Nomad Insurance Quote

[schoeney]

Originally Posted by todd (Nomadis Custodis)

Just don't buy any.......post a bond and self insure yourself and then all your personal assets can be at risk if you ever are at fault in an accident...and even if you aren't at fault....you can then pay for your own defense when sued and not have to deal with the rat bassturds. Easy enough solution if you ask me.

[schoeney]

Not a bad idea Todd. Maybe you can include the Nomad in an LLC then if you get sued you don't lose everything.

I insure through Foremost 250k/500k/100k w/$250 deductible and roadside assistance/towing. Cost was $305 per year.

[taranis]

Can't believe State Farm is still in business with the outrageous rates they charge. Seriously, if you're with them, go shopping. You'll be pleasantly surprised.

I have all my insurance through Geico, and the rates are competitive. I had issues with Progressive's billing system - they took forever to process payments and I was always getting cancellation notices (this was several years ago). One time I just got fed up with them and switched to Pemco - who were fantastic. If Pemco were national I'd still be with them.

[redeye]

Another choice is Nationwide. I have both my Nomad & Anita's Honda 750 w/ 100/300/100 full coverage & Uninsured motorist for $350 each per year. Another perk w/ Nationwide is they pay for your first year in the AMA which gives you a 10% discount on the insurance & a 15% discount thru Bike Bandit.

[goldstar225]

I have two cars and my home insured with State Farm. When I bought my C50 they wanted $600.00 a year, Progressive wanted $209.00 the first year and $167.00 for the renewal, guess who got my business?
When I upgraded to the Nomad I had to pay a $67.00 upgrade fee (over the $167.00) but my annual payment should drop to about $200.00 when I renew in July with Progressive.

This was full coverage

[ells]

There was a thread some time back on insurance rates. Large range. Pays to shop and have multiple policies with one company. Clean record helps too!

[damark115]

Here in Massachusetts we have some screwed up system. None of the discount carriers are available. No Progressive, Geico, Nationwide, etc. I have full coverage including fire, theft, collision, medical payments, un-insured motorist etc. About $800 a year. Would not drive without the optional bodily injury and medical, I may drop the bike coverage (fire, theft). I figure gotta pay if you wanna play.

[ponch]

I have state farm for my cars and house and when I asked for a quote for my bike it was double what I pay at Progressive, so I stayed with Progressive. My agents response was that State Farm doesn't like insuring motorcycles. Whatever.

Originally Posted by dandolfn

I've been with State Farm for years, car and auto.

Geico quoted me less for a year than State Farm quoted me for six months.

No idea how Geico handles claims, tho. State Farm has been excellent.

Had one accident in 30 years and some hurricane damage to the house and to the car.

[jonsamson]

I have State Farm. $550.00 per year. Same coverage for Progressive is $1,159.00 per year, and Geico was $456.00 per year.
-Jon

[emu]

Originally Posted by todd (Nomadis Custodis)

Just don't buy any.......post a bond and self insure yourself and then all your personal assets can be at risk if you ever are at fault in an accident...and even if you aren't at fault....you can then pay for your own defense when sued and not have to deal with the rat bassturds. Easy enough solution if you ask me.

Please explain how posting a bond would work and how much that bond would have to be. Where would one file the bond for insurance purposes. And since this is about the cost of ins. , how will posting a bond save me money. You see I have their top 5 star rating and yet I still get nailed with a $750. to $850 a year bill for specified perils. All the insurance Co.s are within a $100. of each other.

But of course if you were (as I suspect) just trying to be facetious ... OK, I snicker at you. ;)

[Todd]

No I was not being completely facetious (other than I would hope you would be smart enough not to go this route).

Since in the US insurance is a state regulated matter, each state varies (that's why comparing premium dollars paid here is kind of like peeing in the wind). I feel pretty certain that your government regulated insurance department mandates either liability or no fault insurance up to a certain amount. If they don't then you can just go without any insurance at all if you wish and just pay any costs you become legally responsible for out of your own pocket or from your personal assets.

If there is a minimum, you should be able to set aside that minimum amount in a bond to "insure" you can cover at least the minimum amount required by law. That does not cover any legal expense, excess verdicts, other costs, etc that may come about.

As far as being a cash cow, you are not, you are a good risk. Most of your premium is spent running the company and making sure money is there in case of an accident. The people you share that risk with will need it one day...you might even need it. The money is used to invest, pay for business expense, pay salaries, etc. If a company makes 1-2% off of your premium it has had a GREAT year. That means for 40 years, if you paid $850 a year ( I am sure it used to be cheaper) then the company maybe made $600 off of your premium alone. Yes, they did really make more money because of investing (probably in low risk govt. bonds for the most part) but there were costs involved with doing that business too.

If you want insurance premium, auto specifically, to go down......Lobby your government to get rid of the dishonest, working the system, unethical lawyers, chiropractors, pain management specialists. Not the real ones mind you...the ones that run up $5000 in med bills when they have clients that are tapped in the rear and don't even scratch the paint......there's where your money is going....the people who see a minor accident as a "cash cow". And while you are at it, the people that think it's OK to add a couple hundred dollars on their claims to cover their deductible.......or a few hundred here or there because they might not get caught, and if they do, it usually just means they get paid only what they are owed and no more. There's where your cash cow is.

Whew....excuse the rant please................Good luck with your decision.........Now back to riding Nomads!!!

[emu]

Hmmm, here in Canada the auto insurance industry profits were in excess of 4 billion dollars. After 41 years they only made $600. off me ... Sorry but some how what you are saying and what they are making in profits just don't seem to add up.

[redeye]

When I was shopping for bike insurance, Markel Motorcycle Insurance offers towing for an extra $20 a year,

PLUS they have a funeral rider for an additional fee. Kind of makes you wonder what they think of the people they write policies for.

[Todd]

Originally Posted by Emu

Hmmm, here in Canada the auto insurance industry profits were in excess of 4 billion dollars. After 41 years they only made $600. off me ... Sorry but some how what you are saying and what they are making in profits just don't seem to add up.

your own country's Insurance Bureau's explanation.

http://www.ibc.ca/en/Car_Insurance/I...h_Premiums.asp

What My Insurance Company Does With My Premiums

There are some common and persistent misconceptions about what insurance companies do with the money they collect from you and every other policyholder. Some people think it sits in the bank until someone makes a claim. Not true. Others believe that premiums go to pay for claims that have already happened. Not true either.

Your premium dollar travels a long and winding road, but, in the end, most of it goes to assist consumers in one way or another. For example, if you suffer a loss, a portion of your premium dollar and those of several other policyholders finds its way back to you, to help you recover.
For the record, this is what happens to your premiums:

In the insurance system, money is always moving. On a daily basis, there are claims to be settled, taxes to be paid and other costs related to running a business (paying salaries, buying equipment, paying rent, etc.). Some money is always set aside so that the company can respond quickly to catastrophes, when a large number of claims will have to be paid in a short period of time. This is called a reserve.

Any money that is not needed for day-to-day expenses or reserves is usually invested by insurers.

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Here are a few things you should know about insurers’ investments:

1. Contrary to what some people think, insurers have never had a year when they lost money on investments. Some years are better than others, but the industry has always generated positive investment returns.
2. Insurers are among the most careful investors in the country. On average, approximately three quarters of their investments are in government bonds.
3. In order to make sure that insurers are able to pay claims, the federal government monitors the industry’s investments to make certain that they are low-risk.
4. Insurers strive to maintain a portfolio that allows for quick liquidation of investments to pay claims.

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Why do insurance companies invest the money?

The nature of insurance is such that your insurance company holds your premium until it is needed to pay claims. By investing the money in the interim and making a return, your insurance company is able to offset the cost of claims and charge you less than you would otherwise pay.

In fact, there have been years when returns on investments were so good (10% or higher) that insurers only had to collect enough premium to pay for claims and expenses, and made all of their profit from investments. Even when investment returns are much more modest, this is an excellent way to keep premiums as low as possible for consumers.

[emu]

Asking the Insurance Bureau to explain premiums is like asking the oil companies to explain the price of gas at the pumps. When the years the Insurance Companies made in the billions of profit became public, the Government had to order a freeze on premium increases and to lower rates ... And that was only because of massive complaints from the populace. The insurance industry had no intention of giving even "Good" customers a break.

I was with a company years ago who had really good rates. They changed their name and the rates sky rocketed. I moved on. A few years later they changed back to the original name ... Never guess what happened to the rates ... again!

I understand the concepts of how the industry works and the need for insurance to be mandatory ... and that has us, the little guy, over the barrel when the insurance industry acts like big oil.