How much do you pay for trike insurance?

[Boscoporp]

My re-newal policy is due soon and I want to see if I can save some money on trike insurance. I live in NC and I ride a 2003 GW Motor-Trike with a lot of accessories including a 1940 Ford trailer worth about $4,000. I currently am paying $569.00 a year to Progressive. Does that sound right? What state are you living in and what do you pay to insure your trike and extra stuff??

 

[Comanche]

Most of the insurance costs for a trike or motorcycle is for repair of your own vehicle. I have about $15,000 in accessories in the event of total replacement plus the replacement of the GL 1800 itsself. Most of the riders I know have the minimum collision $10,000 per person/$25,000 per incident as motorcycles/trikes do not do the damage that cars and trucks can do. <br />
<br />
I personally do not have any medical insurance as I have medicare and Tri-Care for Life and this is all I need. Of course I pay $1.00 monthly for towing should I need that. <br />
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The area your trike is registered in enters into the equation as people living in larger areas pay more as there are more claims for the larger zip codes. <br />
<br />
I have Progressive through USAA which saves me a little money as if I went with Progressive without the USAA certification.

 

[rickt]

I went with Markel last year<br />
Liability is 100/300 bodily injury and 50 property damage<br />
500 deductible on both comp and collision<br />
do not live in major metro area but am in texas and rates generally higher i believe. <br />
I verified w/ Markel that cost of conversion kit is included in coverage. <br />
<br />
Annual premium is $227. My Progressive renewal was a couple of hundred dollars higher. :wtg:<br />
<br />
<a href="http://www.markelinsuresfun.com" target="_blank">Motorcycle Insurance, Boat Insurance & Other Powersports Coverage: Markel</a><br />
800 236 2453

 

[Cycleguy]

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<img src="images/misc/quote_icon.png" alt="Quote" /> Originally Posted by <strong>Boscoporp</strong>
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<div class="message">My re-newal policy is due soon and I want to see if I can save some money on trike insurance. I live in NC and I ride a 2003 GW Motor-Trike with a lot of accessories including a 1940 Ford trailer worth about $4,000. I currently am paying $569.00 a year to Progressive. Does that sound right? What state are you living in and what do you pay to insure your trike and extra stuff??</div>

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</div>Your best bet is to find a good independent agent who will price out various companies for you. What you get here is totally meaningless, too many variables in location, owner, etc.

 

[Meastro319]

Yeah, I think my insurance for this year was right around $200.00. I live in Illinois just west of Chicago. Lots of busy streets and traffic.(read: Crazy cagers!!!)

 

[BigSam]

I use Markel Insurance as well for my rat trike and I only use libility insurance 25,000/50,000/25,000. I pay $50.00 a year but I also live in po-dunk nowhere which really helps. It only cost me $100.00 a year for my insurance, tag and registration so I concider myself really lucky.

 

[jfingalls]

I shopped around a lot for the past several years and found Foremost (via AARP) to be the best deal. I have $15K in extras, 100k/300k, 20k/25k etc. and paid $460 last year. I had quotes as high as $1000 so I would recommend you to shop around. Our friends above are correct, it does depend upon where you live. Also, your credit score can be a big part of the premium (believe it or not). Some Insurance companies believe those who have poor credit have more claims. I have a friend who told me his costs went up 25% after he finished a short sale on his home which distroyed his credit score. Go figure.....

 

[Cycleguy]

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<img src="images/misc/quote_icon.png" alt="Quote" /> Originally Posted by <strong>jfingalls</strong>
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<div class="message">Also, your credit score can be a big part of the premium (believe it or not). Some Insurance companies believe those who have poor credit have more claims.</div>

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</div>And they do.<br />
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The insurance companies don't "believe" stuff like this on general principles. They don't guess. They have staffs of people (actuaries) who analyze the data, trying to suss out who is a bigger risk of filing claims. The data shows bad credit = higher risk.<br />
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Some States have banned insurance companies from considering this factor. That means the difference is made up by people who present less of a risk. They pay higher premiums to avoid "discriminating" against those who have poor credit ratings, and pose a higher risk. Think that's "fairer"?. It's like asking 40 year old people who live in the country and ride cruisers to pay higher premiums so 20 year olds with sportbikes who live in inner cities don't have to.<br />
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No connection to the insurance industry here, but measuring risks based on data was a big part of my professional life.

 

[Boscoporp]

Thanks for all the imput. I just selected Foremost because they were $176.00 cheaper that Progressive. Same insurance and nice people!

 

[jim peacock]

I have Foremost on my 96se 1500 with a 06 lehman kit.
Cost this year 327 dollars full coverage 500 thousand liability 500 deductble collison,250 comprohensive.
Road side service,towing,three night motel expense up to a hundred dollars a month plus car rental,do not remember how they pay on that.
ThumbUpThumbUpThumbUp

 

[ahamilton3]

A little late in replying to the question about insurance, but the cost of insurance is always a concern. The best I've found is AARP Foremost, good coverage for trike and trailer in Kansas for just under $400 per year.

 

[Tango]

I have Foremost Insurance for my trike. For those using Foremost, deal direct with an agent. NOT through AARP! My Foremost agent beat AARP by $100!!! That is the AARP kick back from them. Same thing with AARP car ins. with the "Hartford". AARP gets a kick back from all their sponsors. When I contacted AARP they said it was the cost of doing business. Tom :GL1800:

 

[Free on 3]

I have Progressive and pay $264/yr for a 2004 VW. I have 100,000/300,000/50,000 policy with a 1000 deductable.

 

[Teal]

Farm Bureau
$228 / yr
100 ded. for comprehensive

1000 ded, for collision

 

[cirbtap]

Did anyone remember to add UNDER INSURED to their policy ???

 

[rodeo1]

wow ! yeah insurance can really vary by location and credit rating (too bad) i pay daryland $210.00 a year for full coverage with $10,000 in accesory coverage. i found that to be a better and cheaper way than to have it insured, and the bike with a trike kit is worth ACV + the 10 grand, so we're all happy and the "accesory" don't depreciate like the bike does.

 

[Konrad]

I just tried for insurance with Dairyland and was told they do not insure trikes. I you call the trike kit an "accessory" worth $10K and they find out, that may be grounds for cancellation and you may well find yourself uncovered in the event of an accident.

 

[burny1970]

I went with rider ins. It was half the price of the others, and in my research I had found that a lot of the ins. companies out there cover only up to $8000 in accessories which the trike kit is considered to be one. Rider covers it all and like I said, for half the money.

 

[gjanes]

I called for some insurance on my Honda 2012 Goldwing Trike and they quoted me $550.00 with Foremost. So I called back to see what was covered and they did more research on it and Foremost said that a trike was a custom motorcycle and the price went up to $1600. So if you guys are really getting coverage for a trike and not a motorcyle I would like to know what companies are you with.