State Farm's rates are low because in most states, they do not underwrite standalone motorcycle policies. You must carry other insurance through them to even get an M/C policy with them. Second, State Farm is rather selective about who they insure. Good credit, low loss history, etc. I have heard that State Farm will drop you quickly if you wreck a bike good. Not just anyone can get State Farm coverage so this limited pool keeps their rates low but also keeps them with a lower risk population in general.
Progressive is an insurance broker. They will literally insure anyone. Progressive insures people that no one else will touch. When people lose their State Farm coverage due to tickets, wrecks, etc, they go to Progressive. Progressive doesn't actually underwrite their own policies. They farm them out and act as the seller on their behalf. Your policy might say Progressive but they bought it from someone else. This explains why you get such wild rates with Progressive. High risk insurer. The rates reflect it.
I personally have State Farm coverage. 31 year old, married, no tickets or wrecks. $392/year for full coverage, theft, medical at 500/500/150 with under/uninsured coverage. Very good for a 7 year old 600SS. The highest quote I got that was binding was for a 2004 Buell XB12R and that was $511/year for the same coverage. Insuring a liter bike was a non-issue for me. A big cruiser cost more than an R1.
Progressive is an insurance broker. They will literally insure anyone. Progressive insures people that no one else will touch. When people lose their State Farm coverage due to tickets, wrecks, etc, they go to Progressive. Progressive doesn't actually underwrite their own policies. They farm them out and act as the seller on their behalf. Your policy might say Progressive but they bought it from someone else. This explains why you get such wild rates with Progressive. High risk insurer. The rates reflect it.
I personally have State Farm coverage. 31 year old, married, no tickets or wrecks. $392/year for full coverage, theft, medical at 500/500/150 with under/uninsured coverage. Very good for a 7 year old 600SS. The highest quote I got that was binding was for a 2004 Buell XB12R and that was $511/year for the same coverage. Insuring a liter bike was a non-issue for me. A big cruiser cost more than an R1.
