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Old 12-01-2008, 12:21 PM   #15
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But what company was you an agent for? Just because that was how your agency was doesn't mean all are that way.
I prefer not to say the name for sure, however it was for one of the top 5 auto insurance companies in the country. All companies do have different criteria and their own proprietary underwriting systems. However there are constants that occur between all companies, and these things are an example. Some companies may weigh these criteria more or less than others but otherwise they are the same (like how many miles a year you drive may have a 10% effect on your rate with 1 company and 15% with another). Later in my career there I was an analyst so I was paid to reserch stuff like that.
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Old 12-01-2008, 12:56 PM   #16
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Originally Posted by Rogue Leader View Post
I prefer not to say the name for sure, however it was for one of the top 5 auto insurance companies in the country. All companies do have different criteria and their own proprietary underwriting systems. However there are constants that occur between all companies, and these things are an example. Some companies may weigh these criteria more or less than others but otherwise they are the same (like how many miles a year you drive may have a 10% effect on your rate with 1 company and 15% with another). Later in my career there I was an analyst so I was paid to reserch stuff like that.
So now you're contradicting what you said about earlier about what I said not being true. You can't claim absolutes without absolute knowledge which you just admitted you do not have.
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Old 12-01-2008, 01:01 PM   #17
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I am 32 and called State Farm for some idea on the cost of insurance. At the time, he said he didn't have a 2010 Camaro in his system, but he ran it as a 2009 Corvette. I run fairly high coverage with fairly low deductibles and the rate was going to be around $800 per year for coverage.
Yeah, about a month ago I called my agent to get an idea. Because the Camaro wasn't out yet, they did it to a Corvette. All I've got to say is be glad you guys don't live in California! I thought the numbers weren't too bad, but because of all the illegal aliens, drunks, drug addicts, criminals, corrupt politicians etc., it's easily double what you'll pay down in the South or in many other states. God bless you guys who are able to get good coverage so reasonably!!!
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Old 12-01-2008, 01:06 PM   #18
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There are way too many variables for anyone to give you an accurate cost. Bet thing is to call your insurance agent.
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Old 12-01-2008, 01:52 PM   #19
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Originally Posted by Mr_Draco View Post
So now you're contradicting what you said about earlier about what I said not being true. You can't claim absolutes without absolute knowledge which you just admitted you do not have.
No I do have absolute knowledge of this, you misread or misinterpreted my post. Insurance companies do not assume by car type that its a weekend only car, that determination is based on the question they pose to you of how you use the car. As well the Corvette is NOT considered by any insurance company to be a luxury car, it is a sports car, or some companies call it a high performance vehicle. As I said in that reply there are certain considerations made by insurance companies that are basically the same and both of those are them amongst others. But there are OTHER criteria that some companies do use and others do not, companies review their data differently and obviously have different customer bases so different experiences. As well some weigh certain things heavier or lighter than others. Example: some companies may give a 5% discount for being accident free, others 10%. This is what causes rates to be different between companies.
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Old 12-01-2008, 06:35 PM   #20
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So I just confirmed with my State Farm agent. They have only two classifications of personal use for vehicles: daily driver or pleasure. It is based on mileage used per year. In general, it is based on the size of the engine so I think the Vette is the right comparison. However, he ran the most expensive 2009 GT-500 and it came out to around $900 per year. I hope this helps.
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Old 12-01-2008, 06:42 PM   #21
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I'm 33, clean record, married. I asked my agent to quote me on a 2009 Corvette Coupe. It came out to $69 a month. Not bad. I'm with State Farm.
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Old 12-01-2008, 07:26 PM   #22
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This is one of the few reasons I'm glad I'm a claims adjuster for AAA Insurance... automatic 15% employee discount + multi car + good driver + multi-policy discounts!
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Old 12-01-2008, 07:34 PM   #23
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This is one of the few reasons I'm glad I'm a claims adjuster for AAA Insurance... automatic 15% employee discount + multi car + good driver + multi-policy discounts!
I've been trying to get a job with an insurance company for the sales work. I didn't even think about the possibility of saving money on my own insurance. Hopefully, someone in one of the major insurance companies picks me up.
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Old 12-01-2008, 09:00 PM   #24
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Yeah, about a month ago I called my agent to get an idea. Because the Camaro wasn't out yet, they did it to a Corvette. All I've got to say is be glad you guys don't live in California! I thought the numbers weren't too bad, but because of all the illegal aliens, drunks, drug addicts, criminals, corrupt politicians etc., it's easily double what you'll pay down in the South or in many other states. God bless you guys who are able to get good coverage so reasonably!!!

Be glad you're not in Michigan. I'm retired and have an 07 CTS as a THIRD car, and with all the discounts for multi vehicle, having my home and boat insured with them, no accidents tickets (ever) etc. they're still whacking me almost $1300 a year (with high deductibles). They claim its because of the mandatory coverage in this state for all of the uninsured motorists and high amounts of coverage for motorcyclists etc. So why do us car owners have to pay instead of the motorcyclists? When I had my $25,000 BMW bike a few years ago my insurance was only $380 a year. This ain't right, and thats why I'm going to buy my Camaro with cash...so I can cancel the insurance in the winter when its stored it the garage. Fire and theft is much cheaper for 5 months and it adds up quick after 4 seasons since you're not going make anything on your money in the stock market or CD's anyway.
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Old 12-02-2008, 06:20 AM   #25
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Progressive can now give you a quote with the Camaro SS. Just checked it and with my age and background through them would be about $150 a month. I have State Farm for Homeowners, and both mine and wifes cars so would be cheaper than that through them. Not to bad that is about what i thought it would cost at the most.
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Old 12-02-2008, 04:47 PM   #26
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There is also a pmi insurance I believe if you don't have at least 20% down on the car. This is one place a dealer will make some money.
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Old 12-02-2008, 04:58 PM   #27
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There is also a pmi insurance I believe if you don't have at least 20% down on the car. This is one place a dealer will make some money.
I thought PMI was for mortgages, not simple installment auto loans?

You can buy GAP insurance to cover the difference between the outstanding loan amount and the vehicle's actual value, should you total it before you owe less than it's worth. Usually a one time fee of $250-$500, depending on where/when you buy it.
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Old 12-02-2008, 05:08 PM   #28
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There is also a pmi insurance I believe if you don't have at least 20% down on the car. This is one place a dealer will make some money.
See rolnslo's post, PMI is Personal Mortgage Insurance if you have under 20% down on your mortgaged house.

You are likely thinking about what he mentioned, GAP insurance, which if they don't rip you off for it is very important to have. Some dealers will try and nail you for a few hundred bucks, it should be under $100 for this coverage (price is IIRC, I haven't dealt with new cars for a while). Your car insurance company doesn't sell it, only the dealer.

Then God forbid a week after you drive off the lot you toss it off into a tree, you won't lose the $3000+ in depreciation your car has from just driving it off the lot.
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2010 Chevrolet Camaro SS - Daily Driver
2008 Chevy Silverado 2500 HD LT 6.0 - Tow Vehicle
1993 Volkswagen Fox - Race Car (yes seriously)

"Like" my race team on Facebook: http://www.facebook.com/farfrumwinnin
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