Insurance

[Silv6]

Currently I work for an Insurance brooker and thought yall would like some insight into rates and such. Insurance companies are complained about alot, lately for the raised cost. This is not because the companies need a new boat, it is directly related to the lawsuits against them, I will not give my opinion on the motive behind these. They compensate for the loss of money by increasing rates. After they have recouped their losses, they don't cut rates, they applie the extra money towards future profit loss caused by the lawsuits.

Now most people want to know how to get there rates lower. If in school, good grades get it down some. Drivers ed also helps. If in college, and the distance from home is >100 miles, you can leave your car at home and payless. Now as i thought "Couldnt I just say I dont have a car at school but take it anyway?" The provider would drop you if you had a wreck/ticket in college area. Also marriage and having multiple cars also helps.

Symbols: Cars are catagorized by a number called a symbol that tells them how much of a risk the car is. Here is a sample:
2002 Z28~21
1996 Z28~20
2002 V6Camaro~19
1996 V6Camaro~17
2002 Transam/Formula~22
2002 V6Firebird~20
2002 WRX~20
2002 SVT Lighting~15
2002 GTP 4D~13 2D~16
1986 T-Type~12
1994 Supra Turbo~25
1994 Supra N/A~24
1993 RX7~23
2002 S2000~19

I will be glad to answer any questions.

[ August 03, 2004, 09:28 PM: Message edited by: Silv6 ]

[majeskyb]

wow. I pay $50 a month for my '86 rx-7. What do you think makes a 2002 v6 camaro have a higher risk than a 1996 v6?

Also, I just noticed this. A GTP sedan has a risk factor of 3 where a coupe is 16?

[Christian]

My opinion:
The value is higher, which makes it more appealing to theft
Chances are, the car is in better condition, which makes it more appealing to theft

[Turbo V6 Camaro]

2002-2004 Z06
1992-2004 vipers

does the color of the car really matter ?

[Silv6]

the rx7 is older and the raters know what the parts would cost to fix if broken. the value is higher on newer cars, the price of parts are known and they have experence of how much a typical repair is. also parts might cost more.
the GTP was a mess up on my part, should be 13.

[majeskyb]

Ahh. You were making me give my hopes up. I was ready to go out and pick up a GTP! [img]graemlins/naughty.gif[/img]

[Silv6]

Viper~no
also women have cheaper rates.
i tried to look up a Vette and Viper but id have to call the place. im sure a vette would be cheaper than a Viper

[Turbo V6 Camaro]

what comany do you work for? im think about putting my car in my name when i get back to the states (my record will be clean buy then) and im wondering how much its gonna cost me for insurance

[Dan M]

:thumbsup:

Thanks Silv!

[imported_admin]

Not to be negative here but those numbers don't mean squat.

Every insurance company is different. Some base their rates on cost of replacement parts, others rate theirs on safety, others rate theirs on actual crash statistics. Example: compare a new $40,000 Volvo to a 1998 Z28. Some insurance companies would rate the Volvo as cheaper since they experience fewer accidents and far fewer fatal ones. Others would rate the Volvo higher because it is a much more expensive car and repairing it after a wreck would cost a lot more than fixing a Z.

Obviously, the faster/more expensive/more sporty car will cost you more. That's nothing new.

But driver history and that individual company means much more.

I could have told you a new Z28 would cost more than a 96, and a V6 Camaro will cost you less than any year fourth gen Z.

So before anyone gets a woody over buying a new GTP because you think the insurance will be cheaper than your 99 Camaro, call your agent. It could be completely different.

(Another example: Allstate quoted me higher for coverage on my 2004 Corolla than they did on my 1998 Firebird. They ignored crash statistics and simply said the Corolla costs more to fix because it is an import. Geico, on the other hand, welcomed the Corolla with open arms but wanted an arm and a leg for the Firebird. I ended up staying with Progressive.)

[MTMike]

Stefan's right.

I got quoted through one company who wanted to charge me for the Z alone what it costs to insure all 3 vehicles through another company.

One insurance company wanted to charge me double to upgrade from the V6 to the Z28. Another one charged me $9/month more.

Shop around!!!

Right now, my 20 year old wife and my 24 year old self pay Safeco $236/month to insure the top 3 vehicles listed below in both our names. I turn 25 in 1 month, she turns 21 in 2 months.

[Silv6]

I work for a broker i.e. we find the cheapest and best insruance for you.
the symbols was from auto-owners. it is baised on safty, theft and recovery rate, typical drivers, average repair cost and experence(better to overrate then under!)
the difference from a 20 to a 21 is not that big of a difference.

also what coverage you get is a major part.

[majeskyb]

Originally posted by Stefan:
So before anyone gets a woody over buying a new GTP because you think the insurance will be cheaper than your 99 Camaro, call your agent. It could be completely different.

When we went and were thinking about trading in the Camaro for a '99 GTP, I called my insurance company. They said it would lower my premium about $1.50 every six months if I traded in the maro for a gtp [img]graemlins/banana.gif[/img]

[Ian]

oh, and going to school 150 miles away dropped my insurance in half for me. my car is now registered at school. rural driving vs. city driving, and yes, my agent knows that my car is driven both places, and i take it home for the summer.

[Turbo V6 Camaro]

Originally posted by Silv6:
I work for a broker i.e. we find the cheapest and best insruance for you.
the symbols was from auto-owners. it is baised on safty, theft and recovery rate, typical drivers, average repair cost and experence(better to overrate then under!)
the difference from a 20 to a 21 is not that big of a difference.

also what coverage you get is a major part.

whats your EMAIL i would really like to see what you can find me