Insurance Premium (1 Viewer)

[mooneywa]

Bought the '15 Cruiser back in August of last year. Premium went up $5/mo over my '13 F-150. No big deal. April is my renewal month and the price spiked up an additional $40/mo. They're saying it's the LC.

Policy is with Safeco. Check with USAA showed an additional $120/mo, State Farm, $300(!!!!!)/mo, no one was really able to beat Safeco (now Liberty Mutual supposedly). No accidents, tickets, other cars were the same: '06 CR-V and '15 Volvo XC70.

Anyone else experience this? Anything strange going on?

 

[TonyP]

I have Safeco. What's your yearly premium and coverage for the land cruiser if you don't mind disclosing? I'll tell you how far it's off from mine. I do have these discount though along with active duty military:

Anti-Theft
Advance Quoting
Low Mileage
Accident Free
Violation Free Coverage
Homeowners
Multi-Car

 

[mcgaskins]

I had USAA with 3 cars insured: Porsche Macan, Yukon Denali XL, and Honda Civic. Swapping the Macan for my 2014 LC increased the premiums by something like $900 every six months. I switched over to Geico and they stayed virtually the same as before ie no increase switching the Macan for the LC. I was honestly shocked with how much it would have gone up with USAA, but I've also read and heard some not too flattering things about them lately including a body shop owner friend who absolutely hates dealing with them.

 

[TonyP]

USAA is great for banking/loans but eats balls for insurance despite what that commercial with the cowboy dude. I was forced to have them while I was stationed in Italy

 

[LCHardriver_02]

I have USAA... I will not go back because they rock when you need them. I'll pay for that.

As to the original question... yep... expensive machine... expensive insurance.

 

[619TOY]

Ameriprise (American Express) through Costco

 

[mooneywa]

$1065.80 was the year premium on the LC before the rate hike.

Don't get me started on USAA. When I began active duty in 2004, they were impossible to beat both in service and price. I had banking, mortgage, and insurance with them. Since their "adjustment" to membership qualifications, their customer service has plummeted, and their prices have gone up. I know this may ruffle feathers, but when you expand from a group of officers and their families to anyone who has served plus their 3rd cousins (exaggeration, but you get the idea) it doesn't take an actuary to determine that the risk has gone up significantly. We're paying for that risk now. Their banking is still great, but now local banks offer the same online convenience they used to. Many buying services and discounts are drying up. I hear they are still good for insurance in the northeast and parts of the west coast, but in Texas they are awful.

Anyways, enough ranting.

The LC is great, and do I "really" care about $40/mo? No. But most of us didn't get to the point where we could own one by not watching our bottom line.

I'll look at Ameriprise and Geico.

 

[mooneywa]

Oh and I don't have active duty military, but I thought the agent said I still get it for being in the reserves.

 

[TonyP]

Yeah, I just quoted through Gieco and my six month premium WITH all three of my old BMWs and Land Cruiser is only $515.

 

[blatant]

Geico for both Lc's. With every possible thing added, car rental jacked to top(paying for luxury rental as the included rental coverage doesn't get you a like vehicle, you need to increase it) and all coverage limits as high as possible. Just renewed for 515.00/6mth. They've been nothing short of awesome when something is needed.

 

[sect0r]

Ameriprise (American Express) through Costco

This ^^ $480 every 6 months for a 2014 Tacoma and 2013 Prius 3. It was only $700 for 3 cars when I still had my STI. From Ameriprise.

 

[TonyP]

Do you need a custom membership?

Let's say you do and aren't keen on shopping there, thats 55/yr or 26/6mo. So 506 for two vehicles and I was quoted $515 for three. Granted geico does have a massive military discount.

This thread got me talking with my insurance broker, I might be switching to geico.

 

[sect0r]

Are you carrying full coverage on everything?

 

[TonyP]

Three of the four vehicles on the policy.

 

[kickboxr99]

All, didn't have opportunity to read the entire thread so bear with me if it's been mentioned...

I'm in the insurance industry, and it's a fact that Auto premiums are rising industry-wide due principally to more loss frequency & severity, e.g. distracted driving, etc. particularly in very litigious regions coupled with the added costs incurred in Auto claims due to more expensive repairs, e.g. radar, cameras, etc.

 

[Toad98370]

All, didn't have opportunity to read the entire thread so bear with me if it's been mentioned...

I'm in the insurance industry, and it's a fact that Auto premiums are rising industry-wide due principally to more loss frequency & severity, e.g. distracted driving, etc. particularly in very litigious regions coupled with the added costs incurred in Auto claims due to more expensive repairs, e.g. radar, cameras, etc.

"same in Washington, my three companies I represent all had rate increases for Auto Insurance"

 

[txtortoise]

FWIW, if you are comparing with other individuals, try and stay in the same state and even city...and obviously compare exact same limits, deductibles, etc.

Easier to just compare companies for your particular limits. I don't know if you have a house or other policies, but be sure and quote the full set.

In years past I've been able to beat auto or homeowners against my company, but never when bundling them together.

Another tidbit, check and see if your company offers anything like Total Loss Coverage. I found out after my total loss that I could have had 20% more payout for not a whole lot more premium. A newer LC/LX isn't likely to get totaled unless it's really messed up, but does't take much to push a 'lower value' year over the insurance company threshold.

 

[linuxgod]

Saw this yesterday and thought of this thread.

Minority Neighborhoods Pay Higher Car Insurance Premiums Than White Areas With the Same Risk

I'm not arguing whether insurance companies are fairly or unfairly charging different ethnic groups, but according to the article comparing identical policies even in neighboring zip codes may even show significant differences.

It's interesting to see what others pay, but just because they pay hundreds more or less than you do doesn't mean you're both not getting an excellent deal (or both getting screwed).

 

[TonyP]

That's a political can of worms.

Premiums always differ depending on location. Why should someone in Detroit which is full of degenerates, pay just as much as someone in Plano Texas. The fact that it's a city with high numbers of minorities is (mostly) irrelevant. Correlation doesn't equal causation.

The fact that high crime areas tend to have a high number of minorities is another issue all together.

 

[linuxgod]

That's a political can of worms.

Premiums always differ depending on location. Why should someone in Detroit which is full of degenerates, pay just as much as someone in Plano Texas. The fact that it's a city with high numbers of minorities is (mostly) irrelevant. Correlation doesn't equal causation.

The fact that high crime areas tend to have a high number of minorities is another issue all together.

Yeah I'm not trying to debate the merits or reasons as I can come up with other reasons why the insurance companies may do this, just noting that evidently zip codes right next to each other can have significantly different premiums, so the earlier comment about comparing premiums by staying in the same state or city doesn't necessarily apply, or even necessarily yield similar results.