Insurance rates

[MakinDoForNow]

Remember rates higher until you turned 25 ? There is now an increased cost for person of "advanced middle age". I am over 80 and know it applys to me with State Farm. Not sure at what age the penalty starts. Did take an online defensive driving course and saved 7 or 8 percent on my premium.

Your credit score also affects the premium $$. The lower your score the higher it is due to % of claims per vehicle increasing for those with lower scores.
Also remember that credit score decreases as the % of your credit limit used increases. Best to not ever use more than 25% of your credit line on cards/accounts. This may require weekly or biweekly payments to accounts. Put all accounts you have say cellphone, electric, natural gas, etc on reportable status and pay on time preferably the day you get bill instead of the pay by date. (Pay your electric bill online with credit card then pay credit card online with checking account.). This increases cash flow and may help increase credit score as more accounts show activity.

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[MakinDoForNow]

Remember rates higher until you turned 25 ? There is now an increased cost for person of "advanced middle age". I am over 80 and know it applys to me with State Farm. Not sure at what age the penalty starts. Did take an online defensive driving course and saved 7 or 8 percent on my premium.

FYI:
https://www.google.com/search?q=sta...3&sourceid=chrome-mobile&ie=UTF-8#lfId=ChxjMe

 

[Pointyears]

Remember rates higher until you turned 25 ? There is now an increased cost for person of "advanced middle age". I am over 80 and know it applys to me with State Farm. Not sure at what age the penalty starts. Did take an online defensive driving course and saved 7 or 8 percent on my premium.

I took that through AARP. 8 hours of my life I'll never get back, but since I'm used to do Army and corporate trainings, I"m well versed in multitasking through them.
Cost $29 and it saved $100 for the first 6 month insurance chunk (car and RV). An almost 4 to 1 ROI ain't half bad.....

 

[grandpopa'sMPGs]

2 drivers 100k/250k/1000k 400 per 6 months drivers 68 and 76 years age. 300/6months same policy chevy cruz.

 

[Klay]

I'm paying $407 every six months through State Farm. Full coverage, $500 deductible. I don't know how that compares with others, but I've had State Farm insurance on cars/home for 35 years, and they've always been great with any claim.

 

[BigOil]

These threads are always a little bit amusing to me. Because people have genuine concerns and all of a sudden they're comparing rates. That perhaps interesting in the broadest of possible senses, but in the USA rates are determined by your state insurance regulators there is no national thing here.

This means you can't even state categorically for example that credit scores count. People don't know what they don't know. Many states have political goals embedded in their rates. And people learn to rant and rave about greedy insurance companies.

Well folks, this is capitalism and it is competitive and VERY competitive for insurance unless you're a "special child" and need state mandated-assigned risk rates because you drinking and drive etc.

Insurance companies have some of the smartest kids in class. Actuaries. And they're also trying to market their products ina again a competitive market so whatever they desire to write and price on is statistically valid. It may not be politically valid, but it is statistically valid.

And this is important they don't all look at risk the same way when they look at their portfolio. And some insurance are for profit and some mutual.

If none of this makes a lot of sense to you cause you don't wanna think about those things that's great and I'm not critical in the least.

But what you need to do is get a quote from another company. And this is the part that requires you not to be analytically lazy. Or ask for help. Make the other agent who wants your business. Explain the differences from the policy you have.

Make sure you're quoting apples to apple. There are a LOT of options in insurance. Obviously deductibles, but there are other things like medical payments that some people want even though they have good medical insurance. Some people want provisions that cover them and other people's car. Some people want rental coverage even though it's somebody else's fault they will pay for your rental.
I'm not being critical but just make sure you understand why you're buying it.

If you just want to make it easy, just get the statement minimum if you have no assets doesn't matter.

Rant off

 

[MakinDoForNow]

I'm paying $407 every six months through State Farm. Full coverage, $500 deductible. I don't know how that compares with others, but I've had State Farm insurance on cars/home for 35 years, and they've always been great with any claim.

I have had State Farm car/home/health/life insurance for 56 years. (Helping fund many other retirees ).

 

[converseguy]

I pay $725.00 for six months for 500K/500K/1M and $500 deductible with Farmers on my 2023 Hybrid. Sounds high compared to most of the others here but I have high limits and live in Silicon Valley, CA. Nothing is cheap here. Just for comparison I pay $675.00 for same coverage on my 2024 Prius Limited.

 

[Suzukiridr14]

I took that through AARP. 8 hours of my life I'll never get back, but since I'm used to do Army and corporate trainings, I"m well versed in multitasking through them.
Cost $29 and it saved $100 for the first 6 month insurance chunk (car and RV). An almost 4 to 1 ROI ain't half bad.....

Also, it's good for 3 years discount with most insurance companys.

 

[Master Blaster]

Did you mean you have CAA insurance? Since you're including your membership cost.

I don't know why but a lot of people in my area swear CAA has best rates, but every time I've had them run a quote they end up double my current or best quote.

Yes it's CAA Insurance. It was almost half the rate that my previous insurer asked. It's pretty hard to qualify for a good rate, as you need no claims for 20 years and a clean driving record.

 

[Pointyears]

I find the county with the cheapest rates, get a PO box and use that as my address.

Every policy I've seen uses the form of "garaged at..." so I'm surprised that they let you get away with a PO Box. I'd imagine if you ever had a major claim they'd deny it based on what they'd call fraud.

 

[topsin34]

Are people with the hybrid option paying more for their insurance that a non hybrid model. My rate seems to be high for a person 75 years and drive less that 7000 miles a year? May be it is just the new norm.

I don't know what kind of insurance you have but maybe if Progressive, Liberty and some of the others didn't spend $12 billion dollars a year on TV commercials that could pass that savings on to us. Not sure why they need all that advertisement anyway I mean who's not buying insurance? It's like toilet paper commercials. Stop trying so hard to convince us... We're going to have to buy it anyway. Maybe we should all buy those OBD plug-in things that report our driving habits back to the insurance company and then they will lower our rates! Which reminds me my collision alert has been going off for absolutely no reason. Yesterday I was driving on a two-lane road and the collision alert sounded as another car approached me in the opposite lane even though neither one of us were close to the middle line or traveling over the speed limit. I can't help but wonder if these are saved to some data base and just where that data goes...

 

[Mudduck]

Every policy I've seen uses the form of "garaged at..." so I'm surprised that they let you get away with a PO Box. I'd imagine if you ever had a major claim they'd deny it based on what they'd call fraud.

That is a lot of speculation.
It would be bold to assume everyone has a garage. I receive my insurance documents at my PO box, so its not unknown to them. Claims can happen anywhere... If I have a theft from the store, get caught up in a tornado, get T-boned, they are not going to google my address (which they already have) to see if I have a garage or why it wasn't there. That seems dilly.

 

[Pointyears]

That is a lot of speculation.
It would be bold to assume everyone has a garage. I receive my insurance documents at my PO box, so its not unknown to them. Claims can happen anywhere... If I have a theft from the store, get caught up in a tornado, get T-boned, they are not going to google my address (which they already have) to see if I have a garage or why it wasn't there. That seems dilly.

"Garaged" isn't literal.

 

[Busa789]

"Garaged" isn't literal.

Sometimes it is though. Like with Hagerty and a classic car. They want a lot of details.

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