$250.00 a mo. Insurance DTLA

[extrashaky]

Originally Posted by Chad11491

They must charge more for more heavily populated areas.

No. Population density has nothing to do with it. Claims drive the rate differences. If you live in an area that has higher claims, you will pay more. If you live in an area that has lower claims, you will pay less.

A perfect example is New York City. If you live in Queens or Brooklyn, your rates will be considerably higher than if you live in Manhattan, even though Manhattan is more heavily populated. Why? Because people who live in Manhattan and have cars don't actually drive them as much as people who live in the outer boroughs, and therefore they get into fewer accidents. The insurance companies have to pay more in claims in the outer boroughs, so they charge you more if you live there.

When I moved from Tennessee to Louisiana, my insurance doubled. The reason for that is that the average claim in Louisiana is higher than in other states. It costs more for the insurance companies to do business here, so they pass that cost along to the consumer.

I would expect Los Angeles to have high rates because of the car culture there, where most people drive longer distances on a daily basis than in other cities. More driving leads to more accidents leads to higher claims.

Originally Posted by Veloist

No one ever mentions their assets, which is why insurance rates will differ.

If you own a house, property, or other land, you'll be paying more.

LOL. Owning real property does not increase your auto rates. Where do people come up with this stuff?

[strat61caster]

Originally Posted by extrashaky

LOL. Owning real property does not increase your auto rates. Where do people come up with this stuff?

Generally speaking you'd want higher coverage if you have assets you want to protect. If you get in an accident and have bare minimum insurance coverage that the justice system determines is not enough to pay for the damages you've caused they will take your property to settle the debt.

That means higher rates. See mav's post above. There are many people who have rear ended somebody, a person gets spinal damage and the offender loses their house to pay for all the medical bills.

The rest of your post is spot on.

[mav1178]

Originally Posted by extrashaky

LOL. Owning real property does not increase your auto rates. Where do people come up with this stuff?

It does not, if you do not increase your liability limits.

In reality, most people increase their limits so that the car coverage will cover as much damage as possible before court claims creep towards your house and other assets.

Same concept as why someone would set up a LLC vs a sole proprietorship.

Edit: this is useful because policy liability limits aren't usually taken into consideration when comparing insurance rates. It is also meant to illustrate how absurd OP's question is without context.

-alex

[Vincenttam]

I live in socal, pay about 800. Had an accident 5 years but its all clear now, 25 years old. It's pretty high cause my brother love tapped someone two years ago. We both have full coverage, him on his mazda 3 2011 for 1100. So about 3600 on two cars, full coverage for a year. We have mercury.

[Veloist]

Originally Posted by extrashaky

LOL. Owning real property does not increase your auto rates. Where do people come up with this stuff?

My insurance rate will be higher because my coverage is higher for having a large equity on my house. In that case, that's my decision to raise my rates.

Of course, a person who isn't even halfway through their mortgage probably doesn't need that type of coverage, so they're likely to report lower rates. Some people don't even take into consideration that their property can be lost so they probably will report lower rates too.

[extrashaky]

That all makes sense, but that's not what he said. The insurance company doesn't raise your rates just because you own real property. That's your own decision to increase your limits.

[spatcha88]

Okay bro that is effed up. I hope I don't get flamed for this but fuck it. I'm 26 and have a DUI from when I was 22. I pay full coverage for $119.00 a month on a 2013. THAT'S WITH A DUI!!!!!! I've never had a speeding ticket/been pulled over/or a single accident. Find a different Insurance company.

**edit**
Forgot to put I live in Los Angeles (323). I believe you are getting billed a bit high. My best advise is to shop around. I got quoted from Geico $210 (with DUI) and several other TOP 5 insurance companies that were waaaay overpriced. I would recommend contacting Wawanesa Insurance which is what I use. Competitive rate to policy prices.

[8R6]

let me add some info here to a few good stuff that's already been mentioned by a few people.

like mav mentioned, there are SEVERAL individual factors that can and do affect your rates. doing a blind comparison is not only useless, but can be misguiding too. i used to be an insurance broker in DTLA for a few years back in the day. first off, you need to re-assess your coverage limits on what fits you. you have pretty high coverage, which isnt bad, but unnecessary if you don't have a lot of assets under your name (i.e. real estate, liquid assets, etc.). DTLA zipcodes (90010, 90012, etc.) aren't really "high" claim zones, but they're definitely not low either. TFS minimum requirements for loan qualifications on a vehicle is 100/300 bodily injury and 100 property... but this is only applicable to TFS LEASES. when TFS finances a car, you just need to carry state minimum of 15/30 BI, 5 PD (i think this is what the minimum was, can't remember since it's been awhile). This is REALLY low, especially in current times. 5k in property damage means your insurance will only cover up to 5k in damages to another vehicle/property... so if you rear end a rich kid's bentley or even something like a regular BMW 3-series and they incur more than 5k in damages, guess who's responsible? YOU. your ins co will pay 5k, and then the rest of the amount, the other party's insurance can go after you for it in court. this is why a lot ins companies/agents will suggest at least getting 25k for PD since the rate increase is usually only a few dollars a month but you'll get 5x the coverage over minimum.

we don't know hardly any info on your background and life and financial stuff, but just from what you posted, im pretty darn sure your specific premiums are that high because your agent got you unnecessary high coverages so he/she can get a nicer commission off your monthly 250 rate. ive owned 2 cars in the past through TFS and my current FRS is financed through TFS... they dont require 100/300/100 coverage on financed cars. But they will demand it on leased cars (almost every OEM finance arm will require the same too) to have the 100/300/100 requirements and also to provide proof of that insurance every year.

good luck.

[Hot Lava]

Originally Posted by billwot

The only thing more useless than a "...how much does insurance cost?" thread is...uh...well...nothing is more useless.

Actually, a Political Science degree is in fact more useless than this thread.

[shellslinger]

As someone who works in the insurance industry, I'll put my 2 cents in this thread.

First of all, there is no such thing as full coverage. Common misnomer, what you have are coverages. Is there really such a thing as full coverage? Can the insurance company really cover you for anything and everything out there? The short answer is no, so look up what type of coverages before some doofus gets mad at their insurance company cause they won't put you into a rental because you thought you had "full coverage".

To the OP, if you want a lower premium, lower your limits of the coverages. Most people who have a the usual limits are 100/300 Bodily Injury, 50k for property damage. I would get rid of uninsured motorist property damage if you have it, because your collision/comp will cover that but you need to pay your deductible. You can elect to get rid of uninsured motorist bodily injury if you have health insurance.

Hopefully this helps you.

Feel free to PM me if you have any other questions.

BTW- I think your agent is pulling your strings. Best thing for you to do is call the insurance companies yourself to get quotes.

[torqdork]

Originally Posted by mav1178

Let's go over aspects of insurance that affect your rate:

ZIP/Postal code
Driving record
Age
Credit history
Cost of car
Liability limits
Deductible
Secondary coverage (medical, uninsured motorist, etc)

That's before the deductions such as multi-car policy, garage, anti-theft, multi-insurance, etc etc.

-alex

That's it in a nutshell. I have coverage far above legal minimums to match the umbrella policy through USAA for $45/month including $0 comprehensive and track day coverage. That drops to $15/month during storage.

[Garcia_A]

Thank you BRGT86, thats great info for me to use. I didnt think it was necessary for me to have such high coverage and I do not have any major personal assets. Its possible my insurance broker thought it was a lease which is whats driving my high coverage, but i wouldn't be surprised if he's doing it to get a larger commission. I was however thinking that it was the area is also driving up the price. Its great for me to understand that DTLA has above average claim zones, if you think about it its kinda expected for DTLA.

Many people keep insisting that this thread is useless but I find it very helpful. I am not interested in comparing my rates with other but understanding what parameters are affecting my rates and what i can change to get a better rate. Its also great to get opinions about what people are paying. If no one else is paying more than i am then chances are im paying too much. I was also unaware of what coverage is required buying vs leasing. Thanks for clarifying that for me. This is also my first brand new car, and the first time i have my own policy. I had a salvaged tundra before and was only paying $80 a mo. so its more than tripled since then. The truck was under my parents insurance policy, which most likely gave us a better rate.

Thank again for all your feed back

[Packofcrows]

Originally Posted by Garcia_A

So i feel like im paying waaay too much for insurance. Wanted to get an opinion. I pay $250 a month. Thats $3000 a year!!!

2015 FRS 4 months old
Clean driving record. No accidents & or Tickets
Live in Downtown Los Angeles
Commute 20 Miles a day

Currently have Full coverage, $300,000 bodily, $100,000 Property, $60,000 Uninsured motorist (Mercury Insurance)

Is my coverage too high?
Is there anyone else living in or around Downtown Los Angeles that can give me something to compare to? Any opinions would also help.

I'm paying $115 total! Was $151!

Age: 25, this year i'll be 26.
Record: 1 accident where I hit a lady who ran a red light. I pulled a police back bump maneuver. 1 accident not reported by police officer. He hit me. Just barely though, so no issue and I was 19... I was happy to agree to not report.

Live in Monterey County.

As other peers of the community shared, even one street can make a difference in how much you pay. At age 25/26 it should go down.

Try Progressive or Mercury.

Concerning coverage, I am one level under yours but 1.5 levels above what the sh!tty law requires.

[Auror_Elite]

Originally Posted by Garcia_A

So i feel like im paying waaay too much for insurance. Wanted to get an opinion. I pay $250 a month. Thats $3000 a year!!!

2015 FRS 4 months old
Clean driving record. No accidents & or Tickets
Live in Downtown Los Angeles
Commute 20 Miles a day

Currently have Full coverage, $300,000 bodily, $100,000 Property, $60,000 Uninsured motorist (Mercury Insurance)

Is my coverage too high? I was told because i am making payments on the car i had to meet the lenders coverage requirements.(I am buying, not leasing) I have not been able to find lender (TFS) requirements anywhere? I have an insurance agent who is supposed to find me the best deals, he supposedly found this information. I feel a bit skeptical.

Is there anyone else living in or around Downtown Los Angeles that can give me something to compare to? Any opinions would also help.

That's way to high bro..Mine is $450 in 6mos so in a year roughly <1K. Try state farm.I even have a free skylink on a package for theft protection.But I've got speeding ticket lately I don't know if would affect my premium.By the way we have same insurance with our house so try to consider that option too.Try and shop again they're stealing money from you, put it instead on modding your baby!