Does State Farm allow Installments in Payments?

vinehanger

vinehanger

Well-known member
So after spending this season riding the tires out of my SV650s, I finally am ready to progress to something larger. I'm looking at a 2004 Yamaha R1 and subsequently called a local State Farm rep for quotes. He starts asking me unrelated questions such as Am I smoker.. ? I ask him I'm interested in a motorcycle quote, how is that even relevant? He advised that if I want monthly payments, I must also buy life insurance from him. For the bike alone, I received a quote of $2069 a year for a 04 R1 with theft, no collision. This must be paid in full before policy is active.

I am not at all interested in purchasing life insurance, nor am I interested in paying the entire policy at once. Was this broker telling the truth, that the only way to pay monthly on my bike insurance is to combine it with life insurance?
 
I just signed on with State farm with my car and bike. I was offered to pay in full, monthy automatic withdrawal or, regular monthly.

I ended up paying full for the bike just to get that out of the way and monthly for the car. They will ask you pay first and last though...so I've payed for two months already for the car.

Try a different agent. Oh and mine asked if I wanted life insurance but didn't push it on me.

Edit: If you are doing bike alone, Riders Plus had a better rate than State Farm for me.
 
Last edited:
Call a different state farm broker, im with state farm and pay monthly, always have
 
I'm also with SF. I pay monthly and I only had to make the first payment at the time of signing.
Contact Karl Marshall, his office is at Morningside Ave. and Kingston Rd... PM me if you want his info.
 
2live&ride said:
I'm also with SF. I pay monthly and I only had to make the first payment at the time of signing.
Contact Karl Marshall, his office is at Morningside Ave. and Kingston Rd... PM me if you want his info.
Click to expand...
Funny how they all do things different. lol
 
vinehanger said:
So after spending this season riding the tires out of my SV650s, I finally am ready to progress to something larger. I'm looking at a 2004 Yamaha R1 and subsequently called a local State Farm rep for quotes. He starts asking me unrelated questions such as Am I smoker.. ? I ask him I'm interested in a motorcycle quote, how is that even relevant? He advised that if I want monthly payments, I must also buy life insurance from him. For the bike alone, I received a quote of $2069 a year for a 04 R1 with theft, no collision. This must be paid in full before policy is active.

I am not at all interested in purchasing life insurance, nor am I interested in paying the entire policy at once. Was this broker telling the truth, that the only way to pay monthly on my bike insurance is to combine it with life insurance?
Click to expand...

This sounds like a load of crap IMO. It sounds like the agent is using shady practices (NOT State Farm policy) to try and pad their business. You will certainly encounter none of these restrictions with another State Farm agent, but it upsets me to let someone just get away with stuff like that. I suggest you give a call to the State Farm head office in Newmarket and ask if these restrictions are indeed State Farm policy.

http://www.statefarm.ca/about/goodneig.asp
 
If you are on a monthly payment plan where your payment automatically comes out of the bank each month, you only have to pay one month to start. If you are on monthly but are sent a bill to pay each month, they require two months up front.
 
Ah, thanks so much.
Katherine said:
If you are on a monthly payment plan where your payment automatically comes out of the bank each month, you only have to pay one month to start. If you are on monthly but are sent a bill to pay each month, they require two months up front.
Click to expand...
 
VifferFun said:
This sounds like a load of crap IMO. It sounds like the agent is using shady practices (NOT State Farm policy) to try and pad their business. You will certainly encounter none of these restrictions with another State Farm agent, but it upsets me to let someone just get away with stuff like that. I suggest you give a call to the State Farm head office in Newmarket and ask if these restrictions are indeed State Farm policy.

http://www.statefarm.ca/about/goodneig.asp
Click to expand...

Thanks Viffer
 
VifferFun said:
This sounds like a load of crap IMO. It sounds like the agent is using shady practices (NOT State Farm policy) to try and pad their business. You will certainly encounter none of these restrictions with another State Farm agent, but it upsets me to let someone just get away with stuff like that. I suggest you give a call to the State Farm head office in Newmarket and ask if these restrictions are indeed State Farm policy.

http://www.statefarm.ca/about/goodneig.asp
Click to expand...

I was told that you would need Auto+(Life or Renter/Property)+Motorcycle in order to get into "Plan A". Otherwise I get a crazy quote for "Plan B". I'm 23 if that makes any difference at all.
 
Wheelieboy said:
I was told that you would need Auto+(Life or Renter/Property)+Motorcycle in order to get into "Plan A". Otherwise I get a crazy quote for "Plan B". I'm 23 if that makes any difference at all.
Click to expand...

I am pretty certain that Life Insurance will only discount your State Farm Auto, NOT your bike. I don't think Life Insurance will affect which Plan you are on. I suggest sending the member "Katherine" a PM and reporting back what you find.
 
VifferFun said:
I am pretty certain that Life Insurance will only discount your State Farm Auto, NOT your bike. I don't think Life Insurance will affect which Plan you are on. I suggest sending the member "Katherine" a PM and reporting back what you find.
Click to expand...

I think that was the case then. I have my car+bike with them and apparently its cheaper overall to include the renters insurance. I dont remember, I signed up 2 years ago.
 
About 4 yrs ago, I set up a monthly PAC, (SFPP) with State Farm. One time setup fee of $2.75 along with 1st months Insurance Installment payment. This was for stand alone motorcycle insurance. Hope this helps.
 
Wheelieboy said:
I think that was the case then. I have my car+bike with them and apparently its cheaper overall to include the renters insurance. I dont remember, I signed up 2 years ago.
Click to expand...

Renters and Life Insurance will discount your Auto. Yes, it is true that sometimes adding Renters Insurance to your policy, you will see an overall rate decrease . . . essentially they are paying you to obtain additional coverage :) This is "rate reversal" is more likely if you are paying a higher-than-average auto premium to begin with (i.e. you are young or have a bad record).
 
You must log in or register to reply here.
Back
Top Bottom