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What do you pay for insurance?
brianl0202
Member Posts: 26
Well it seems like everyone I talk to pays less then me in insurance. I am a single male, 25yrs old, and live in NJ. So it couldn't be much worse for me as far as insurance goes. One good thing is I have no tickets or accidents. I just bought a 2004 V6 Accord Coupe. and how much am i paying for insurance? $260/month..and yes i have shopped around. which isn't that easy to do in NJ because half the places you call won't even quote you. this is with a 500 coll. ded and 250 comp. ded. yeah so im paying 3120/year. god forbid i ever get in an accident, i'd have to sell my organs to pay my insurance. i just got rid of a 2001 malibu and that was 220/month. yeah i turned 25 and it went down 4 bucks a month! i just have the one car on my policy. anyone else
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On two cars, my husband and I pay $2500/yr here in NJ. One is 3yrs old, the other brand new. Both have $500 deductibles, comp/collision. No accidents, no claims. The fact that we're married, over 40 yrs old and have all our insurance with one company helps.
2. get married
3. take the train to work
4. move to a southern state
5. get a company car
I was astonished to find that changing my zip code and getting a new vehicle with more safety tehcnology more than made up for getting off the parents' policy. Im now at approximately 20 bucks less per month, at 167 per month or so, than if I would have kept my 8 year old 107 thousand mile vehicle while continuing to be on my parents' policy at their address in the city. This is keeping in mind I have my rental insurance with the same commpany.
Essentially, for the exact same vehicle, I save about 600 dollars per year by moving 10 minutes outside city limits. Not to mention Im now in a non wage tax locality, not having that 100 bucks per check taken covers more than half my montly payments.
Face it man, Jersey drivers just plain suck behind the wheel and they get charged accordingly.=)
In the meantime, I would scour the internet (KBB, NADA< Edmunds, etc.), local newspapers, car lots to find out as much information on the value of the Audi with the amount of miles you had on it to help you negotiatie with the insurance company. Also talk to your insurance agent. he/she should be able to help you. I don't know how well Audi hold their values but there are others on this board who deal with used cars all day. They can tell you what the car is worth.
BTw, What type of Audi is it and what year?
Hope this helps.
Car_man
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hey kaoha, do you have AIG? i use to work there and i know they were big in hawaii. i've heard it can be pretty expensive to live in hawaii but insurance doesnt seem to bad.
1) driving record (citations);
2) at-fault accident history;
3) type of vehicle (high-performance/sports cars are surcharged;
4) type of driving (pleasure; to/from work; business/commercial).
It is illegal to base rates on the following:
1) gender;
2) age;
3) length of driving experience;
4) marital status.
These regulations went into effect in 1973.
Some companies, including national writers State Farm, Allstate, and AIG, persisted in utilizing these factors in their rate calculations, as did other local and regional carriers. For years, people who were insured with these companies scoffed at my observations about this. It took almost three decades, but our state insurance department finally came down on these companies for these illegal tactics. What relief will be offered to the consumers who were defrauded is still undecided.
I pay $1618 per year for my '96 Acura RL and '01 Honda Odyssey EX, both full coverage (300/500K bodily injury liability, 50K property damage, 60K medical [PIP], 500 ded. collision, 250 ded. comp). Minimum coverages are 20K BI, 10K PD, 10K PIP. Uninsured (UM) and underinsured motorist (UIM) coverages work differently here as it is limited to PIP losses only. Rates for UM/UIM vary wildly among the companies.
My coverage is through GEICO, one of the few companies NOT cited for using the illegal criteria,
Not only do the rates suck, but forget about filing any type of claim.
At the same time, we have seen the reduction, amendment, and/or elimination of various discounts that had previously been available. Such as good student discount (3.0+ GPA), loss-free experience (36-month period increased to 60, discount reduced from 25% to 15%), multi-car, and security systems (active vs. passive alarms).
There have been changes in the minimum mandatory coverages and limits, some legislated in response to public outcry. Companies here have been granted the right to non-renew (at their discretion) up to 2% of their policyholders. This despite a state financial responsibility law which, in effect, requires all registered vehicles to carry car insurance. So, you're required to get the insurance, but the companies are not required to sell or renew coverage to everyone.
Assume that you are trying to comply with the law and you try to get car insurance. Some companies don't like military business. So, they'll get the rates from a subsidiary carrier for "sub-standard" business (like State Farm Fire or State Farm General instead of State Farm Mutual). These rates are 80-200% HIGHER even if you have a "clean" record. So, you will either accept these exhorbitant rates and get skinned for three years, or leave in a huff. They have "offered" you a policy and therefore have not broken the law.
Car_man
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Car_man
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2004 Honda Accord EX-L
2003 Honda Civic SI
1995 Lexus GS300
1994 Lexus LS400
Surprisingly, or maybe not considering the price when new, the LS400 is the most expensive to insure even though it is the oldest and is driven the least (only 10,000 miles in almost 3 years). Both the Accord and Civic have loan/lease payoff just in case. We are very happy with what we pay.
Need help on price that I will pay for insurance...
Thank You in advance
I suspect that you're going to get hit hard for that "reckless driving" citation. In some jurisdictions, "reckless" ranks higher in severity than "heedless" or "careless" driving. SUVs and Toyotas in general are higher-rated by many insurers.
But, I doubt that having your life insurance there has any effect. Life insurancee is sold through different companies than auto and homeowners (property and casualty - P&C) and while they may be affiliates of the same holding company, their underwriting and reserve requirements are separate and unrelated.
- Top 10 Least Expensive Trucks to Insure for 2004
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Enjoy and please feel free to use this discussion to post your thoughts on these articles or to post your thoughts on which vehicles are more / less expensive to insure than they should be. Thanks.
Car_man
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I've been driving since Woodland High School back in the stone age. Had the same insurance company since my Ensign USNR days.
The moral of the story? Don't drink and drive.
It's that simple. After driving into a swamp after a hellacious all day bash, I spent the nite in jail and have been paying ever since.
About the best I currently can do is 1450 annually for two cars. This is 50/100/25 with no collision/comp on the old diesel pickup and 1000 deduct. coll/comp on the car. Good thing I kept my reserve commission....ez
If anyone has any names/web sites of other auto insurance companies I can try, I'd be very grateful. (oh and I tried Costco but they wouldnt touch me until I've been in the US for 18 months)
Good luck finding anything cheaper, and be happy you aren't moving to NJ...you're rates would probably be even HIGHER.
My English blood leads me to point you to 21st.com; hopefully they'll do for you what they did for me...all the best, ez.....
Cheers Bill
Since I moved to WI, I pay about $820 a year for the JEEP. Just sold the JEEP and I bought an '03 Galant and my insurance went up to $1146/yr. I was really upset (I have a perfect record and am 27 now). I am shopping around now and was quoted at $950/yr, so I think I am going to switch.
BTW, my company has a GROUP auto insurance program with Met P&C. Offers some phenomenal rates.
We were with AIG and paying $3110/year, but after hubby's accident ($1700 claim) they jumped it to $3996/year. Never again with AIG, horrible claims service, took them a month to send the check to the body shop, they fought it the whole way.
Full coverage with high liability limits, $500 deductables. No tickets, but one big at fault accident (50K in damages). Insurer: USAA
This covers an 03 Sienna and an 04 Vibe.
No tickets or at-fault accidents.
But it would be much higher if we officially "commuted" with the cars... since it's under 3 miles, I get to call it "leisure use only".
BTW, great topic... I thought we paid a lot of money, but comparatively speaking, we're pretty lucky... It's with Citizen's BTW.
-Mathias
Leo
The reality is that when (1) occurs, I am usually can affort to not have full insurance. (I will maintain high liability limits
Now that I have two cars ( '01 Explorer and '99 Prizm) with full coverage, I was curious as to when it would make financial sense to drop full coverage and go with just liabilty. So I'm thinking when a car hits 8 yrs old?
Isn't insurance just a booger!
Leo
1) gender;
2) age;
3) length of driving experience;
4) marital status.
These regulations went into effect in 1973.
Some companies, including national writers State Farm, Allstate, and AIG, persisted in utilizing these factors in their rate calculations, as did other local and regional carriers. For years, people who were insured with these companies scoffed at my observations about this. It took almost three decades, but our state insurance department finally came down on these companies for these illegal tactics. What relief will be offered to the consumers who were defrauded is still undecided."
States, of course, are free to set any law they want, IMO. But, you realize that if you are 1) female, over 25 (or 30 for men), a new driver, or single, that you pay MORE than you would have to if the companies were allowed to use age, gender, experience, marital status to set the rate, don't you?
Think of it this way: Company has 100 single, male, 22 year old drivers and 100 single, female, 22 year old drivers. That's it. Statistics one year later show the male group had losses 20% higher than the females (which, depending on location) probably is pretty close to reality. Now, most companies will then set a rate for males 20% than females to account for the additional risk. If they don't, they still need to collect appropriate premium to at least break even. That means, everybody's rates go up 10%, instead of the males going up 20. Guys get a break, girls get increase. Not so fair, anymore, huh?
No matter what the legislature thinks, it's not discriminatory if the company can prove that group is higher risk than another. WI is very much a consumer-protection state and it's allowed here. This defense coming from 28 yo single guy who pays more than any female over 25 and any married guy over 25.
"Having homeowners can result in premium savings for your auto policy, and vice-versa.
But, I doubt that having your life insurance there has any effect. Life insurancee is sold through different companies than auto and homeowners (property and casualty - P&C) and while they may be affiliates of the same holding company, their underwriting and reserve requirements are separate and unrelated."
Not entirely true. State Farm provides the discount when any of those policies are in force. It could be auto and life, auto and Homeowner's, auto and renter's, etc. This is a disadvantage for Progressive and GEICO types, IMO because that discount can help offset any price difference plus you have the added benefit (a big one, IMO) of having all the coverage in one place. Not 3 diff carriers sending bills or 3 diff withdrawals from your checking.
We just received a solicitation from our current home and auto carrier, Farmers, for life ins.
There are definate discounts to carry more than one category of coverage with a single insurer, however, each policy is a different contract with different coverage, terms, renewal date, etc. This would require a separate payment for each policy/contract or "withdrawl from your checking."
1994 Lexus LS400
2003 Honda Civic SI
2004 Honda Accord EX-L 4 cylinder
2004 Honda Odyssey EX
Interestingly enough the 1994 LS400 is twice as much to insure as the next closest car (the Accord) and the deductible is twice as much as the other three. With gas prices going up, up, up the LS is beginning to seem more like expensive garage furniture and less like a car worth keeping.
2020 Acura RDX tech SH-AWD, 2023 Maverick hybrid Lariat luxury package.
I know this. I sell insurance for a living.
"This would require a separate payment for each policy/contract or "withdrawl from your checking.""
You would only have a separate payment if you were not on monthly. (That is, if you chose to pay annually, you indeed would have a separate bill). However, on monthly plans, all policies are on one account and one deduction is made per month. This was the only point I was trying to make. If you had auto with Progressive, Homeowner's with State Farm and life with Northwestern Mutual, you either have 3 annual/semi-annual bills or 3 monthly deductions.
janz: We pay our policy in full every 6 months. Progressive charges a couple hundred bucks more if we were to do it on a monthly basis.
Just from the perspective of the company I work for, a regular monthly bill is $3/mo and automatic withdrawal is $1/mo. Not too unreasonable, I don't think.
I have seen it with some companies where the actual premium is different when you want to pay monthly or some other kind of installment plan. When you look at those differences, then it's an ouch. I have also seen monthly service fees of $5/mo. It's only a couple bucks, but I probably wouldn't pay $5 to get a bill in the mail. $1 to have it automatically paid, though, works for me.
It is legal for companies to design and offer multi-peril policies (combined homeowner and automobile), often with a premium reduction. It is also legal for agencies and carriers to limit agent compensation to SUPPORTED business - they will not pay commissions on single-line auto policies if the client has no other policies (homeowner, liability, etc.) in force wit that company.
Prudential got into trouble when they attempted to offer homeowners policies ONLY to Prudential life insurance and annuity policyholders when there was a homeowners insurance crisis in the mid-'90s after a major hurricane hit. They also imposed a one-year waiting period to qualify for HO insurance. When faced with sanctions for these unfair and deceptive trade practices, they opted to leave the state in regard to their property and casualty (P&C) business. Existing policies were non-renewed. They left a number of disgruntled life and annuity "clients" who had bought such policies to qualify for the HO plans which were no longer available.
<sigh> I know this. I NEVER said anything about insurance being federally regulated.
"In our jurisdiction, it is illegal for companies to base rates on gender, marital status, age, or length of driving experience. It is likewise illegal to REQUIRE the purchase of other types of insurance in order to get auto insurance."
Good for your state, then. I'm just glad I don't live there. Not allowing a company to base auto rates on the very things that are the strongest predictor of risk means that some people are paying more than they need to and some are paying less. That is truth--just because your state is set up the way it is, doesn't mean it is fair. The legislature must sincerely believe it is discriminatory to charge 16 year old boys more than married 45 year old women. Fine, but it is absolutely, 100% illogical. Do you not realize that because the insurance company cannot charge the 16 year old boy MORE, then all rates must be raised to compensate? Do you understand that if they could charge the boy more, the 45 year old married woman's rates would drop?
In WI, since insurance companies are allowed to use those factors in their rates, I know I am paying the proper rate for the risk I pose.
"It is legal for companies to design and offer multi-peril policies (combined homeowner and automobile), often with a premium reduction. It is also legal for agencies and carriers to limit agent compensation to SUPPORTED business - they will not pay commissions on single-line auto policies if the client has no other policies (homeowner, liability, etc.) in force wit that company."
Feel free to preach to the choir, if you think you must. Again, I never stated anything about the legality of multiple line discounts, etc. I know our agents receive the same commission on each line regardless of whether a household has other lines. That is, the agent gets x% of every auto renewal, regardless of whether it's a single auto or a 4 line household. That's our company, others may be different. The benefit of the multiple line household and policies per household is in the bonus structure.
There is an unfair situation in regard to our financial responsibility law, however. If a driver is "uninsured" for even a day because he missed the premium due date (he may have been out-of-town) inadvertently, he is tagged as an extra "risk" even though he may have a spotless 20-year driving and claims record. To have his coverage re-instated, he will likely lose all discounts previously earned, be surcharged 10-45% or more, or be placed in an assigned risk carrier (State Farm Fire vs. State Farm Mutual) where the extra premium is not identifiable.
Collision repairs are expensive. My car was bumped in the parking lot last week on the side of the right rear quarter panel. No dent on the panel, a scrape on the rear bumper cover, lamp lenses intact (thank goodness). There's a maximum separation of the panel from the cover of 5/8". No crash parts needed. The estimate is $925: repair of panel and cover - $260; Pearl White paint materials - $210; refinishing - $420. The rest is tax. I'm submitting this to the other driver and leave it to them to pay it out-of-pocket or put in a claim. If it's their only claim in the last 36 months, the surcharge will be 10% for the next three years, but the increase could be more as they may lose a 15-25% discount in addition. This one's a tough call.