StateFarm screwed me BIG time... | GTAMotorcycle.com

StateFarm screwed me BIG time...

M

m0hawk

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So as I stated in earlier posts, I'm a n00b getting into riding and was looking to buy a gs500/ex500. Just got my m2 last week and I'm ready to ride. Around the end of March I did some window shopping and called a bunch of insurance companies and got some quotes for aforementioned bikes. Statefarm was the cheapest at $2640/year ($220/month) which was within my budget. I purchased a 2000 ex500 this weekend and BAM! rates magically went up to $3444/year or $287 a month. Unfortunately they were the cheapest. I even called MULTIPLE state farm agents and got varied prices with $287 being the cheapest. I asked them how much it would be for a 250 and they said $1650/year or $135. So now there's all this beautiful weather and i'm stuck with a 500cc bike I can't ride. I'm going to waste soooo much time/money selling it. GRRRR :mad:

22 years old
G for 6 years
m2 last week
CLEAN record

Statefarm $3444
TD Melloche Monnex w/ Ryerson discount $3600
Intact $6100

tl;dr Forced to sell bike and downgrade because they got my hopes up with a decent quote. Mad ******. In a hurry to sell.
 
Try Allstate.
Saved me $400/year over a State Farm bike only policy.
 
You need a full M license to be eligible for All State.

We all got rate hikes in April from SF, about 10%, not sure why yours is so much higher though.

I was almost in the same boat as you too, but SF saved my butt that time.
Did you try putting the bike under someone else's policy? Like you car, or your dad's auto insurance policy?
 
bboySushi said:
You need a full M license to be eligible for All State.

We all got rate hikes in April from SF, about 10%, not sure why yours is so much higher though.

I was almost in the same boat as you too, but SF saved my butt that time.
Did you try putting the bike under someone else's policy? Like you car, or your dad's auto insurance policy?
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No can do. Parents don't drive and brother doesn't have an M license. I don't have a car to my name either. The only option I can foresee is selling it and getting a 250... Thanks for the help guys, appreciate it
 
Insurance is otherwise known as "legalized extortion" in ontario. You have to habe it and they can charge you whatever they want. Everyone thinks it'll be great to get this15% rate cut soon but wait till you find out what other coverages they secretly remove once again!
 
Try Riders Plus. Someone here recommended it for me. It was the cheapest I found, and I must have called at least 20 places! Good Luck
 
m0hawk said:
Statefarm was the cheapest at $2640/year ($220/month) which was within my budget. I purchased a 2000 ex500 this weekend and BAM! rates magically went up to $3444/year or $287 a month.
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I know it sucks royally when this happens, but unless I'm reading it wrong it would only cost you an extra $67/month than expected -- can't you come up with that to ride the bike you want? (1 tank of gas in my car costs more than that). Know too that it will go down again next year (or should), so you might lose more by selling the bike and then buying a similar one back again.
 
True, however costs add up eventually and as a university student working to pay his way through school, every penny counts. A budget is a budget and unless I strictly follow it, everything falls apart. Took me a while to save up and even if i end up with a 20 year old bike, it'll be much appreciated because in the end I'll be on the road riding on two wheels.
 
m0hawk said:
True, however costs add up eventually and as a university student working to pay his way through school, every penny counts. A budget is a budget and unless I strictly follow it, everything falls apart. Took me a while to save up and even if i end up with a 20 year old bike, it'll be much appreciated because in the end I'll be on the road riding on two wheels.
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Yuup, the life of a student. Insurance (and the fact that I'm not working atm) is the reason I can't upgrade while I'm in school. It really sucks that SF screwed you like this but you gotta take into account how much money you're losing and that the rate with Intact & SF will probably be better next year.

Try getting a hypothetical quote for having your M license for a year with Intact and SF to get an idea of how much your premiums will be the following year and calculate your budget according to how much money you're losing from selling the bike, insurance premium decrease, and the fact that you'll be riding a bike that you want rather than one that you're forced to ride.

What seems to be hurting you the most is the fact that you just got your M license recently.
 
He just got his M2 last week, where are you reading he has his M?

One question, did you do an approved rider training course?
 
Joe250 said:
He just got his M2 last week, where are you reading he has his M?

One question, did you do an approved rider training course?
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I was referring to the M class license as experience with your "M class license" starts when you get your M1.

Just easier to classify it as M instead of saying "I've had my M1/M2/M for X years".

I would think that the statement was implied given the "just got your license" statement.
 
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Try td. They were great for me (although I'm older than you) and they have an online quote system
 
imnothng said:
And according to the girl I talked to last week, you have to have other stuff with them.
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False. You can have a stand alone bike policy. It gets better if you have other insurance products with them some changes as life, car, house, etc.

At least, that's what my Allstate agent told me.
 
Yeah, a hike across the board happened around the end of March I think. John duffy previously quoting me under 3k/year is bumped up to over 4k now. Luckily, I got my policy end of February, so I'm in the clear 'till next year. Remember that quotes are generally valid for 30 days guaranteed with a reference number. As soon as I got that rate, I told them instantly I'd be signing up 30 days later, because of this exact issue; you never know when they're going up.
 
nfq said:
False. You can have a stand alone bike policy. It gets better if you have other insurance products with them some changes as life, car, house, etc.

At least, that's what my Allstate agent told me.
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I have my bike, car, and condo all with TD MM, however I had a friend who used them for bike-only (but he recently switched to State Farm). He's also still under 30 by a few hairs.

Also regarding costs, essentially I'm just saying don't just sell because of the $67/month extra -- Like others have said, see if you can find out what you'd pay with even 1 years experience. My CBR250RA dropped by half when I got my renewal for year 2, so the amount you could lose selling the 500 (and buying something else) could in fact be more than what the 500 would cost over a period of 2 years, so you'd need to do all the math first.
 
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might be worth contacting Des Jardin

22 Male, Brampton, GM, 2011 Kawasaki 250R

for $1172/yr (w/ monthly payments): includes $1million liability + $300 comprehensive theft/vandalism
 
m0hawk said:
So as I stated in earlier posts, I'm a n00b getting into riding and was looking to buy a gs500/ex500. Just got my m2 last week and I'm ready to ride. Around the end of March I did some window shopping and called a bunch of insurance companies and got some quotes for aforementioned bikes. Statefarm was the cheapest at $2640/year ($220/month) which was within my budget. I purchased a 2000 ex500 this weekend and BAM! rates magically went up to $3444/year or $287 a month. Unfortunately they were the cheapest. I even called MULTIPLE state farm agents and got varied prices with $287 being the cheapest. I asked them how much it would be for a 250 and they said $1650/year or $135. So now there's all this beautiful weather and i'm stuck with a 500cc bike I can't ride. I'm going to waste soooo much time/money selling it. GRRRR :mad:

22 years old
G for 6 years
m2 last week
CLEAN record

Statefarm $3444
TD Melloche Monnex w/ Ryerson discount $3600
Intact $6100

tl;dr Forced to sell bike and downgrade because they got my hopes up with a decent quote. Mad ******. In a hurry to sell.
Click to expand...

I had the same effin thing happen with SF when I bought my ZX6R this year. My original quote from them was $75/month, long story short, I bought the bike and am now paying $130/mth. Still not bad, but enough of a piss off to be paying almost double what I was originally quoted! I feel your pain :(!!
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