Unbiased Motorcycle Insurance Company Reviews

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Acceptance Motorcycle Insurance Review

Acceptance Motorcycle Insurance Review

  • Customer Service
  • Cost
  • Coverage

Acceptance Insurance Corporation a.k.a. First Acceptance is a relatively small insurance company that provides coverage in select areas around the United States. According to their company website, they are dedicated to providing people with lower costs, better service, products people really need, and convenient locations. Their company slogan is: “Acceptance Means Value” – promoting the fact that with them you get good value for your money. So how is this smaller, relatively new insurer different from other companies? Based on collected information regarding company practices, consumer reviews, and more – they aren’t very different.

As a matter of fact, it seems as though they are just another small insurer trying to make it big and expand to all 50 states. As a company, they claim that they will give you the “value you need” as well as “the respect you deserve.” I would certainly hope that this is the case from a relatively new and unfamiliar company. They also state that they provide the lowest possible rates and handle claims as quickly as possible – two things most companies should already do. What’s funny is they claim to be “one of the most trusted names” in insurance – most people have never heard of this company.

Acceptance Company History

Acceptance Insurance was founded on January 1, 1957 under the name “First Acceptance Insurance Corporation” of Nashville, Tennessee. Initially they began to offer property and casualty insurance policies to people in the surrounding areas of Tennessee. Eventually they expanded and currently offer different types of coverage including: auto, homeowners, boat, business, and motorcycle insurance coverage. Additionally, they now offer insurance in 12 states and are looking to eventually expand across the country.

This company’s main business involves providing non-typical insurance customers with auto insurance policies. Basically people that are unwilling to do business with standard providers due to past payment problems, bad driving records, or different payment plans, are the types of individuals that do business with Acceptance. In other words, this is a company that gets some local customers, but is mostly picking up the scraps of customers that are unable to do business with more typical providers.

Since being initially established as “First Acceptance” they have since shortened their name to just “Acceptance” to keep things simple and promote their brand. They are sold on the New York Stock Exchange under the ticker symbol FAC (First Acceptance Corporation). Their headquarters are located in Nashville, Tennessee. They operate at nearly 380 retail locations across 12 states. They are also marketed under the names Yale Insurance as well as Insurance Plus.

Acceptance Insurance covers the following 12 States:

  • Alabama
  • Florida
  • Georgia
  • Illinois
  • Indiana
  • Missouri
  • Mississippi
  • Ohio
  • Pennsylvania
  • South Carolina
  • Tennessee
  • Texas

Acceptance Motorcycle Insurance Coverage Options

If you are considering this company for your coverage, just know that they don’t offer anything out of the ordinary. Most of their coverage is fairly cookie cutter and similar to what other companies are offering. Since they are a smaller company, they already have less leverage, but if you are interested, read up below for coverage specifications.

Accessories Coverage – Up to $2000 of accessory coverage for after-market parts and safety apparel is included with a collision and comprehensive combination policy.

Basic Liability Coverage – This is the most basic coverage that you need in order to legally operate your motorcycle. This type of coverage will help pick up expenses for other individuals if you are “at fault” in an accident. It covers property damage, medical expenses, and more.

Collision Coverage – If you ever crash into another vehicle or object and your bike is damaged, this will help cover repairs that need to be done.

Comprehensive Coverage – This provides protection for theft, fire, vandalism, and other repairs. If you have a valuable bike, this is usually recommended.

Medical Payments – This is an optional type of coverage that can be purchased for increased financial protection in the event that you are “at fault” for an accident. This covers any reasonable medical treatment costs as a result of an accident including: X-Rays, ambulance, emergency room, hospital, physicians, surgery, funeral, etc.

Roadside Assistance – If you would like the comfort of having roadside assistance, you can add this to your policy. It is completely optional, but will help assist you if your motorcycle breaks down, needs a tow, and needs a fix.

Uninsured / Underinsured Motorist – This is an optional type of coverage that you can buy if you’d like to be protected from drivers that lack insurance. If a driver without insurance or driver who is underinsured hits you, they may not have adequate money to pay for their damages. In this case Acceptance would help pay for what they cannot.

Acceptance Motorcycle Insurance Payment Options

This company is pretty vague in terms of providing information about payments. It is established that they offer a monthly billing cycle, but it is unknown as to whether they allow individuals to pay in full and save money.

Monthly – If you like to pay your bills on a monthly basis, then perfect – that is all this company seems to offer. This is the most popular way to pay, so most people will be content with paying once a month.

Acceptance Payment Methods

This is a company that offers most standard ways to pay for an insurance bill. Everything is pretty straightforward and simple.

Check – If you’d like, you can write out a check or use your checking information to pay.
Credit Card – Use your credit or debit card to pay what you owe on your bill.
In-Person – If you’d like, you can stop by one of their locations and pay in person.
Mail – This is perhaps one of the oldest ways to pay for a bill – send it via mail.
Phone – They have customer service representatives around ready to help you make payments whenever you need assistance.
Online – If you know your account information, log-in online and make your payment.

Does Acceptance offer paperless billing?

No. They do offer an online option, but there is no indication of a paperless billing option on their website. If they do offer paperless statements, they need to make it clearer to customers that they offer such an option. Many smaller companies are not up-to-date with all the ins and outs of what customers want online. If you are going with this company for a policy, chances are that you are probably not concerned with whether they offer paperless coverage anyway.

Acceptance Motorcycle Insurance Discounts

Although this company offers discounts, they do not make them very clear to the customer. Most of the top insurance companies provide in-depth information about discounts and percentages that you could potentially save. This company lists a few things and expects prospective customers to figure it out. They only list a few ways to save on their website.

Experienced Drivers – If you have plenty of experience driving your bike, you may be given a discount.

Military Personnel – Do you currently serve in the military? Have you served in the military? If you are considered military personnel, you will be given extra savings on your coverage.

Safety Course Certificate – If you take the time to complete an approved motorcycle safety course and have a certificate to prove it, just show Acceptance and you can save.

A.M. Best Rating: B (Fair)

The financial strength of First Acceptance is “Fair” as evidenced by the “B” rating given to them by A.M. Best. This signifies that the company has experienced below average earnings and has concentrated most of their risk into private passenger and non-standard auto insurance policies. In order to strengthen this company, they need to spread their assets, increase business, and grow as a company. There is no guarantee that this company will be around forever or even be bought out by another company. If you need to buy an insurance policy through them because you don’t have another choice, then they are a company to consider.

However, if you could get a policy with a standard motorcycle insurer – that would certainly be a more favorable option. This is a company that experienced underwriting losses, decreases in investments, and declines in revenue. As a potential customer, these should throw up a few red flags and make you want to proceed with caution before buying a policy. Their coverage is pretty basic and nothing special. Sure the company may experience improvements in earnings and eventually expand, but until they do, they cannot be recommended as a reliable insurer.

Get Free Acceptance Motorcycle Insurance Quotes Online!

If you want to get quotes for Acceptance online, you can do so for free. An easy way to compare quotes is to enter your Zip Code into the form below (or at the top of the page) and the top providers will be listed based on your location. Get quotes from all providers that you are considering and think about which companies are reliable and offer solid coverage. Once you have settled on the company that provides the coverage that you need for a price that you can afford, you have found a good insurer for your motorcycle.

One Comment

  1. Some more information regarding the review comment, “There is no guarantee that this company will be around forever …”:

    Bankruptcy Proceeding No. 05-80059-TJM, in United States Bankruptcy Court, Omaha, NE 68102, regarding Acceptance Insurance Companies, Inc., 10/12/2010.

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