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What do you pay for insurance?



  • humblecoderhumblecoder Posts: 125
    When I think of insurance, I think of it as a method to protect myself against catastrophic disasters that I could not pay for out of my pocket without going into serious amounts of debt. I will usually buy insurance policies with a higher deductible, since I don't see any point in buying insurance to cover myself against claims that I can pay for out of my own pocket.

    Along those lines, there is no way that I would submit a claim against my homeowner's policy for $100 since I can easily pay for that myself without having the hassle of submitting the claim, or the added expense of the insurance company raising my rates of canceling my policy.

    To keep it "on topic", for the longest time I had a $500 deductible on my auto policy, mostly because of inertia. Then after reviewing the policy, I saw that it didn't make much sense to have such a low deductible. I decided to raise it to $1500. I ended up saving a bunch of money on premiums, and $1500 is about my threshold where it would start to get "painful" to pay for a claim out of my own pocket. Fortunately, I've never had an accidents that have been my fault in the 20 years that I have been driving, so I figure that I'm already ahead of the game by raising my deductible.
  • mikefm58mikefm58 Posts: 2,882
    I agree with you. I was young and foolish at the time. Live and learn.
  • oldfarmer50oldfarmer50 Posts: 10,459
    "...he (jipster) owns a million dollar home outright..."

    So grinding the deal does pay off. :)

    " (joel) are living in the projects because you got evicted..."

    Gee, I knew car sales were down, that job mowing my lawn is still open. ;)

    2015 Mustang GT, 2009 PT Cruiser, 2004 Chevy Van

  • andeetandeet Posts: 142
    I have American Family get discounts due to multiple cars (since I'm still living at home & my Dad insures his two cars with them), and accident free (knocking on wood) 3% discount. With two speeding tickets (1st in '04, 2nd in '07) and GAP insurance.

    107.00-ish a month

    $1,284 a year.

    I'm not even suppose to be paying that low but somehow I am. Helps when your family stays with a insurance company for over 20 years; I guess.

    I've did estimates for other insurance and they range 260-350 a month! Allstate, Farmers, Geico, Progressive...
  • tlcruztlcruz Posts: 54
    You're getting a sweet deal. Living at home with the parents has a few very small advantages. I remember when I was still living at home, my insurance was pretty low because we had multiple vehicles on the policy. Four plus a motorcycle and it helped when my parents were really close with our insurance agent and her office only happened to be less than 5 minutes away from my parents house. But then again, the disadvantages at living at home out-weight the advantages IMHO. ;)
  • Prius 2008
    A 114.38
    D 78.85
    G 198.61
    H 3.58
    U 12.30
    TOTAL: $407.72 for 6 months
    AGE 77
    Accidents: 0

    Is this too much This is the most in my 57 years of driving :cry:
  • fordfoolfordfool Western New YorkPosts: 212
    > Is this too much? This is the most in my 57 years of driving?

    That would depend upon where you live? Manhattan or Cornpone, Iowa? How much coverage are you carrying? How much do you drive? What are your deductibles? Do you have discounts besides the 25% for safe driving? State Farm has discounts for multiple cars, multiple lines (home or life insurance), air bags and ABS, anti-theft devices, and defensive driving course.

    My discounts total about $400 which is about equal to what I actually pay every six months.

    State Farm bumped up your premium when you turned age 75 (the first digit in your class number should be 2). Ask your agent how much that bump was.

    The only way to evaluate your premium is to check around on-line and on the phone. Check with an independent agent, All-State, and GEICO. I do every few years, and State Farm gives me the best deal.
  • Hi,

    Can anyone tell me approximately, how much would my insurance cost come upto? I am male, 24 years of age, got license three months back only. Planning to buy an honda accord 09. I am planning to take up finance option for my car. Also can anyone tell me what is the best plan to go for and give some tips on companies that give cheapest quotes? I have rented cars and driven a lot in these three months. No accidents, no tickets.
  • euphoniumeuphonium Great Northwest, West of the Cascades.Posts: 3,425
    car insurance providers can use your credit score as an underwriting factor when determining your car insurance rate. In fact, over 50% of all policy holders have lower premiums because of their credit score. Also, car insurance companies can now better accurately price their insurance. While many people view the use of credit scores as a negative factor, half of the people are saving money on their car insurance because of their credit score.

    How Car Insurance Companies Use our Credit Scores

    Car insurance companies are using our credit scores to assess the risk of insuring us. More and more car insurance companies are correlating our credit scores with how well we drive. Basically, the higher your credit score, the better driver you are.

    Banks and other financial institutions had long used credit information in determining risk on business such as home loans, and the correlation between those financial records and insurance risks became clear.

    The average cost of a claim for a person with below average credit is $918, 53% higher then the average claim. Likewise, the cost of an average claim from a person with above average credit score is $558, 23% below the average claim. Statistics sourced from the Insurance Information Institute (

    A Good Credit Score can Save You Money on your Car Insurance

    The better your credit, the better your car insurance rates will be.

    That's as it should be. ;)
  • tidestertidester Posts: 10,059
    The actuary business is a rough one. There's also a correlation between credit scores and geographic locations. People living in certain areas may therefore take a double hit on insurance premiums.

    That reminds me of a "statistical exercise." A list showed how many years were taken off a person's life as a result of certain lifestyle choices. A smoker would lose X years, an obese person loses Y years, living in an industrial area would cost Z years and so on. When we add up the numbers for, say a 45 year old male who happens to smoke, is obese, lives in an industrial area and so forth, we find that, statistically, he had to have expired 10 to 20 years ago!

    And now the poor fellow is subsidizing your insurance! :P

    tidester, host
    SUVs and Smart Shopper
  • marsha7marsha7 Posts: 3,703
    how those numbers are manipulated...stop this and add 5 years to your life, avoid this and add 17 months, buckle your seat belt and add 1.7 years...

    Reminds me of the old guy, interviewed at age 95...he was asked what his secret to longevity was...he said that he drank a quart of whisky a day, smoked 3 packs a day, and chased women...when asked why that did not work for his deceased friends, who died at 70, 72 and 75 years old, he replied..."No wonder...they didn't do it long enough"...

    I slay me...LMAO
  • euphoniumeuphonium Great Northwest, West of the Cascades.Posts: 3,425
    If you are a vegetarian, stay slim, abstain from alcohol, tobacco, & avoid marriage,

    You might live 15 minutes longer. :surprise:
  • tidestertidester Posts: 10,059
    they didn't do it long enough

    <Groan!!> Very good! LoL

    tidester, host
    SUVs and Smart Shopper
  • tidestertidester Posts: 10,059
    You might live 15 minutes longer.

    That should cut your insurance premiums 10 or 15 cents a year. :P

    tidester, host
    SUVs and Smart Shopper
  • marsha7marsha7 Posts: 3,703
    .....avoid marriage...hmmm...they say that married men live longer...but they never told us if the single men had shorter lives BUT DIED HAPPIER!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!...:):):):):):):) :P ;) :shades:
  • fezofezo Manahawkin, NJPosts: 10,330
    Ah! This is related to the question why do married man die earlier than married women. Because they want to....
    2013 Mazda 5 Grand Touring, 2010 Toyota Prius IV. 2007 Toyota Camry XLE, 2004 Toyota Camry LE, 1999 Mazda Miata
  • sky23213sky23213 Posts: 300
    I got to feel the advantage of that recently. I knew it was coming and I knew our credit had improved, but did not expect much. I was pleasantly surprised though - 25% off!
    Our monthly premium for two cars with full coverage went from 127/mo to 101/mo. Nice!
This discussion has been closed.