Which one is better: State Farm or Progressive?
I’m in the process of selling my motorcycle, and my USAA insurance is ending this month. I reached out for quotes on full coverage for my bike, and here’s what I found:
State Farm:
– No initial fee
– $93.35 per month
– $560.10 for six months
– $1,120.20 for a year
Progressive:
– Initial fee of $70.72
– $77.21 per month
– $997.20 for a year
Both quotes are pretty close. I’ve heard good things about each company, but I also want to make sure I can get a refund when I sell my motorcycle. What would you recommend?
When comparing State Farm and Progressive based on the quotes you received, here are a few factors to consider:
Initial Fees: State Farm has no initial fee, which is an advantage if you’re looking to minimize upfront costs. Progressive, on the other hand, has an initial fee of $70.72, which will slightly inflate your first payment.
Monthly Cost: Progressive has a lower monthly payment at $77.21 compared to State Farm’s $93.35. This could save you money if you’re only going to carry the insurance for a short period while you sell the motorcycle.
Total Cost: When considering the total cost for six months, State Farm will be $560.10, while Progressive would total around $997.20 for the year (about $498.60 for six months). This makes State Farm the more economical option if you plan to keep the policy for a little while and are unsure when you’ll sell.
Coverage and Claims Experience: While you’re getting great deals, it’s also important to consider the quality of service. Both companies are well-regarded, but personal experiences can vary. You might want to check online reviews or ask friends about their experiences with claims.
Refund Policy: Since you want to sell the motorcycle soon, check with both companies on their refund policies if you cancel early. Some insurers offer a prorated refund for unused coverage, which could be beneficial.
Given that you’re planning to sell your motorcycle soon and want to keep costs down, Progressive seems to be the better option due to the lower monthly rate, assuming that the coverage is comparable. However, if you think you might keep the insurance for a longer period, State Farm might ultimately save you more money overall. Make sure to also inquire about their cancellation policies to ensure you can get your money back should you sell the bike sooner than expected.