Insurance

[MBMiner]

I just bought a new 2011 Spyder RT Limited and I was shocked at the insurance cost through Progressive. I only have liability coverage and property damage coverage and the quoted premium for the Spyder alone was $519 with three bikes insured. This compares to $164 for a H-D Fat Boy and $142 for a Suzuki Burgman. I realize the Spyder is worth much more, but because I'm not insuring for collision or comp that shouldn't make a difference. Any idea why the Spyder is so much more. Are they insuring it as a car or something of that sort?
Bruce

[Bob Denman]

You're going to have to call your broker and ask them about Progressive's pricing strategies for trikes...
I realize that it's more than triple the cost of the Hawg with the same coverage (?), so perhaps it's a surcharge based on the 3-wheeled stance. Keep in mind that your costs inolve many underwriting factors...
location
age
marital status
driving record
credit rating
Insurance companies will target certain markets by offering very competitive rates for them... Shop your bike around and I'm sure that you'll be happy!

(Selling insurance for 33 years!)

[spyderdave]

I think that the insurance industry is struggling with trikes. I called State Farm and got a quote. However, when I bought the bike they had to get over ride approval to actually write the policy. Seems that they will quote prices to insure trikes, but don't actually insure them as a standard practice!

The insurance industry does not understand the difference that Spyders offer over traditional trikes. The 2 wheels in front and stability systems on the Spyder add safety to trikes where other trikes can actually be less stable than traditional motorcycles.

[ABQ_SpyderRyder]

I pay $29/month for my '09 RS. I use Progressive, but it's through USAA. If you have served or have any friends/family that are/have been in the military or worked in government service, see if you can get a membership. Geico quoted me over 4 times as much as I'm paying now. Craziness. Progressive through USAA is the way to go!

[Bob Denman]

...Although I was happy to see that on my own policy (American Modern Home), the premium dropped this year... $525 for full coverage... 100/300/50 liability and physical damage coverage with a $500 deductible.
Yet on some conventional trikes the premiums increased!

[lotsasawdust]

I bought a 2010 RS used last week. Progressive told me that my Spyder is considered a sport bike and that is why the rate is higher than my Kaw Concours that I replaced.

[Paladin]

an RS is considered a sport bike but a RT is a touring bike.. should be a lot different in insurance you would think

[Bob Denman]

Well that depends on the Company and how they want to treat the Spyders...
NEVER believe everything that you hear from the Company... You will hear whatever story they THINK that they can get away with in the least amount of time...
Push your Agent or Broker for the real deal... There's more than one way to skin a cat, and a Broker can check with several companies to find the best deal for you!
(Just to be clear... A licensed Broker for 33 years... so my viewpoint may be somewhat skewed by my life's experiences)

[RGVSpyderGirl]

I insured my 2011 RT with Foremost. One-third the quote I got from Progressive.

[Sippi1]

I was checking on the cost of insurance through Progressive via USAA and my quote was $70.00 a month. This is with all the "discounts" available. However, I have no previous riding experience and wife wants full coverage in case I buy the farm. Talked to one of the guys here at work that has been riding since he was 15 (40 years exp for him) and he insures both his bikes for $200.00 a year. Is the higher cost due to my lack of experience? I also just bought the wife a car. Not sure if that plays a factor though.

Sip