Which is better: State Farm or Progressive?
I recently obtained quotes for full coverage motorcycle insurance from both companies, but I’m planning to sell my motorcycle soon since my USAA coverage expires this month. Here are the best offers I found:
State Farm:
– No initial fee
– Monthly: $93.35
– 6 months: $560.10
– Yearly: $1,120.20
Progressive:
– Initial fee: $70.72
– Monthly: $77.21
– Yearly: $997.20
Both options are fairly close in price. I’ve heard positive things about each company, but I’d like to ensure I can recoup some money when I sell my motorcycle. Which one do you think is the better choice?
Both State Farm and Progressive offer competitive rates, but since you mentioned that you’re looking to sell your motorcycle soon, let’s break down the costs a bit more.
State Farm:
– No initial fee is great because it allows you to start coverage without an upfront cost.
– Monthly cost: $93.35
– If you’re planning to sell soon, you’ll pay $560.10 for six months if you keep it that long.
Progressive:
– The initial fee of $70.72 adds to your upfront cost; however, the monthly premium is lower at $77.21.
– The total for a year is $997.20, but if you’re selling soon, you likely won’t need it for the full year.
Recommendation:
If you plan on selling your motorcycle soon, it may make sense to go with Progressive because:
– The monthly premium is lower, which saves you money if you only keep it for a couple of months.
– The lower monthly cost could add up to savings compared to State Farm, even with the initial fee.
If you are certain you won’t need the coverage long-term, Progressive seems to offer the better deal. However, read through both policies to ensure that the coverage meets your needs, and also check if there’s a penalty for canceling early with either insurer. Good luck with your decision and sale!