Lets talk car insurance !!!

[jayhoogs]

I’m currently paying around $260/month with progressive and that’s the cheapest I could find. Every 6 months it’s been steadily increasing in cost as well which doesn’t really make sense. But previously I got a quote from NJM for around $8.5k per year which is quite comical. This all being for just one car (Mach 1).

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[Bit_the_Bullitt]

was

Wow. . I’ve been with NJM since I was 17. 67 now and full coverage on 3 vehicles (20’ Explorer XLT, 24 VW Taos, 21’ mustang GT) + partial on ‘11 Jetta is $4K. That’s for two drivers! That doesn’t include home owners and umbrella policy! All with NJM and multi policy discount included. We’re in NJ but 20 minutes from Newark so that doesn’t help on cost. Mine and wife’s driving records are clean.

I’m currently paying around $260/month with progressive and that’s the cheapest I could find. Every 6 months it’s been steadily increasing in cost as well which doesn’t really make sense. But previously I got a quote from NJM for around $8.5k per year which is quite comical. This all being for just one car (Mach 1).

Wow, that's crazy how much this varies! We live in OH, so I'm guessing less risk for the insurer than NJ, but come on, it's literally in their name?
50yrs with one insurance company is impressive, but maybe time to shop around?

As far as $8k goes, yea, that's laughable. We must not be even close to comparing apples to apples, if your car alone (assuming) is 4x what my cars + house is.
I also don't have this as an "introductory get-him-with-a-cheap-rate" price. This is after a renewal and after adding the Miata.

 

[kellyreno]

So much BS. When have you heard of an insurance company going out of business due to loss. You should be able to cover yourself. State laws prohibit that. Oh yeah uninsured motorist ? Illegal aliens drive on.

 

[Bit_the_Bullitt]

So much BS. When have you heard of an insurance company going out of business due to loss. You should be able to cover yourself. State laws prohibit that. Oh yeah uninsured motorist ? Illegal aliens drive on.

This is neither here nor there, but plenty of Americans also drive as uninsured motorists.
Almost like there's bad apples in every group huh?

I ended up getting quite high uninsured/underinsured coverages cause I just don't trust people, especially on the roads. But I guess that comes with a territory of having a somewhat nice car you want to protect.

 

[kellyreno]

This is neither here nor there, but plenty of Americans also drive as uninsured motorists.
Almost like there's bad apples in every group huh?

I ended up getting quite high uninsured/underinsured coverages cause I just don't trust people, especially on the roads. But I guess that comes with a territory of having a somewhat nice car you want to protect.

In Florida you could opt out of uninsured as long as you had health insurance. In SC it is required by state laws!

 

[jonesy67]

I’ve been with American Collectors Insurance for about 4 years now for my ‘78 Trans Am. They’ve been fantastic. Low rates, agreed value policy, and no issues with customer service. They also didn’t give me grief about usage as long as it’s hobby driving. $555 sounds about right—I'd say go for it if you qualify.
https://beinsure.com/ranking/largest-us-property-casualty-insurance-companies/

 

[Mustangcol]

Don't complain too much about USA. I'm in Colombia and it's $167 a month, but it's a fight to get claims paid. In USA, I always had geico and they handled claims quickly. Worth noting that my 2017 GT is valued at $40,000 here. These cars are stupid expensive here.

 

[Rock&Roll]

Old thread.

So I'm with American Collectors and I pay $466 a year. That saves me $852 a year. I'm pretty happy with that.

 

[pinksurfer]

I had hagerty on a '99 f250 superduty as a "collector car" here in nevada and added the old 2020 camaro 1ss. both ran me $900/yr for full coverage agreed value. mileage was capped at 5k/yr.
I looked at them again with the mustang but progressive is only $1800/yr for it and my colorado daily for 300k csl. mustang only added $600 to the total price. not complaining right now.

 

[Nickel]

It has gone up significantly no matter who you're with. I have the 22 Mach 1 HP, 2013 10 Series GT86, 07 Z4 Coupe, and 2016 FZ09, full coverage on all 4 and I am currently paying $207 a month. No accidents or tickets. I used to pay like $150. Their excuse is "well there are more claims in your area than usual". I said "okay, so if a neighborhood has more crimes than usual, you should go and arrest innocent civilians, huh?" She didn't have much to say about that. It is what it is. I find ways to recoup in other areas of finance.

 

[ModernSVO]

Renew next month. Last year it was 1562.07 a year.
This year it is 1988.00
No tickets , no points on lic.

 

[Skye]

For most of us, I do not expect premiums to stabilize or go down. Not in the near term.

If it's not because of the increase in homeowner claims due to the greater amount of and more severe weather events (including vehicle damage), it's...

- people driving like their crazy (no signals, no lights, cutting in/out of traffic, excessive speed, on cell phone, road rage, under the influence, etc., etc.)

- increase in auto parts and labor costs

- increased auto theft

- look at what people are driving these days: massive trucks and SUVs, often optioned-out. If the vehicles aren't expensive by price alone, the weight and dimensions lead to a lot of damage, both to property and people (M*A=F)

While I continue to drive about the same as I have before , the driver pool I'm now associated with is notably more risky. Significant accidents in my immediate area were once an occasional one-off. Now, they are almost a daily occurrence. A life-threatening crash or death on-scene was somewhat rare. Now, happens every day.

Insurance is a for-profit business. When companies are paying out tens of billions in additional claims every year, they are going to drop coverage, change parameters and increase premiums.

I don't like it either, but I can understand why they continue to increase and plan the best I can.

Setting those thoughts aside, I encourage people to do the following, every year:

- Read your policy. Study the options available, amounts of coverage, that the information listed is correct

- Review your CLUE data, your Comprehensive Loss and Underwriter Exchange data, for accuracy. Up to 30% of people have incorrect credit or CLUE data in their files; this affects your premiums. Realize that, just like your credit file follows you for life, your CLUE data tracks every claim you've ever filed. https://consumer.risk.lexisnexis.com/request

- Keep your credit score as high as you can, even if you don't need credit. Credit scores are a key component when determining premiums for any individual, any situation. Review your credit history for accuracy. https://annualcreditreport.com

The sites I reference are free. No fees or subscriptions. They will allow you to read what the credit and rating agencies have on-file for you. You can request reports once a year and submit for changes, if needed.

 

[mindo389]

I was insured by liberty, then one day I decided to price check car insurance. I was paying over $100 a month per car vs. my current company, Progressive. I understand certain costs, such as value of mine and other people's cars and perhaps the area I live in (which I think is b.s.). But I took a look at the agent's fee, the company's fee, the costs for advertising and supporting professional teams, etc., and I think there's where the difference in price applies to different companies.

 

[MAGS1]

I actually just switched carriers. Was with Encompass (an Allstate subsidiary) for almost 20 years and they jacked my rate from $1,300/year to almost $2,000/year, just on my Mustang. Switched to Erie, now paying $1,800/year for both my Mustang and my wife’s SUV. We’ll see how long it lasts but saved a significant amount of money

 

[BEERCHAMP]

I've had State Farm for 43 years. I put my '19 GT/CS on with Hagerty 3 years ago. Full coverage $800/year. My other 2 cars are our daily drivers and yes I have a 3 stall garage.
Before the switch, State Farm wanted $1600 yr on the Stang.
Hagerty needs you to pay for the FULL YEAR premium in one payment. (saving half $$$$ was a no brainer)

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