Honda CBR 250 Forum banner
1 - 11 of 11 Posts

·
Registered
Joined
·
13 Posts
Discussion Starter · #1 ·
So I know I asked ya'll about insurance and was thinking only getting liability I was just quoted from Rider insurance for full coverage with BI 250k/500k property at 100k underinsured BI at 250k/500k and unisured at the same plus fire, theft, comrehensive and collision with a 250$ deductible for a grand total of 185$ a year. Thanks for all the information forum peeps.:)
 

·
Registered
Joined
·
1,503 Posts
Oops. I guess I forgot one key thing that people should look for. Ideally, you'd like to be insured with a company that has an AM Best & Co. rating of A, A+, or A++. Rider has an NR, which means "no rating". Not being rated does not necessarily mean they are a bad company, but it is certainly a bad sign. They probably have NR because they are small and only operate in a few states. Small is not bad, but REALLY small is because they may not have the financial strength to pay their claims.

My suggestion to you is that you did the right thing by getting insurance and starting to establish an insurance track record, but you may want to continue shopping (and I don't mean wait until next year) to see if you can get something that fits your budget, but is with a company with an established reputation for paying claims and treating their clients fairly. Excellent choice in going with higher BI coverage, btw.
 

·
Registered
Joined
·
3 Posts
Rider's financial stability

The reason that Rider Insurance is not rated through A.M. Best is not because we are a small company or not financially stable. It is because we are a single line carrier in 7 states. Rider Insurance Company is has been paying claims for the past 35 years and has never had a bad faith claim. A.M. Best’s rating system is designed more for national and multi-line carriers. We are, however, A’ rated though Demotech, which is a financial stability rating company that specialized in mono-line and regional carriers. For more information on our financial stability, please visit http://www.demotech.com/search_results_fsr.aspx?id=34509&t=2. You can also call our office at (800) 595-6393 and a customer service representative will be happy to assist you.
 

·
Registered
Joined
·
1,503 Posts
I should have put "small OR only operate in a few states". As I said, the NR from Best's does not necessarily mean that they are a bad company. Still, it is an indication to do more research. I also said "ideally you would like to be with a company with a Best's rating...." Rider Insurance may be the right choice for you. I don't know anything about them other than the minimal research I did. They do not operate in my state. We are big fans of regional insurance companies and represent several of them, all of which have been rated by A.M. Best as "A" or better. I checked all of them in Demotech's rating site and all of them were considered "Average". So, while I may assume that the "A" rating that Demotech gives Rider Insurance is a very positive sign, I would caution not to take Demotech's financial stability rating of "Average" as negative. I would counsel my own clients that if everything is about equal, go with the carrier that has a Best's rating of "A" over one with a rating of NR. HOWEVER, everything may not be about equal in this case (the premium looks extremely competitive) and in that case, I might recommend a company like Rider--but I still would do more research on it. Since I'm not getting paid for this advice, I'm not doing any more research on Rider. But the OP should, if only to confirm that he made a smart choice. (note that NONE of this was said to denigrate Rider Insurance in ANY way. I just want to make sure that people make informed insurance decisions). :)
 

·
Registered
Joined
·
62 Posts
Just my personal experience with Rider:

Before getting my CBR 250, I took the squid road well traveled and decided to get a Triumph Street Triple R (675cc, >100hp, inline 3 cylinder) after 6 weeks on a Ninja 250r.

I had rider insurance riding out of the dealership, 400/year. The bike was destroyed an hour later (along with broken leg and other fun stuff), so effectively I had insurance for one hour.

Rider immediately paid out a claim for >6k to fix the bike at the dealer (I sold it later, got the CBR 250 after learning my lesson). They actually DROPPED my insurance to reflect the difference in premiums when I got the CBR 250 and MAILED ME A CHECK.

Long story short - Rider is awesome! Get it, if you live in a state that they offer coverage.
 

·
Registered
Joined
·
1,503 Posts
That's the kind of information that the OP needs to hear, moto77. Of course every case can be different, but real life experiences tell us a lot.
 

·
Registered
Joined
·
78 Posts
I'd love to see them in more states. I keep seeing everyone's low rates for awesome coverage and it makes me a little jealous.
 

·
Registered
Joined
·
1,503 Posts
They're probably being very careful in to which states they go. Insurance regulations and markets are so different from state to state and most regional companies don't have the resources to take a chance on moving into a state in which they can't get a reasonable return. I'm glad that Riders Insurance is getting some good comments here. I will look into them more in depth for some of my clients who reside in states that Rider is in.
 

·
Registered
Joined
·
3 Posts
Thanks for sharing your experience with us moto77!

@Woolf – The Rider Insurance you saw isn’t actually us. GMAC represents the Rider Motorcycle Insurance Program through Rider Magazine. Rider Insurance is both an insurance company and agency.

@Empty Sea – You are absolutely right that everyone should do their research before purchasing insurance and not just base the decision on price. There are many companies out there that try to take advantage of uninformed consumers. Rider is very up front about the coverage and service we have to offer. Since all we insure are motorcycles and off-road vehicles, we understand the specific needs of the motorcycle community.

Rider is currently the largest provider of motorcycle insurance in NJ and we are also available in DE, IN, MD, OH, PA, and WV. We should be available in VA later this year. We plan to continue to expand to other states, but we don’t want to grow too quickly and compromise on the service our customers have come to expect.
 

·
Registered
Joined
·
1,503 Posts
Thanks for the information. IN is the only state that overlaps with the states I write in, but it's good to know they're out there. :)
 
1 - 11 of 11 Posts
Top