Wth is up with insurance rates?

[babrams3]

So, same situation as yours. 27 no accidents no tickets. Progressive in florida $115 a month. You must have some variable in there thats hiking your rate up. Don't know what else to tell you if you're trying to bottom out your monthly payment and exhausted all those options.

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[shogun32]

Choosing minimums on Collision and Comprehensive with $2k deductible

I think you'll find the $2000 deduct doesn't really help the rate vs $500. Does the rate change save you more than $1500/yr?

 

[Tang]

Progressive just raised my rates $120 between last 6 months and this 6 months. No accidents no claims no tickets. $979/6 months now

 

[Cobra Jet]

I always think it’s funny when people say insurance is a scam. Most people don’t have the money in the bank to pay out their deductible let alone the damage and injuries they cause to another when they are at fault. Even if you are a 6 figure earner most won’t have tens of thousands laying around to pay out an accident. That is why there is insurance.

but like others have said, there are a ton of individual variables that determine your rates. Credit is the largest factor, followed by location, then vehicle. If your insurance was always expensive then getting a V8 sports car is going to be expensive. The car has very little to do with it.

I work as a national agent for one of the largest insurance companies in the country.

Then you can get us the M6G Insurance Group Discount right?

 

[Garfy]

I’m over 20 years older. Single (divorced) and only pay 120 a month for my 22 GT and my 22 CX5 with 500 deductible Collison and 250 comp. No at fault accidents ever. I think the state, driving history, and age all play huge factors.

Clearly all of those things factor into premiums. I'm a LOT older than you all (69) and I have 250K/500K liability, 100 deductible collision, 0 deductible comp, uninsured/underinsured, and my last 6 month premium was about $205 for my 2020 GT; $7 less than the exact same coverage on my 2012 Honda Fit. Of course, I have very low mileage on my GT (3900 mi.) and I have multi-line, multi-car, Drive Safe discounts. My Fit despite it's age only has 33,000 mi. on it so the mileage part might not be as big of a deal; maybe it's the fact that the GT is 5-star safety on all categories while my Fit isn't.

 

[mustang5o]

Where the car is garaged has more to do with rates than you might think. Houston is expensive. IIRC, my rates went up about 20% moving from Corpus Christi to Houston. Dropped about 10% moving to FL.

This is true. I moved to a difference neighborhood about 6 years ago. My rates dropped just by changing zip codes by a few miles. Insurance also uses credit ratings. Some insurance companies won't allow larger deductibles if you have a loan...so many factors.

 

[FlatRock]

Well thanks Geico! They were nice enough to raise my premium by 30% even though I had no claims, and nothing involving them in the 500 miles I’ve driven my Mach 1. What a racket. When I inquired I was told “the cost of doing business has gone up”. When I asked for a detailed or itemized layout of your businesses 30% increase in costs I was met with silence. Not a scam, but it is a damn racket, and a greasy one at that.

 

[shogun32]

Just wait till the ICE rider kicks in around 2035 or likely sooner. I'm waiting for the EV surcharge to compensate for burning whole structures to the ground and pretty much any serious fender bender resulting in total loss, let alone a little extra moisture.

I'll laugh so hard when parking structures can't get insurance at less than 3x today's rates because of destruction risk.

I just paid $1600 for 6 months with Geico: 100/300/100 across

2020 F150 XLT = $390
2019 Mustang GT = $590
2012 Audi S5 (4.2 v8 with 6mt, last of it's kind) = $578

Age 50, DMV metro, 2 decent sized (6000, 11000) claims on the GT.

The 2019/21 Ecoboost also ran me same $$ as the GT. The 2019 Camaro SS/1LE was oddly enough a little cheaper than the GT during the same time period. I guess the model is less likely to crowd surf than the Mustang...

 

[FruityJudy]

You guys havent seen a racket until you look at commercial trucking insurance. What I pay is stupid with zero points on all my drivers. Clean inspection history. Had one guy want to hire on, he had 1 speeding ticket on a personal vehicle. Insurance premium was going to increase $8k a year just to hire him

 

[Ock]

i lived in MD and thought my insurance was high, but it went up when i moved to San Antonio... it really went up after that big hail storm in 2016/17. They said rates went up because of that and all members(usaa at time) share the increased costs due to major incidents. Once i moved out of tx my rates dropped. Thats just my experience.

 

[Joker721]

I expected to pay $200/month for insurance, which I thought was normal for a 5.0 Mustang. Apparently it’s not.

I’m 27 and not married living in Texas. Choosing minimums on Collision and Comprehensive with $2k deductible on both, the cheapest I can find is $170 with progressive. Car is being financed.

I have no tickets or accidents and I see people my age saying they pay $120 or less. I don’t understand how their rates are that low.

What are you all paying around my age for a GT that is financed?

When I was 27 and was living in out here for a year or so I paid $170 a month for the 01 BULLITT insurance and apt renters insurance but that was in 2002. When your turn 30 it will drop a bit

 

[Germansheperd]

Well thanks Geico! They were nice enough to raise my premium by 30% even though I had no claims, and nothing involving them in the 500 miles I’ve driven my Mach 1. What a racket. When I inquired I was told “the cost of doing business has gone up”. When I asked for a detailed or itemized layout of your businesses 30% increase in costs I was met with silence. Not a scam, but it is a damn racket, and a greasy one at that.

Go somewhere else

 

[308 Cal. Bullitt]

Most states (started in '90s) allow insurance companies to use FICO credit scores of its customers to calculate the risk & premium for rates. Yeah, everyone knows this.

Then tickets, accidents, & claims, are just additional rate hike tools ontop of the FICO.

If you plan to shop for overall good companies,
you might want to look at JD Power's ranking system. There highest ranked companies may may not be good for you individually. Yet overall, they are usually more congruent w/people's satisfaction than not.

Rates have risen lately for ourselves as well.

Im not real excited about this Ford App that both starts our GT500 by phone, and keeps track of all our driving Im told. If Im going to continue to use this feature from the Ford App, (on the fence right now) I may as well look into 1 of these insurance companies that monitor your driving habits in real time, to 'Supposedly' adjust our rates to our driving habits.

I used to have 9 titled & insured vehicles not that long ago. & between batterys, tires, A/C charging, personal property taxes, licensing, Saftey inspections, & insurance. (I No longer live in Emissions testing area, thkfully)
It all was getting a bit tiresome. So we did restructure a bit.
& Yeah, some of our stuff is Historical plated, so certain things on my expense list were less or null.

Nowdays, if your not carrying $500k/$1 Million vs the minimum in your state. You either have nothing materially to loose, or don't understand the consequences nowdays of being under insured or having a cheap company w/poor services after you realized why you need them.

Even good & reputable insurance companies today will still rip you off over coverage pertaining to areas like Un-insured & Under Insured Motorists. This area of coverage has been a total scam & rip-off for several decades now.

Im not even gonna cite examples. Just to much writing.

Really, what pple need to do, more so than trying to find the cheapest insurance coverage, is trying to better understand their own credit score & what they can do to improve it. Which seems to be as elusive Nowdays, as the location of the edge of the Cosmic Universe.

Improve your credit score, & likely improve your rates. I knew a reasonably wealthy guy who had no credit for yrs. He built his own hm w/his son's help, & by using his own money from savings. Bought his several acres w/o a loan, via cash. Everything was cash or a check w/him. Till the early 2000's.
Had no credit cards, & his car insurance was going thru the roof. No accidents or claims & over 65.
Not because of bad credit. Because of no credit. He had to take on using credit cards, to reduce his insurance costs.
So now lenders & insurer's have once again figured out how to force people to participate in their system. Most of us participate because we choose to, or need to. You cannot live a modern existence w/o a credit card if you are just a normal person/household.
This man didn't need to travel by plane or rent car's to live his happy life.

They say banks invented the idea of how every American should be able to own a home,
to which they really implemented, that nearly every American needs a mortgage & perhaps a car payment. Money is created by lenders. Another simple but overlooked fact.
If lending stops, the machine stops..
In '08, we were told institutions had stopped lending to 1 another. They claim we weless than a few days away from not being able to het $20 from your own banks ATM, & Paulsen had to get Bush Jr to push funding into the system. Im sure most if you know something about this situation.

We really need more Co-Op insurance companies like in the old days. I believe 'Amica' may still be 1. They didn't have offices in my area when I relocated, or Id still be using them today.
The least scammy/flim flammy outfit Ive seen yet.
They may not be the cheapest, or they may, but they are the least crooked of any companies Ive seen. Just a PERSONAL OBSERVATION, & not insurance advice. OR AN ENDORSEMENT. Im not affiliated with them in any way, nor use them today.

We will never get the big 3 credit trackers, or our own insurance companies, to truly tell us how to achieve the best #'s & situations for ourselves. So its up to ea person, to work out there own strategies for high credit ratings and low insurance premiums.

Nothing I have written above is to be taken as fact, & only as my own opinion. You have yours.

I love my cars, & yet I hate feeding this monster of fees & premiums & licensing/taxes.
I choose to own & enjoy wheel'd vehicles. There's a price to be paid, to play...
..& follow the Local/State/& Fed law, that is..

 

[shogun32]

Im not even gonna cite examples. Just to much writing.

and longest post of the day by a mile.

 

[308 Cal. Bullitt]

Edit:
Post 125'x a week in short.
Vs 1 long post per month

LMAOOOOOOOOOOOOOOO

Actual post now.
Work on credit score vs premium chasing

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