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National General Motorcycle Insurance Review

National General Motorcycle Insurance Review

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National General Insurance (formerly known as GMAC Insurance) is a company that began as part of General Motors. It is the only insurance company to be successfully sold through an automobile manufacturer. Eventually during tough economic times, GMAC separated itself from General Motors as it was bailed out by the U.S. Government. Following the bail-out, the banking and lending business was marketed as Ally Financial, and by July 2013, the company was renamed National General Insurance. The company has headquarters located in Winston-Salem, North Carolina – and they currently have over 3000 employees throughout the United States.

National General Company History

General Motors Acceptance Corporation (GMAC) was founded in 1919 by General Motors Corporation to help customers with automobile financing. By 1939, they had expanded to offering insurance under the name Motors Insurance Corporation. This was the only successful insurance company to be sold by an automobile manufacturer in United States history. In the following years, business not only expanded to include insurance, but online banking, mortgage operations, and commercial finance. Various branches of GMAC opened in Detroit, New York, Chicago, San Francisco, and Toronto.

By 1985, this company formed GMAC Mortgage after buying out Colonial Mortgage Service companies as well as Norwest Mortage, Inc. In the following years, they reorganized this financial division into Residential Capital (ResCap) and became heavily involved in subprime lending. In 2000, the company formed a GMAC Bank for its customers after being given approval. By 2006, the General Motors Corporation sold 51% interest in GMAC to Cerberus Capital Management – a private equity group. GMAC Commercial Holdings divested a majority stake into various investors including: Goldman Sachs, KKR, and Five Mile Capital – this created Capmark Financial Group, Inc.

Financial trouble hit the entire General Motors company hard, and in December 2008 – the United States Department of Treasury invested $5 billion in GMAC from its $700 billion Troubled Assed Relief Program (TARP). In order to distinguish financial and insurance operations, GMAC’s banking unit changed its name to Ally Bank. In 2009 the United States Treasury invested another $7.5 billion in GMAC – giving the government a majority stake.

In order to raise funds in the private sector, the U.S. Treasury Department added another $3.8 billion in investment to the company. The investment totaled $16.3 billion from the government. In 2010, it rebranded itself as an entire company changing its name to Ally Financial, Inc. By January 2012, the government had given $12 billion to Ally as an investment – they still have about 75% ownership of the company.

As of 2013, Ally had agreed to sell GMAC Insurance Group to Maiden Holdings. As of July 2013, Ally changed the name of GMAC Insurance to National General Insurance. All of their operations are now conducted under the new name – and they created a new website to reflect the name change. This is the only insurance company to be successfully spun-off from a major auto manufacturer.

National General Motorcycle Insurance Coverage Options

National General says that they understand how important freedom and mobility are to their customers. They offer coverages with specialized protection options and roadside services for more serious riders. They want you to have an insurance partner that knows your bike and how you ride it. They provide policies for: cruisers, touring bikes, trikes, sport bikes, special construction bikes, classic motorcycles, and standard motorcycles. If you are unsure as to whether your bike will be covered, contact National General and ask.

Collision – This will cover damage to your motorcycle if you collide with another vehicle, object, or experience a rollover. This is subject to deductibles and other limits that you set. No matter who caused the accident, you will be covered.

Comprehensive – This is called “Other Than Collision” (OTC) coverage and pays for damages to your vehicle resulting from events other than collisions. Things like: fires, falling objects, blizzards, vandalism, theft, etc. are all covered with this protection. This is not required, but smart to get if you value your bike.

Liability – Coverage that protects your assets if you’re legally responsible for injury or property damage in the event of an accident. If you are “at fault” for an accident, someone can sue you for the full cost of damages. If this cost exceeds your Bodily Injury and/or Property Damage insurance, you may have to pay the rest out of pocket. Make sure you get enough liability protection to fit your needs.

Medical Payments – You can get coverage to help with medical payments resulting from an accident. Your medical expenses and your passengers’ medical expenses will be paid up to your selected coverage limits. This will be paid regardless of who is at fault for the accident.

Permanently Attached Equipment – If you have any equipment that is permanently attached to your motorcycle, you can get coverage for it. Should this equipment become damaged in a collision and/or need repair, this will help cover the costs.

Uninsured / Underinsured Motorist – If you are ever hit by a driver that lacks insurance or one that doesn’t have any insurance, this coverage reimburses you for what they would owe. This coverage varies by state, but will also protect you from hit-and-run drivers.

National General Motorcycle Insurance Payment Options

Full Payments – If you like to save money, it is recommended that you make a full payment for your policy. If you pay for your policy in full, you will get an additional discount and save more over the course of a year than you would monthly.

Monthly Payments – For individuals that are on a tighter budget and like to pay monthly, this is the best option. Although you pay a greater amount over the course of a term (as opposed to paying in full), your payments will be smaller and more manageable.

National General Payment Methods

  • Automatic Payments – If you’d like you can have money automatically withdrawn from your account each month to make your payments.
  • Credit Card – One preferred method by many is that of credit or debit card – you can use either with National General.
  • Mail – For people that like to pay bills the old school way, you can send your payments in the mail.
  • Online – To pay online, simply have your insurance information ready and select whatever payment method you’d prefer.
  • Phone – Give them a call and they will guide you through the payment process.

Does National General offer paperless billing?

Yes. Like most major insurers in the U.S., National General has made it a point to be a paperless company. This allows customers to be environmentally friendly and save themselves money. You can sign up for electronic document delivery and receive updates through your account and email about paying your bills. Plus, you will always have access to old bills and documents through their online service center. This is easy to set up once you have established an account and should help you cut back on unnecessary clutter.

National General Motorcycle Insurance Discounts

At National General Insurance, they have what are called “Smart Services” as well as “Smart Discounts.” These are basically their ways of generating savings and perks for their loyal customers.

Extra Coverage – You’ll get up to $2000 towards custom accessories and safety gear at no extra cost.

Multi-Cycle Discount – Do you need more than one bike insured? If you have multiple motorcycles, you will be given more savings for each cycle you add to your policy.

No Deductible Medical Coverage – You will get medical coverage with no deductible. Most companies require you to pay a deductible for medical insurance.

Safe Rider Discount – If you are safe on your motorcycle and have a good track record with no accidents or violations, you will be given an additional discount.

Satisfaction Guarantee – If you aren’t satisfied with the claims service through National General, they will waive your deductible up to $250.

Smart Inspect – You can get a service called “SmartInspect” that offers a post-repair inspection at no additional cost. This is a unique service that most companies do not provide.

A.M. Best Rating: B++ (Good)

National General has been given the grade of a “B++” by A.M. Best. This indicates that the company has a “Good” financial outlook and stability. Compared to most major insurers, this is somewhat below average. Although they have strong government backing and a large pool of funds from Ally, the company has been transitioning to meet demands of a newer market. Although they are trying to adapt, they are still struggling to generate as much business as other top insurers.

Based on independent reviews, National General has received a 3/5 star rating – this is pretty average. They do have some unique types of coverage and perks that other companies don’t have, but the unique perks that they offer aren’t particularly astounding. Most people with this company are satisfied with the coverage, but the average cost tends to be much higher than other insurers for a policy. Additionally, there is mixed feedback regarding the handling of claims, timeliness of processing claims, as well as some problems with billing.

Get Free National General Motorcycle Insurance Quotes Online!

Although you could be interested in getting coverage through National General Insurance for your motorcycle, most people agree that their prices are pretty steep compared to other companies. Before you decide to lock in with a company for your motorcycle insurance, make sure to shop around and compare quotes. If you’d like a free quote comparison, just enter your ZIP CODE in the form below (or at the top of the page). This will give you a list of leading motorcycle insurers in your area based on price and coverage. Once you have compared quotes and coverage, then you’ll have a more accurate idea of which company is best for your needs and budget.

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