Nuts & Bolts: Safeco announced a new motorcycle coverage designed to compete in a market that’s growing steadily at an estimated 10 percent a year. The company said the average motorcycle owner is 38 years old with an annual median household income of $44,000. The new SAFECO product targets baby-boomers who drive the heavier cruisers and touring bikes, but the market is wide open. The new motorcycle coverage fulfills a core SAFECO strategy to offer a full line of personal insurance products and target a new segment of customers.
Dollars: Limits up to $500,000.
Carrier: Home State County Mutual.
States Available: Texas, Indiana, Oregon, Colorado (National rollout continues through 2003).
Contact: Senior product manager Bob Enna, (720) 497-9454, bobenn@safeco.com
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