Coseco Insurance warning



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Thread: Coseco Insurance warning

  1. #1

    Coseco Insurance warning

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    This insurance company gives you a quote but right away says motorcycles are on a restricted list and sends it to underwriting for 3 full days for "approval", when they finally get back to you the answer is move your auto/home policy over and we will give you the quoted price, if not then we cannot insure you.

    They basically use their initial quote to make more money off home/auto insurance. They know $1000 policy is not as lucrative as a $3000 home/auto/motorcycle policy. Since they know you have other vehicles at your house they want all of your business not just the motorcycle. This makes sense but why not tell the person this before you make them wait 3 days and send to underwriting? The word "restricted" rolls off their tongue right as you say you need a motorcycle quote.

    Honestly, I find this tactic very sketchy. I understand you want more business but just tell me you will not insure me because the 300cc bikes are on 'restricted lists' unless i give you more money

    If you agree to switch 3 policies over, that is another 3 days becuase it has to go back to an underwriting department that seems to be just one person. So it will take literally one whole week to tell you "yes" or "no"

    Honestly, I would not recommend this company to anyone. I can only imagine how bad it would be to deal with them when you need to file a claim, probably tell you to wait 5 days until the claims department has time to look at your claim. I should have just avoided them once I saw the 2 star google ratings.

    License: M2
    Age: 30
    Bike: Ninja 300

  2. #2
    Riceburner's Avatar
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    Re: Coseco Insurance warning

    They don't cover sport bikes either....even for existing clients.

  3. #3
    amp3d's Avatar
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    Re: Coseco Insurance warning

    Interesting. I gave them a call this week and had no issues getting a quote for a new Ducati Hypermotard.
    They were actually very helpful.

    Yes, they did try to get me to bring over my truck... By bringing my truck over, they offered me $103 off the bike.

    The savings aren't worth it to me, so I'm just going to take the 100 dollar hit, but to be honest I don't see any problems with the way they work.

    State farm 11 years ago forced me to bring my car as well...so Coseco with the $100 premium for a single vehicle policy doesn't seem bad at all!

    If you're not happy with their offer, keep looking. Should be lots of options out there for the smaller bikes.

    I haven't picked up the bike yet (doing a demo ride tomorrow before I choose) but I'll update here if I go the Coseco route
    Last edited by amp3d; 05-04-2018 at 07:46 PM.
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  4. #4

    Re: Coseco Insurance warning

    Quote Originally Posted by amp3d View Post
    Interesting. I gave them a call this week and had no issues getting a quote for a new Ducati Hypermotard.
    They were actually very helpful.

    Yes, they did try to get me to bring over my truck... By bringing my truck over, they offered me $103 off the bike.

    The savings aren't worth it to me, so I'm just going to take the 100 dollar hit, but to be honest I don't see any problems with the way they work.

    State farm 11 years ago forced me to bring my car as well...so Coseco with the $100 premium for a single vehicle policy doesn't seem bad at all!

    If you're not happy with their offer, keep looking. Should be lots of options out there for the smaller bikes.

    I haven't picked up the bike yet (doing a demo ride tomorrow before I choose) but I'll update here if I go the Coseco route
    I think he was more eluding to a bait and switch type mentality there. I've experienced it with TD MM, great rates and quotes, once you tell them to write it and it goes to their underwriters you get a call back with problems.

    Definitely have a back plan if Coseco rates don't pull through as expected.

  5. #5
    amp3d's Avatar
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    Re: Coseco Insurance warning

    Quote Originally Posted by rust0r View Post
    I think he was more eluding to a bait and switch type mentality there. I've experienced it with TD MM, great rates and quotes, once you tell them to write it and it goes to their underwriters you get a call back with problems.

    Definitely have a back plan if Coseco rates don't pull through as expected.
    Yeah, I hear you about the bait and switch....but...is it really a bait and switch if everyone does it? Doesn't that mean it's just part of how insurance business works?
    I don't blame insurance companies for trying to pick up extra vehicles, it helps offset the risk factor.
    ** Thanks for being a part of the GTAM Ride for Sight Motorcycle Team! **
    "Is that the way they drive in Tiananmen Square, b!tch?" - Ari Gold, Entourage
    2013 CRF450R (racebike), 2007 GSXR750 (stolen), 2005 CRF450X (blue plated), 2004 CRF230F, 2003 XR250 (sold) | Proud Member of the 2006-2008 ODSC! |
    OCMC Racing | Steel City Riders | Maguires Motocross Racing Series


  6. #6

    Re: Coseco Insurance warning

    Quote Originally Posted by amp3d View Post
    Yeah, I hear you about the bait and switch....but...is it really a bait and switch if everyone does it? Doesn't that mean it's just part of how insurance business works?
    I don't blame insurance companies for trying to pick up extra vehicles, it helps offset the risk factor.
    Well I think it's bait and switch if they give you a quote and then come back days later to explain their policy of needing home+auto. I'm with Allstate and right from the first phone call I was told "for sportbikes we require home and auto" so you know ahead of time what the deal is.

    If it's not bait and switch, it's less than up-font IMO. I guess some people might not be bothered by it but if you're on crunch time to switch insurance before renewal or sitting on a bike you're about to buy, those little things really become frustrating.

  7. #7

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    Re: Coseco Insurance warning

    Quote Originally Posted by BigKRIT View Post
    This insurance company gives you a quote but right away says motorcycles are on a restricted list and sends it to underwriting for 3 full days for "approval", when they finally get back to you the answer is move your auto/home policy over and we will give you the quoted price, if not then we cannot insure you.

    They basically use their initial quote to make more money off home/auto insurance. They know $1000 policy is not as lucrative as a $3000 home/auto/motorcycle policy. Since they know you have other vehicles at your house they want all of your business not just the motorcycle. This makes sense but why not tell the person this before you make them wait 3 days and send to underwriting? The word "restricted" rolls off their tongue right as you say you need a motorcycle quote.

    Honestly, I find this tactic very sketchy. I understand you want more business but just tell me you will not insure me because the 300cc bikes are on 'restricted lists' unless i give you more money

    If you agree to switch 3 policies over, that is another 3 days becuase it has to go back to an underwriting department that seems to be just one person. So it will take literally one whole week to tell you "yes" or "no"

    Honestly, I would not recommend this company to anyone. I can only imagine how bad it would be to deal with them when you need to file a claim, probably tell you to wait 5 days until the claims department has time to look at your claim. I should have just avoided them once I saw the 2 star google ratings.

    License: M2
    Age: 30
    Bike: Ninja 300
    I think they all do it,combined house,car,bike,= discount,waiting those few days ?

  8. #8
    JZ67's Avatar
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    Re: Coseco Insurance warning

    I've been insured with them for many years with home and auto. I brought the bike over this year and saved over 20% with the same coverage.

    I had an auto claim last year and they were easy and pleasant to deal with. In fact, every encounter has been top notch. No complaints from where I sit. Coverage started with one vehicle many years ago and then I gradually brought over my home, another vehicle and finally my bike. Never had any pressure to move anything but offered discounts if I did which all companies do.

  9. #9
    JZ67's Avatar
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    Re: Coseco Insurance warning

    Belay that! Less than 15 minutes after my post Coseco calls me out of shear ****ing coincidence and advises that my daughter needs to be excluded from our policy due to the aforementioned accident. They basically just said **** you and all your business!
    Last edited by JZ67; 05-07-2018 at 03:07 PM.

  10. #10
    roadrash's Avatar
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    Re: Coseco Insurance warning

    Quote Originally Posted by JZ67 View Post
    Belay that! Less than 15 minutes after my post Coseco calls me out of shear ****ing coincidence and advises that my daughter needs to be excluded from our policy due to the aforementioned accident. They basically just said **** you and all your business!
    Coincidence ? I think not. They got eyes and ears everywhere.

    Try Allstate especially if you can get the elite rider discount.

  11. #11

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    Re: Coseco Insurance warning

    I had the exact same experience. Great quote, then apparently my 750cc moto guzzi is on the restricted list.... Hard to believe a 750 standard with ABS would be on a restricted list.
    I've received about 6 quotes from other insurers, and not a single one mentioned the goose being on a restricted list.

    Would've appreciated some transparency on the front end, rather than wasting my time with the whole back and forth.

  12. #12
    PLau's Avatar
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    Re: Coseco Insurance warning

    Quote Originally Posted by JZ67 View Post
    I've been insured with them for many years with home and auto. I brought the bike over this year and saved over 20% with the same coverage.

    I had an auto claim last year and they were easy and pleasant to deal with. In fact, every encounter has been top notch. No complaints from where I sit. Coverage started with one vehicle many years ago and then I gradually brought over my home, another vehicle and finally my bike. Never had any pressure to move anything but offered discounts if I did which all companies do.
    Quote Originally Posted by JZ67 View Post
    Belay that! Less than 15 minutes after my post Coseco calls me out of shear ****ing coincidence and advises that my daughter needs to be excluded from our policy due to the aforementioned accident. They basically just said **** you and all your business!
    Lmao. They saw your post and thought "Wait... He has a claim on his policy, time to give him a call".
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