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What do you pay for insurance?

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  • ezshift5ezshift5 West coastPosts: 854
    ...as perhaps applied by actuarial twits......

    ..within my accumulated auto ins. policies, I note a column labled "SYM"

    1. For my 1982 VW Diesel Pickup (under SYM) "8"
    2. A 2000 Toyota Solara (under SYM) rates a "15"
    3. Initially (7/05) 2005 Honda EX V-6 6M Coupe was "17"
    4. Pending 12/05 renewal for said Honda is now "18"

    Some long forgotten source once told me the newer/more expensive to repair the car, the higher the SYM will be.

    ...any amplifying info here certainly appreciated: if you're around these parts, I'll buy lunch.

    best, ez............
  • Kirstie_HKirstie_H Posts: 10,867
    A journalist working on a personal finance story about auto insurance is specifically hoping to find some people who pay enormous amounts in auto insurance. (For example, perhaps some young males who own pricey performance cars.)

    If you're someone who's paying several thousand dollars annually in auto insurance, or has a son or daughter who is, please respond to pr@edmunds.com before the end of the day Weds., Nov. 23, with your daytime contact number.

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  • does anybody know a high-risk driver and how much they pay for insurance? (teenager, step 18 or above?) i'm in the process of getting rid of my v6 mustang conv. and just wondering what people's insurance rates are for less sporty cars (late model Accords or Corollas, Camrys, etc.)
  • Hi all,

    I am car shopping. Any thoughts as to why insurance for a 2006 Tacoma Double Cab with the TRD Off Road package is so high? I mean, my father is an insurance agent for a major and well-respected insurance company (not Geico or Progressive) and I recently got a quote on 3 cars I am considering, based upon full coverage in the state of Michigan. Keep in mind that I am 26, have never had a ticket or even been pulled over; have never had an at fault accident; etc.

    The results were as follows:
    2003 Range Rover 4.4 HSE $985/six months
    2006 Toyota Tacoma Double Cab TRD off Road $835/six months
    2006 Chevy Tahoe Z71 $738/six months

    I mean, I expect the Range Rover to be high, given its theft rate, cost of repair, and uber price tag. However, I see no reason why the Tacoma, with a higher NHSTA crash test rating (5 stars), a $20K lower price tag, a lower potential for overall injury given that it holds fewer people; and with a possibly lower theft rate would be so much higher?

    My father tried to explain, but not to me satisfaction. I believe that there is some kind of "Big 3" Insurance conspiracy or push to drive traditionally "American" cars or something like that.

    Can anyone help me?
  • bobstbobst Posts: 1,783
    Why pay more for a TRD?

    Probably because the insurance company has found drivers of those vehicles have had more claims against the insurance company. That's all.

    I recall reading once that it cost more to insure a Mustang with a manual tranny than it cost to insure one with an auto.
  • corbowcorbow Posts: 1
    I feel a little better after reading some of the amounts folks are paying, but I still think we're being gouged. We are a married couple, homeowners, wife age 46, husband age 57, with a 2006 Honda Element and a 1995 Nissan pickup. No accidents or violations on insurance company's records, but we're shelling out over $2,000/year for auto insurance (including comp and collision on both cars).

    We would switch companies, but husband actually does have a few speeding tickets (insurance company hasn't pulled our DMV report in years). I've gotten some online quotes which range from comparable to absurd. I think it's kinda odd that Progressive's online quote--which includes all our violations--is about the same as what we're paying Allstate, which claims to not have our violations on its radar screen.
  • marsha7marsha7 Posts: 3,673
    if you can EVER learn the secret to how insurance companies arrive at their premiums, you will have achieved wisdom only reserved for the wise monks of the upper mongolian mountains... :shades: ;)
  • Hi,
    I have been trying to get answers to the following questions all over the internet and thought why not post this here on carspace.com and figured if someone could help me out with them. Please help.

    1) I just got into a car accident, and I asked the other driver if he wanted to keep it out of the insurance company and I would repair his car, could that be held against me? (note: this was not said in front of the police. Also, I was not breathalyzed or blood tested or taking to the precinct, or given a summons or anything like that. I am still waiting for the police report since this happened on thanksgiving)
    2) This is my second accident this year. First was in January and the second one as I said was just yesterday, could my insurance company drop me from the insurance because of these two accidents? I have been with them for almost 10 years and these were my first 2 accidents in 7 years, my last accident (before these) was in 1999.

    Please advise, if my company (GEICO) can drop me. I live in NY, am single and am 30 years old. Any information you provide will be very helpful. Thanks.

    Sardarji. :cry:
  • I currently go thru a local independent insurance agent for my car/house insurance. I pay around 1000.00 a year for auto coverage(auto-owners). I went online and did some comparisons and using the same coverage limits, progressive direct came in at 528.00 per year if I buy online!! Seems like a no-brainer, but I would like to hear pro's & cons before I switch.
  • mikefm58mikefm58 Posts: 2,882
    Progressive isn't some fly by night operation, I'd go for it in a second.
  • [mikefm58 wrote]Progressive isn't some fly by night operation,

    No they're not...I don't have progressive, but my 23 year old son does... and it was just 2 weeks ago that he got t-boned in an intersection totally destroying his 2001 Gmc Regular Cab Stepside. I bought him the truck when he graduated from High School in 01.. He had the wreck sunday, and by wednesday he had received a check from progressive for almost 12 thousand dollars.. I was pretty impressed, 12 grand for a 5 1/2 y.o. truck that cost 20K brand new... not a bad settlement in my opinion... not to mention he got the check within 72 hours of the accident. Of course he's under 25 so his premiums are not the cheapest... around 180 a month....but he does carry full coverage with 100/300,000 liability coverages.

    Roland
  • ken1496ken1496 Posts: 11
    2006 mini cooper
    2005 vw passat wagon 4 motion (lease)
    32 years old, married, clean record, reside in CA
    $129/months through USAA. Geico was actually less expensive by $20/mo.
    Obviously full coverage because of lease.
    Any feedback appreciated.
  • marsha7marsha7 Posts: 3,673
    for USAA, I would keep it, even if it is more expensive...their financial stability ranks up there with State Farm, and they are quite reasonable to work with...

    Financial stability does NOT mean AM Best, as they are bought and paid for by the insurance companies...I mean Standard & Poors, Fitch (f/k/a Duff and Phelps), Moody's and the strictest of them all, Weiss...

    If an insurance agent EVER brags on their company rating by quoting AM Best, run for the hills...Weiss is the best, and S&P and Moodys are tied for 2nd place...
  • joel0622joel0622 Posts: 3,302
    I thought I was paying to much for insurance until I started shopping around a couple days ago

    I have

    2007 Ford F150
    2006 Ford 500
    2008 Ford Focus

    Full coverage on all with clean driving records, and a 16 year old on the policy. Through Hannover I currently pay $2600 a year which I thought was through the roof until I shopped it a couple days ago

    State Farm was $1000 a year higher

    Nationwide was $1100 a year higher

    Country Wide sent me an offer and they were $800 a year higher.

    I don't know if it is worth it to keep shopping or not.

    Thoughts???
  • kyfdxkyfdx Posts: 28,434
    $2600 for three fairly new cars and a new driver?

    That will be hard to beat, I think..

    I'd have to look it up, but we pay around $1300 for two cars... Still have two years before we get a new driver... Not looking forward to that..

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  • michaellnomichaellno Posts: 4,300
    We're in about the same boat. We have:

    2008 Saturn VUE
    2006 Saturn ION
    2003 Saturn L300

    The ION is driven by our 19 year old daughter. Full coverage on the 3, through State Farm, comes to about $2900 for the year. Good thing the daughter pays her share of the bill - $1200 annually.
  • joel0622joel0622 Posts: 3,302
    Ya my daughter will get a job this summer and I have already told her as she sits and plans what to do with her money that she needs to work $100 a month into it for insurance
  • michaellnomichaellno Posts: 4,300
    Absolutely.

    One other trick I picked up .. that the child must also have an amount of money set aside in a savings account to pay for the deductible should they get into an accident.

    And that the money must be replentished before they can drive the car again after the repairs are made.
  • joel0622joel0622 Posts: 3,302
    Thats a good idea
  • tlcruztlcruz Posts: 54
    2002 Nissan Sentra SE-R
    2008 Subaru Impreza 2.5i
    22 Year old Female (me!) and 21 year old Male (The boyfriend)
    We both have accidents from past (3 for me-- 2 were not my fault! 2 for him -- 1 was not his fault) and We've both had our licenses for about 4 years now. I haven't had an accident in almost 2 years and The boy hasn't had one 2 and a half years.
    We have Geico and pay $2600 for a year. Impreza's got full-coverage (bought brand new in Oct.07) and mine's got minimal coverage(bought used in July 06) . I'm hoping to get more coverage once I get a better job but I've had no luck for some time now. Not sure how good or bad the pricing is for us. :confuse:
  • akanglakangl Posts: 3,596
    2006 Dodge Ram 3500 QC dually diesel 4x4 (full coverage)
    2007 Honda Pilot EX-L AWD (full coverage)
    1997 Ford F-250 XC 4x4 diesel (liability, uninsured, and comp)
    2004 Wilderness Yukon travel trailer (comp and coll)
    2006 C&B Dump trailer (comp and coll)
    2000 American 4 horse trailer (comp and coll)

    Just me (32) and hubby (42), 1 ticket from October 2005 (me), and one accident (hubby backed into a tree) from 2004.

    We just switched to Geico and are paying $2950/year, prior to that we were with Allstate and paying $4550/year.
  • jipsterjipster Posts: 5,345
    Full coverage on all with clean driving records, and a 16 year old on the policy

    Besides saving money, why would a parent want their teenager on their policy? If the kid is in an accident their insurance rates skyrocket... correct?
  • mikefm58mikefm58 Posts: 2,882
    All vehicles are with state farm.

    2006 Toyota Tundra full coverage, 1 ticket, 1 small comp. claim
    2004 Toyota Highlander full coverage, wife drives, perfect record
    2004 Toyota Tacoma Prerunner full coverage, 23 yr old son in college drives, no good student discount, perfect record
    1999 Honda CRV, no comp or collision, 20 yr old son in college drives, good student discount, one ticket, 3 accidents nothing major.

    Total for all four vehicles is $2689 / 6 mos. The accident surcharge is about $450 / 6 mos.
  • joel0622joel0622 Posts: 3,302
    Besides saving money, why would a parent want their teenager on their policy? If the kid is in an accident their insurance rates skyrocket... correct?

    I am sure they would but how else would you insure them? They can't have there own policy because they don't own a car. At least in TN you have to be 18 to have your name on a title, and even if they could I would guess that the cost of having a 16 year old rated on there own with no multi car discounts, home owners policy discount safe driving discount, and no prior insurance history the premium would be more then the average Joe or Joleen could afford.

    I see 18 year olds getting there first policy on there own with no prior insurance and the monthly premium is more then a car payment.
  • joel0622joel0622 Posts: 3,302
    Total for all four vehicles is $2689 / 6 mos. The accident surcharge is about $450 / 6 mos.

    That little rule really pisses me off.

    I had no idea they did that until I was looking over the Dec page of my home owners policy when it renewed this year and it had gone up $140. I got to looking and the charged me a 10% claim surcharge and will continue to charge it for two more years.

    Last year my wife lost the diamond out of here wedding ring. The cost to replace the rock was $2100. After my $1000 deductible they gave me $1100, now they are going to ding me $140 a year for 3 years. So when all the smoke clears I will end up netting $680 for my $2100 loss. I would have preferred to just get $680 up front and be done with it.

    Speaking of smoke clearing here is another claim story, or should I say an almost claim story..

    Back in 2001 We had just bought a house and had been in it for about 6 months, one cold evening I built a fire in the fire place. We were sitting there having a few drinks when I heard "ping" and then a small metal on metal slam. My first thought was that it sounded like the damper shutting.

    Next thing I know my living room is full of smoke and fire is raging out of the front of the fire place.

    I counted to 5 to get my composure and told my wife to get our daughter and her phone , go to the bottom of the front yard and call 911. Then I went and got the fire extinguisher which was not charged (last time I ever let that happen). So I grabbed a pitcher of ice tea out of the fridge and threw it on the fire, then got some more water and put it out.

    By the time the Fire Department got there I had it out but the house was still full of smoke. They used the fans to clear out.

    Turns out the house was built in 1983 and it still had a damper spring that had pressure on it to keep it open, the spring broke and the damper slammed shut.

    I called my insurance company, asked them what to do and they started a claim and recommended some smoke and fire restoration companies. Well my wife and I managed to handle it our self and I never pursued it.

    Here is where I screwed up. I never called back and closed the claim. 3 years later when I bought a new house I kept getting turned down for home owners insurance because there was a fire claim on my records. That took for ever to get straightened out and I ended up paying triple for home owners insurance for a year till I got it off my record.
  • jipsterjipster Posts: 5,345
    I'm paying $298 every 6 months for full coverage on 1999 Buick Regal. My wife pays about $100 more for full coverage on the 2004 Mazda MPV. We are with State Farm.

    I could have made a claim on a dent someone left in my car in the parking lot about a year ago. My agent said it wouldn't affect my rates, but I decided not to turn it in. I don't want to give them any reason to raise my rates. The deductable would probably have been the cost to have it repaired anyhow.
  • lilengineerboylilengineerboy Posts: 4,116
    I think its kind of interesting that everyone is randomly comparing insurance prices around the country, but location (down to the street level, I am told) makes a difference. Where the cars are parked at night and during the day, how many miles they are driven, and in some states, even the credit report factors in, so other than some arbitrary number, I don't see a whole lot of value in the information here.
  • joel0622joel0622 Posts: 3,302
    I think its kind of interesting that everyone is randomly comparing insurance prices around the country, but location (down to the street level, I am told) makes a difference. Where the cars are parked at night and during the day, how many miles they are driven, and in some states, even the credit report factors in, so other than some arbitrary number, I don't see a whole lot of value in the information here.

    So then If I send my insurance company $298 and tell them thats what Jipster pay they won't accept it?

    I see more value in this conversation then what is the best egg head calculator to use. :D :D :shades:
  • lilengineerboylilengineerboy Posts: 4,116
    Yup perhaps not if Jipster is in LA and you are in Chicago, he owns a million dollar home outright and has a Camry with no tickets and no accidents, and you are living in the projects because you got evicted from your apartment for failure to pay and you have a DUI, 2 accidents and a reckless driving.
    But I do agree, the calculators are annoying and espeically in no-fault states like Michigan, insurance is pretty much a scam.
  • mikefm58mikefm58 Posts: 2,882
    Here's my sad story on homeowner's insurance, keep in mind I live in Florida where many companies look for a reason to cancel you. I had 3 minor claims on my homeowners policy.

    1) About $150 when my 5 yr old was playing Tiger Woods and the club slipped out of his hands and ended up in my next door neighbor's window.

    2) A couple hundred bucks when my dog go a hold of my son's friend retainer.

    3) This one's the kicker. My dog got a hold of my father in law's hearing aid. They ended up getting a new one since it was pretty old and not working very well and there was no money paid out by the ins co.

    Snake Farm cancels me for "claim frequency".
This discussion has been closed.