Ridiculous insurance policy
 

Hey folks,

My new Whiteout FRS is arriving in 2 weeks and the policy in Hong Kong says you need to purchase auto insurance in order to register the car before you can start driving.

Sounds like a simple task, get quotation from multiple insurance companies, lock down cheapest offer and sign up with them. But too bad life is never simple, after inquiring with over 10 insurance companies, only 1/2 of them are willing to insure the FRS.... at a hefty premium.

The funny thing is, none of them know what the heck a FRS is (it's called Toyota 86 here). Hi, I would like a quotation for the Toyota 86. What is that? Is it a Sedan? Hatchback? Toyota AE86? Sure you gave us the correct name? :bonk:

So who are those 1/2 companies willing to insure the FRS? Yes you guessed correctly, it's Toyota (HK) and another small insurance company. The rest just replied me, sorry your car is beyond our company's risk level, wtf?

And for those willing to insure the FRS, comprehensive insurance cost 3 times more than my friend's brand new BMW 328 sport and that car is worth more.

Sorry guys but I am just ranting... When there are no other options, it feels like you are forced to pull a trigger at yourself. BOOM!

I was surprised to find my FR-S with a higher rating than the 350Z I replaced here in the US. I thought that 100 fewer hp plus thousands less in original and replacement cost would mean lower premiums.

Want to know why premiums are higher on this car?

It is a brand new platform.

To an insurance company, the risk based on historical data is unknown. That's why it is more expensive to get insurance.

-alex

Mine went down. My history and demographics probably helped with that.

And probably being crashed in large numbers in certain parts of the world.

Age has the most to do with it. I'm paying maybe $15 more a month for a 2013 BRZ than I was for a 2011 nissan versa hatchback. 27 years old just for reference. One accident on record no tickets.

Also...OP is in Hong Kong so any comparison to anyone in the US is probably a bad one.

wait you imported a FRS or a toyota 86?

My previous post is a generalization. If all else is equal, risk is compared with other sports coupes sold in the past, then adjusted as the insurance market changes.

-alex

Did you import a FRS? Why not buy a GT86 locally? If you imported an FRS, it's likely a problem because the car isn't normally sold in that country...

The BRZ is one of the cheapest (new) cars I've ever insured.

Tell them its a Toyota Scion FRS.

my insurance is dirt cheap on the frs (I pay about $140/month) I used to have a 350z years ago and the insurance was like $400/month maybe its cuz I'm older so they don't even care anymore?

Do you have to import the frs to HK? or is the care available domestically? All I know is its called GT86 or FT86 I think in the Asian markets.

I went from an 03 wrx to a 13 frs and my insurance went up by $3 per month with Nationwide insurance, so I'm not sure the new platform makes a big difference in price.

Get USAA if you are military?

The model has been out for two years. While it is still relatively new, the excuse that the platform is "too new" for insurance companies to insure the car sounds like BS. Maybe the 86 is just not common in Hong Kong?

Have you tried to find others in HK with the car and compare your quote to their rates?

Side note: I'm going to be visiting HK for half a week in a couple of months! Any suggestions?

OP is from Hong Kong.

I just added mine to my policy, it's $1100/yr for rather extensive coverage with progressive, it's about $100 less than my Mustang was and about $250 less than the GTi would have been had I gone that route.

I'm not sure about how international insurance works, hope you can find a more reasonable rate OP.

Wasn't sure if maybe they could be used overseas as well.

I'm very surprised with your rates.. When I traded my Scion xB (2006) for the FR-S, my insurance when up 30$ for 6 months to a total of 320$. I even had my license taken away (95 in a 55 with the xB) a few years ago. Just curious as to what you are all paying.

Back on topic, how do they do insurance over there? Is it like Europe by the liter?

the only thing I know here in the states is the body style, car color, multiple passenger, categorization of car type, motor size, driving record and driver age usually determine your rates.

for example a 2014 red 2 door, 2 passenger only sports car driven by a 16 yr old will have insane insurance rate.

So I should have shown my insurance agent my Medicare card? I'm a card-carrying senior with no chargeable accidents and no points. And I've been with Chubb for 35 years. There has to be another reason (valid or not) that my FR-S costs more to insure than my 350Z. I was more than mildly surprised.

The state, county and city will also make a huge difference. My auto insurance more than doubled when I moved from Tennessee to Louisiana.

is your FR-S a series 10? or those monogram versions (dunno if its the same as series 10) cause if it is it may cost more cause of the limited edition versions

Before I bought my BRZ I got quotes for both and the BRZ was cheaper by ~$25/month. Idk why, only thing I can think of is Subaru has better rep and Scion is considered hot, and maybe higher theft rate. Just theories.

Sorry, I should have been more clear. How do they do insurance over in Hong Kong?

It probably does have a lot to do with average driver age and claims. Subaru does market more to the family oriented buyer, whereas Scion is marketed toward the young and independent crowd.

It's just a plain vanilla FR-S with no upgrades or options.