For those that say Bogus claims don't hurt anyone else

[Fat Kat]

My TLR Insurance went up over $100. They sent a letter that said that all policies went up "Due to increased Costs".

I didn't have a single claim nor any traffic violations, yet my premium jumped over 25%.



Don't try to tell me it doesn't affect me!

[BrUiRcNeR]

That's NOTHING, my TLS premium TRIPLED with NO tickets, claims, or any other such nonsense. I ended up having to drop down to liability and take my chances. I do feel your pain, just more intense for me.

[GXRKLR]

Yep, it effects averyone. when the Ins companys aren't making 100% profit like they want to, they charge us more till they get it.

[Crusher]

Err, my insurance went up to over $400 per year extra. Needless to say, the TLR is un-insured right now

[TusherTLR]

I was quoted $550CDN (~$420) in February for full insurance. I signed up, and by the time it was all said and done...the 'incremental costs' and hikes brought it to $975CDN (~$722) by the time it was on the road...man...that hurts!

[tl1000lasse]

That sucks I´m so not looking forward to next year

[Wondertwin]

Here's a couple of interesting reads:

http://www.insweb.com/learningcenter/articles/auto-fraud.htm

http://www.smartmotorist.com/ins/sca.htm

Makes sense, but I'm not weeping for the insurance companies quite yet. I insure 3 motorcycles and two cars with State Farm and have never made a claim. I just pay and pay... It's no wonder people think they deserve something back! I've not heard any news of a premium increase for me yet, but I do think I'm droppping down to two bikes on the road instead (if not one)!

[freakinheat]

I work in insurance and everytime you all file a claim and tried to hide the deduct or bump up the expense, it gets past onto the next guy who has a premium due. The bad market doesn't help the matter either.

[tlxsess]

sorry guys

[dgyver]

I wonder if the insurance companies watch places like ebay to see if someone is parting out a bike that was crashed and then turned in a claim as being stolen.

I have been carring only liability for about 1-1/2 years. Can't justify the high cost of full coverage.

[wormser77]

Insurance companies don't make 100% profit, not even close They are a biz, they are out ta make money. It's like getting pissed at a motorcycle shop for making money on a m/c sale and not giving it ta you for cost. And motorcycle insurance fraud happens more than you like ta realize, I've seen people talk about knickin frames on here ta get a total for a buyback!

[dsly1]

i wrote off a 91 zx-7 two years ago and bought my 02 TLR last year.. my insurance went nuts.... it dropped by 5 bucks a month.. I was pissed. those money hunger bastards... oh wait..... nevermind... oddly enough my 03 gixxer 1k will cost me even less 91 bucks a month. instead of 93 ! go figure.... and ya thats canadian, full coverage 300 deduct.

[Duken4evr]

As an auto/homeowners claims supervisor with 15 years experience, I have a bit of input on this subject. Here are some random thoughts.

Insurance is a heavily regulated industry. The carriers are not allowed to charge whatever they want. Rate increases have to be approved by the state's Department of Insurance, which is usually hostile to the carriers.

Another fact to consider is that insurance companies routinely pay out about $1.10 for every $1.00 they take in premium. The difference has been made up in the past with investment income. As the stock market has sucked wind for the last several years, the carriers are under financial pressure.

Most carriers are multi-line. They handle auto, homeowners, commercial, workers comp, etc. I can't speak for other companies, but mine is not doing too bad in auto, but we are getting killed in homeowner. Everyone is making water claims and six figure payments are not uncommon. I have several such files on my desk at the moment.

Workers Comp is a complete nightmare. Fortunately my employer does not specifically market that line, but we are forced to offer it for people who employ domestic workers, etc at a premium of $25 a year or so, unlimited coverage. I have a WC file on my log from 1994 with over $250,000 in payments with no end in sight until the lady feeding at the trough flippin' dies. The Workers Comp Appeals board is a joke for reasons too boring/insurance related to go into here.

State Farm lost 6 billion dollars last year.

I have come to the sad realization that I work in a very cheezy industry. I routinely see people who work for other carriers shorting people. Alllstate is the worst of the well known carriers. Steer clear of those assholes. It is not the peons so much as the directive from the top in that organization. They are corrupt.

So the carriers are far from "white nights" here, but not entirely to blame either. It is all just a big mess

[wormser77]

Duken, good write up. I also work in the biz and it amazes me how stupid people are! The ones bitchin about the high premiums usually also have a bi or pip claim open, visit to the chiro 2-3 times a week for months for nothing other than a settlement that they feel they "deserve" cause they have paid in.

[Wedge]

.

I only carry liability because they want 4000 a year for full coverage. I've had one claim thats 3 years old.

Friggin sucks. oh well, thats why I own my bikes.