State Farm is losing money like crazy and they have been for several years. It was only a matter of time until they stopped writing motorcycles.
|
|
State Farm is losing money like crazy and they have been for several years. It was only a matter of time until they stopped writing motorcycles.
I got state farm less than a month ago with moto only and only 65 a month.
Wow really? I sent Seamus (mentioned above) a message on his website but haven't heard anything from his office yet.Originally Posted by eljay
Lets see if they are willing to offer a quote.
So I heard back from Seamus' office. There rate seems pretty good so far.
Need to get the bike now and then get final quotes from the 3 cheapest ones and pull the trigger!
Summer, here i come!
When you get final quotes it might be a good idea to have vin numbers for the bikes you're looking at. I've read a couple people on here being quoted one rate before they know the VIN and then a different rate after they have given the VIN to State Farm.
'08 NINJA 250r | Since 2011
Unless the insurance company has filed with the regulator that they will not accept stand-alone motorcycle policies, then they must write a stand-alone policy. I don't believe that State Farm has such a rule, but internally the agent is trying to protect the profitability of their book of business since part of their pay is contingent on their profitability.
The next time an agent/broker says that they can't write your stand-alone bike policy unless you purchase another product, ask them if this is stated in their eligibility criteria filed with FSCO -- that might change their tune
I'm an Actuarial Analyst for a Major Canadian Insurance Company. I analyse claims patterns to determine overall rate changes, as well as relative premium differences by various risk characteristics (eg. age, experience, claims, convictions, usage, etc.)
Unless it's private, please post insurance-related questions in the forum rather than sending me a PM.
Current: 2001 Suzuki GSXR1000 (4th Season)
Previous: 1996 Honda VFR750F (4 Seasons)
Previous: 1998 Kawasaki Ninja EX250 (3 Seasons)
Well I just said "thanks" and took my business elsewhere.Unless the insurance company has filed with the regulator that they will not accept stand-alone motorcycle policies, then they must write a stand-alone policy. I don't believe that State Farm has such a rule, but internally the agent is trying to protect the profitability of their book of business since part of their pay is contingent on their profitability.
The next time an agent/broker says that they can't write your stand-alone bike policy unless you purchase another product, ask them if this is stated in their eligibility criteria filed with FSCO -- that might change their tune
So far the other Lady has been good and quick at responding. And there rates are competitive. I have it narrowed down to 3 companies which are very close to each other in price. Once I have the VIN of the bike, one of the 3 will get my business.
Posting Permissions
Reply With Quote
Bookmarks