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

[Porsche]

Originally Posted by whaap

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.

Aiieee...

You were seriously injured, I take it. I hope you are well now, whaap.

[bdub85]

When I first got my WRX at 19, I was paying 200 a month with a spotless driving record. I don't miss those days of having insane insurance. lol

[whaap]

Originally Posted by Porsche

Aiieee...

You were seriously injured, I take it. I hope you are well now, whaap.

Yeah, I now think of it humorously when I look back on it. I got banged up pretty good. I was wearing a full face helmet along with other protective gear so I can joke that I'm still as pretty as ever. Even with that I had to have two holes drilled into my skull to relieve hemorrhaging along with quite a few other injuries. However, the recovery was good and today I'm free of any of the problems.

I have to laugh in a way. As I was getting older I knew that some day I would have to hang it up and that I would probably receive a "message". I still smile when I think of the message I got. I figure I was well ahead of the game. It was the only roadway accident I had in over 60 years of riding.

That's part of the reason I have my FR-S. I used to pack up the bike and take off several days at a time. Now I do it with my little red coupe.

[Porsche]

Originally Posted by whaap

However, the recovery was good and today I'm free of any of the problems.

Thank goodness for that. I'm glad to hear it.

I have to laugh in a way. As I was getting older I knew that some day I would have to hang it up and that I would probably receive a "message". I still smile when I think of the message I got. I figure I was well ahead of the game. It was the only roadway accident I had in over 60 years of riding.

You just exude "positive vibes," whaap. I like you!

I imagine this played a significant role in your recovery. I believe one's attitude is crucially important, despite the fact it cannot be measured by the medical/scientific community.

That's part of the reason I have my FR-S. I used to pack up the bike and take off several days at a time. Now I do it with my little red coupe.

Yeah. Enjoy all the good days we have remaining to us.

[Gen]

As everyone else has said, it depends so much on your location, insurer, etc. I was once quoted $470 / month to insure an Exige S by Allstate. Ultimately I ended up insuring it for closer to $100 / month.

[rhoyle]

I see what you did there. #humblebrag

[whaap]

Another thing to consider is that comparing insurance rates is like comparing your grocery bills. You can't really get any idea by simply hearing what a person is paying for his insurance. How much liability is he carrying? $10,000.00 property damage or is he carrying $50,000.00 property damage liability (If you caused my FR-S to be totaled out you had better want at least $25,000.00 property damage coverage)? Is he paying for $25,000.00 bodily injury or is he paying for $1,000,000,00 bodily injury coverage? Is he in a no-fault state? Does he carry $500.00 deductible comprehensive or 0 deductible comprehensive? How about collision coverage? $1,000.00 medical payment or $25,000.00 medical payment? What are his limits with under-insured or uninsured coverage? Does he have road service? How about rental coverage? All these things have an impact on your rates. Unless you know specifically what specific coverages and limits a person carries, knowing what he pays for insurance is meaningless.

[rhoyle]

Originally Posted by Porsche

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.

It pays to be old, it pays to be married, it pays to own a house, it pays to have multiple policies. Insurance discounts are very specific and can greatly reduce the costs being paid on any one item, making comparisons hard. I'm in a similar boat as you, paying 360/6mos. for my BRZ)

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.

Anyone with ANY assets should read the above and make sure your limits at BIPD limits are at least the 250/500/250. Like Porsche, raise your deductibles if you have to - you may even find it cheaper than your low BIPD and low deductible. A wise old friend used to say, "The first thousand in insurance coverage is more expensive than the second hundred thousand." You may be responsible for damages exceeding your insurance coverages. It's not difficult in todays world to exceed 500k in liability. I carry an Umbrella liability policy that covers additional liability on both my car and homeowners policies (but excludes my airplane policy). These policies aren't expensive ($10/mo.) and are great piece of mind to us married old folks with some assets. I'd hate to die in an accident and see my wife lose everything because I was underinsured....

[rhoyle]

Originally Posted by whaap

Another thing to consider is that comparing insurance rates is like comparing your grocery bills. You can't really get any idea by simply hearing what a person is paying for his insurance. How much liability is he carrying? $10,00.00 property damage or is he carrying $50,000.00 property damage liability (If you caused my FR-S to be totaled out you had better want at least $25,000.00 property damage coverage). Is he paying for $25,000.00 bodily injury or is he paying for $1,000,000,00 bodily injury coverage. Is he in a no-fault state. Does he carry $500.00 deductible comprehensive or 0 deductible comprehensive. $1,000.00 medical payment or $25,000.00 medical payment. What are his limits with under-insured or uninsured coverage. All these things have an impact on your rates. Unless you know specifically what the various limits are that a person carries, knowing what he pays is meaningless.

Add to that the persons zip code, marital status, if they own a house, if they have a garage, etc.

[bestwheelbase]

@Porsche @whaap great posts.

As for Geico... the lizard is cute but OP needs to shop around!

[Carbon420]

Originally Posted by fatoni

insurance going up by $30 is the worst? first world problems. or just get an na miata. i pay under $500 a year

It's not my fault I was born in a rich nation. Let the third world fix its own problems and quit crying to us about it. It's still a problem first world or not and still needs dealing with.

As for insurance bs try this. In Winnipeg you HAVE to have an engine imobilizer installed on your car. And if you do have one you can't get theft insurance because your car is unstealable. So if your car gets stolen (which it still can be by pitting a magnet on the imobilizer) your fucked.


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[stilletto]

Progressive quoted a high raise as well. Bastards.

[tomato86]

Originally Posted by jstans84

I have USAA mine went up by $30 for no reason as well.

I have USAA too, uh oh better check mine.

[FRiSson]

Originally Posted by 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.

Unfortunately it is not as simple as that. Game Theory shows that under certain conditions, particularly in oligopolies (where few companies dominate a market), competition can break down. The reason is that competitors know that not lowering prices can bring about greater benefits than lowering them, even though lowering prices will bring them greater sales in the short-term. Note: this is all done through "signalling behavior" not through illegal meetings or outright collusion.

If the major insurers are raising rates on the FR-Z, than the other insurers may decide that they will benefit the most by matching those price rises than resisting them. Only if a truly major player decides to lower or hold the line on price increases will the price rise fall apart. You can see this all the time in airfare pricing. One company "signals" that it will raise prices on trans-pacific fares and the other majors follow. Sometimes one player baulks and the "collusion" falls apart. But often they go along with it and prices rise. This will become even easier now as the major airlines merge into fewer players.