FR-S Owners prepare for the worst Insurance May go up

[jstans84]

Originally Posted by fatoni

it makes sense when you consider that companies are just now finding out the demographic that is frs owners and realize the cost of repairs. i would bet half of the people on this forum had this car insured as a different make or model since its so early in its life. its not horse shit, you should consider yourself lucky that you got a discount for the first couple months of your ownership.

Mine was always listed as a Scion FR-S and nope it is complete horse shit. Just another way for insurance companies to fuck us over just because they can and they know there isn't shit we can do about it.

[Xdragonxb0i]

i think once F&F6 come out, we might see more theft? iunno i hope not

[Norkoastal]

Lets hope this change is for just the FRS folk.. mmmmkay

[altarr]

Originally Posted by jstans84

I hate insurance, it's the biggest scam in the entire world.

I shelled out $114 a month for 6 years with my Civic. I paid it from $10k to 0 in those 6 years and never had to file an insurance claim once. That is me just giving away $8,208 for no f'ing reason.

This isnt true, you paid them 8k for the security of not having to pay 100k. Everything in life is a trade off. When you make it for a full 72 years with no accidents, then we can talk hindsight.

[altarr]

I went from 3 cars to 2, with 7500 miles a year on both...so I dropped about $600...however if I had just went from 3 to 2...with the BRZ it would have been a $200 drop....for those that say "I am 20-X years old..." insurance rates dont go down until you are 30 now, unless you get married...

[blackraven1425]

Originally Posted by jstans84

I hate insurance, it's the biggest scam in the entire world.

I shelled out $114 a month for 6 years with my Civic. I paid it from $10k to 0 in those 6 years and never had to file an insurance claim once. That is me just giving away $8,208 for no f'ing reason.

You're giving up that 8k so you don't have to shell out much more when something does happen, and it's required just as much so that when the other guy hits you, you don't get screwed. They could make a system where escrow-type accounts can be used instead of insurance, but you'd be putting upward of 200k per person into that account to make that work correctly, which nullifies the ability for anyone but the richest to do it.

I personally think they should do what they did to health insurance, if it doesn't already exist - mandate that a high percentage of revenue is paid out in claims, like 80%. That way, you know that money is being used for your benefit and not lining some company's executives' pockets.

[fatoni]

Originally Posted by jstans84

Mine was always listed as a Scion FR-S and nope it is complete horse shit. Just another way for insurance companies to fuck us over just because they can and they know there isn't shit we can do about it.

you having your car insured as a scion frs is not indicative of what has been happening. the insurance companies are finally able to collect/analyze data to make an appropriate insurance cost for the vehicle. the price now reflects the rate these things are being damaged and the difficulty in repairing them. what about that is complete horse shit?

[tdoggy57]

Mine went down $15 when i got my new 6 month in december. Hoping it goes down again in June. $315 a month is a killer.

[Z-PDX]

If you are unhappy with your insurance rates, check out another company. There are lots of them. Thats how the free market works.

It's not some grand conspiracy. Collusion and price fixing are already illegal.

[dori.]

dunno, mine went down by $18

[Crackseed]

My insurance hasn't increased at all and I got additional discounts due to a perfect record, so no issues here thus far but I'll keep an eye on it.

Thanks for the heads up!

[Porsche]

Here's something that may interest you. It is copied from the myfico website:


What's my FICO Score have to do with my car insurance?
If you have good credit, your FICO® Score can save you money when you are shopping around for car insurance. Many car insurers use credit information to decide whether to issue a policy on your car. In some cases they also use it to set the premium. A consumer with a good FICO Score may pay up to 50% less on his car insurance premium. So, it's important to know what's in your credit file and to make sure the information is accurate. - http://www.myfico.com

*****************

A few years ago, our insurance company sent us a letter informing us that they would be getting our FICO score (credit score) and it would be employed as one of the criteria for setting our insurance rates.

Perhaps there is an ethically defensible reason for doing this, but I cannot think of one. I understand what they're doing and why, but I find it reprehensible. It will serve to kick a man when he's down, and for no better reason than he is statistically more likely to engage in insurance fraud ... after he's laid off, or suffered some other financial calamity through no fault of his own.

Anyway, we subsequently called our agent and requested a reduction in our insurance rates. Because we have a perfect FICO score -- 850. Yes, it is possible.

Naturally, they did not give us any discount for our perfect FICO score, but I just wanted to poke them in the eye, just to hi-lite the reality that this new policy was not to help anyone, rather it is intended to hurt some who are already hurting. What can we do?

To be fair, though, I've never seen anyone ever have a significantly lower rate than ours on any of our three cars.

For instance, on our 2013 Subaru BRZ Limited we pay $537/yr. In the monthly terms that many of you use on these forums, that means $44.75/mo. It pays to be old.

This is for $500,000 Bodily Injury, $250,000 Property Damage (in case we knock somebody's house down or kill their Ferrari ), $1,000,000 each for Uninsured/Underinsured, and $1000 deductible for Collision and Comprehensive.

Why $1000 deductible? Because as Clark Howard likes to say about auto and homeowner's insurance, "Use it, and LOSE it!"

We pay $248 for 6 month's coverage on our Honda S2000 (all policies are as described above, i.e. max'd out coverage) plus $41 for 6 months Comp as it is stored in the garage over the snow months here in the Midwest.

If you store your car for any significant time, don't forget to change your insurance coverage and save money. You do not need expensive liability coverage for a vehicle that never leaves the garage, right? I forgot that the first year.

Finally, I'd like to note for you younger owners: Auto insurance is unlike so many consumer products in that the rates can vary wildly. So, get on the phone and call around everywhere asking for insurance quotes. You may get lucky and find a company willing to sell you a policy for much less than the majority. For example back when we wanted to buy a new 1988 Mustang GT, everyone wanted a fortune for insurance since they classed this car as a high performance vehicle and adjusted the rates much higher in consequence. After hours on the phone I found State Farm who at that time was willing to insure a new GT for half the price of everyone else.

So, shop around; you might get lucky.

[fistpoint]

The amount of claims in your area I'm sure also has an effect. Every time you've suggested to your buddies "say your neck hurts dood"...yea, that doesn't help.

[whaap]

Here's something most people aren't aware of. In your state the insurance industry is under the control of your states Insurance Commissioner. Your insurance company can't simply just raise your rates "because they feel like it". Before they can raise your rates a dime they have to submit to the commissioner the reason for the needed rate increase. Only after he approves the increase can they do that.

Something else most people don't know; if ever you feel your insurance company is treating you unfairly, for any reason, you can call the commissioners office (look under state government offices in your phone book), tell them your problem and they will make an inquiry to your company asking why they have taken the position they did. It costs you nothing as our taxes pay for this service. Believe me, I worked insurance claims for 25 years and one of the worst things you can hear is you have received an insurance commissioner's complaint. At that point if your company is right the commissioners office will advise you that and explain why. If they think your insurance company is wrong your company will quickly change their attitude. This works with your company only. You can't do this against another persons company that you think owes you money. If you have a dispute with someone else's company your options are to take what they offer, get a lawyer or if the case is not a big one, go to small claims court.

Insurance is not a rip off or fraud. If you have a lot to lose you want to protect it. The guy on a bicycle that caused my motorcycle accident a little over three years ago is very happy he had a very good liability policy. His insurance company paid me over 500K. If he didn't have good coverage I'd be living in his house today. He had a very nice house.