Saving on Insurance Premiums

Posted by Madison on March 11, 2008


Photography: ozzzie

When we recently found out the insurance premium for my husband’s motorcycle was increasing by almost 400% we took action.

He got quotes from four different insurance companies and also did some digging in forums he reads to see which companies typically had competitive motorcycle rates.


Old premium: $169
Renewal premium: $789
367% increase

Quote Company 1: $456
Quote Company 2: $441
Quote Company 3: $359
Quote Company 4: $280

Other Policies

In addition, because the cycle premium was so much lower I prepared a document that listed our coverages and limits for our other cars, homeowners and umbrella policies.

We confirmed that the other four policies are still the cheapest for the coverage we need at our current company so we will only be moving the motorcycle.


Estimated yearly savings: $509

In addition to the cheaper premium, the new policy provides better coverage than the old policy.

Action Plan

It’s important every once in awhile to shop around and make sure that you are still getting the level of customer service you expect and competitive rates.

Have you shopped your insurance policies lately?

Article featured in: The Festival of Frugality.

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Comments to Saving on Insurance Premiums

  1. Madison – I’m glad to hear that you found a better deal. When shopping for insurance, I have found that coverages may also vary. In some instances, you may be get a lower premium because the policy has lower limits, additional exclusions, or a higher deductible. These are important points to consider when comparing quotes. In fact, if you have a suitable emergency fund, then you might consider raising the deductible on your home and auto policies to save money on your premiums.

    Jeff@MySuper-Charged Life

  2. Thats insane!

    Tlak about a company that didn’t want your business. Watch 90-days from now you’ll get a “We want you back” letter from them!


  3. Holy cow… any reason it might have increased that much? That is… did he have a wreck… or… anything?

    No Debt Plan

  4. @ Jeff: We’re doing better all around, cheaper premium and better coverage. We also have $1,000 deductibles on our policies. I considered raising them to $2,500 but the price break isn’t much above $1,000.

    @ RacerX: If they offer me to come back with a lower premium, I’d take it!

    @ No Debt Plan: Nothing on my husband’s part. It was actually rated incorrectly last year. It was missing the “superbike” surcharge.


  5. OUCH! That’s an insane increase. It really paid to do the quote comparison on your insurance. And it’s a great idea to do it on all other policies and check every possible ways to reduce your cost. The saving you got was definitely worth the effort. Well Done. Not sure I would give them another chance however after they have proven to totally try to rip you off.


  6. Holy Guacamole!
    That is an inexcusable increase, even considering the superbike charges.

    Just goes to show you that it pays to shop EVERYTHING and learn to negotiate!


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