Insurance Rates Revisited!

[LnLSS]

Originally Posted by Banshee

Maybe some of you guys know this, maybe not..

Your FICO score also has an impact on your rate. I have a 749 FICO right now. I had my same agent run me when I had a 690 and the rate was $170 higher, 6 month. As well, your best bet is to have your house, cars and whatever else insured with the same company. I don't know if it matters, but I initially saved $480 a year by switching to an exclusive agent, but my rated dropped yet again when I was up for renewal and my FICO score increased. That saved me another $17 a month on the T/A and $12 a month on the Harley. So by having an increase in my FICO score of 58 saved me a total of $828 a year. My SS policy will be $419, 6 month, $69 a month, full coverage.

Insurance companies have a similar scoring. You could have two people, same car, same state, same driving history in length and 0 points. "A" has a credit score 650, "B" 780. 780 will pay much much less, common sense.

I suggest having your FICO score checked to get the best insurance rates at time of initial policy. If it is bad now, you can improve it by the time car is delivered. I pay $80 a year to monitor my credit and accounts at www.myfico.com. Great tool to have to call insurance companies to adjust rates, credit card companies to lower APR and have a printout when shopping for an auto loan.

There has been a big push by goverment agencys to have insurance company's stop this practice. I am for once on the goverments side on this issue.

[PonyMan]

Originally Posted by LnLSS

There has been a big push by goverment agencys to have insurance company's stop this practice. I am for once on the goverments side on this issue.

Won't happen, Insurance Co. are in the business to make money, as long as they can show statistics that people with higher FICO scores are better drivers, the government can not stop them.

[FirstLSK]

Just got a quote from State Farm. It was just my first time that I looked into insurance for the Camaro.

THE REAL GOOD NEWS is that I just found out that I qualify for USAA, so State Farm has some stiff competition. I am going to submit for membership and compare the State Farm quote with USAA.

Here is the Ins. Quote that I got from State Farm:


STATE FARM MUTUAL AUTOMOBILE INSURANCE COMPANY
AUTO RATE QUOTE February 09, 2009
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VEHICLE #1 TERRITORY: 034
MODEL YEAR: 2010 CLASS: 1A AGE: 35
VEH. DESC: CHEVROLET CAMARO "SS" INSURANCE RATING GROUP: 22
LIABILITY RATING GROUP: 6
QUOTE EFF: February 09, 2009
RATES EFF: October 27, 2008

POLICY COVERAGES AS FOLLOWS:
SEMI-ANNUAL
LIMITS PREMIUM
BODILY INJURY 25/50 $37.00
PROPERTY DAMAGE 25 $60.00
PERSONAL INJURY PROTECTION $5000 $20.00
COMPREHENSIVE $250 DEDUCTIBLE ACV $54.00
COLLISION $500 DEDUCTIBLE ACV $143.00
UNINSURED/UNDERINSURED 25/50/25 $41.00
TOWING AND LABOR $80 LIMIT $2.73
TOTAL OF 6 MONTH PREMIUM $357.73
MONTHLY PREMIUM (SERVICE CHARGE NOT INCLUDED) $59.62

APPLICABLE DISCOUNTS:
MULTI-CAR DISCOUNT
MULTIPLE LINE DISCOUNT
ANTI-THEFT DISCOUNT
VEHICLE SAFETY
GOOD DRIVING DISCOUNT

[Croathlete]

Originally Posted by FirstLSK

TOTAL OF 6 MONTH PREMIUM $357.73
MONTHLY PREMIUM (SERVICE CHARGE NOT INCLUDED) $59.62

Damn you bad New York City drivers!!!

[jeffny09]

Originally Posted by Croathlete

Are you 25 yet?

im 27-and this was cheaper then aig

[TJ91]

Originally Posted by Banshee

16 year old with an SS?

Your insurance premum will be more than your car payment.

Probably $450 a month.

WHAT THE HELL? lol wanted to add the impression that im yelling
$450 for an SS? is that how cheap insurance is down there for you guys, i would be looking at around 8-900 a month for an SS and i will be 18. State farm quoted me unofficially for the v6 at 615 a month. When my brother bought his 05 4.0 stang when he was 18, his insurance rates were 575 a month. I wish i lived in the states, the cars are a bit cheaper, and insurance. At 450 a month, i would get a fully loaded SS, but over here, i have to stick to my 2LT/RS and im pretty dam happy with that.
Im with State-farm and all the insurance companies put the youngest driver on under the newest car, do they do the same for you guys down there?

[TJ91]

$69 a month for an SS and full coverage, my Dad is 45, and if he got an SS here, he would be looking at 350 a month.
I feel like im being raped!

[chevy dude]

I called my State farm agent last week,cause i was curious to know what my monthly rate would be on a new Camaro(RS v-6 or 1SS v-8).Although she couldn't give me a quote on the Camaro,she was able to quote me on a Challenger SE & R/T.I'm 46 years old and drive to work(2.5 miles)in a leased 2007 Trailblazer with 0 points.My home is insured with State farm,i'm single,live in Michigan and have a multi-car discount and pay $419.00 a month(full coverage on a lease with $500 deductable),and a SE Challenger would only cost me an additional $29.00 every six months minus the trailblazer and an additional $79.00 for the R/T every 6 months minus the trailblazer.I guess their are some benefits to getting older and having a perfect driving record

[EllwynX]

Originally Posted by LnLSS

There has been a big push by goverment agencys to have insurance company's stop this practice. I am for once on the goverments side on this issue.

I agree, someone's credit score should have nothing whatsoever to do with what they pay for car insurance. Good credit doesn't = good driver...

Just as stupid as students with high grades getting lower rates... Just 'cause they're book smart doesn't mean that have common sense when driving.

[Croathlete]

Just got off the phone with Geico and got an awesome rate. My current car plus the Camaro for just under $200 a month. For those that are laughing, keep in mind I live in NYC, and still under 25 years old. Also, putting the Camaro in a garage for the winter makes it eligible for storage insurance only. Some more money I can save during those 4 months.

I still have to take defensive driving to save another $46/6 months and when I renew my policy in August, my post-25 yr old rate will come into effect.

Truthfully, I was expecting a lot worse.

[Croathlete]

Originally Posted by EllwynX

I agree, someone's credit score should have nothing whatsoever to do with what they pay for car insurance. Good credit doesn't = good driver...

Just as stupid as students with high grades getting lower rates... Just 'cause they're book smart doesn't mean that have common sense when driving.

They wouldn't do it unless it was proven statistically. It might not be true in all cases, but apparently true enough to give a discount for it.

[gtjacket]

IMHO, a Persons credit score tells you a lot about a person. Even potential employers now look at your credit score when they are considering you for employment. To all the young posters out there, "Do everything you possibly can to maintain a good FICA score." This will help you in more ways than you can imagine in your future. If you are ever in a position where you can't pay a bill in full, at least contact the people you owe and work something out. They will almost always work something out with you so your FICA score is not affected.

[wildpaws]

Insurance costs are probably one of the most variable commodities that you can purchase. I get mailings every day that offer to save me hundreds of dollars over my current auto insurance, every last one I have had give me an actual quote has been hundreds of dollars more. I even got a quote thru AARP for our two Blazers and Chevy van, I gave the agent my exact current coverage right off of my current policy (minus how much I was paying) and he did his calculations, totaled everything up and said "We can give you that exact same coverage for $1,817 dollars a year", I said not interested as I only pay about $1,150 a year now. I've been using Erie for several years for auto, homeowners, and musical instrument coverage (I know, the musical instrument sounds strange, but we have a $75,000 rider policy for instruments). Erie has been extremely cost effecient, easy to deal with, and prompt at taking care of us. Finding a company that is a good fit for your needs can make a big difference.
Clyde

[Mr_Draco]

Originally Posted by TJ91

WHAT THE HELL? lol wanted to add the impression that im yelling
$450 for an SS? is that how cheap insurance is down there for you guys, i would be looking at around 8-900 a month for an SS and i will be 18. State farm quoted me unofficially for the v6 at 615 a month. When my brother bought his 05 4.0 stang when he was 18, his insurance rates were 575 a month. I wish i lived in the states, the cars are a bit cheaper, and insurance. At 450 a month, i would get a fully loaded SS, but over here, i have to stick to my 2LT/RS and im pretty dam happy with that.
Im with State-farm and all the insurance companies put the youngest driver on under the newest car, do they do the same for you guys down there?

That actually sounds about right for an "inexperienced" driver. My brother is 18 and just bought a '03 Impala. His costs $475 a month because he has less then 3 years driving experience (NC laws state the insurance companies have to go by legal driving experience and not by age). His will go down by $100 a month when he renews his policy in August as he turns 19 in July and will have 3 years experience.