Overpaying Car Insurance?

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Topic Author
Cmpliance
Posts: 602
Joined: Wed Jan 08, 2014 11:41 pm

Overpaying Car Insurance?

Post by Cmpliance » Fri Jan 26, 2018 10:11 am

I'm reviewing my costs for the year and I noticed that my automobile insurance seems high vs all those who have provided quotes across the internet. I know it is hard to understand since everyone's policy is different, but wanted to get a second set of eyes and opinion on if I should go shopping.

My wife and I have 3 cars with AAA in California with the Good Driver Discount, Multi-Policy Discount and Multi-Vehicle Discount. We have the same coverage on all 3 cars which is:

Bodily Injury $100,000/$300,000
Property Damage $100,000
Uninsured Motorist - Bodily Injury $100,000/$300,000
Under-insured Motorist - Bodily Injury $100,000/$300,000
Medical Payments $10,000
Comprehensive (less deductible) $100
Collision (less deductible) $500

Total annual insurance is $3,421 year or $285/mo

Car values are with annual mileage, premium and designation
Car 1: $25,000 - 6,205 miles - $1,006/year - Commuter
Car 2: $65,000 - 1,000 miles - $1,470/year - Pleasure
Car 3: $30,000 - 8,400 miles - $945/year - Commuter
Last edited by Cmpliance on Fri Jan 26, 2018 10:39 am, edited 1 time in total.

TOJ
Posts: 365
Joined: Wed Mar 02, 2016 9:19 pm

Re: Overpaying Car Insurance?

Post by TOJ » Fri Jan 26, 2018 10:15 am

Looks high to me. I got a quote from AAA the last time my policy was up, and they were on the high end. But, you do have low deductibles. Raising those could help.

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lthenderson
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Location: Iowa

Re: Overpaying Car Insurance?

Post by lthenderson » Fri Jan 26, 2018 10:17 am

Highly dependent on the state and whether the state is a no-fault state. When I moved from a no-fault state many years ago to one that assigns fault, my insurance ended up being a third of what it cost me in the no-fault state. For best results, I would post your state and compare apples to apples.

mortfree
Posts: 1977
Joined: Mon Sep 12, 2016 7:06 pm

Re: Overpaying Car Insurance?

Post by mortfree » Fri Jan 26, 2018 10:20 am

what is the premium for each car? wondering if that 65k car is skewing your insurance costs.

Have you classified that 65k car as your "weekend car" with the insurance company?

Are you in an area where you get snow and only take the 65k car out during the summer months? You could get "seasonal coverage"

I have 3 vehicles, similar coverage, higher deductibles and pay around 2k/year.

I used quotes above b/c I don't know the exact insurance terms for what I wrote.
Last edited by mortfree on Fri Jan 26, 2018 10:25 am, edited 1 time in total.

pshonore
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Re: Overpaying Car Insurance?

Post by pshonore » Fri Jan 26, 2018 10:21 am

lthenderson wrote:
Fri Jan 26, 2018 10:17 am
Highly dependent on the state and whether the state is a no-fault state. When I moved from a no-fault state many years ago to one that assigns fault, my insurance ended up being a third of what it cost me in the no-fault state. For best results, I would post your state and compare apples to apples.
Are there any no-fault states left? That was supposedly the big "answer" 40 years ago, but do some states still have it?

KT785
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Location: Texas Hill Country

Re: Overpaying Car Insurance?

Post by KT785 » Fri Jan 26, 2018 10:24 am

HardHitter wrote:
Fri Jan 26, 2018 10:11 am
. . . my automobile insurance seems high vs all those who have provided quotes across the internet. I know it is hard to understand since everyone's policy is different, but wanted to get a second set of eyes and opinion on if I should go shopping.
Insurance rates are very specific to the person(s) and automobile(s) insured, as well as the geographic location (think zip code at least) and a myriad other factors. It's not practically useful to compare rates with others without knowing their circumstances, and even then, all factors may not be apparent.

To know if you're getting a good rate, you'll want to get comparable quotes from a variety of other carriers. Consider bundling your homeowners' or renters' policies as well to get the biggest discounts on each.

I'd also recommend upping your policy limits to 250/500/100 which, depending on the carrier, would make you eligible for an umbrella policy as well (which I'd also recommend you consider).

Also, given your very low annual mileage, I'd look at carriers that offer UBI/telematics discounts. My wife and I use State Farm's Drive Safe and Save program which tracks our annual mileage and driving behaviors (hard stops, aggressive turns, etc.) and as a result, we get a sizable discount (around $400 a year I believe) and we drive more miles per year than you two.
Last edited by KT785 on Fri Jan 26, 2018 10:26 am, edited 1 time in total.

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lthenderson
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Location: Iowa

Re: Overpaying Car Insurance?

Post by lthenderson » Fri Jan 26, 2018 10:25 am

pshonore wrote:
Fri Jan 26, 2018 10:21 am
lthenderson wrote:
Fri Jan 26, 2018 10:17 am
Highly dependent on the state and whether the state is a no-fault state. When I moved from a no-fault state many years ago to one that assigns fault, my insurance ended up being a third of what it cost me in the no-fault state. For best results, I would post your state and compare apples to apples.
Are there any no-fault states left? That was supposedly the big "answer" 40 years ago, but do some states still have it?
According to google, there are 12 states that are still no fault. The one I was referring to is Minnesota.
Currently 12 states and Puerto Rico have no-fault auto insurance laws. Florida, Michigan, New Jersey, New York and Pennsylvania have verbal thresholds. The other seven states—Hawaii, Kansas, Kentucky, Massachusetts, Minnesota, North Dakota and Utah—use a monetary threshold.Feb 3, 2014

LawEgr1
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Re: Overpaying Car Insurance?

Post by LawEgr1 » Fri Jan 26, 2018 10:35 am

Data point, for what it's worth:

In one of the no-fault states.

Cars: 2006 low, low value. 2014 assessed $30k.

Monthly premium: ~$62/month for identical coverage as you. Same deductibles.

When shopping for home insurance, etc., for whatever reason I could not find a provider that came close to the rates we were getting with our existing provider, even with the 'multi policy' discounts they were offering. Not sure why, but that's ok since I've had wonderful service with my provider.

I've had Progressive for about 8-9 years, no accidents, and book direct on the site. No middle-person. I do the same with our home insurance. (Not w/ Progressive)

Topic Author
Cmpliance
Posts: 602
Joined: Wed Jan 08, 2014 11:41 pm

Re: Overpaying Car Insurance?

Post by Cmpliance » Fri Jan 26, 2018 10:39 am

Thanks all, I updated my original post to address the state I'm in (California) as well as the breakdown premium per car

wfrobinette
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Re: Overpaying Car Insurance?

Post by wfrobinette » Mon Jan 29, 2018 2:21 pm

HardHitter wrote:
Fri Jan 26, 2018 10:11 am
I'm reviewing my costs for the year and I noticed that my automobile insurance seems high vs all those who have provided quotes across the internet. I know it is hard to understand since everyone's policy is different, but wanted to get a second set of eyes and opinion on if I should go shopping.

My wife and I have 3 cars with AAA in California with the Good Driver Discount, Multi-Policy Discount and Multi-Vehicle Discount. We have the same coverage on all 3 cars which is:

Bodily Injury $100,000/$300,000
Property Damage $100,000
Uninsured Motorist - Bodily Injury $100,000/$300,000
Under-insured Motorist - Bodily Injury $100,000/$300,000
Medical Payments $10,000
Comprehensive (less deductible) $100
Collision (less deductible) $500

Total annual insurance is $3,421 year or $285/mo

Car values are with annual mileage, premium and designation
Car 1: $25,000 - 6,205 miles - $1,006/year - Commuter
Car 2: $65,000 - 1,000 miles - $1,470/year - Pleasure
Car 3: $30,000 - 8,400 miles - $945/year - Commuter
FWIW, I'm at 2600 for 2 cars in NJ. Had 2 large comprehensive claims(15k each) and 2 not at fault accidents before I moved here. They can count those on new policies.

bloom2708
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Joined: Wed Apr 02, 2014 2:08 pm
Location: Fargo, ND

Re: Overpaying Car Insurance?

Post by bloom2708 » Mon Jan 29, 2018 2:28 pm

OP,

Those quotes do seem high. Do you have Umbrella insurance? 100/300 is on the low side unless you cover it with an umbrella policy.

Get a quote moving Comp/Collision deductibles to $500 each and $1,000 each. How many $200 claims will you submit to insurance? Not very many.

Definitely get some quotes from other companies.

Try www.cinfin.com and see if there is an independent agent in your area. Let them shop multiple carriers for you.
"People want confirmation, not advice" Unknown | "We are here to provoke thoughtfulness, not agree with you" Unknown | Four words: Whole food, plant based

denovo
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Re: Overpaying Car Insurance?

Post by denovo » Mon Jan 29, 2018 2:44 pm

HardHitter wrote:
Fri Jan 26, 2018 10:11 am
I'm reviewing my costs for the year and I noticed that my automobile insurance seems high vs all those who have provided quotes across the internet. I know it is hard to understand since everyone's policy is different, but wanted to get a second set of eyes and opinion on if I should go shopping.

No one can give you a good answer. Only way to know is to shop around. My anecdotal evidence suggests, however, if everyone on your policy has a perfect record with no tickets or accidents, GEICO, will probably give you big savings.
"Don't trust everything you read on the Internet"- Abraham Lincoln

Finridge
Posts: 677
Joined: Mon May 16, 2011 7:27 pm

Re: Overpaying Car Insurance?

Post by Finridge » Tue Jan 30, 2018 2:37 pm

denovo wrote:
Mon Jan 29, 2018 2:44 pm


No one can give you a good answer. Only way to know is to shop around. My anecdotal evidence suggests, however, if everyone on your policy has a perfect record with no tickets or accidents, GEICO, will probably give you big savings.
Yes, shop around. Get quotes from at least three, and preferably five different companies. Also, look at quality ratings in your state so you don't end up with a cheap, but low quality carrier that will take your premium money but might not protect you when you need them.

We ended up getting big savings at Geico.

Katietsu
Posts: 2729
Joined: Sun Sep 22, 2013 1:48 am

Re: Overpaying Car Insurance?

Post by Katietsu » Tue Jan 30, 2018 2:50 pm

Similar to mine. But the rate for liability where I live is double or triple what others here often post. So I guess I am in a bad place for lawsuits.

bhburnsy
Posts: 4
Joined: Tue Jan 30, 2018 3:07 pm

Re: Overpaying Car Insurance?

Post by bhburnsy » Tue Jan 30, 2018 3:10 pm

Check the CA Department of Insurance Automobile Insurance Comparison Tool

https://interactive.web.insurance.ca.go ... f?p=111:10

DSInvestor
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Joined: Sat Oct 04, 2008 11:42 am

Re: Overpaying Car Insurance?

Post by DSInvestor » Tue Jan 30, 2018 3:17 pm

From a recent post OP indicated that he has a mazdaspeed3 and a Porsche 911 turbo. I wonder if these high performance cars are causing costs to be higher than for other folks. I'd shop around.
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