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Safeco Motorcycle Insurance Review

Safeco Motorcycle Insurance Review

Author
  • Customer Service
  • Cost
  • Coverage

Safeco insurance is a company owned by Liberty Mutual Group that has become increasingly popular in the insurance industry. Safeco offers a variety of insurance options including: homeowners, auto, boat, and motorcycle policies. This is a company with a mission statement to be there for customers at any time and day of the week. Since this company was established in 1923, they have come to offer a variety of policies and insurance options for motorcycle owners. Although not many people have heard of Safeco, it does have its brand firmly stamped on the home stadium of the Seattle Mariners baseball team: Safeco Field.

Even though this company may not be as large as some of the other major insurers that have been reviewed on this website, they may have the type of policy that you need. Every person and their motorcycle are unique, therefore, one single insurance company cannot be recommended for everyone. One insurance company may be ideal for one person, but may not be practical for another individual; everyone has unique circumstances. Continue reading below for a complete company breakdown and analysis of Safeco as a company and their motorcycle insurance specifics.

Safeco Company History

Safeco was originally created by Hawthorne K. Dent in 1923 to provide people with property and casualty insurance. Company headquarters were based in Seattle, Washington under the title “General Insurance Company of America.” Many company products still are branded with the “General Insurance Company of America” name. By the 1950s, the company had expanded and come up with the name “SAFECO” as an acronym for their business model: “Selective Auto and Fire Ensurance Company of America.”

By 1960, General Insurance was selling life insurance. Approximately a decade after the company began selling life insurance, they officially changed their company name to SAFECO Corporation from General Insurance Company of America. By the year 2000, SAFECO dropped the all-capital lettered name and switched it to “Safeco” for a more marketable and appealing look. Following shortly after the name change, Safeco began adding mutual funds to its business repertoire.

In 1973, the headquarters of Safeco were revamped with a 22 story building called the “Safeco Plaza.” Currently, the Safeco Plaza is a 50 story skyscraper in downtown Seattle, Washington. The locals have given it the nickname “The Box the Space Needle Came In.” The company continued to expand and by 2008, Safeco had been bought out by Liberty Mutual for $68.25 per share. To this day, Safeco continues to provide people with personal lines of insurance through independent agents and maintains the same quality coverage that they’ve always had. Their goal is to make insurance easy, so you can get more out of life.

Safeco Motorcycle Insurance Coverage Options

Now that you know a little company history behind Safeco, it’s time to explore the coverage options. Different insurers have different specifics when it comes to coverage. Safeco may have some things that you like, and other things that you don’t like or may have questions about. All of their policies are highly customizable to fit your needs. Below are the various aspects of coverage you can purchase for a motorcycle insurance policy. Since coverage is one of the most important aspects of an insurance policy, be sure to read carefully.  Note: Despite being owned by Liberty Mutual, Safeco operates with its own unique types of coverage.

Bodily Injury Liability – If you cause an accident on your motorcycle and people are injured, this aspect of coverage helps pay for the medical bills. Without this type of coverage, you would be responsible for paying (potentially hefty) bills out of your own pocket.

Collision Coverage – All damages that your motorcycle incurs as the result of an accident are picked up with collision protection. This is pretty self explanatory – you collide with something, it causes damage to your bike, and your insurance pays to get it fixed with collision coverage.

Comprehensive Coverage – This type of coverage is for all things other than collision including: theft, weather damage, vandalism, fire damage, animal damage, etc. Anything you can think of besides a collision like a hurricane, hitting a deer, a tree falling on your bike, etc. – would all be covered.

Custom Parts & Equipment Coverage – If you need more than standard coverage for your custom parts and equipment, they allow you to get optional coverage of up to $20,000 per motorcycle. If you decide you would like the optional coverage, your first $3000 towards this is provided free of charge by just having chosen this option.

Guest Passenger Liability – If at any time you are driving and cause accidental injury to your guest passenger, this will pick up the expenses for any of their medical treatment and bills.

Helmet, Jacket, Boots, Gloves Coverage – If you are ever in an accident or collision that damages your safety gear, Safeco will give you $1000 to replace it at no extra cost or changes to your policy. Once again that’s $1000 per person, per accident, to replace your safety equipment. This is a pretty great feature of their coverage.

Medical Payment Coverage – If you are involved in a serious accident and need medical bills for yourself or any passengers paid, you may want to consider purchasing extra medical coverage. This helps with all of your bills and can really save you a lot of money in the event of a major hospital treatment.

New Harley® Replacement – If you purchase a brand new Harley-Davidson® motorcycle, you will get 2 year replacement coverage. With every Safeco policy, this Harley® replacement policy is standard. If anything happens to your precious new Harley® (e.g. lost, stolen, damaged beyond repair), they will replace it.

Property Damage Liability – If you cause an accident that damages the property of another person, you are accountable for making the payment to get them fixed. This type of insurance is required and each state has a different required limit.

Roadside Assistance – If your motorcycle ever breaks down on the side of the road or needs repair, Safeco will provide the emergency services necessary to get your bike towed to a repair shop and fixed. They also provide Trip Interruption services under the roadside assistance coverage. Safeco has what it takes to get your bike back on the road after a break down.

Uninsured / Underinsured Motorist Coverage – If you are ever involved in an accident with a motorist that lacks adequate insurance, they may not have what it takes to pay to fix the damages that they inflicted upon you. Although it is illegal to ride without insurance or be underinsured – not everyone is responsible. By purchasing this type of coverage, you will be protected from the people lacking insurance. This also covers hit-and-run drivers and if you are hit as a pedestrian.

Safeco Motorcycle Insurance Payment Options

Like most companies, there isn’t a ton of variety with payment options. However, there are 2 of the most common and requested payment frequencies. Typically people prefer to either pay their bills all at once or make small payments each month towards their policy.

Full Payments – Most people that can afford it prefer to pay in full because it saves money in the long term. If you decide to make a full payment with Safeco, you will save more money than if you pay on a monthly basis. Making one full payment covers you for an entire years worth of motorcycle insurance. By paying all at once, it keeps life simple and you don’t have to constantly worry about whether you’ve paid your bills.

Monthly Payments – Other people that don’t have as much money prefer to pay on a monthly basis. On a monthly basis, payments are smaller, and more manageable than making one large upfront payment. If you are a person that would rather have the responsibility of making 12 payments in a year towards your policy, this is the option for you.

Safeco Payment Methods

Safeco needs to do a better job of making their payment methods clear to customers. The most obvious payment method with Safeco is paying online. However, it is unclear as to whether they offer more payment options. If you have a question about a payment method that’s not listed here, contact the company directly and ask if they will accept it.

  • Credit Card
  • Debit Card
  • EFT
  • Online
  • Phone

Does Safeco offer paperless billing?

Yes. Safeco makes it clear that they want their customers to be clutter free and help save the environment. If you are a person that does your best to help the environment around you, it may be wise to take advantage of their paperless billing option. Simply log-on to your account online, and select the paperless option. You can always request a paper copy of your bills if you would like, but cutting back on paper makes things easier and more manageable for most indivdiuals. You can opt to receive email notifications and will always have detailed access to your bills online at any time.

Safeco Motorcycle Insurance Discounts

Once you have reviewed the various aspects of coverage that Safeco offers, you need to know whether you stand to save money on your policy. Most companies these days are downright competitive when it comes to discounts. Below are some of the savings you can get if you are a Safeco customer. They advertise that you can save up to 40% on your motorcycle insurance with the discounts below.

Anti-Lock Brakes Discount – Do you have an anti-lock brakes system installed on your bike? If yes, then you saved yourself even more money.

Bundle Discount – If you bundle your homeowners, boat, and/or motorcycle insurance together, you will save even more money.

Claim-Free Renewal Discount – If you renew your policy with Safeco and haven’t had any claims, you’ll get a discount.

Experience Discount – If you have been a rider for many years, Safeco will help you save. The longer that you’ve been a rider, the lower your insurance cost. They have discount increments of 2 years, 3 years, 4 years, and even in excess of 4 years. Keep riding and the longer you’ve been on the road, the more you will save.

Garage / Storage Discount – If you store your motorcycle in a secured garage overnight, you will further reduce the cost of your insurance. By storing your bike in a secure confinement, it reduces risk of theft, vandalism, and other unfortunate happenings that could involve your bike.

Homeowner Discount – Do you currently own a home? If so, this shows Safeco that you are financially independent and responsible. They will give you a 20% discount when you own and reside in a single family home, townhouse, condo, or mobile home.

Loyalty Discount – Customers that renew their insurance policy with Safeco will save money.

Multi-Bike Discount – Get more than one motorcycle insured under the same policy and you’ll save money with the multi-bike discount.

Pay-In-Full Discount – As was mentioned earlier, if you are able to pay for your entire annual policy in one full payment, you will save money.

Riding Club / Group – If you are currently an active member of a motorcycle riding club or association in the United States, you can get a discount. At the moment there are 24 clubs that have been approved by Safeco for savings.

Safety Course – If you complete a Motorcycle Safety Foundation course or a course specifically approved by Safeco, they will give you a 3 year discount on your policy.

Safe Rider – By going accident free and violation free for a specific period of time, Safeco will give you a discount.
Theft Recovery Discount – If you have a theft recovery security device installed on your motorcycle, Safeco will further increase your discounts.

A.M. Best Rating: A (Excellent)

The strong financial backing of Liberty Mutual helps give Safeco an “A” on the A.M. Best rating scale. They are a strong company and basically aren’t going anywhere. If you purchase insurance for your bike with Safeco, the chance of not getting money for a claim is minimal. They have the ability to handle all customers properly and efficiently like they have been doing since they started in 1923. If you want to monitor the strength of this company, monitor that of its owner, Liberty Mutual.

Most customers have given Safeco a rating of 3/5 stars. This indicates that in general, most customers are happy with service. In some cases, this company may be an ideal fit, but others have experienced problems. Any major insurance company is going to have its fair share of complaints and disgruntled customers. However, companies should always have some positive feedback regarding service as well.

Get Free Safeco Motorcycle Insurance Quotes Online!

In order to determine whether Safeco is the best company for your motorcycle insurance, you first need to get a quote. When comparing quotes from other insurers, you may find that Safeco is significantly higher priced. However, a lot of pricing comes down to personal risk factors and your location. Use the quote box below or at the top of the page by simply entering your Zip Code. The results will show you companies with the best prices on motorcycle insurance in your area. Use this information to help you decide upon an optimal insurance policy for your bike.

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