Author Topic: I need insurance advice, please (Read 2975 times)

StangMATA · « **on:** August 22, 2007, 06:39:27 PM »

As some of you know, I wrecked my motorcycle last week. The damage to the bike is minimal but is turning out to be more expected to plan. Please read through and give me your best advice.

First, I have full coverage through Progressive insurance.

Yesterday I bought some of the parts used from a guy online. The total of that purchase was $180. If I were to have bought the parts brand new it would have costs me $300.

Total savings at this point is $120.

Today I go into the bike shop and here is where I nearly fall over. The total in parts was $700. This isn't even everything and on some parts I went after market to save some coin.

By not going OEM on everything I've saved another $100.

Total savings now is $220.

However, even with saving all this money I have still spend $880 and need a new helmet.

My insurance deductible is $500. I start thinking that if I make a claim that right off the bat, without looking twice, I have saved myself nearly $500 (if I throw my helmet in too). The problem is that I have already ordered 99% of the parts out of pocket. Remember that some of those are bought online 2nd hand. So there is no receipt or record.

I call Progressive and proceed to ask about how a claim works and how I could be reimbursed. She tells me that the only way my questions can be answered is to make a claim. Regardless if I actually have any work done or even consider having Progressive cut a check to anyone, I will still have a claim on my record which can affect my future rates. :banghead

Now, in reality, there is no issue with the parts I have already purchased from the dealer (re: $700). I could have them make the receipt out under their name and work around everything. It's all doable.

SOOOOOooo. Take a breathe.

I've never really made much of a claim before. I have a perfectly clean driving record. No accidents, no tickets, and anything I have had to claim has never affected my insurance.

1) Is it worth the hassle? Is getting reimbursed tough? Is progressive motorcycle insurance a PITA?

2) Can bike rates go through the roof real quickly? Remember...I am only 23. If my rates go sky high then I don't save any money in the long run.

Your .02 is appreciated.

Red01 · « **Reply #1 on:** August 22, 2007, 08:55:40 PM »

With my car, I had the insurance company give me an estimate (State Farm & Progressive are some that work this way around here) and when they gave me a list of shops that would do the work for their estimated price. I told them to cut me the check and I would fix the car myself. They did. :)

Will your insurance cover the cost of your helmet?
Some do, some don't.

At age 23, I'd be worried your rates might go up.

Were the police involved? With damage in the dollar amounts you're talking about, in my state, the insurance wouldn't pay without a police report.

StangMATA · « **Reply #2 on:** August 22, 2007, 09:48:50 PM »

No police report and yes, they will cover $1000 in gear.

Everyone I've talked to says that my rates are going to be insane. So I think I'm just going to eat it.

rkfire · « **Reply #3 on:** August 22, 2007, 10:19:49 PM »

If you do eat the loss, do yourself a favor and dump the collision coverage right away. You had the coverage, and decided it wasn't worth the risk of increased rates anyway. Consider the savings each year as their contribution toward fixing your bike.

Red01 · « **Reply #4 on:** August 22, 2007, 10:29:37 PM »

That may not be an option if he shares ownership with a bank.

Nitro · « **Reply #5 on:** August 22, 2007, 11:04:20 PM »

Quote from: "StangMATA"

I call Progressive and proceed to ask about how a claim works and how I could be reimbursed. She tells me that the only way my questions can be answered is to make a claim.

Wrong answer. Ask to speak to that person's supervisor. Don't settle for that kind of answer. If nothing else works, call the state insurance commisioner.

elbandito · « **Reply #6 on:** August 23, 2007, 02:27:15 AM »

Ouch, well, I'm going to assume you are ok or you wouldn't be posting. So where's the "I wrecked my bike" story at?!?

Never mind, found it on your other forum. Sorry to hear about that, but "good news" on the gear. Get any grief from the school? You do graduate in a couple of days, right?!?

I plan to be there, weather permitting I'll be on the Bandit. Just waiting to hear from Eric (the other one) on the details.

StangMATA · « **Reply #7 on:** August 23, 2007, 09:51:17 AM »

Quote from: "rkfire"

If you do eat the loss, do yourself a favor and dump the collision coverage right away. You had the coverage, and decided it wasn't worth the risk of increased rates anyway. Consider the savings each year as their contribution toward fixing your bike.

Well, if I total the bike then the insurance will be used then. So I will hold onto it for now.

Quote from: "nitro"

Wrong answer. Ask to speak to that person's supervisor. Don't settle for that kind of answer. If nothing else works, call the state insurance commisioner.

I figured as much. That is why I started asking on forums to make sure that I had a clue before diving in.

Quote from: "elbandito"

Ouch, well, I'm going to assume you are ok or you wouldn't be posting. So where's the "I wrecked my bike" story at?!?

Never mind, found it on your other forum. Sorry to hear about that, but "good news" on the gear. Get any grief from the school? You do graduate in a couple of days, right?!? Shocked I plan to be there, weather permitting I'll be on the Bandit. Just waiting to hear from Eric (the other one) on the details.

Good detective work. I figure I'll post it at some point.

No grief from the schoolhouse...it's on the DL. Eric grads in a few days, I'm 3 weeks behind him.

dgm0967 · « **Reply #8 on:** August 23, 2007, 10:38:55 AM »

There is a good chance that since you already called Progressive they know you had a wreck. I'd decide to claim or not before contacting them again. Also, 1 wreck might not affect your premiums that much but the 2nd offence (ticket or wreck) will. I agree with rkfire, if it isn't your main transportation, drop the collision. Im guessing you'd be better off eating it but that's just my opinion.

elbandito · « **Reply #9 on:** August 23, 2007, 06:10:52 PM »

I had a fender (or bumper) bender back in '04 with my Jeep. Didn't scuff my Jeep, but did $1300 worth of damage to a Trailblazer's rear hatch. USAA (who I've been with since '97) raised my rates. Now, I griped so they gave me a "longevity discount" that was equal to the raise in the rate. That was my only accident I've ever had (no tickets either) on my record.

I wouldn't count on any sympathy from the company -- especially if you haven't been with them for long.

dcMinnesota · « **Reply #10 on:** August 24, 2007, 05:41:37 PM »

Quote from: "dgm0967"

There is a good chance that since you already called Progressive they know you had a wreck.

not if he didn't give them any information like a policy number, name or phone number.

i'd eat the cost. at 23, insurance companies are just looking for a reason to boost your rates. i'd guess you'd easily be eating a greater cost in raised premiums over the next few years. plus it seems like it will be a ton of headache and run around to get everything covered, plus in the end you may end up eating the cost of the used parts you already bought. i know at that age, money was tight, but either way you look at it, you're gonna be paying.