State Farm, Can it really be this cheap? Or are they going to screw me over later? | GTAMotorcycle.com

State Farm, Can it really be this cheap? Or are they going to screw me over later?

crazy_stunter_6

crazy_stunter_6

Well-known member
Forum Sponsor
So I got my quote for my 2002 Cbr 600 F4i and for my 2004 lancer, it came out to be $3720 a year (Car - $204/mth)(Bike - $106/mth). Everyone else was quoting me $2400 - $9200for just the bike. Now, I'm 22, but I live outside of the city. Ive been talking to a few people about this and im hearing stories of state farm only doing 6 month policies and that every 6 mths the amount increases on people. Has anyone had the same situation? Thanks for your input.
 
State Farm was the only doable insurance amount per year for me to when I started a little over a year ago... on my third bike and still they are the cheapest, never jacked the prices up unexpectedly or anything like that.
 
yes...car/truck policies are renewd every 6 months ....bikes are every year....mine keeps going down
 
It's true they by default they do renewals every 6 months. But unless you give them a reason to hike your rates then you should be fine. At the beginning of April SF actually did a 3% decrease of their motorcycle premiums. Woohoo right!?

Also The agent you dealt with might have given you a few discounts like the new customer discount and the multi-vehicle discount for insuring the car and the bike. In some cases if you opt for a cheap life or property/renter's insurance the multi-line discount is enough to pay for the additional policy and then some.

If you keep your nose clean your rates will further decrease when you hit 25.

While SF's rates are good keep in mind as of late most insurance companies are increasing their rates overall, that includes SF too. Generally speaking SF is picky about who they insure but if you stay out of trouble it will be worth your while.

SF has gone out of their way to swallow up the majority of the bike insurance market and it's reflected in their rates. If you went to Grey Power they would give you a ridiculously high price just to give you the hint that you are way too young and spry to be their target consumer.

Worst case scenario is that you sign up with SF and they opt not to renew you, at least you will have saved some money and in the interim you can keep hunting for other companies. In 6 months your bike might be in storage so insurance will be sorta optional.
 
State Farm really screwed us with bike insurance.

We had like 6 bikes with them, for under $100 a month per bike. We could cancel during the winter and pick up again in the Summer.

Then something changed. I have no idea WTF is now different. Now the bikes have to stay insured 12 months a year, and we are paying a LOT more then $100 a month per bike.
 
May not be relevant, but ensure u gave them ur age. Some of the agents assumed I was over 25 and gave me lower rates then jacked them up later.
 
haisam10 said:
May not be relevant, but ensure u gave them ur age. Some of the agents assumed I was over 25 and gave me lower rates then jacked them up later.
Click to expand...

Bikes are under my dads and and insured as such. So not an issue for me.
 
Not what you want to hear...but I've heard that GTAM 'usernames' have a direct affect on rate premiums...
(fiction, btw)
 
Panici said:
State Farm really screwed us with bike insurance.

We had like 6 bikes with them, for under $100 a month per bike. We could cancel during the winter and pick up again in the Summer.

Then something changed. I have no idea WTF is now different. Now the bikes have to stay insured 12 months a year, and we are paying a LOT more then $100 a month per bike.
Click to expand...

Well, I can tell you for sure that SF calculates monthly insurance premiums along a bell curve. Fictitious example, but if your rates are $100/month throughout the year, in their book June, July and August cost $200/month while December, January and February cost $0/month. My broker went out of her way to explain that should I be tempted to cancel in September, I may end up owing them money because of this. So I think you can still cancel in the winter, but it won't make sense financially as you've already paid for most of the year during the summer.

Is it fair? Not with our Canadian winters. But then I'm just happy that SF actually offered me full insurance at $1700/year on a brand new 600cc SS. Every single other insurance house either offered me one way insurance at $3-4000 a year or outright refused to quote me. This includes Jevco, and I was with them for 7 years when I had the SV650 without claims or tickets.
 
I paid $905 per year for my 600rr with State farm then it went up to $1100 last year with no tickets and clean record, now it is $1483.57, again clean record, 34 years old. So in short YES THEY WILL SCREW YOU LATER.
 
damn, I hope i have the same luck as most of you guys did, and not like "delaware" has. What was there reason for increasing your premium?
 
delaware said:
I paid $905 per year for my 600rr with State farm then it went up to $1100 last year with no tickets and clean record, now it is $1483.57, again clean record, 34 years old. So in short YES THEY WILL SCREW YOU LATER.
Click to expand...

I tend to agree with this, my rates were excellent with SF for the first 5 years I was with then, the last two years all of my policies have been steadily increasing in cost. I have my house, car, and two bikes insured with them and overall my rates have gone up 10% per year over the past two years. My record is 100% clean. I am attempting to hold out until I turn 30 next year to see if rates drop, if not I will be shopping around.
 
I'm 22 with state farm.

Location: Richmond Hill

Car: 2006 Mazda 3 GT (Full Coverage) $270/month
Bike: 2005 Honda CBR600RR (Fire+Theft) $150/month

If you live outside the city, your quote sounds about right...

Over 3 years, my car insurance increased $40/month, my bike increased about $20/month.
 
I was with SF for 18 years, had the house, car and bikes insured with them and had all the discounts applied (including the six star). Then, for reasons the agent couldn't explain, the rates started going up every year to the tune of a couple hundred each renewal. So I started looking around and eventually switched companies; had separate policies and companies for the car, bikes and house. Ended up saving $500 in the first year alone and have never dealt with SF since.
 
+++1 exactly my situation. Last renewal was suggesting a 25% increase on the policy. This has been a 2nd increase in the last 6 months. I didn't renew and pulled all my business (worth of 5K). Saving 600 bucks the first year. Will see how it goes at the time of renewal. Screw the loyalty (I definitely didn't feel that SF was loyal to me ...), for these kind of savings I will switch every year, even though I hate the paperwork and calling around.

To answer OP's question. No, generaly I don't believe SF hikes the rates every 6 months. It depends on many factors (although they don't make sense to me) as there are people who rates go down, not up. Although I believe they are in minority ....
 
I have been with SF for 22yrs. I have a clean record and my rates have never gone up more that a couple of $ a month.

As to Panici, you might want to call SF again. I remember being told several yrs ago about having to keep my bike insured for 12 mths. Last summer I called them because I want to lower my rates by raising my deductable. They told me I could suspend my collision insurance for the winter again, which I did. My winter payment is $6 a month for fire, theft and vandilism, summer payment is mid $90. I have been mid $90 for at least the last 5 yrs.
 
I was with SF 14 years, I had motorcycle with them for the past 4. It started at $90/m(very good at the time) and eventually went up to $145. I switched recently and now I pay $78. The car insurance was expensive regardless. I must say though, in the end I was always happy with their business.
 
bucks said:
As to Panici, you might want to call SF again. I remember being told several yrs ago about having to keep my bike insured for 12 mths. Last summer I called them because I want to lower my rates by raising my deductable. They told me I could suspend my collision insurance for the winter again, which I did. My winter payment is $6 a month for fire, theft and vandilism, summer payment is mid $90. I have been mid $90 for at least the last 5 yrs.
Click to expand...

I've just emailed my agent with three scenarios, and asked for both monthly prices, and overall amount spent in the 12 month period.

1. Insurance (Liability and Comprehensive) is kept on all year.
2. Insurance (Liability and Comprehensive) is on for the summer, only Comprehensive is kept for the winter.
3. Insurance (Liability and Comprehensive) is on for the summer, policy is canceled for the winter.

We'll see what he says.
 
im with statefarm. only one other company offered me a similar rate, but they wanted lump sum payment. Statefarm offered the convenience of monthly payments. $61 per month is so little that i never even have to think about it.

i was getting some qoutes for a new bike, and statefarm pretty much gave the best rates on most of them. $1440 for a 600cbr. another company qouted me $9000!! LOL
Forum Sponsor
 
You must log in or register to reply here.

Back
Top Bottom