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Kyle2k 08-05-2008 11:39 PM

Official Insurance Thread
 
Calling all insurance agents that might be out there on the Camaro5 boards or people that have already done research or might have some insight into the this topic. I am very curious how much this car will be every 6 months. Rate comparison of the v6 vs. v8 and possibly information on which gender it would be best to put my car under (either mom or dad are going to help me out here- too bad they won't pay it too ;) ). Thanks for your time any info helps.

EllwynX 08-06-2008 01:32 PM

I have nothing to do with the Insurance Industry, but I can at least offer what the insurance cost me when I was 26/27 and bought my '02 V6 Camaro.

I was paying $1100 a year for full coverage (higher levels than base). But I also have the cheapest insurance company in the state of NJ (though NJ is one of the highest overall to insure a car).

It sounds like you plan to have the car insured under your parents name to save money on insurance? I don't know how it works in your state, but in NJ you can't insure a vehicle that isn't in your name. So your parents would have to take the loan out in their name, not yours. Do you live with your parents? If so you'll have to be at least listed on their policy as a licensed driver that lives in the household. That would raise your parents insurance overall price also because there is the potential for you to drive one of their cars.

My parents made me get my own insurance when I got my license/car just for this reason.

I'm curious to hear what the price difference has generally been between insuring the V6 vs V8 since I've never really asked about it.

(All of this can be ignored if your insurance rules are totally different than NJ's.)

lafountain 08-06-2008 02:05 PM

Though we aren't gonna have exact numbers until the car is actually out, best bet is probably go to one of the insurance sites and get a quote on the current Mustang. Figure it is the car most comparable for insurance purposes.

Kyle2k 08-06-2008 03:17 PM

I'm curious if insurance companies factor HP into rates...because if they do...well, that isn't good for us lol.

Txturbo 08-06-2008 03:52 PM

last time I mentioned V-8, 4 speed to my insurance people, they said it didn't matter anymore. They don't really care because they go by value and age, not horsepower.

scotchsride09 08-06-2008 03:57 PM

Yeah I thought my insurance would make a big stink about my truck being supercharged but they never said a word; I don't think they even looked it up.

8cd03gro 08-06-2008 03:59 PM

yea i checked how much insurance would be on an 06 gto with my insurance company and it was 950 every 6 months, which surprisingly is less than i expected since im 18. I'd expect the camaro to be slightly more than the gto.

lafountain 08-06-2008 05:57 PM

I know when I went into my insurance company and had the 2nd car added, they didn't ask any information on the car other than the VIN. Their computer system put pretty much all the information in about the car that was used to determine the change to my insurance rate.

brantley847 08-06-2008 08:56 PM

Quote:

Originally Posted by lafountain (Post 107991)
I know when I went into my insurance company and had the 2nd car added, they didn't ask any information on the car other than the VIN. Their computer system put pretty much all the information in about the car that was used to determine the change to my insurance rate.

Same here...

Exactly, due to the fact that most all major insurance companies have now integrated internet access and the ability to actually ADD your vehicle to a current plan WITHOUT ever seeing the vehicles original condition.

So much information is established strictly through the VIN that they really dont need much information from you. I believe my company asked for VIN and confirmed the model of my vehicle, that was it. With that I am pretty sure they can get an approximate value with your make, model, and weight of your vehicle is also listed on your VIN...and as stated before...your age and driving record are truly the only other major factors.

If you are over 25 and your record is great..I would not be to worried about it, but if you are under 25 (only a year away) like myself and regardless of record......prepare to pay, at least thats my experience in Florida.

Twitch 08-06-2008 09:00 PM

im 23 and pay around 850 every 6 months for my GTO, since they base most of it off the value of the car i would expect the SS and GTO to be around the same price

Kyle2k 08-07-2008 03:50 AM

When you say good record do you mean perfectly clean? Like would a car required (before I turned 18) and a 7 mph over speeding ticket (March 08) really effect the rates when it comes time to get insurance?

EllwynX 08-07-2008 08:52 PM

Quote:

Originally Posted by Kyle2k (Post 108313)
When you say good record do you mean perfectly clean? Like would a car required (before I turned 18) and a 7 mph over speeding ticket (March 08) really effect the rates when it comes time to get insurance?


Depending on the laws (and company) in your state, a 7mph speeding ticket may or may not affect your insurance (in NJ it might not).

I don't understand the first half of that question though. This part- 'Like would a car required (before I turned 18)'. Yeah, that part lost me.

Kyle2k 08-07-2008 09:15 PM

Quote:

Originally Posted by EllwynX (Post 108746)
Depending on the laws (and company) in your state, a 7mph speeding ticket may or may not affect your insurance (in NJ it might not).

I don't understand the first half of that question though. This part- 'Like would a car required (before I turned 18)'. Yeah, that part lost me.

Care required ticket is what I meant.

brantley847 08-08-2008 02:54 AM

Quote:

Originally Posted by Kyle2k (Post 108313)
When you say good record do you mean perfectly clean? Like would a car required (before I turned 18) and a 7 mph over speeding ticket (March 08) really effect the rates when it comes time to get insurance?

Nah, Although I am sure every insurance company is different...

Personally I think a good record is anyone who averages 1 moving violation or less every two years throughout their lifetime.

Like the reader before me....I believe you are trying to say you have received two citations in your driving record...and I take it you are still under 25? This may have a minor affect on rates, but the biggest factor is your age. I've never had a moving violation, but am just under 25 ...I get hit hard in Florida for that.

GCguy2169 08-08-2008 06:51 AM

Before I deplyed I have a 1998 Oldsmoble Cutlass. Over the course of 2 years I had gotten 5 tickets! 78 in a 65, 93 in a 65, accident, 53 in a 35, and finally 87 in a 65 that got my license stripped for 6 months. Man that sucked. I cannot help it, I love speed. Since then I've totally slowed down and havent had a ticket in 2 years, (good for me). Speeding is not worth it. Theres times for fun, and I just didnt pay attention, I thought that I would never get caught so many times. Nope. I was paying $328 per month for car insurance. Then it went down in about 6 months to about $280 and stayed there. The only relief I could get was to pay off the car and get bare minimum insuance, still cost me $150 per month. Be a smart speeder, if there is such a thing!!! I wasnt!

BTW...all cleared now off record

Speedy1975 08-08-2008 10:59 AM

I called my ins agent last week to check and get an idea of what ins may be. I told him to quote me a 2008 Z06 Vette as I figure that'd be worst case scenario. I was quoted $450 every 6 mos with $1000 deductible. I'm 32 and a clean record multi car discount, house etc.

I figure the Camaro will be cheaper than that which is awesome to me. You guys paying $1800 a year for ins WOW. Makes me glad I'm a little older.

GCguy2169 08-08-2008 11:35 AM

yeah, but the things is that when I get ins. I try to get the lowest deductible I can. That raises the payment, but saves you from dishing out that $1,000 for repairs in the case you didnt have it.

str8himalaya 08-08-2008 11:59 AM

Quote:

Originally Posted by GCguy2169 (Post 109080)
yeah, but the things is that when I get ins. I try to get the lowest deductible I can. That raises the payment, but saves you from dishing out that $1,000 for repairs in the case you didnt have it.


:word: I have a 250 deductable, and i pay 1160 per year on my GTP. Thats with a supercharged car and i'm 22. Wonder why others are so high?

Jiu Jitsu Jon 08-08-2008 12:02 PM

Around 1200 a year for my 05 GTO, and I'm almost 33. Had one accident five or six years ago and one ticket two years ago.

Speedy1975 08-08-2008 12:33 PM

Quote:

Originally Posted by GCguy2169 (Post 109080)
yeah, but the things is that when I get ins. I try to get the lowest deductible I can. That raises the payment, but saves you from dishing out that $1,000 for repairs in the case you didnt have it.

To each their own, but ......

You're chances of using the insurance are lower than the amount you'd save with the higher deductible. It's something I learned a while back looking at finance efficiency and budgeting and something Dave Ramsey teaches in his seminars as well.

Right after I learned about it I changed all my ded's to $1000. Take the money you save on the insurance drop it into a saving account drawing interest and make money on top of the savings. Otherwise at the end of the 6 mos or 1 year ins term, you've paid a higher deductible and if claim free you've thrown money away. Also, in a fender bender the repairs are likely less than $1000 so you're less likely to use your ins in turn keeping your rates lower in the long term.

rolnslo 08-08-2008 01:25 PM

Quote:

Originally Posted by Speedy1975 (Post 109116)
Also, in a fender bender the repairs are likely less than $1000 so you're less likely to use your ins in turn keeping your rates lower in the long term.

Not trying to dispute your information but the last 5 fender benders I've been the recipient of have all cost the other guys between $2k and $3k to get my vehicles fixed. These were minor too - no major damage, usually just a single slightly crunched body panel and maybe a bumper.

As far as choosing a higher deductible to save money in premiums, sure that works well, as long as you don't cause accidents. If you're an accident magnet like I am and don't cause the accident, then yes, I'd save money. However, I carry a $250 deductible since the first person to ever hit my car wasn't insured and I had to pay the deductible to get my car fixed. The insurance company went after the guy for their portion.

Doing a quick policy change quote, switching from a $250 deductible to $1000 deductible takes my annual premium ('97 C1500 & '04 Expedition) from $1092/yr to $988/yr. A savings of $104/yr.

diddiyo 08-08-2008 02:43 PM

Quote:

Originally Posted by str8himalaya (Post 109091)
Thats with a supercharged car and i'm 22. Wonder why others are so high?

You live in Indiana, that's the difference. When I lived in KS I payed less than $200 for 6 months. Now I'm in FL and I'm paying about 600 for six months... and that's without collision btw!

Welcome to Miami, the city with the worst/rudest drivers.

Speedy1975 08-08-2008 03:35 PM

Quote:

Originally Posted by rolnslo (Post 109135)
However, I carry a $250 deductible since the first person to ever hit my car wasn't insured and I had to pay the deductible to get my car fixed. The insurance company went after the guy for their portion.

Doing a quick policy change quote, switching from a $250 deductible to $1000 deductible takes my annual premium ('97 C1500 & '04 Expedition) from $1092/yr to $988/yr. A savings of $104/yr.

Wierd, my uninsured motorist doesn't have a deductible. It's fully covered but that's State Farm, not sure about others.

$104 is a decent amount of money to me. I have 3 cars and a motorcycle so that adds up quick. It seems like mine was a little more than that though maybe $200 for the year on each vehicle and like $250 on the bike.

At any rate, the real piece of good info from this is that a 2008 Z06 would only be $900 a year for me to insure. That's awesome as the SS Camaro would HAVE to be less than that.

GCguy2169 08-08-2008 03:57 PM

Quote:

Originally Posted by rolnslo (Post 109135)
Not trying to dispute your information but the last 5 fender benders I've been the recipient of have all cost the other guys between $2k and $3k to get my vehicles fixed. These were minor too - no major damage, usually just a single slightly crunched body panel and maybe a bumper.

True that...cars are so expensive to repair now....dealerships/bodyshops try to make every dime they can off you. Its kind of a shady business. Say you hit some one in the rear end at a rolling 5-10mph, you crunch in the bumper on the other persons car, well you THINK you are paying for a bumper/paint, etc, but find out OMG the frame is bent, blah blah blah...seen it happen...a simple $800-1000 repair just turned into thousands upon thousands...the frame was probably perfectly fine...its sad...protect yourself from crap like this!!!:paddle:

rolnslo 08-08-2008 04:26 PM

Quote:

Originally Posted by Speedy1975 (Post 109183)
At any rate, the real piece of good info from this is that a 2008 Z06 would only be $900 a year for me to insure. That's awesome as the SS Camaro would HAVE to be less than that.

I ran through the quote thing for my policy with Geico. Based on what I can tell, if I were to get an SS, it would be around $800/yr for full coverage 100/300 + 25k uninsured + comp/collision + rental reimbursement with a $250 deductible.

2008 Corvette Z06: $853.80/yr
2008 Charger SRT8: $798.60/yr (System doesn't recognize the Challenger VIN's yet.)
2008 Mustang GT Premium: $752.60/yr


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