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

[Frostyman]

I have geico in Va. No rate increase, and I just renewed this wednesday. Sucks to be you, bro.

[chenshuo]

that's why we should NOT encourage young kids to ask their parents to buy this car for them.

[reeves]

I have Geico too.. but mine hasn't gone up yet. Payment is due in May though, so we'll see. I only pay $52/month, so if it does go up ~$30, I'll be shopping around for new insurance for sure!

[BRZerk]

Originally Posted by 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...

my insurance drops at 24..

[feldy]

I have progressive and mine dropped this renewal which started January 1st. I'm also married have two cars and home insurance though them no tickets or accidents.

[Big-B]

Originally Posted by blackraven1425

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.

But then we wouldn't see the Geico Gecko at every commercial break during every program on every channel every day of the year.

Seriously just think how much these companies spend in advertising on TV, radio, magazines, and mailers.

[Dake]

If fears of theft are really an issue, they need to give those of us driving the manual a discount.

[Hix]

Mine just this month went from $89 (which has gone up from when I first signed) to $174 a month which is higher than my primary car which costs 50K more than my BRZ. I have no tickets left on my record and the wrecks on my record are not my fault wrecks (hit by drunk drivers.)

[Carbon420]

I don't understand how they can increase your rate mid term though. They can't to us here in Canada. I don't believe. Still getting used to private insurance cause I come from Winnipeg where we had public insurance and everything was the same no matter who you were or what you drove you paid this much. But it's a contract in the end and contracts are two ways. You promise to pay and they promise this to be the price. They can't ( or shouldn't be able to at least) just increase mid term. When you renew each year sure but then as long as you haven't got any tickets or accedents then your premiums should go down each year not up.

I know I wouldn't put up with it and ask them to explain it to me in a court of law for breach of contract.


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[bestwheelbase]

Originally Posted by Carbon420

You promise to pay and they promise this to be the price.

I thought some policies renew every 6 months. And might it be possible that the policy allows for premium increases, provided written notice is provided ahead of time?

[Porsche]

Originally Posted by rhoyle

It pays to be old, it pays to be married, it pays to own a house, it pays to have multiple policies.

Yep, I have all those boxes checked. No accidents, no tickets in over 20 years (I'm very selective about where I speed), no claims, etc.

I carry an Umbrella liability policy that covers additional liability on both my car and homeowners policies.

This, too, is added to our multiple policies with one insurer, because the auto liability coverage is capped at $500,000, and one never knows what might happen.

We're not rich; we just live very modestly and frugally, and do not wish to risk losing the nice things we saved for over the decades.

I only WISH I had a Porsche. Can't justify it.

I'd hate to die in an accident and see my wife lose everything because I was underinsured...

Yes. More people need to look at it this way.

I wonder what the youngsters think about all of this? Are they listening?

[mrlewistan]

Thank all the bastards that key our cars and the noobs who drift them in the streets

[Porsche]

Originally Posted by rhoyle

Like Porsche, raise your deductibles if you have to - you may even find it cheaper than your low BIPD and low deductible.

Raising the deductibles to $1000 on Collision and Comprehensive only saved a trivial amount; I think it was less than $25 per year saved.

Arguably one cannot rationally make claims for amounts less than $1000, because the insurer is going to raise one's rates in succeeding years until they recover what they paid out plus a bit extra. Make enough claims often enough and they'll drive the customer right out with "high risk" rates.

We're following the Clark Howard strategy here. Self-insure for the "small" claims.

Those living from paycheck to paycheck and with cash flow problems may not be able to do this, however. But, build your FICO score, young people, keep your record clean, and in time you, too, can enjoy low rates for premium coverage just as we do.

I've seen many a poster on auto forums vigorously defend their strategy of zero deductible and claiming every cracked fog light lens.

And then they reveal that they're paying $4500 per year for insurance coverage on a $16,000 Mazda Protege P5(!) all the while boasting of quickly getting a $400 fog light replaced. Give ME $4500 per year and I'll gladly replace your fog lights, too. They must love that guy...

[Porsche]

Originally Posted by mrlewistan

Thank all the bastards that key our cars and the noobs who drift them in the streets

It's a problem.

I was not surprised to read a few years ago that our S2000 is one of the most expensive cars to insure. It didn't used to be, but since the used ones dropped into the price range of the youngsters, they've been crashing them left and right. And now, the S2000 can be extraordinarily expensive for many drivers to insure. I could never rationalize spending $4000-$5000 per year for insurance on one car. In a mere four years these kids have spent more on insurance than their used S2000 cost!

Fortunately, we pay less than $500 per year, actually less (see above), for our S2000 for maximum coverage.

I suspect we may see a similar rise in insurance rates for the twins as they build a "history." I wonder if the BRZ will be less affected than the FR-S?