Insurance and safety features

[Scupking]

How did you get a quote without a VIN?

I have AAA. I called them and said hey I’m interested in getting a new Ford Maverick XL hybrid what would the difference be. They pulled the numbers for me.

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[Rexus99]

[QUOT]Eagle11 said:
Most cars today have these safety features as standard equipment. The problem with cars today is that getting into an accident they are built to disintegrate to absorb the kinetic energy of the impact. This means cars are totaled. I wouldn't expect to see much of a discount on insurance with a maverick. With all the lost insurance companies are taking from floods, and hurricanes they need to make it up.

there is even more to insurance than that. Insurance companies are only allowed to carry so much % of the risk, they offload the rest to reinsurance companies who do the same and invest the remainder. So in periods of economic unrest rates go up, because investments designed to provide for the risk devalue. This happened for example in the 80’s during the savings and loan crisis and in the 70s during the oil embargos
[/QUOTE]

[QUOT]Eagle11 said:
Most cars today have these safety features as standard equipment. The problem with cars today is that getting into an accident they are built to disintegrate to absorb the kinetic energy of the impact. This means cars are totaled. I wouldn't expect to see much of a discount on insurance with a maverick. With all the lost insurance companies are taking from floods, and hurricanes they need to make it up.

there is even more to insurance than that. Insurance companies are only allowed to carry so much % of the risk, they offload the rest to reinsurance companies who do the same and invest the remainder. So in periods of economic unrest rates go up, because investments designed to provide for the risk devalue. This happened for example in the 80’s during the savings and loan crisis and in the 70s during the oil embargos
[/QUOTE]

 

[Rexus99]

there is even more to insurance than that. Insurance companies are only allowed to carry so much % of the risk, they offload the rest to reinsurance companies who do the same and invest the remainder. So in periods of economic unrest rates go up, because investments designed to provide for the risk devalue. This happened for example in the 80’s during the savings and loan crisis and in the 70s during the oil embargos

there is even more to insurance than that. Insurance companies are only allowed to carry so much % of the risk, they offload the rest to reinsurance companies who do the same and invest the remainder. So in periods of economic unrest rates go up, because investments designed to provide for the risk devalue. This happened for example in the 80’s during the savings and loan crisis and in the 70s during the oil embargos
[/QUOTE]
[/QUOTE]
I have to agree that insurance is more than that, much more. I find nothing that allows or disallows an auto insurance company to "carry so much % of the risk." Insurance companies do indeed manage their risks with reinsurance but auto insurance is the least reinsured product line (4.9%).
Auto insurers rely on premiums and the law of large averages to pay claims,* Not investments

*chicago fed letter 334 of 2015

 

[Rexus99]

I'm talking to my agent Monday but till then: Does anyone know of or already get insurance discounts for all the newer safety features. Shouldn't there be? Blind spot monitors, driver alertness, cross traffic warnings lane change warnings, pre-collision with automatic braking, adaptive cruse control just to start the list. Even rain sensing wipers and auto on headlights are safety features. This is going to be our second car with a boatload of safety features. Any one want to know what my agent says after I tell him they owe me some massive discounts because of how well equipped with safety features my cars are?

I'm serious we deserve discounts.....give us discounts!!!!!!

You're right but it's what it is. That's why I didn't opt for the copilot for five hundo

Talked to agent this morning. He explained what others have said. Vin is used to know what safety features are on automobile. It makes no difference they are optional or standard. Car and driver are then rated for insurance premium purposes. Just trust them............they make sure you get all the discounts you deserve.

 

[Peps]

Advanced safety feature are a double edge sword in term of insurance cost. In my opinion it is a wash because fixing such vehicles cost more... I.e. Higher insurance.
I give you a practical example of replacing a widescreen due to a stone cracking it while driving.
In the past it was a simple process taking 30' to replace with plenty of options to shop from.
now because of radar\lidar\ camera installed around it i had to pay extra $200 for the calibration of the lane departure and related feature. The glass replacement costed $600 in total for my volvo and pretty much only safelite was able to do it.

 

[Rexus99]

Advanced safety feature are a double edge sword in term of insurance cost. In my opinion it is a wash because fixing such vehicles cost more... I.e. Higher insurance.
I give you a practical example of replacing a widescreen due to a stone cracking it while driving.
In the past it was a simple process taking 30' to replace with plenty of options to shop from.
now because of radar\lidar\ camera installed around it i had to pay extra $200 for the calibration of the lane departure and related feature. The glass replacement costed $600 in total for my volvo and pretty much only safelite was able to do it.

That is a very good fact. Since the late 90's I have had the highest deductible they allowed. Luckily haven't had claim. Saved plenty to afford the deductible if I need it. Hopefully I won't. I feel like if I can afford the cars I want to drive, I can afford the deductible. I hate gambling on misery and destruction. Since they do, I'll do it with them....

 

[Eagle11]

Advanced safety feature are a double edge sword in term of insurance cost. In my opinion it is a wash because fixing such vehicles cost more... I.e. Higher insurance.
I give you a practical example of replacing a widescreen due to a stone cracking it while driving.
In the past it was a simple process taking 30' to replace with plenty of options to shop from.
now because of radar\lidar\ camera installed around it i had to pay extra $200 for the calibration of the lane departure and related feature. The glass replacement costed $600 in total for my volvo and pretty much only safelite was able to do it.

Bingo..... Had the windshield replaced on my M5, it has the heads-up display, plus the camera and other gizmos, it took the Safelite guy 2 hours... I saw the invoice, just the windshield was $2100...

 

[Rkbrumbelow]

I have to agree that insurance is more than that, much more. I find nothing that allows or disallows an auto insurance company to "carry so much % of the risk." Insurance companies do indeed manage their risks with reinsurance but auto insurance is the least reinsured product line (4.9%).
Auto insurers rely on premiums and the law of large averages to pay claims,* Not investments

*chicago fed letter 334 of 2015

I can only tell you what I learned growing up. Dad went into insurance and the reinsurance after leaving the Corps. I would ask him, but given as he passed a bit over a year ago after 12yrs of Alzheimers I would have to wait on the answer. If you have reports to verify otherwise, i bow to your 2ndary knowledge over my tertiary. My specialty these days is administrative law specializing in Crisis Management and Healthcare/nonprofit, not insurance. Before that, well it was the energy of liposomal formation under varing electrical charges and magetic fields, before that you would find even less interesting and relevent pchem and biochem, i collect degrees and certs so i can teach more.

 

[VICKY]

How did you get a quote without a VIN?

My Allstate agent gave me a quote on a Ford Maverick the day I ordered it, he just said to send him the VIN when I received one.

 

[Eagle11]

My Allstate agent gave me a quote on a Ford Maverick the day I ordered it, he just said to send him the VIN when I received one.

I got my vin a month ago and found out my rate will go up $60/yr.

 

[VICKY]

I got my vin a month ago and found out my rate will go up $60/yr.

Oh, good to know! Thanks

 

[uh50]

You may get a little break from your carrier for having a cheap car. That’s probably the extent of discounts.

Unfortunately, the Maverick is a brand new vehicle without a history of collision repair. Insurance companies are conservative when it comes to new vehicles because they do not know what the repair costs will be. Everything is a risk.

 

[dmoyes1950]

All that safety equipment costs so much more to fix when you fail or the safety equipment fails!

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