I have lived in New York City for the past 7 years. I’ve owned 5 motorcycles and 2 Vespa scooters (The best way to navigate Manhattan / Brooklyn).
Over the last 7 years I have filed six theft claims for my vehicles. Almost every single vehicle I have owned in NYC has been stolen (the same motorcycle was stolen twice and both times progressive paid me out). There has never been any fraud on my end, obviously. I always have gotten limited liability + comprehensive + 3k accessory coverage. Each year the premium varies by price but for the most part has not drastically increased. The most notable of the thefts would be a few years back I bought a new Ducati from the dealer for 14k. Bike was stolen 2 weeks later while locked on he street waiting for a garage spot to open in midtown Manhattan. The bike was recovered a day later. Bike was deemed a total loss and progressive offered me 11.5k. I settled the claim for 11k and I kept the bike. I repaired the bike for $500. THAT SAME BIKE was stolen 7-8 months later, never recovered. Progressive paid me out for 10.5k on the same bike they already paid out on. I actually thought I was SOL on the second claim but they still covered me.
My question is, when do they cut me off? I’ve always pay my policy in full and never finance the bikes.
How many theft claims until Progressive declines my policy renewal?
byu/fwankfurd inInsurance
Posted by fwankfurd
5 Comments
There’s no hard rule for this but it’s probably close. Most people get it around 2-3 theft claims
It will be a “nonrenewal” where your policy ends at the end of a term. They’re required to give you 30-60 days notice to shop around for another carrier so keep an eye on the mail and document center for any updates in that window
Underwriting rules vary geographically. In most markets, I suspect you would have already been nonrenewed with that many thefts. So you probably want a very local NYC answer.
I’m digging into the depth of my brain for when I used to handle NY auto underwriting.
Carriers can only non-renew 2% of their auto policies in a calendar year. How the carrier determines which fall under that % I’m sure varies.
You’ve probably been lucky so far.
>My question is, when do they cut me off?
That is an excellent question!
If it were a regular personal auto policy you would likely be non-renewed already with that claim history.
However, in all my years of writing Progressive motorcycle policies in NY I can’t recall a single non-renewal. In NY, motorcycles, ATVs, snowmobiles, boats, etc. aren’t regulated or insured the same as motor vehicles so it could simply be that the carrier standards for renewal/non-renewal are more lax. It could also be that despite the sheer volume of claims over 7 years that the timing of the claims just happened to keep you within the criteria for renewal.
In any event, you’re fortunate that you’re insurable at all right now. You’re playing with house money at this point so just enjoy it while it lasts!
I can’t believe they haven’t already. You should really do something to prevent these thefts.