It's that time of year again (and as if today's snowstorm wasn't enough reminder!) ... the bill arrived to re-up my insurance for the coming season, and I am looking for feedback and/or advice...
I'm a married guy, mid 40's, clean driving record with great credit, yet I've been paying $600-$700 annually for insurance for my '11 Nytro. Admittedly, I do reduce my coverages in the off season to drive what I actually pay much lower, but frankly, that's a PITA, and I feel the policy should naturally reflect that one is not riding 8 months of the year. I have a friend of nearly identical demographics, who even rides the same machine as me (late model Nytro), rides in the same places, yet pays LESS than me for his Nytro AND Viper combined! And, he does not have to fuss with off season/on season coverage changes. The last irony is that he has the same ins. company - what gives? I've pushed my agent on this, and he can offer no satisfactory response. The only small detail I can think of is that my friend has an IL address compared to my WI address. (And we all know that EVERYONE in IL rides their sleds in WI anyway!)
Now, I've done just a small amount of shopping on this rate, but I've had little luck finding much of a rate reduction, and I can't help but feel like I am getting royally screwed! So ... my questions are these: Are these rates I am paying actually pretty typical, and I am just bitter and cranky for no reason - what have been your experiences? And, if not typical, does anyone have an agent they'd be willing to reccomend for a quote?
Thanks in advance!
Sled Insurance...
Insurance
[QUOTE=Skip28;20398]It's that time of year again (and as if today's snowstorm wasn't enough reminder!) ... the bill arrived to re-up my insurance for the coming season, and I am looking for feedback and/or advice...
I'm a married guy, mid 40's, clean driving record with great credit, yet I've been paying $600-$700 annually for insurance for my '11 Nytro. Admittedly, I do reduce my coverages in the off season to drive what I actually pay much lower, but frankly, that's a PITA, and I feel the policy should naturally reflect that one is not riding 8 months of the year. I have a friend of nearly identical demographics, who even rides the same machine as me (late model Nytro), rides in the same places, yet pays LESS than me for his Nytro AND Viper combined! And, he does not have to fuss with off season/on season coverage changes. The last irony is that he has the same ins. company - what gives? I've pushed my agent on this, and he can offer no satisfactory response. The only small detail I can think of is that my friend has an IL address compared to my WI address. (And we all know that EVERYONE in IL rides their sleds in WI anyway!)
Now, I've done just a small amount of shopping on this rate, but I've had little luck finding much of a rate reduction, and I can't help but feel like I am getting royally screwed! So ... my questions are these: Are these rates I am paying actually pretty typical, and I am just bitter and cranky for no reason - what have been your experiences? And, if not typical, does anyone have an agent they'd be willing to reccomend for a quote?
Thanks in advance![/QUOTE]
Way out of line. I have a 2014 Cat Turbo and I pay half that amount full coverage all season. My agent runs it under my house policy same as my boat and four wheeler.
I'm a married guy, mid 40's, clean driving record with great credit, yet I've been paying $600-$700 annually for insurance for my '11 Nytro. Admittedly, I do reduce my coverages in the off season to drive what I actually pay much lower, but frankly, that's a PITA, and I feel the policy should naturally reflect that one is not riding 8 months of the year. I have a friend of nearly identical demographics, who even rides the same machine as me (late model Nytro), rides in the same places, yet pays LESS than me for his Nytro AND Viper combined! And, he does not have to fuss with off season/on season coverage changes. The last irony is that he has the same ins. company - what gives? I've pushed my agent on this, and he can offer no satisfactory response. The only small detail I can think of is that my friend has an IL address compared to my WI address. (And we all know that EVERYONE in IL rides their sleds in WI anyway!)
Now, I've done just a small amount of shopping on this rate, but I've had little luck finding much of a rate reduction, and I can't help but feel like I am getting royally screwed! So ... my questions are these: Are these rates I am paying actually pretty typical, and I am just bitter and cranky for no reason - what have been your experiences? And, if not typical, does anyone have an agent they'd be willing to reccomend for a quote?
Thanks in advance![/QUOTE]
Way out of line. I have a 2014 Cat Turbo and I pay half that amount full coverage all season. My agent runs it under my house policy same as my boat and four wheeler.
[QUOTE=Skip28;20398]It's that time of year again (and as if today's snowstorm wasn't enough reminder!) ... the bill arrived to re-up my insurance for the coming season, I am looking for feedback and/or advice...[/QUOTE]
There is a reason the agent isn't giving you a good answer......My 07 vector has full coverage, year round with $500k liability and is $133.00 annually with the liability extending from my home policy. (liberty mutual)
You seriously need to shop all your policies. I do it every 2 years to keep everyone honest. Granted there are a pile of variables in insurance,(age, drivers, # of policies, geography, value of vehicles, how they structure liability coverage, cost of repair, etc.) but If they are skinning you that bad on your sled, I'm willing to bet the other policies aren't priced well either.
There is a reason the agent isn't giving you a good answer......My 07 vector has full coverage, year round with $500k liability and is $133.00 annually with the liability extending from my home policy. (liberty mutual)
You seriously need to shop all your policies. I do it every 2 years to keep everyone honest. Granted there are a pile of variables in insurance,(age, drivers, # of policies, geography, value of vehicles, how they structure liability coverage, cost of repair, etc.) but If they are skinning you that bad on your sled, I'm willing to bet the other policies aren't priced well either.
Thanks for the responses - they confirm what I've suspected. I never knew (or thought to ask) if I could cover my sled as a rider on my homeowners policy, so I will definitely look into that! Coincidentally, I just switched my homeowners to Liberty Mutual (via Geico, though) so hopefully I will find similar results. I was insured across the board forever by Allstate, and until the past few years, my rates were always good. But my homeowners and auto took big leaps up this year for no apparent reason (paying for Mayhem commercials, maybe?!?) Then, throw the soaking for the sled on top starting a few year back, and my opinion of them soured. I have cancelled my homeowners and auto with them. The only thing currently left with Allstate is the sled, and obviously I am looking to cancel that, too!
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BadgerChad
- Posts: 3
- Joined: Tue Dec 28, 2010 4:14 pm
Caveat: I am a licensed insurance agent in Wisconsin (all lines).
There are several factors that can go into rates, and why rates are different one person to another, even with the same company.
First off, I'll echo some of the comments that others have made on here. It's important to review your coverage annually, but don't focus just on rates when you do this. Make certain that the level of insurance you have is appropriate for what you have; that you haven't left anything out, and that you are making a comparison of various companies. It's not so much that it "keeps everyone honest" as much as the insurance market CONSTANTLY changes, and various companies have appetites for certain risks, and will raise rates to try to turn away risks that they'd rather not have.
Remember, one size doesn't fit all. I'll say that I'm biased as I've always worked in the independent arena, with access to many different companies. The so-called "captive" companies (like Allstate, State Farm, etc.) provide one line of generally good coverage, but more or less require that your situation fits theirs. The online companies (like Geico) are generally good rate-wise, but have a track record of issue when it comes to claim time.
There are many factors that could go into your rate, and you mentioned one of them: Credit. This is relatively new but insurance companies are now looking into credit reports to assess risk, with the general idea that if one is a poor credit risk, they are likely a poor insurance risk. Is this true every time? No, of course not..but more often than not it is.
Another factor is experience...not you as an operator, but how many claims have they had on a particular model, or engine CC. If you have a Honda Civic or Accord, you will pay more then a comparable Hyundai, simply because Hondas for some reason are bigger theft targets. And that gets reflected in the rates.
A third factor might be your past claims history. Does one have a routine of filing small claims, or if there are claims, are they larger, one-off types of things? A history of small claims is a negative for an insurance company, which is why I recommend most people increase their deductibles, and pay for the small things out of pocket. Aggravating I understand, but it is a fact of life right now.
Do you have a history of switching carriers? This is also noted...and why I feel it's important to build a history with one carrier. I pay a few dollars more on my personal insurance then I could perhaps save by going with another, but I've had a relationship with the carrier for over 10 years. When I've had claims, they go smoothly.
Do you really need as much insurance as you have? For example, on my 2002 Polaris XC's...I have liability only. While they are still great running sleds, if something happens to them, there's no value in paying for comprehensive coverage here. If I was to buy a newer sled (or if you have a loan on it) then comprehensive coverage is more imperative.
My recommendation (with bias flag flying high and steadily!) is to talk to a local independent agent. Make him/her do the legwork for you (that's their job!) and give you some recommendations. You may find out (and it sounds like you have already) that by adding other lines of insurance, you save on the whole thing.
Again, just my $0.02 from the front lines.
Think snow!
BC
There are several factors that can go into rates, and why rates are different one person to another, even with the same company.
First off, I'll echo some of the comments that others have made on here. It's important to review your coverage annually, but don't focus just on rates when you do this. Make certain that the level of insurance you have is appropriate for what you have; that you haven't left anything out, and that you are making a comparison of various companies. It's not so much that it "keeps everyone honest" as much as the insurance market CONSTANTLY changes, and various companies have appetites for certain risks, and will raise rates to try to turn away risks that they'd rather not have.
Remember, one size doesn't fit all. I'll say that I'm biased as I've always worked in the independent arena, with access to many different companies. The so-called "captive" companies (like Allstate, State Farm, etc.) provide one line of generally good coverage, but more or less require that your situation fits theirs. The online companies (like Geico) are generally good rate-wise, but have a track record of issue when it comes to claim time.
There are many factors that could go into your rate, and you mentioned one of them: Credit. This is relatively new but insurance companies are now looking into credit reports to assess risk, with the general idea that if one is a poor credit risk, they are likely a poor insurance risk. Is this true every time? No, of course not..but more often than not it is.
Another factor is experience...not you as an operator, but how many claims have they had on a particular model, or engine CC. If you have a Honda Civic or Accord, you will pay more then a comparable Hyundai, simply because Hondas for some reason are bigger theft targets. And that gets reflected in the rates.
A third factor might be your past claims history. Does one have a routine of filing small claims, or if there are claims, are they larger, one-off types of things? A history of small claims is a negative for an insurance company, which is why I recommend most people increase their deductibles, and pay for the small things out of pocket. Aggravating I understand, but it is a fact of life right now.
Do you have a history of switching carriers? This is also noted...and why I feel it's important to build a history with one carrier. I pay a few dollars more on my personal insurance then I could perhaps save by going with another, but I've had a relationship with the carrier for over 10 years. When I've had claims, they go smoothly.
Do you really need as much insurance as you have? For example, on my 2002 Polaris XC's...I have liability only. While they are still great running sleds, if something happens to them, there's no value in paying for comprehensive coverage here. If I was to buy a newer sled (or if you have a loan on it) then comprehensive coverage is more imperative.
My recommendation (with bias flag flying high and steadily!) is to talk to a local independent agent. Make him/her do the legwork for you (that's their job!) and give you some recommendations. You may find out (and it sounds like you have already) that by adding other lines of insurance, you save on the whole thing.
Again, just my $0.02 from the front lines.
Think snow!
BC
[QUOTE=BadgerChad;20406]Caveat: I am a licensed insurance agent in Wisconsin (all lines).[/QUOTE]
I appreciate the inside perspective - confirming suspicions, at the very least, and perhaps even revealing for some readers.
I do also appriceat the relationship angle. When I first started with Allstate (waaayyy back in '92), I used the same agent my dad had used forever. Knew this agent on a first name basis, and as I built my life, was able to call her on a moments notes to get my insurance needs met. Prices were all reasonable, and I was always happey and never felt a need to look about. Eventually, I moved to metro MKE from NE WI ... but continued to keep my insurance thru this same agent. However, in time, she retired. Unsurprisingly, her agency was bought/handed over to another agent, with whom I had no personal relationship. However, for a few more years, my rates stayed stable (even thru my amicable, extremely low legan entanglement divorce a few years back - and since re-married) so I did not change. It was only recently when rates on both sides (home/car) spiked that I questioned things. Mind you, I'd not moved, nor made any claims - nothing about my situation had negatively changed. When I called about this, I was told, rather brusquely, that "everyone's rates have gone up a lot this year. We don't know/can't tell you why, and you'll not find better rates elsewhere." Essentially, suck it up. Well ... no! I immediately cancelled, not just based on rates, but for having been spoken to that way by some office flunky, and have found much more suitable rates elsewhere.... except for my sled, which is now a work in progress!
I appreciate the inside perspective - confirming suspicions, at the very least, and perhaps even revealing for some readers.
I do also appriceat the relationship angle. When I first started with Allstate (waaayyy back in '92), I used the same agent my dad had used forever. Knew this agent on a first name basis, and as I built my life, was able to call her on a moments notes to get my insurance needs met. Prices were all reasonable, and I was always happey and never felt a need to look about. Eventually, I moved to metro MKE from NE WI ... but continued to keep my insurance thru this same agent. However, in time, she retired. Unsurprisingly, her agency was bought/handed over to another agent, with whom I had no personal relationship. However, for a few more years, my rates stayed stable (even thru my amicable, extremely low legan entanglement divorce a few years back - and since re-married) so I did not change. It was only recently when rates on both sides (home/car) spiked that I questioned things. Mind you, I'd not moved, nor made any claims - nothing about my situation had negatively changed. When I called about this, I was told, rather brusquely, that "everyone's rates have gone up a lot this year. We don't know/can't tell you why, and you'll not find better rates elsewhere." Essentially, suck it up. Well ... no! I immediately cancelled, not just based on rates, but for having been spoken to that way by some office flunky, and have found much more suitable rates elsewhere.... except for my sled, which is now a work in progress!
[QUOTE=BadgerChad;20406]Caveat: I am a licensed insurance agent in Wisconsin (all lines).
There are several factors that can go into rates, and why rates are different one person to another, even with the same company.
First off, I'll echo some of the comments that others have made on here. It's important to review your coverage annually, but don't focus just on rates when you do this. Make certain that the level of insurance you have is appropriate for what you have; that you haven't left anything out, and that you are making a comparison of various companies. It's not so much that it "keeps everyone honest" as much as the insurance market CONSTANTLY changes, and various companies have appetites for certain risks, and will raise rates to try to turn away risks that they'd rather not have.
Remember, one size doesn't fit all. I'll say that I'm biased as I've always worked in the independent arena, with access to many different companies. The so-called "captive" companies (like Allstate, State Farm, etc.) provide one line of generally good coverage, but more or less require that your situation fits theirs. The online companies (like Geico) are generally good rate-wise, but have a track record of issue when it comes to claim time.
There are many factors that could go into your rate, and you mentioned one of them: Credit. This is relatively new but insurance companies are now looking into credit reports to assess risk, with the general idea that if one is a poor credit risk, they are likely a poor insurance risk. Is this true every time? No, of course not..but more often than not it is.
Another factor is experience...not you as an operator, but how many claims have they had on a particular model, or engine CC. If you have a Honda Civic or Accord, you will pay more then a comparable Hyundai, simply because Hondas for some reason are bigger theft targets. And that gets reflected in the rates.
A third factor might be your past claims history. Does one have a routine of filing small claims, or if there are claims, are they larger, one-off types of things? A history of small claims is a negative for an insurance company, which is why I recommend most people increase their deductibles, and pay for the small things out of pocket. Aggravating I understand, but it is a fact of life right now.
Do you have a history of switching carriers? This is also noted...and why I feel it's important to build a history with one carrier. I pay a few dollars more on my personal insurance then I could perhaps save by going with another, but I've had a relationship with the carrier for over 10 years. When I've had claims, they go smoothly.
Do you really need as much insurance as you have? For example, on my 2002 Polaris XC's...I have liability only. While they are still great running sleds, if something happens to them, there's no value in paying for comprehensive coverage here. If I was to buy a newer sled (or if you have a loan on it) then comprehensive coverage is more imperative.
My recommendation (with bias flag flying high and steadily!) is to talk to a local independent agent. Make him/her do the legwork for you (that's their job!) and give you some recommendations. You may find out (and it sounds like you have already) that by adding other lines of insurance, you save on the whole thing.
Again, just my $0.02 from the front lines.
Think snow!
BC[/QUOTE]
well,i have an 800+ credit score,zero claims in the last 10 yrs,have the minimum coverage required by my lender(300,000),been with the same company for at least 5 yrs with over 30 yrs riding experience and the cheapest i could find is just over 500 a yr,which is 100 a yr more than my truck insurance,and the truck is worth more than the sled and 400 more than my atv insurance,which has the same coverage..the other 4 0r 5 insurance companies wanted 2 to 3 hundred more a yr,i could go on about what i feel about this,but i don't need to shoot any government agents as they storm my house.
There are several factors that can go into rates, and why rates are different one person to another, even with the same company.
First off, I'll echo some of the comments that others have made on here. It's important to review your coverage annually, but don't focus just on rates when you do this. Make certain that the level of insurance you have is appropriate for what you have; that you haven't left anything out, and that you are making a comparison of various companies. It's not so much that it "keeps everyone honest" as much as the insurance market CONSTANTLY changes, and various companies have appetites for certain risks, and will raise rates to try to turn away risks that they'd rather not have.
Remember, one size doesn't fit all. I'll say that I'm biased as I've always worked in the independent arena, with access to many different companies. The so-called "captive" companies (like Allstate, State Farm, etc.) provide one line of generally good coverage, but more or less require that your situation fits theirs. The online companies (like Geico) are generally good rate-wise, but have a track record of issue when it comes to claim time.
There are many factors that could go into your rate, and you mentioned one of them: Credit. This is relatively new but insurance companies are now looking into credit reports to assess risk, with the general idea that if one is a poor credit risk, they are likely a poor insurance risk. Is this true every time? No, of course not..but more often than not it is.
Another factor is experience...not you as an operator, but how many claims have they had on a particular model, or engine CC. If you have a Honda Civic or Accord, you will pay more then a comparable Hyundai, simply because Hondas for some reason are bigger theft targets. And that gets reflected in the rates.
A third factor might be your past claims history. Does one have a routine of filing small claims, or if there are claims, are they larger, one-off types of things? A history of small claims is a negative for an insurance company, which is why I recommend most people increase their deductibles, and pay for the small things out of pocket. Aggravating I understand, but it is a fact of life right now.
Do you have a history of switching carriers? This is also noted...and why I feel it's important to build a history with one carrier. I pay a few dollars more on my personal insurance then I could perhaps save by going with another, but I've had a relationship with the carrier for over 10 years. When I've had claims, they go smoothly.
Do you really need as much insurance as you have? For example, on my 2002 Polaris XC's...I have liability only. While they are still great running sleds, if something happens to them, there's no value in paying for comprehensive coverage here. If I was to buy a newer sled (or if you have a loan on it) then comprehensive coverage is more imperative.
My recommendation (with bias flag flying high and steadily!) is to talk to a local independent agent. Make him/her do the legwork for you (that's their job!) and give you some recommendations. You may find out (and it sounds like you have already) that by adding other lines of insurance, you save on the whole thing.
Again, just my $0.02 from the front lines.
Think snow!
BC[/QUOTE]
well,i have an 800+ credit score,zero claims in the last 10 yrs,have the minimum coverage required by my lender(300,000),been with the same company for at least 5 yrs with over 30 yrs riding experience and the cheapest i could find is just over 500 a yr,which is 100 a yr more than my truck insurance,and the truck is worth more than the sled and 400 more than my atv insurance,which has the same coverage..the other 4 0r 5 insurance companies wanted 2 to 3 hundred more a yr,i could go on about what i feel about this,but i don't need to shoot any government agents as they storm my house.
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05FireCat600SP
- Posts: 92
- Joined: Sat Sep 02, 2006 11:35 pm
It is my understanding that insurance companies look at the sled displacement (cc) to determine a baseline rate. Thus with the new 4-strokes being over 1000 cc the rates are sky rocketing. Your Nytro is comparable to a 600 cc two stroke sled but in the eyes of the insurance company you have almost double the cc thus you snowmobile is that much more powerful. I believe Liberty Mutual looks at HP vs displacement (cc) with their sled policies.
Yeah - my agent explained the CC aspect to it way back when, and though we all understand the flaws of the CC's vs HP point of view in a world of 2 and 4 strokes mixed together, I've temporarily conceded that point of view with the thinking that trying to fight it is like jousting at windmills. None the less, it still does not really explain how my friend is getting a much lower rate for his Nytro and then Vector/now Viper.