Why the #!!%$ is Liability Insurance so Costly for the Maverick?

[Tim d]

The

I got a bill from my insurance company for additional premium to change my 2004 Chevrolet Colorado to the 2024 Ford Maverick. This is only for Bodily Injury Liability, Property Damage Liability and Accidental Death. The premium for these coverages increased 53% to insure the Maverick. On the other hand, they lowered the cost for these coverages on my Honda CR-V by 16%. Rates are based on the same coverage, same drivers, same annual mileage, and same address (crazy Florida).

Consider that my Maverick has safety features not available on the 2004 Colorado:
side-curtain airbags
knee airbag
tire pressure monitoring system
pre-collision assist with emergency braking
rear view camera
lane departure warning
lane-keeping aid
lane-centering
hill desent control

Are you guys driving your Mavericks so recklessly that you have super-increased the experience factors for wrecks and claims?

They increased the rates because they can.not much we can do about it,just a sign of the times sadly. I inquired with other companies about my maverick,and my other vehicles.pretty much the same.

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[Lonnie gee]

My Maverick ended up only being $8 more a month with more coverage than the 2008 kia I traded in for it. You need to shop around. Every few years I shop around when the rates start going up. I do the same for my electric supplier, cell phone service and internet. Companies expect people to stay with them even when rates go up because most people are lazy to shop around for new lower rates.

Yes but are “ like a good neighbor”. , or “your in good hands with ,,,,,,,,”

 

[Ozarkbeard]

I got a bill from my insurance company for additional premium to change my 2004 Chevrolet Colorado to the 2024 Ford Maverick. This is only for Bodily Injury Liability, Property Damage Liability and Accidental Death. The premium for these coverages increased 53% to insure the Maverick. On the other hand, they lowered the cost for these coverages on my Honda CR-V by 16%. Rates are based on the same coverage, same drivers, same annual mileage, and same address (crazy Florida).

Consider that my Maverick has safety features not available on the 2004 Colorado:
side-curtain airbags
knee airbag
tire pressure monitoring system
pre-collision assist with emergency braking
rear view camera
lane departure warning
lane-keeping aid
lane-centering
hill desent control

Are you guys driving your Mavericks so recklessly that you have super-increased the experience factors for wrecks and claims?

All those safety features cost a hella lot more to fix, in even a minor crash, vs fixing a 20 y/o vehicle. Expensive repair costs make it much more likely a 2024 vehicle will be totaled in even a somewhat minor crash.

 

[jaybird]

I got a bill from my insurance company for additional premium to change my 2004 Chevrolet Colorado to the 2024 Ford Maverick. This is only for Bodily Injury Liability, Property Damage Liability and Accidental Death. The premium for these coverages increased 53% to insure the Maverick. On the other hand, they lowered the cost for these coverages on my Honda CR-V by 16%. Rates are based on the same coverage, same drivers, same annual mileage, and same address (crazy Florida).

Consider that my Maverick has safety features not available on the 2004 Colorado:
side-curtain airbags
knee airbag
tire pressure monitoring system
pre-collision assist with emergency braking
rear view camera
lane departure warning
lane-keeping aid
lane-centering
hill desent control

Are you guys driving your Mavericks so recklessly that you have super-increased the experience factors for wrecks and claims?

Your comparing a vehicle that is 20 years older than the Maverick I would think it would be more expensive. A lot of changes in 20 years.

 

[csuh13]

I got my XL 2 weeks ago to replace my 2007 Chevy Colorado, so I can relate to your situation. I had the opposite experience. I left my Colorado on the policy (giving it to my son) but here is what I am paying for both on a 6 month policy here in California with Mercury:

The Colorado rate will go down in a few months when they can confirm I am no longer driving 14K miles per year on it...

As you can see, my BI/liability went waaay down.

 

[mshapeer]

I got a bill from my insurance company for additional premium to change my 2004 Chevrolet Colorado to the 2024 Ford Maverick. This is only for Bodily Injury Liability, Property Damage Liability and Accidental Death. The premium for these coverages increased 53% to insure the Maverick. On the other hand, they lowered the cost for these coverages on my Honda CR-V by 16%. Rates are based on the same coverage, same drivers, same annual mileage, and same address (crazy Florida).

Consider that my Maverick has safety features not available on the 2004 Colorado:
side-curtain airbags
knee airbag
tire pressure monitoring system
pre-collision assist with emergency braking
rear view camera
lane departure warning
lane-keeping aid
lane-centering
hill desent control

Are you guys driving your Mavericks so recklessly that you have super-increased the experience factors for wrecks and claims?

We were with Travelers for almost 20 years - auto, homeowner, and umbrella policies. When I added the Maverick, the increase alone was double my annual auto policy insurance premium (the collision amount was about triple the quotes from other companies). We switched everything over to NJM (highly rated by Consumer Reports) and saved about $1,000 on the bundle.

 

[BradnChristine]

I usually switch insurance company's every 2 or 3 years. Other wise they will slowly raise your cost even if your are accident free.

I've done the same in the past...but when I selected Geico one year, they've kept my business for several years now, with low rates. Full coverage on 4 cars and 1 Class C RV for $972.50 for 6 months is very reasonable, especially considering many RV insurances are that much for just the RV.
And we did have a claim several years ago when our teenage daughter got hit. They were great and paid well for a totaled 1988 Acura AND let us buy back the driveable car for $200.

 

[Big C]

I got a bill from my insurance company for additional premium to change my 2004 Chevrolet Colorado to the 2024 Ford Maverick. This is only for Bodily Injury Liability, Property Damage Liability and Accidental Death. The premium for these coverages increased 53% to insure the Maverick. On the other hand, they lowered the cost for these coverages on my Honda CR-V by 16%. Rates are based on the same coverage, same drivers, same annual mileage, and same address (crazy Florida).

Consider that my Maverick has safety features not available on the 2004 Colorado:
side-curtain airbags
knee airbag
tire pressure monitoring system
pre-collision assist with emergency braking
rear view camera
lane departure warning
lane-keeping aid
lane-centering
hill desent control

Are you guys driving your Mavericks so recklessly that you have super-increased the experience factors for wrecks and claims?

Same here I sold two vehicles a Mazda SUV and a classic Porsche both of which had full coverage. And now I just have my Maverick and my insurance went up $1,000 a year with Progressive. Something is wrong here in Florida

 

[Sventinker]

my insurance was $1200 for full coverage two years ago on an 09 accord then I got a divorce and added my MAV. went to $1700 now for 2024 its nor $2100. I drive 30k a year and I'm sure living in California isn't helping. I figure with her gone I'm still way ahead.

 

[Toy Truck]

I switched last month from my 23 Pro-X Frontier to my 24 XL Mav and my insurance stayed the same.

When I changed from my 2018 Pro 4 Frontier to my 2023 Maverick the price of my insurance went down a few dollar

 

[Bob The Builder]

31% increase for us for two vehicles from 2023 to 2024. This includes changing from a 2005 Ranger to a 2023 Maverick as well. No claims. 15% jump for homeowners.

On top of all that bad news, I now have to buy my Cheez-Whiz at WallyWorld as the local supermarket now wants $6.50 a friggin' jar. Can you believe that?

 

[cyberdog]

For the liability and medical/personal injury, some companies in some states may still use 'performance' ratings for Intermediate and High-Performance vehicles. The EcoBoost model would be at least considered an intermediate performance vehicle, due to the power to weight basis. - It's possible the insurance industry has caught on to just how quick they are, and are applying that factor if allowed in their state. (Comes from 40 years experience in the insurance field).

Sadly, since Covid the cost of repairs whether to the insured vehicle, another vehicle or other property have increased to the tune of around 40% on average. Price out a replacement headlamp or taillight, and you'll be shocked at what they're currently going for. All of the carriers are jumping up and down indicating they need more rate to remain financially responsible. The result of course is higher premiums pretty much across the board, and it's a matter of when any particular company's rate request/filing is approved. It's bad here in NJ with the interim insurance commissioner not approving or acting on the requests, which has resulted come carrier's hitting the brakes on writing new business or imposing monthly limits.

 

[ArtP]

All those safety features cost a hella lot more to fix, in even a minor crash, vs fixing a 20 y/o vehicle. Expensive repair costs make it much more likely a 2024 vehicle will be totaled in even a somewhat minor crash.

Your comparing a vehicle that is 20 years older than the Maverick I would think it would be more expensive. A lot of changes in 20 years.

Read the original post you quoted. We are supposed to be talking about the cost of LIABILITY insurance. It has nothing to do about the cost of repairing the new Maverick.

 

[dlhort1955]

I know I pay more to have Acuity than someone else, but if I have a bill for $5000, it gets paid. I am glad I do not have an ins company that says it should only be $4000. That is why I stay with Acuity. All they ask is that I take it to an approved facility, and they pay for it, minus my $500 deductible of course.

 

[Robert C]

I am forced to switch insurance about every 3 years.
They will increase it some the second year and if you stay with them
not shopping around they feel they got you and that 3rd year is a gouging.
Then going back to a company that did the same thing to me 3 or 6 or 9 years ago - now it may be cheaper.
Same thing with cable companies and internet service providers.
When my mom died I discovered she was with the same company for 35 years - oh my god what she was paying.
I hate doing this every few years but you have to - at least 4 companies, I usually get quotes from 6. It's a pain.
Just as in ordering a Maverick, loyalty means nothing.

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