[Trinity]

Hey guys,

I just got my CBR 250R a few days ago and am now looking into insurance. The best and cheapest coverage I could find was with McGraw. Basically I can get something really crazy like $250k per person coverage (total up to $500k) and $250k of property damage coverage for like $775 per year. I'm a little concerned, though, that McGraw is not a good company and that if I get into an accident I'll have to fight them to cover me. Has anyone used them before or heard horror stories about them? I want to feel covered when I'm out on the road and will go with another, more known (and more expensive), company if people have had bad experiences with McGraw.

Thanks in advance for any information on them!

 

[Jonathon89]

I have progressive with 2 bikes on my policy and I pay less than 500 for both bikes full coverage.


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[Trinity]

Thanks. I guess that quote's too high anyway then. I'll look at Progressive and Geico. They seem better known and maybe even have better prices.

 

[MotoMike]

Three factors which will weigh heavily when it comes to any type of motor vehicle insurance rate, are the owner/operators age, driving record, and location of residence (as in city & state). For example, I live in New Mexico, a state which has a lot of uninsured drivers running around, which means high rates for those who do have insurance. I'm age 53, with a clean driving record, so that helps a lot. I have all my vehicles insured with Geico... on my CBR250R, liability, bodily injury, under/uninsured motorist & comprehensive coverage is about $230 per year. As I own the bike (no bank lien), I chose to go without collision, which would have cost another $250 or so per year.

 

[Trinity]

I'm getting quotes for like $1,200-1,400 which seems incredibly high. I'm in my late 20s and have a clean driving record, but I do live in Los Angeles. I also only just got my license. Still, that seems crazy high!

 

[Trinity]

Like, going with McGraw would save me literally $500. That's...my dream jacket. http://store.proitalia.com/images/2533619-Dainese-Lady-Leather-Racing-Jacket.jpg

 

[MotoMike]

Like, going with McGraw would save me literally $500. That's...my dream jacket. http://store.proitalia.com/images/2533619-Dainese-Lady-Leather-Racing-Jacket.jpg

Have you tried googling McGraw? Maybe you can find out more about them, history, customer testimonials etc. Also, do you own your bike outright? If so, you could likely save a lot of money by going without collision coverage. Have to weigh the saving against the risk of loss, though. The other thing that will affect the rates you are being quoted is the deductible for the comp & collision portion of the policy. Going with a higher deductible will lower your rates, sometimes by a significant amount of money.

That's a nice jacket, BTW... Dainese makes high quality motorcycle apparel, as does Alpinestars (I'm a A-stars junkie when it comes to riding gear, for both On and Off-Road).

 

[Trinity]

Thanks for the comment. I did google McGraw and wasn't too impressed with what I found. On a few forums people said it was a real fight to get them to pay out. Also, the really nice woman who sold me the motorcycle and knows tons about them said McGraw wasn't really very good. Yes I do own the bike outright. If I don't get collision coverage, though, what happens if I somehow damage someone else's car? I guess I could go with a higher deductible. Better to risk losing it than pay it out for sure to an insurance company.

My boots are Alpinestars, these ones: http://external.ak.fbcdn.net/safe_i...s-amazon.com/images/I/41UxKVk8MvL._SL350_.jpg

I'm trying to get good gear and good coverage considering how much of a n00b I am...

 

[MotoMike]

Collision is coverage for your vehicle only, which would pay to repair damage to your vehicle. Liability coverage is for property damage/injuries to others. Comprehensive is coverage for things other than collisions... like theft, fire, vandalism, acts of God, etc... things that might happen to the bike when it's not being operated under it's own power.

In most states, Liability is the only mandatory coverage, which you must have proof of when riding, or to get registration & tabs for your lic. plate.


I've got the same boots, SM-X 5 vented... really nice.

 

[Trinity]

Thank you for explaining the difference! I tried to get several different insurance people to explain and they basically ignored me and plowed on through their questions.

 

[MotoMike]

Thank you for explaining the difference! I tried to get several different insurance people to explain and they basically ignored me and plowed on through their questions.

You're welcome... good luck with the insurance quest.

 

[Trinity]

Holy crap take the liability down some and knock off collision and suddenly the Progressive quote is $592! I have frame sliders in case I drop it. If I get into a more serious accident then that then I'll just have to cover it. Paying like $700 a year just in case I damage it does not make any sense to me.

 

[Trinity]

The guy said people just knock these over and manage to do tons of damage that way. Which is, you know, not nice to think about. Which reminds me. I have to go put the cover on it since it's had a chance to dry out after it was delivered in the rain...

 

[MotoMike]

Holy crap take the liability down some and knock off collision and suddenly the Progressive quote is $592! I have frame sliders in case I drop it. If I get into a more serious accident then that then I'll just have to cover it. Paying like $700 a year just in case I damage it does not make any sense to me.

Did that quote include Comprehensive coverage? If you are parking your bike outside, I'd recommend getting Comp. Also I forgot to mention previously that Bodily Injury coverage, which pays for your medical costs if you are injured, would be a very good idea, and shouldn't add too much more to your yearly premiums.

 

[Trinity]

Yes that quote included comprehensive coverage. I was going to skip over Bodily Injury coverage for myself because I have really good coverage with Kaiser. Is that usually used by people who don't have health insurance? It just seems like the two would overlap.

 

[MotoMike]

Yes that quote included comprehensive coverage. I was going to skip over Bodily Injury coverage for myself because I have really good coverage with Kaiser. Is that usually used by people who don't have health insurance? It just seems like the two would overlap.

I would think that there may be some overlap between the two... I've got good health insurance as well, but I got the Bodily Injury anyway, as it was pretty inexpensive to add onto the policy.

 

[Trinity]

Bodily Injury

I would think that there may be some overlap between the two... I've got good health insurance as well, but I got the Bodily Injury anyway, as it was pretty inexpensive to add onto the policy.

Yea it doesn't seem that expensive. I think they help you make the deductibles you would have to pay under your health insurance anyway.

 

[northernlights]

For what it's worth, when I bought my CB the dealer made me a quote with McGraw, which supposedly included a discount because I was going through him. The price was 140% of what I got with Progressive for an equivalent coverage.

Now, I can't tell you how good is Progressive when you actually need to use their services; I never had to. But that's an important thing when choosing an insurance, cheapest is not necessarily best. (and yet I chose the cheapest you might say )