Insurance

[Jim_Phillips]

Just out of curiosity, I'm interested to know what insurance premiums are charged for the same vehicle in different parts of the world.

I'm 39, have a 4 years 'no claims discount' which means I get a 40% reduction on the premium. My vehicle is worth around $17,000 US and my annual premium is c.$650 (after discount)

How does this compare?

Cheers, Jim

 

[Guest]

Well,i am 40,no accidents,but no discounts either

i pay an annual of about 1700.00(yes thats U.S. coin)

my 1999 F250 superduty wasnt nearly this much.........

my ins provider is nationwide(he's not only on my side, he's right behind me too, if ya know what i mean!!)



doug

 

[caz]

I pay a grand total of $1060 a year from Nationwide for full coverage on BOTH my Miata, and the 80. I even got a huge ticket last year for going 64 in a 35 (the cop was nice because he actually clocked me at 75).

This is in Lancaster, PA.

 

[yomama]

I can beat that..
My 97 is costing me $2212 a year through Farmers Home. I am 40 years old as well with good DV record. I could have it dropped $500, but I requested that my vehicle have an extra 10k coverage because of all the stuff you guys have talked me into buying

Yomama

 

[CDN_Cruiser]

36, perfect driving record and I pay about $1,100US for coverage on just the truck. In Canada, Property and Casualty rates are up almost 30% in many places, lots about this in the news.

Having done some work with P&C companies, it is true that their pricing has been quite low for a number of years (relative to risk) an that recent events have caused a large spike. It is also true that the drop in capital markets has resulted in lower investment income, which has been the traditional source of profit for many of the players (ie many cos have paid out over 100% of premiums)

I think the industry is also facing the challenge of very high claims (more expensive components, demands for better medical treatment, etc).

As an interesting example - my wife had a 10km/h accident in the truck (waived as far as our premiums are concerned). While the two guys initially said they were fine, after seeing the 'Lexus' they told the cop they were hurt. No damage to our truck and about C$300 damage to their car (pull dent on bumper and repaint). My insurance company had to bear the cost sendning someone to my office to interview my wife; of running surveillance on two guys over a long weekend to get the 'shots' they needed, etc. Expensive stuff. Remember that in Canada we don't really have punitive damages, so claims would only run into the low C$100K vs millions you might see in the US = even more expensive. My guess is that the insurance company spent $30-$50K to defend a $300 repair that could have turned into a $150K payment - crazy.

Not that I'm fully defending them - any 30% price increase is crazy!!!

Cheers, Hugh

 

[thorvald]

mines around 1000 a year, give or take (I add and drop my bike as the season comes and goes) for the cruiser a 91, full coverage on a yamaha virago, liability on a nissan truck. Im sure it just went up as I added a 87 60 series full coverage.

speaking of insurance, is there a way to have a 40 covered for market value rather than n.a.d.a listing? last time I looked think the nada or kelly said about 800 for a 71 and I hardly see any for less than 2 or 3,000 that are running.

 

[Jim_Phillips]

Interesting. I would have sworn insurance in the UK (like most things) would have been more than the US. Maybe it's because the US is such a litigious society? Still, $1,000 seems to be about the mark - which is what I would be paying without the UK's 'no claims discount' scheme.

 

[ovrroks]

I just went through the process of getting/finding new insurance, as the company I was using is no longer covering in my home state. New premium is $2100.00 (Old was $1559.00 - had two tickets in the past two years ) BTW - I'm 33, divorved & no kids and my driving record was "clean" until the recent two tickets

I have found out the insuance company gives your vehicle a "risk rating" number (1-27) in accordance with the cost of vehicle new/replacement cost/liklihood of the vehicle being stolen, etc., etc. - Any guesses on where a '95 Land Cruiser "rates" on the scale?..

26 !!! Thats is a higher a brand new Corvette!! So, out of curiosity I asked my insurance guy what would rate a 27? He responded with, "Thats usually given to the high end sports cars (Porsche, Ferrari, Lambo) or any vehicle over $150K new."

My premium will go down if I get married again or move to the suburbs...

 

[moralien]

Kind of off topic but when I was 18 I bought a new Ranger. My truck note was 300 a month. My ins. premium was 305 a month. It still pisses me off to this day that I had to pay more in insurance then the truck was worth... :stupid:

 

[TLCgrappler]

I do wonder about how rates get set sometimes. My 17 yr old son is now on the insurance, and I ended up designating him as the primary driver of my 94q45 instead of the 96 80 series as I had anticipated because the insurance quote was $500 or so per year less on the Q (something like 3,700 vs $4,200. This is in CT)

Makes no sense to me because the Q will accelerate like mad. Of course, it wont roll over quite as easily. I could have put him in a Subaru Outback for about 3200/year.

I think our premium on the 96 LC was about 1700 or so before junior began driving. I'm 53.