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New vehicle = insurance ripoff


#21

Yeah, that’s some real bullshit right there.

Speeding increases your risk factor. Especially if you’re tagged well above the limit and/or you’re young.


#22

White 24yo male, single, no accidents or tickets.

My 2002 Toyota avalon costs $104/mo for full coverage and toeing.

Also with Geico. Though I am also piggybacking off of my parents rates and discounts.


#23

I have been fighting an issue where shit gets jacked up because, well, umm, well, for the fuck of it is about the way to put it. I have a 2011 Mazda 3 2.5L thats worth about 5k right now. Mind you… since the day I bought it value has been dropping, insurance not so much. It did for first 6 years I had the car… insurance dropped or stayed steady, then I had to start changing companies every year because mysterious 30 to 60 per month jackups. Last bill was 687 for 6 months for 100/300/50k liability, uninsured motorist property and bodily injury of 50/100k, Mind you this is accident free for 5+ years, no tickets on record (two tickets received, lawyers sent to court to knock it down to non-point incidents), paid in full discounts.


#24

At the value of the car, it’s more about the risk of the driver than the value or replacing the car.

That’s really not bad for such high coverage. What’s your age?


#25

I am 43… and I agree its not bad but I’ve had to hustle around insurance companies to keep the same coverage level at about the same rate.


#26

yeah, that’s definitely a fair price. I haven’t seen too much of insurance jacking up my prices, but that’s mostly because I haven’t ever kept a car for much over a year. That said, We’ll see how they come at me this year. I’m planning to keep the current car for 15 years or so.


#27

Yeah, I just didn’t like the fact I had the exact same record, car went down in value, coverage stayed the same, still have renters with you… oh that 680 for 6 months, well that’s now 900. Wait what… everything you have to pay out for me has stayed the same or dropped, wtf. Waiting on my next renewal as I should see soon of Progressive going to do that to me.


#28

Dude, it’s crazy, they want 150/mo for my '94 Miata that I drive 700 miles a year, because it’s stored in the winter and doesn’t run for 4 of the other months.


#29

Fuck that… look at Hagerty. Should seriously help you on that.


#30

Car isn’t old enough yet. 2019, and they’ll insure it.

Trust me, I’ve looked at it. I just don’t pay for insurance for the 3ish months it’s stored.


#31

I have heard, though not verified, if it’s a really old (10+ years) car, your rates will get jacked up. Buying something newer might actually lower your insurance rate…


#32

I have a friend who kept her late 80’s Subaru wagon for years because it kept her rate lower. Now she has an old Subie hatchback and a brand new Crosstrek :joy:


#33

In Ireland, if you are any way if a “new” driver. Like not 40+ some companies will just refuse to insure anything older than 10 years. It is becoming a noisy subject here.


#34

Is there a reason for that?


#35

I think because insurance companies know you will more than likely be making payments on a new car, you cannot go without full coverage insurance. When we have to have something, they will find ways to make it more expensive:)
I had American Family previously, and my mortgage was also insured through them for a discount on the car. But they constantly inched the rates of the mortgage insurance and the car insurance up almost every single month.
They knew it would be a serious hassle to redo my mortgage insurance because it would involve the bank, and likely hundreds of dollars out of pocket for fixing the escrow. They were rude on the phone, and they act clueless in person. When I sold my house, I was so happy to tell them to go fuck themselves. State farm was way cheaper.
When I moved, I noticed depending on where you live, the rates are all over the place too. Tell them you quit your jobs, and you will be driving under 100 miles a month. And if they don’t go for it, tell a new insurer the same thing, I bet the quote will be lower.


#36

Yeah, you could tell them that, but that’s technically insurance fraud.

All you have to do is make them work for it. I’ve got two companies in a bidding war before. It was fun.


#37

I pay about 125/month for my 370Z ( full coverage )

about 300/month for 3 cars with full coverage (and rental car coverage incl.)


#38

You are right, it would be fraud. I got ahead of myself. I went Elon Musk on the topic:)


#39

Just to screw anyone they can force people to buy newer cars and jack the insurance anyway. It has been discussed on the radio a few times and there is no legitimate reason, but also no way to stop it. They have all seemingly banded together on this so it is not easy to just go to another because they will likely say the same thing.

Something, something, young drivers in dangerous cars. Its a scam.