Insurance Prices For the BRZ

[arkybrz]

Originally Posted by engee

So I just got a quote for the BRZ and the price for insurance is really high. I got quoted $1,600 every 6 months for full coverage. I'm 24 with no accidents and a steady job. I feel like I'm getting shafted here? Anyone get any other prices?

That's pretty ridiculous. I pay $540 every 6 months for my '11 WRX with full coverage through State Farm. I'm 28 with a clean record.

Either way, there are too many variables to accurately compare rates. Insurance companies are just speculating at this point till the car is actually released and they start getting real world claims data.

[Subie]

Originally Posted by sportsguy83

So, can you share the VIN you found online so we can all get a feel for what can we expect on insurance through our providers?

Thanks.

Sure!

It was JF1ZCAC13D1600042.

[Sportsguy83]

Geico's system does not recognize it.

Thanks anyway for posting it.

[DeeezNuuuts83]

Originally Posted by bladesamurai

I thought the BRZ wasn't in anyone's system yet so your agent is probably just estimating your insurance based on a similar car. What do you pay now and what's your current car?

Exactly. I made a long ass post earlier on this same page explaining that, so I don't see why people are freaking out -- the rates aren't set in stone and are just based on whatever information is available (hp, layout, etc.) because the insurance companies would have to provide coverage anyway and calculate the rate manually rather than having underwriters figure out the rates on their own in a more official setting.

[engee]

Thanks for the feedback everyone. I just didn't want to get shafted by the insurance company. Last thing I want is to pick up the car and then see a $1,600 bill. I expected it to be around what my WRX is and $1,600 is almost double what I currently pay for full coverage. I'll probably try the VIN number later.

I also understand that they want real world claims data, but what about the people that are first in line to pick up the cars? They still need insurance the second they drive that car off the lot.

Originally Posted by Subie

Sure!

It was JF1ZCAC13D1600042.

Do you know if this VIN is for limited or premium?

[Subie]

Originally Posted by engee

Do you know if this VIN is for limited or premium?

I believe it's from a Limited.

[Sportsguy83]

Originally Posted by Subie

I believe it's from a Limited.

I'm curious, where did you get the VIN from? I googled it, and the only result aside from this page is a page from a dealer in Georgia, but when you click on the page it takes you to the financing section of the page.

Also and more important, I believe this would be the first VIN for a USA BRZ.

[Subie]

Originally Posted by sportsguy83

I'm curious, where did you get the VIN from? I googled it, and the only result aside from this page is a page from a dealer in Georgia, but when you click on the page it takes you to the financing section of the page.

Also and more important, I believe this would be the first VIN for a USA BRZ.

I found it on the window sticker of a BRZ at Subaru of Kennesaw through careful googling.

[Sportsguy83]

Wow! I thought I was good, but you did an AMAZING job!

The only other thing I would add is I guess then it is a VIN from a pre-production car.

[Sportsguy83]

I found another VIN from pictures here on the site.


JF1ZCAC16D1600049

[DeeezNuuuts83]

Originally Posted by engee

I also understand that they want real world claims data, but what about the people that are first in line to pick up the cars? They still need insurance the second they drive that car off the lot.

I work in insurance, and like I said earlier, insurance companies can insure a car even if it isn't yet in their database, except they base the rate on information that you provide -- they take the engine size and output, layout of the car, bodystyle and the MSRP of the vehicle to determine a general numerical symbol that will generate a rate for the time being until underwriters create a rate for that specific vehicle.

So to answer your question, the first buyers of the BRZ/FR-S (or any other "new" car) will have to go through that process with their insurance company and basically be the guinea pigs. More often than not, the rates in situations like these are less favorable. But you shouldn't have any problem getting the car covered, but the rate may not be what you were expecting since these kinds of quotes are rather vague and have to have some cushion to provide a margin of error, usually in favor of the company. It's like getting a blind appraisal of anything, usually it's not in your favor but because the other party doesn't always know what they're getting into.

So unless you absolutely must be the first person on the block to get a BRZ (or unless you desperately need a new vehicle and are set on this), it might be good to wait until the rates come out so you at least know what you are commiting yourself to.

[meekhotglass]

I checked rates today with Progressive. I have a civic and f-150 & will be adding the brz. To compare I quoted the addition of a v6 mustang, genesis coupe and scion tc. Each of those cars would add about $275 every 6 months to my policy - I'd imagine the brz will be in a similar range. The scion was the most at almost $300/6 months

[dookie11]

Called my insurance (WAWANESA) today to get prices for BRZ and FRS. For a BRZ it'd be $1633 per year. For FRS it would be $1622 per year, lol. Only $11 difference hahaha. *Note: these prices are "subject to change" according to the rep because the car isn't out yet. She said that having a VIN today wouldn't make that number any different, so don't worry.

FYI, I'm 25 and had a minor collision in 2010 and we would have 2 cars on our plan. I currently drive a 2000 Prelude and the annual premium for the Lude is $1264. We have comp and collision on both cars ($500 deductible each). The AS1 would replace the Lude, bringing my monthly payment from $197 to $232, so only a diff of ~$35 for a brand new car. Not bad. About a month ago I called to see what the price would be for the 2012 WRX, and it was around the same ($1600/yr).

This morning I went onto the state farm website to get a quote for my 2003 Highlander and 2000 Prelude, and it'd be $1298.81/6months = $2597.62/year with the same coverage. RIPOFF!

In summary, BRZ/FRS won't be so bad for insurance for ppl around my age. I've been licensed since I was 16 FYI, and the accident (the negative point) will be removed next year 2013, so it'll be even cheaper come next February when I renew And IIRC, before I got into that accident, our annual premium was around $400 cheaper, so a total of around $1500-1600 for both cars.

Hope this helps you members of the quarter century club

[DeeezNuuuts83]

Originally Posted by dookie11

This morning I went onto the state farm website to get a quote for my 2003 Highlander and 2000 Prelude, and it'd be $1298.81/6months = $2597.62/year with the same coverage. RIPOFF!

State Farm is catered toward the Preferred Market (as opposed to standard and non-standard), so your accident has a bigger effect when getting a State Farm quote as opposed to quotes from other carriers. That's how they stay so competitive, because their rates are very competitive if you have a spotless drving record since it would be those drivers who are least likely to make insurance claims (which are what cause insurance companies to lose money).

Originally Posted by dookie11

In summary, BRZ/FRS won't be so bad for insurance for ppl around my age. I've been licensed since I was 16 FYI, and the accident (the negative point) will be removed next year 2013, so it'll be even cheaper come next February when I renew And IIRC, before I got into that accident, our annual premium was around $400 cheaper, so a total of around $1500-1600 for both cars.

If the rates stay the same (or decrease) after your next renewal or two, then you can say that

Also, unless your accident from 2010 happened in February or earlier, it won't come off until your first renewal AFTER the your accident is exactly three years ago or longer.

[dookie11]

Originally Posted by DeeezNuuuts83

State Farm is catered toward the Preferred Market (as opposed to standard and non-standard), so your accident has a bigger effect when getting a State Farm quote as opposed to quotes from other carriers. That's how they stay so competitive, because their rates are very competitive if you have a spotless drving record since it would be those drivers who are least likely to make insurance claims (which are what cause insurance companies to lose money).


If the rates stay the same (or decrease) after your next renewal or two, then you can say that

Also, unless your accident from 2010 happened in February or earlier, it won't come off until your first renewal AFTER the your accident is exactly three years ago or longer.

Noooooooooooo, are you serious?

I must say tho, Wawanesa is so far the cheapest I've seen. My family's been with 21st, Farmers, and Infinity, and Wawa has been the best. They also make you go through an "approval" process before they even sell to you haha, so I'm fortunate that I got into the accident AFTER I got Wawanesa :P

[DeeezNuuuts83]

Originally Posted by dookie11

Noooooooooooo, are you serious?

I must say tho, Wawanesa is so far the cheapest I've seen. My family's been with 21st, Farmers, and Infinity, and Wawa has been the best. They also make you go through an "approval" process before they even sell to you haha, so I'm fortunate that I got into the accident AFTER I got Wawanesa :P

Yeah, that's how it goes. I work in insurance. However, SOME companies will adjust your rate mid-term when things fall off if you call them and ask them to do it, but I can't remember which company it was or what state that was in, as different companies have different underwriting guidelines, and even one company can have rules that vary by state.

But while Wawanesa is the "cheapest" you've seen, keep in mind that you likely have loyalty discounts reflected in your quotes that obviously wouldn't be included in new quotes you're getting from other carriers. Similarly, I don't doubt you've quoted yourself with other carriers (as you mentioned State Farm), but trust me, there are a ton of other companies that you haven't quoted yourself with, some of which are less recognizable (due to less money spent on marketing, particularly on TV commercials) but equally reputable in terms of their financial stability and customer service.

[gabeh]

I just ran a bunch of cars through my insurance co.'s online premium calculator. They did not have the FR-S. However, to my big surprise the maximum difference in annual premiums only ranged from 1000 to 1250 for cars ranging from a 2002 Accord (my current car) to a new Jaguar XF - supercharged $90,000 car.

So I think you may be able assume that your rage won't vary by more than 20% from your current rate, whatever that is.

[DeeezNuuuts83]

Just because your rate only varied by that amount doesn't mean that everyone else's would vary by that same amount. You can't generalize things like that in insurance, especially when you're talking about just one company and you're in a different country.

However, while there wasn't that much variance, keep in mind that insurance is not solely based on the value of the vehicle, as the premium you pay isn't necessarily going to increase your insurance rates proportionately relative to how much more expensive the new car is compared to your old one. Also, while an XF is indeed superharged and a lot more expensive, it's far from being at the other end of the insurance spectrum.

[dookie11]

Originally Posted by DeeezNuuuts83

Yeah, that's how it goes. I work in insurance. However, SOME companies will adjust your rate mid-term when things fall off if you call them and ask them to do it, but I can't remember which company it was or what state that was in, as different companies have different underwriting guidelines, and even one company can have rules that vary by state.

But while Wawanesa is the "cheapest" you've seen, keep in mind that you likely have loyalty discounts reflected in your quotes that obviously wouldn't be included in new quotes you're getting from other carriers. Similarly, I don't doubt you've quoted yourself with other carriers (as you mentioned State Farm), but trust me, there are a ton of other companies that you haven't quoted yourself with, some of which are less recognizable (due to less money spent on marketing, particularly on TV commercials) but equally reputable in terms of their financial stability and customer service.

^_^ really? Please list some companies so I can give 'em a call I'm not like a Wawa fanboi or anything---hope you're not getting that impression. I'm just stating that out of the companies I shopped for in the past (before signing on with Wawanesa), they were the cheapest. I shopped all the popular companies (21st, Farmers, State Farm, AllState, Mercury, Infinity, etc etc etc).

Thx buddy!

[dsgerbc]

Originally Posted by dookie11

I'm just stating that out of the companies I shopped for in the past (before signing on with Wawanesa), they were the cheapest.

New data crunchers insurance companies hire need to keep proving their worth, so every day/week/month they 'identify' new 'target market' to attract to make profits higher. So their pricing scheme reflects those preferences: attractive rates if you fit the 'target' and no so much if you don't. So the fact that company X was cheapest last time you shopped usually means squat. Shop around with everyone every time if you want the best rate.

[DeeezNuuuts83]

Originally Posted by dsgerbc

New data crunchers insurance companies hire need to keep proving their worth, so every day/week/month they 'identify' new 'target market' to attract to make profits higher. So their pricing scheme reflects those preferences: attractive rates if you fit the 'target' and no so much if you don't. So the fact that company X was cheapest last time you shopped usually means squat. Shop around with everyone every time if you want the best rate.

A lot of what you said was correct, but I'm not sure about the first sentence. Underwriters don't necessarily need to keep make changes to "prove their worth," plus rate revisions don't happen that frequently. Unless crazy stuff happens in a given region or market, most companies will have rate revisions perhaps once or twice a year, sometimes even less frequently than that. And even when rate revisions occur, they don't make the decision overnight to increase (or sometimes decrease) their rates. From what I usually see, rate revisions are announced to agents usually a month or more in advance, so it's safe to assume that they start looking into adjusting rates at least six months ahead of time before they actually happen, though of course that timeframe may vary from company to company.

[dsgerbc]

It's just a story
But it's perfectly feasible that two companies with identical pools of customers could end-up chasing different target markets due to differences in their research...