Old 12-02-2008, 11:01 AM   #16 (permalink)
dsmgixxer
500 G.P. Champion
 
dsmgixxer's Avatar
 

Join Date: Aug 2008
Location: Dsm IA
Posts: 2,129
Casino Cash: $24402
Sportbike: 06 GSXR 600, 06 GS500
dsmgixxer is on a distinguished road
Default

i just started with state farm this year. my dad made an interesting point. they will pretty much not break even.

if i pay my bike premium of $30/mnth = $360 per year.

they paid me $10,000 which would mean i would have to pay my prem with no claim for over 27 years.

$360 x 27 years = $9720

even with my other policies its hard for them to really make any money.
dsmgixxer is offline   Reply With Quote
Sponsored Links
Advertisement
 

Old 12-02-2008, 11:02 AM   #17 (permalink)
binx_19
Hanging Triangle
 
binx_19's Avatar
 

Join Date: Nov 2005
Location: Brookings, South Dakota
Age: 27
Posts: 6,505
Casino Cash: $55393
Sportbike: 08 250R, 05 ZX6R
binx_19 is on a distinguished road
Awards Showcase
Silver Token: SBN Silver Token - Issue reason:   Yellow Token: Yellow SBN Token - Issue reason:  
Total Awards: 2
Default

Quote:
Originally Posted by dsmgixxer View Post
i just started with state farm this year. my dad made an interesting point. they will pretty much not break even.

if i pay my bike premium of $30/mnth = $360 per year.

they paid me $10,000 which would mean i would have to pay my prem with no claim for over 27 years.

$360 x 27 years = $9720

even with my other policies its hard for them to really make any money.
do you account for the fact that your premium will go up as a result of your accident?
__________________
TEAM ALFALFA
NESBA #19 FORMERLY #73
binx_19 is offline   Reply With Quote
Old 12-02-2008, 11:05 AM   #18 (permalink)
stealthy1
Lowlife
 
stealthy1's Avatar
 
Hexxagon Champion!
Join Date: Sep 2004
Location: iowa
Age: 39
Posts: 5,906
Casino Cash: $40035
Sportbike: custom scooter
stealthy1 is on a distinguished road
Default

You are also not taking into account that they got paid something for your trashed bike by someone....
__________________
"I have a knife!" -my 3 year old.
"Step off me or I'll hit you with a bat"- same kid
stealthy1 is offline   Reply With Quote
Old 12-02-2008, 11:11 AM   #19 (permalink)
RayOSV
old member
SBN Contributor
 
RayOSV's Avatar
 

Join Date: Jun 2004
Location: San Jose, CA
Posts: 10,695
Casino Cash: $66959
Sportbike: '05 sv1000s
RayOSV is on a distinguished road
Default

Insurance companies are in the business of making money. They may not make money from each customer, but over their entire client base they better make a profit. Every time they renew a policy or take on a new one, it's a gamble for them. Are they in the gambling business? No. That's why they use premium adjustments. A higher premium serves two purposes. First they collect a little more money. Second it reminds you to be more careful.

The big gamble for the mutual insurance companies like State Farm is homeowners insurance. A big storm, hurricane, or earthquake can cost them billions overnight.
__________________
Moderator - Help me fix it and riders' gear. Send me a PM with questions, suggestions, or issues.

Never out-ride your ability to react (even stop) within the distance you can see (at least on the street).

Great content for new riders at:

http://www.bestbeginnermotorcycles.com/
RayOSV is offline   Reply With Quote
Old 12-02-2008, 11:18 AM   #20 (permalink)
dsmgixxer
500 G.P. Champion
 
dsmgixxer's Avatar
 

Join Date: Aug 2008
Location: Dsm IA
Posts: 2,129
Casino Cash: $24402
Sportbike: 06 GSXR 600, 06 GS500
dsmgixxer is on a distinguished road
Default

Quote:
Originally Posted by stealthy1 View Post
You are also not taking into account that they got paid something for your trashed bike by someone....
true

so deduct about $3k

so far my premiums havent gone up they actually went down but again i havent reached my term date which is in april.

i guess when thinking about it i dont really see a reason to stay if im only looking to higher premiums and possibly being dropped.

if i can get a lower rate or about the same rate from nationwide and they know about my claim then why not switch?
dsmgixxer is offline   Reply With Quote
Old 12-02-2008, 11:28 AM   #21 (permalink)
binx_19
Hanging Triangle
 
binx_19's Avatar
 

Join Date: Nov 2005
Location: Brookings, South Dakota
Age: 27
Posts: 6,505
Casino Cash: $55393
Sportbike: 08 250R, 05 ZX6R
binx_19 is on a distinguished road
Awards Showcase
Silver Token: SBN Silver Token - Issue reason:   Yellow Token: Yellow SBN Token - Issue reason:  
Total Awards: 2
Default

save some money for april, also State Farm is kinda like a savings account, you put enough money in and you get money, before i moved i was getting a check every year from them.
__________________
TEAM ALFALFA
NESBA #19 FORMERLY #73
binx_19 is offline   Reply With Quote
Old 12-02-2008, 11:51 AM   #22 (permalink)
brent98rt
World Superbike Racer
 
brent98rt's Avatar
 

Join Date: May 2007
Location: Arizona
Age: 29
Posts: 579
Casino Cash: $37484
Sportbike: 2006 GSXR600,2004RM125,1999CR80,Soon RC8
brent98rt is on a distinguished road
Default

Quote:
Originally Posted by dsmgixxer View Post
tried calling them they are only licensed in AZ no other states
AH sorry I didn't know that.. was worth try though ^^
__________________
2006 LTR450 #701 Firebird Cup Beg. class points leader
1997 CR125
1999 CR80(For Sale)
brent98rt is offline   Reply With Quote
Old 12-02-2008, 12:37 PM   #23 (permalink)
RayOSV
old member
SBN Contributor
 
RayOSV's Avatar
 

Join Date: Jun 2004
Location: San Jose, CA
Posts: 10,695
Casino Cash: $66959
Sportbike: '05 sv1000s
RayOSV is on a distinguished road
Default

Quote:
Originally Posted by dsmgixxer View Post
...so far my premiums havent gone up they actually went down but again i havent reached my term date which is in april.

i guess when thinking about it i dont really see a reason to stay if im only looking to higher premiums and possibly being dropped.

if i can get a lower rate or about the same rate from nationwide and they know about my claim then why not switch?
The true value of an insurance company is how well they pay claims not how well they collect premiums.

If you want to know what your rates will do in April, call your agent. He/she can find out.
__________________
Moderator - Help me fix it and riders' gear. Send me a PM with questions, suggestions, or issues.

Never out-ride your ability to react (even stop) within the distance you can see (at least on the street).

Great content for new riders at:

http://www.bestbeginnermotorcycles.com/
RayOSV is offline   Reply With Quote
Old 12-02-2008, 01:28 PM   #24 (permalink)
Napalm
500 G.P. Champion
 
Napalm's Avatar
 

Join Date: Jun 2004
Location: Mesa, AZ
Age: 30
Posts: 1,103
Casino Cash: $13981
Sportbike: 2004 RC51 / 2000 K1200RS / 1982 CB900F Cafe / 1981 Yamaha XJ550R
Napalm is on a distinguished road
Default

You might try Country Mutual Insurance Co. that's who I have my bikes and truck insured through. By far the best deal on motorcycle insurance that I've come across.

(Last I checked State Farm was about 4 years ago and they wouldn't cover me even though I had cars and one 500cc motorcycle with them for about 6 years with no claims. As far as I'm concerned State Farm isn't worth the time it takes to call them.)
__________________
Creation Product Development
Napalm is offline   Reply With Quote
Old 12-02-2008, 03:46 PM   #25 (permalink)
MINI NSX
World Superbike Champion
 
MINI NSX's Avatar
 

Join Date: Jan 2006
Location: Southern Ohio
Age: 57
Posts: 688
Casino Cash: $13913
Sportbike: '08 Concours 14, '05 CBR1000RR, '03 RC51
MINI NSX is on a distinguished road
Default

Quote:
Originally Posted by RayOSV View Post
Just make sure you disclose all claims, tickets, etc. with a new company. If you don't, they'll find out later and give you a very unpleasant surprise.
Again, depends on the state. Many years ago Nationwide canceled me and when I went to the State Farm agent (who I knew) and I told him that Nationwide had canceled me he said that in Ohio he legally couldn't ask me if I'd been canceled!
__________________
My "toys":
'09 Vulcan 900 Custom Special Edition
'08 Concours 14
'05 CBR1000RR Repsol
'04 VW R32
MINI NSX is offline   Reply With Quote
Old 12-02-2008, 09:12 PM   #26 (permalink)
RayOSV
old member
SBN Contributor
 
RayOSV's Avatar
 

Join Date: Jun 2004
Location: San Jose, CA
Posts: 10,695
Casino Cash: $66959
Sportbike: '05 sv1000s
RayOSV is on a distinguished road
Default

Quote:
Originally Posted by MINI NSX View Post
Again, depends on the state. Many years ago Nationwide canceled me and when I went to the State Farm agent (who I knew) and I told him that Nationwide had canceled me he said that in Ohio he legally couldn't ask me if I'd been canceled!
Yes, you can't be asked if you've been canceled, but they can inquire about your record going back a few years. If you're less than truthful, they'll find out and either "adjust" your rate or cancel you worse case.
__________________
Moderator - Help me fix it and riders' gear. Send me a PM with questions, suggestions, or issues.

Never out-ride your ability to react (even stop) within the distance you can see (at least on the street).

Great content for new riders at:

http://www.bestbeginnermotorcycles.com/
RayOSV is offline   Reply With Quote
Old 12-02-2008, 09:47 PM   #27 (permalink)
fishnride
John 18:33-37
 
fishnride's Avatar
 

Join Date: Sep 2006
Location: Lakeland, FL
Age: 45
Posts: 3,939
Casino Cash: $22553
Sportbike: 05 Honda CBR600RR
fishnride is on a distinguished road
Awards Showcase
Yellow Token: Yellow SBN Token - Issue reason:  
Total Awards: 1
Default

I have State Farm for my house, Tundra XSP, Scion tC, 2 2005 CBR 600RR bikes, and I had my '03 Scout 185 Sportfish insured too.

I have insured the bikes the same as the cars - which is basically the coverage required for a leased car. I don't remember the specifics, but it's like 100/300 liability, etc.

My bike was purchased used in August 06, and stolen in Jan 07. When it was recovered, State Farm paid over $3k for repairs without complaint. I haven 't been dropped yet . . .

BTW - the bikes are ridden by me and my wife. No points on our licenses, and no infractions for over5 yrs. THe premium for both bikes is 70/month.
__________________
"But seek first his kingdom and his righteousness, and all these things will be given to you as well." Matthew 6:33

Sensei Performance The Master of All of Your High Performance Needs

www.LawstCaws.com
fishnride is offline   Reply With Quote
Old 12-03-2008, 01:20 AM   #28 (permalink)
r64l
500 GP Racer
 
r64l's Avatar
 

Join Date: Aug 2008
Location: San Antonio, Texas
Age: 49
Posts: 953
Casino Cash: $28465
Sportbike: 08 Yamaha R6
r64l is an unknown quantity at this point
Default

I had State Farm for YEEAAARRRRSSSSS and never filed a claim. Then I sold my truck to buy a vette. Called them to change it over and they said "sorry, we will not insure a corvette as an "only" vehicle". Those douch bags! They dropped me and I will never go back!. I have Progressive on my bike and it's strange how they quoted me my rates. When I called them direct they quoted me around $1300.00 for F.C.. I then called my insurance company USAA and they quoted me high as well, (no tiks, no accidents in over 20 years) BUT... they said we "underwrite" for Progressive and then quoted me $660.00 a year full coverage. WTF??? so thats who I use Progressive, only I didn't go F.C.. I went Lia w/ uninsured/under insured and pay 27.00 a month. (cheep cheep). O.K. O.K. I know, if I drop it or it's stolen, my bad, I'm at the loss, I'm dumb trying to save a little chump change 'cause if either happens it'll add up big time. But it's paid for, kinda a little "luxury" item/toy at this time in my life but I guess I'm just a gambler.(Not a good one, look at my casino cash, but none the less, a gambler!)
r64l is offline   Reply With Quote
Reply


LinkBacks (?)
LinkBack to this Thread: http://www.sportbikes.net/forums/general-sportbikes/407891-state-farm-question.html
Posted By For Type Date
"State Farm" - Zuula Blog Search This thread Refback 12-02-2008 01:46 AM

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On

Similar Threads
Thread Thread Starter Forum Replies Last Post
Dork's Final Week Battleground State Review – Indiana baldheadeddork Politics & Religion 6 11-04-2008 01:10 AM
The Enveloper PAzYearazzUP Open Forums 120 09-28-2008 09:59 PM
State Farm won't (re) insure me because of WIFE'S car accident...options? Dave88LX General Sportbikes 32 05-16-2008 04:18 PM
State Farm Insurance 01WJ Wisconsin 13 04-25-2008 08:36 PM
Question about GSXR mileage and switches 49 vs 50 state bikes TwistedGray General Sportbikes 11 03-12-2008 03:17 AM


All times are GMT -5. The time now is 06:11 AM.


Powered by vBulletin® Version 3.6.12
Copyright ©2000 - 2009, Jelsoft Enterprises Ltd.
Content Relevant URLs by vBSEO 3.0.0
© 1997 - 2007 Sportbikes.net INC. All Rights Reserved.