My auto insurance is crazy high

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1030danielle
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Location: Sunshine State

My auto insurance is crazy high

Post by 1030danielle »

Seems like everyone else I talk to has far less expensive car insurance than I do.

Yes, I’ve had speeding tickets in my past (most recent in April, but before that it had been a couple years). Yes, I had a no-fault claim in the last couple years (a deer totaled my car in 2019). I am single with excellent credit. I live in South Florida. It’s a 2016 Honda CRV that I own.

Seems at these rates, I should have killer insurance, but I don’t know if I do.

Here is my most recent quote, at $1287 for 6 months ($214/month):

Property damage: $50,000
Bodily injury liability: $50k/$100k
Uninsured motorist: $50k/$100k
PIP: $10k
Comp and collision: $500 deductible
Rental reimbursement: $40/day

Thoughts?

I don’t mind paying for insurance if it’s good.

Thanks,

Danielle
JBTX
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Re: My auto insurance is crazy high

Post by JBTX »

1030danielle wrote: Wed Jun 02, 2021 6:03 pm Seems like everyone else I talk to has far less expensive car insurance than I do.

Yes, I’ve had speeding tickets in my past (most recent in April, but before that it had been a couple years). Yes, I had a no-fault claim in the last couple years (a deer totaled my car in 2019). I am single with excellent credit. I live in South Florida. It’s a 2016 Honda CRV that I own.

Seems at these rates, I should have killer insurance, but I don’t know if I do.

Here is my most recent quote, at $1287 for 6 months ($214/month):

Property damage: $50,000
Bodily injury liability: $50k/$100k
Uninsured motorist: $50k/$100k
PIP: $10k
Comp and collision: $500 deductible
Rental reimbursement: $40/day

Thoughts?

I don’t mind paying for insurance if it’s good.

Thanks,

Danielle
You are single (maybe young?) have an accident and a couple of tickets within three years. Live in South FL to boot (I used to hear about half of drivers uninsured). To get low auto rates you pretty much have to have none of those.

Those rates aren't particularly shocking for your profile. I'd increase collision and comp to $1000.
THY4373
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Re: My auto insurance is crazy high

Post by THY4373 »

1030danielle wrote: Wed Jun 02, 2021 6:03 pm Property damage: $50,000
Bodily injury liability: $50k/$100k
Uninsured motorist: $50k/$100k
PIP: $10k
Comp and collision: $500 deductible
Rental reimbursement: $40/day
Those liability limits seem low. I guess it depends on your assets and future earnings but I'd personally raise those. I do agree raising collision to $1000 would help lower costs. Basically you need to call around and see if you can get a better deal. Your costs don't seem too out of line except in conjunction with your rather low liability limits.
mhalley
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Re: My auto insurance is crazy high

Post by mhalley »

Speeding ticket and claim certainly will increase the bill. My understanding is it takes several years after a claim or ticket for the cost to decrease. You also might check with your insurance to see if you can take a safe driving course, or get one of those devices that tracks your driving (assuming your lead foot has improved and you don’t have privacy concerns).
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Anon64
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Re: My auto insurance is crazy high

Post by Anon64 »

Does florida have you select full or limited tort? That could make a difference
Jeepergeo
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Re: My auto insurance is crazy high

Post by Jeepergeo »

Shop around with several companies or chrck with a broker that reps for multiple companies. That will at least tell you if the current company is the problem ir it is your profile/history.

Oh, and watch out for low ball, get you in the door quotes that increase after the policy goes to underwriting.

And your coverages are likely way too low for anyone that hangs around at bogleheads.org.
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Tubes
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Re: My auto insurance is crazy high

Post by Tubes »

I stopped reading at South Florida. There's your problem. You cannot compare with any other market. S. Florida is historically very high.

As a young single man under 25, even with a clean record, I was paying something close to what you are 35 years ago. It was something like 7% of my well paying entry level engineer salary. Just nuts.

I moved to NC and my premium dropped to about 1/4 of what I paid in FLA

So, keep a clean record and shop around. Good luck!

Edit: I remember one time driving in Boca Raton and there was a Bentley on my left, a Rolls on my right, and a Lamborghini behind me. That, along with incompatible driving styles among the population helped me realize why rates were different there.
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1030danielle
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Re: My auto insurance is crazy high

Post by 1030danielle »

I just went to Geico and put in a random address for North Carolina. I made the coverages super high. Bodily injury $300,000, property damage $100,000, no deductible comprehensive, $50 collision.

The results are absurd. The six month premium is $251. Is it really possible that six months of coverage in North Carolina is less expensive than one month of coverage in South Florida? With better coverage?
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dogagility
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Re: My auto insurance is crazy high

Post by dogagility »

1030danielle wrote: Wed Jun 02, 2021 8:54 pm I just went to Geico and put in a random address for North Carolina. I made the coverages super high. Bodily injury $300,000, property damage $100,000, no deductible comprehensive, $50 collision.

The results are absurd. The six month premium is $251. Is it really possible that six months of coverage in North Carolina is less expensive than one month of coverage in South Florida? With better coverage?
Florida has near the highest auto insurance premiums in the US. The premium can be 2-4X higher than other states.

The only way to know if you're paying too much is to get quotes from other companies.

Consider ditching the comprehensive/collision. Compare rates at different deductibles. It will likely make the most sense to have the highest deductible possible... especially if paying that amount out of pocket isn't an issue (emergency fund...).
The more flexibility you have the less you need to know what happens next. -- Morgan Housel
bwalling
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Re: My auto insurance is crazy high

Post by bwalling »

1030danielle wrote: Wed Jun 02, 2021 6:03 pm I live in South Florida. It’s a 2016 Honda CRV that I own.
Auto insurance is heavily zip code dependent, and Florida has approximately 10 auto injury attorneys per capita. I've lived in Florida and Kentucky. My auto insurance in Kentucky was less than half what it was in Florida.
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Tubes
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Re: My auto insurance is crazy high

Post by Tubes »

1030danielle wrote: Wed Jun 02, 2021 8:54 pm I just went to Geico and put in a random address for North Carolina. I made the coverages super high. Bodily injury $300,000, property damage $100,000, no deductible comprehensive, $50 collision.

The results are absurd. The six month premium is $251. Is it really possible that six months of coverage in North Carolina is less expensive than one month of coverage in South Florida? With better coverage?
Yes it is possible.

As mentioned above, it depends on the zip code, but yeah, the wife and I pay about $1000 per year in NC in a large urban area. That's about $250 per person per 6 month. We have larger deductibles though. Company is Amica.

After 35 years, I'm still paying 1/4th what I did in Palm Beach County.
Jack FFR1846
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Re: My auto insurance is crazy high

Post by Jack FFR1846 »

I think your thought that you only had a ticket or three in the last few years might be part of the reason. Tickets raise rates and do so for years. There are certainly other factors like age, marital status and a slew of available discounts for some insurers and not from others. The difference between the rates for me, old, married with many insured cars and a house and no tickets since 1987, I pay about $800 a year for a 2 year old Crosstrek in a much higher rate state (MA) than florida per year while the car I insure for my 20 year old with 3 accidents and one ticket in the one year of having his license is $2200 for an 8 year old Crosstrek.

Stop getting tickets.
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RickBoglehead
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Re: My auto insurance is crazy high

Post by RickBoglehead »

1030danielle wrote: Wed Jun 02, 2021 8:54 pm I just went to Geico and put in a random address for North Carolina. I made the coverages super high. Bodily injury $300,000, property damage $100,000, no deductible comprehensive, $50 collision.

The results are absurd. The six month premium is $251. Is it really possible that six months of coverage in North Carolina is less expensive than one month of coverage in South Florida? With better coverage?
You missed that they haven't looked up your driving record yet.
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Tubes
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Re: My auto insurance is crazy high

Post by Tubes »

RickBoglehead wrote: Thu Jun 03, 2021 6:15 am
1030danielle wrote: Wed Jun 02, 2021 8:54 pm I just went to Geico and put in a random address for North Carolina. I made the coverages super high. Bodily injury $300,000, property damage $100,000, no deductible comprehensive, $50 collision.

The results are absurd. The six month premium is $251. Is it really possible that six months of coverage in North Carolina is less expensive than one month of coverage in South Florida? With better coverage?
You missed that they haven't looked up your driving record yet.
Good point. My rate I mention above is for spotless records (absolutely nothing the last 20 years) for the two of us. Get two tickets in NC and you hear the phrase "my rate nearly doubled" frequently.
Last edited by Tubes on Thu Jun 03, 2021 6:18 am, edited 1 time in total.
OnTrack2020
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Re: My auto insurance is crazy high

Post by OnTrack2020 »

Two things that stood out like a sore thumb in your post were "single" and "South Florida."

You haven't mentioned how old you are. That will also contribute to higher rates.

You might want to consider raising the liability amounts. Definitely shop around.
Kaizen Soze
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Re: My auto insurance is crazy high

Post by Kaizen Soze »

Sounds about right with an accident and ticket.

I'm in Florida as well. We recently moved zip codes (to a safer neighborhood) and our policy went up $250/yr. Florida car insurance is nuts.
daheld
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Re: My auto insurance is crazy high

Post by daheld »

1030danielle wrote: Wed Jun 02, 2021 8:54 pm I just went to Geico and put in a random address for North Carolina. I made the coverages super high. Bodily injury $300,000, property damage $100,000, no deductible comprehensive, $50 collision.

The results are absurd. The six month premium is $251. Is it really possible that six months of coverage in North Carolina is less expensive than one month of coverage in South Florida? With better coverage?
Yes. I am in Missouri and pay just a little more than your NC quote for similar coverage. Location is (nearly) everything.
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Watty
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Re: My auto insurance is crazy high

Post by Watty »

As I understand it some car insurance companies look at your credit score when setting your car insurance rate so if you have a low credit score that could also be an issue.

The model of your car can also make a big difference. I recently bought a new Subaru Forester which replaced a car that was worth half as much. To my surprise my car insurance went down about 10% and the insurance agent said that was because the Subaru Forester got a 30% safety discount,

Sometimes a "sport" trim level will cost more even though there is not really all that much difference because statistically people who buy the "sport" version drive more aggressively and have more accidents.
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White Coat Investor
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Re: My auto insurance is crazy high

Post by White Coat Investor »

1030danielle wrote: Wed Jun 02, 2021 6:03 pm Seems like everyone else I talk to has far less expensive car insurance than I do.

Yes, I’ve had speeding tickets in my past (most recent in April, but before that it had been a couple years). Yes, I had a no-fault claim in the last couple years (a deer totaled my car in 2019). I am single with excellent credit. I live in South Florida. It’s a 2016 Honda CRV that I own.

Seems at these rates, I should have killer insurance, but I don’t know if I do.

Here is my most recent quote, at $1287 for 6 months ($214/month):

Property damage: $50,000
Bodily injury liability: $50k/$100k
Uninsured motorist: $50k/$100k
PIP: $10k
Comp and collision: $500 deductible
Rental reimbursement: $40/day

Thoughts?

I don’t mind paying for insurance if it’s good.

Thanks,

Danielle
Shockingly low liability coverage. Imagine hitting someone driving a Tesla X who makes $800K a year. How far is your $50K in coverage going to go there? I carry 100 times as much liability coverage as you.
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runninginvestor
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Re: My auto insurance is crazy high

Post by runninginvestor »

1030danielle wrote: Wed Jun 02, 2021 8:54 pm I just went to Geico and put in a random address for North Carolina. I made the coverages super high. Bodily injury $300,000, property damage $100,000, no deductible comprehensive, $50 collision.

The results are absurd. The six month premium is $251. Is it really possible that six months of coverage in North Carolina is less expensive than one month of coverage in South Florida? With better coverage?
As others have mentioned, Florida has high factors. I'm in the Midwest, and I have similar coverages you list ($250K/$500k/$100K, $500 deductibles), and pay about $450 for two vehicles every 6 months.
bwalling
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Re: My auto insurance is crazy high

Post by bwalling »

White Coat Investor wrote: Thu Jun 03, 2021 10:44 am
1030danielle wrote: Wed Jun 02, 2021 6:03 pm Seems like everyone else I talk to has far less expensive car insurance than I do.

Yes, I’ve had speeding tickets in my past (most recent in April, but before that it had been a couple years). Yes, I had a no-fault claim in the last couple years (a deer totaled my car in 2019). I am single with excellent credit. I live in South Florida. It’s a 2016 Honda CRV that I own.

Seems at these rates, I should have killer insurance, but I don’t know if I do.

Here is my most recent quote, at $1287 for 6 months ($214/month):

Property damage: $50,000
Bodily injury liability: $50k/$100k
Uninsured motorist: $50k/$100k
PIP: $10k
Comp and collision: $500 deductible
Rental reimbursement: $40/day

Thoughts?

I don’t mind paying for insurance if it’s good.

Thanks,

Danielle
Shockingly low liability coverage. Imagine hitting someone driving a Tesla X who makes $800K a year. How far is your $50K in coverage going to go there? I carry 100 times as much liability coverage as you.
I haven't seen what the recent law change was, but Florida is no fault. The Tesla owner's insurance would be repairing the Tesla.
jharkin
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Re: My auto insurance is crazy high

Post by jharkin »

Watty wrote: Thu Jun 03, 2021 9:26 am As I understand it some car insurance companies look at your credit score when setting your car insurance rate so if you have a low credit score that could also be an issue.
I think that also depends on the state. Some states laws allow it others do not.

I agree with the consensus that Florida is the problem. I live in "expensive" Massachusetts and it would only cost me something like 300-400 a year for that kind of coverage per car. I pay $600/yr for 500k liability/100k property damage.
Last edited by jharkin on Thu Jun 03, 2021 1:56 pm, edited 1 time in total.
dogagility
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Re: My auto insurance is crazy high

Post by dogagility »

jharkin wrote: Thu Jun 03, 2021 12:02 pm
Watty wrote: Thu Jun 03, 2021 9:26 am As I understand it some car insurance companies look at your credit score when setting your car insurance rate so if you have a low credit score that could also be an issue.
I think that also depends on the state. Some states laws allow it others do not.

I agree with the consensus that FLorida is the problem. I live in "expensive" Massachusetts and it would only cost me something like 300-400 a year for that kind of coverage per car. I pay $600/yr for 500k liability/100k property damage.
No state income tax in FL! So, I've got that going for me... which is nice. :wink:
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Olemiss540
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Re: My auto insurance is crazy high

Post by Olemiss540 »

Maybe buy a vehicle that you can self insure and drop the comp/collision coverage to get out from under those crazy insurance costs?
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ballons
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Re: My auto insurance is crazy high

Post by ballons »

Age, credit history, and 3-5 years of history is used. You could pull your CLUE report to see what is in it.
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1030danielle
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Re: My auto insurance is crazy high

Post by 1030danielle »

All great input here. Thank you.
I’m 48, to answer one question, and I would be able to pay a higher deductible thanks to emergency savings. I also have excellent credit. And I think Florida is a no-fault state still. I think that means I don’t have to carry super high liability, but that’s a question I’ll ask reps when I call to shop around.

I’m going to pull a CLUE report and see what I can see.
I’ve heard Amica is a great company. I read somewhere that Geico offers a discount for people who own Berkshire Hathaway stock. I’m going to ask about that as well. It doesn’t hurt. I used to be with Geico for years until they raise my rates.

Maybe this is just another sign I should just ditch Florida and move to Carolina. 😊

Cheers,

Danielle
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White Coat Investor
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Re: My auto insurance is crazy high

Post by White Coat Investor »

bwalling wrote: Thu Jun 03, 2021 11:32 am
White Coat Investor wrote: Thu Jun 03, 2021 10:44 am
1030danielle wrote: Wed Jun 02, 2021 6:03 pm Seems like everyone else I talk to has far less expensive car insurance than I do.

Yes, I’ve had speeding tickets in my past (most recent in April, but before that it had been a couple years). Yes, I had a no-fault claim in the last couple years (a deer totaled my car in 2019). I am single with excellent credit. I live in South Florida. It’s a 2016 Honda CRV that I own.

Seems at these rates, I should have killer insurance, but I don’t know if I do.

Here is my most recent quote, at $1287 for 6 months ($214/month):

Property damage: $50,000
Bodily injury liability: $50k/$100k
Uninsured motorist: $50k/$100k
PIP: $10k
Comp and collision: $500 deductible
Rental reimbursement: $40/day

Thoughts?

I don’t mind paying for insurance if it’s good.

Thanks,

Danielle
Shockingly low liability coverage. Imagine hitting someone driving a Tesla X who makes $800K a year. How far is your $50K in coverage going to go there? I carry 100 times as much liability coverage as you.
I haven't seen what the recent law change was, but Florida is no fault. The Tesla owner's insurance would be repairing the Tesla.
I'm skeptical there aren't ways around it, but an interesting concept for sure that should lower liability significantly.

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White Coat Investor
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Re: My auto insurance is crazy high

Post by White Coat Investor »

Don't forget about when you drive a rental car or even your own car out of state either.
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talzara
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Re: My auto insurance is crazy high

Post by talzara »

bwalling wrote: Thu Jun 03, 2021 11:32 am I haven't seen what the recent law change was, but Florida is no fault. The Tesla owner's insurance would be repairing the Tesla.
No-fault insurance in Florida is only for bodily injury claims.

Property damage claims are still resolved through the tort system.
Gabelli2020
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Re: My auto insurance is crazy high

Post by Gabelli2020 »

I was hit on a bicycle 2 years ago in Sarasota by a 30 year driving an older Mercedes. She struck a stopped car at a light, then veered off and hit me.She carried the minimum Florida insurance- a $10000 PIP policy
I suffered a broken metatarsal and mild head injury - not much under the circumstances.
Her PIP was exhausted when it came to me, and under no-fault it resorted to my STATE FARM auto plan even though I was on a bike.
I ended up paying my own ambulance bill and bike replacement. Attorneys wouldn’t even touch it because she essentially had no insurance. My State Farm even wanted to fight me.
Florida is the Wild West. Not an actual state.
jackbeagle
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Re: My auto insurance is crazy high

Post by jackbeagle »

I have had this experience with adding a Range Rover to my insurance policy. I called my agent to see if the new rate was correct, she had seen nothing like it before (small town). She knew many customers who have added Lexus and Porsches at twice the MSRP but less than half the premium. Both other cars combined, collision+comp coverage, same deductible, hovered around $150/mo, and this SINGLE vehicle added $250/mo by the sole virtue that it was "expensive to repair" if damaged.

No points, no accidents. TrueScore is a 9 of 10.
Last edited by jackbeagle on Fri Jun 04, 2021 2:27 pm, edited 1 time in total.
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Re: My auto insurance is crazy high

Post by jackbeagle »

1030danielle wrote: Fri Jun 04, 2021 9:04 am All great input here. Thank you.
I’m 48, to answer one question, and I would be able to pay a higher deductible thanks to emergency savings. I also have excellent credit. And I think Florida is a no-fault state still. I think that means I don’t have to carry super high liability, but that’s a question I’ll ask reps when I call to shop around.

I’m going to pull a CLUE report and see what I can see.
I’ve heard Amica is a great company. I read somewhere that Geico offers a discount for people who own Berkshire Hathaway stock. I’m going to ask about that as well. It doesn’t hurt. I used to be with Geico for years until they raise my rates.

Maybe this is just another sign I should just ditch Florida and move to Carolina. 😊

Cheers,

Danielle
Be sure to price rates before you move! Let us all know, too :P
H-Town
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Re: My auto insurance is crazy high

Post by H-Town »

1030danielle wrote: Wed Jun 02, 2021 6:03 pm Seems like everyone else I talk to has far less expensive car insurance than I do.

Yes, I’ve had speeding tickets in my past (most recent in April, but before that it had been a couple years). Yes, I had a no-fault claim in the last couple years (a deer totaled my car in 2019). I am single with excellent credit. I live in South Florida. It’s a 2016 Honda CRV that I own.

Seems at these rates, I should have killer insurance, but I don’t know if I do.

Here is my most recent quote, at $1287 for 6 months ($214/month):

Property damage: $50,000
Bodily injury liability: $50k/$100k
Uninsured motorist: $50k/$100k
PIP: $10k
Comp and collision: $500 deductible
Rental reimbursement: $40/day

Thoughts?

I don’t mind paying for insurance if it’s good.

Thanks,

Danielle
Are you over 25?

It's a 5 year old car, so if you can self-insure it, I would consider to remove comp & collision and see how much the quote changes.
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1030danielle
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Re: My auto insurance is crazy high

Post by 1030danielle »

At the end of the day, I switched back to Geico. The premium is still about $1100 per six months. However, I’m getting better coverage than if I had stayed with Progressive. My deductibles are still $500 because making them $1000 would barely change the premium. I increased my bodily injury liability coverage.
I think I just need to accept the fact that my being a South Florida resident with a less-than-stellar driving record results in these kind of rates.
Thank you, everyone, for your input.
Danielle
Three-funder with a tech tilt.
Jack FFR1846
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Re: My auto insurance is crazy high

Post by Jack FFR1846 »

Speak with an independent agent. When my son was searching for insurance for his first car, he got quotes from everyone, including from the independent agent I use. In the end, the independent got the best rate from the same company I use (Mapfre). It was about $100 a month for full coverage 500/250 limits on an 04 Honda S2000 (2 seat convertible). Geico was $300 a month. I guess 15 minutes costs 300%. Too bad as I own BRK.
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Re: My auto insurance is crazy high

Post by Dottie57 »

1030danielle wrote: Wed Jun 02, 2021 8:54 pm I just went to Geico and put in a random address for North Carolina. I made the coverages super high. Bodily injury $300,000, property damage $100,000, no deductible comprehensive, $50 collision.

The results are absurd. The six month premium is $251. Is it really possible that six months of coverage in North Carolina is less expensive than one month of coverage in South Florida? With better coverage?
Are you sure that isn’t 1 month. That cannot be legit for 6 months
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Tubes
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Re: My auto insurance is crazy high

Post by Tubes »

Dottie57 wrote: Thu Jun 10, 2021 11:17 am
1030danielle wrote: Wed Jun 02, 2021 8:54 pm I just went to Geico and put in a random address for North Carolina. I made the coverages super high. Bodily injury $300,000, property damage $100,000, no deductible comprehensive, $50 collision.

The results are absurd. The six month premium is $251. Is it really possible that six months of coverage in North Carolina is less expensive than one month of coverage in South Florida? With better coverage?
Are you sure that isn’t 1 month. That cannot be legit for 6 months
It is legit depending on the zip code. Wife and I, 2 cars, with max everything (since we have an umbrella) pay about $1000 per year (Amica). We are in an urban area in NC. Clean record. That's pretty close to that quote OP got for one person, one car.
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RickBoglehead
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Re: My auto insurance is crazy high

Post by RickBoglehead »

Tubes wrote: Thu Jun 10, 2021 11:58 am
Dottie57 wrote: Thu Jun 10, 2021 11:17 am
1030danielle wrote: Wed Jun 02, 2021 8:54 pm I just went to Geico and put in a random address for North Carolina. I made the coverages super high. Bodily injury $300,000, property damage $100,000, no deductible comprehensive, $50 collision.

The results are absurd. The six month premium is $251. Is it really possible that six months of coverage in North Carolina is less expensive than one month of coverage in South Florida? With better coverage?
Are you sure that isn’t 1 month. That cannot be legit for 6 months
It is legit depending on the zip code. Wife and I, 2 cars, with max everything (since we have an umbrella) pay about $1000 per year (Amica). We are in an urban area in NC. Clean record. That's pretty close to that quote OP got for one person, one car.
Let's compare that with Michigan. Our bill, with AMICA, net of dividends, is $2,100. Clean record. 7 year old F-150, 3 year old Fusion Energi. Garaged, safe area, insurance score over 950. And we have an umbrella too. Location, location, location.
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firebirdparts
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Re: My auto insurance is crazy high

Post by firebirdparts »

You do pay about 5 to 10 times what I do, somewhere in there. FWIW. I have umbrella insurance, so high coverages are mandatory, 100/250 I think. Pretty shocking. I have State Farm.
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Tubes
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Re: My auto insurance is crazy high

Post by Tubes »

RickBoglehead wrote: Thu Jun 10, 2021 12:09 pm
Tubes wrote: Thu Jun 10, 2021 11:58 am
Dottie57 wrote: Thu Jun 10, 2021 11:17 am
1030danielle wrote: Wed Jun 02, 2021 8:54 pm I just went to Geico and put in a random address for North Carolina. I made the coverages super high. Bodily injury $300,000, property damage $100,000, no deductible comprehensive, $50 collision.

The results are absurd. The six month premium is $251. Is it really possible that six months of coverage in North Carolina is less expensive than one month of coverage in South Florida? With better coverage?
Are you sure that isn’t 1 month. That cannot be legit for 6 months
It is legit depending on the zip code. Wife and I, 2 cars, with max everything (since we have an umbrella) pay about $1000 per year (Amica). We are in an urban area in NC. Clean record. That's pretty close to that quote OP got for one person, one car.
Let's compare that with Michigan. Our bill, with AMICA, net of dividends, is $2,100. Clean record. 7 year old F-150, 3 year old Fusion Energi. Garaged, safe area, insurance score over 950. And we have an umbrella too. Location, location, location.
Just so ya'll don't all move to NC, we could also talk about some other balancing factors, such as taxation of regular retirement income, capital gains, etc. :D

I mentioned earlier in this thread I'm paying less today in auto insurance than I did 35 years ago when I lived in S. Florida. As you say RickBoglehead, location, location, location.
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RickBoglehead
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Re: My auto insurance is crazy high

Post by RickBoglehead »

Tubes wrote: Thu Jun 10, 2021 1:51 pm Just so ya'll don't all move to NC, we could also talk about some other balancing factors, such as taxation of regular retirement income, capital gains, etc. :D

I mentioned earlier in this thread I'm paying less today in auto insurance than I did 35 years ago when I lived in S. Florida. As you say RickBoglehead, location, location, location.
Right. NC isn't on our list for several reasons. One is likely too far north for the climate we are looking for. Second is taxation - lower property taxes, retirement income exemptions and regular income exemptions in South Carolina for example. Then you add in that some of the lakes have a crowding issue, combined with a "I drive a fast car on a track / can't I do that in a boat?" issue, etc.
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Shackleton
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Re: My auto insurance is crazy high

Post by Shackleton »

White Coat Investor wrote: Thu Jun 03, 2021 10:44 am
1030danielle wrote: Wed Jun 02, 2021 6:03 pm Seems like everyone else I talk to has far less expensive car insurance than I do.

Yes, I’ve had speeding tickets in my past (most recent in April, but before that it had been a couple years). Yes, I had a no-fault claim in the last couple years (a deer totaled my car in 2019). I am single with excellent credit. I live in South Florida. It’s a 2016 Honda CRV that I own.

Seems at these rates, I should have killer insurance, but I don’t know if I do.

Here is my most recent quote, at $1287 for 6 months ($214/month):

Property damage: $50,000
Bodily injury liability: $50k/$100k
Uninsured motorist: $50k/$100k
PIP: $10k
Comp and collision: $500 deductible
Rental reimbursement: $40/day

Thoughts?

I don’t mind paying for insurance if it’s good.

Thanks,

Danielle
Shockingly low liability coverage. Imagine hitting someone driving a Tesla X who makes $800K a year. How far is your $50K in coverage going to go there? I carry 100 times as much liability coverage as you.
I’m curious which auto insurance company sells $5M/$10M liability coverage. I’m thinking you meant to say 10 times as much liability coverage.
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anoop
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Re: My auto insurance is crazy high

Post by anoop »

THY4373 wrote: Wed Jun 02, 2021 6:21 pm
1030danielle wrote: Wed Jun 02, 2021 6:03 pm Property damage: $50,000
Bodily injury liability: $50k/$100k
Uninsured motorist: $50k/$100k
PIP: $10k
Comp and collision: $500 deductible
Rental reimbursement: $40/day
Those liability limits seem low. I guess it depends on your assets and future earnings but I'd personally raise those.
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nolesrule
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Re: My auto insurance is crazy high

Post by nolesrule »

Tubes wrote: Thu Jun 10, 2021 1:51 pm
Just so ya'll don't all move to NC, we could also talk about some other balancing factors, such as taxation of regular retirement income, capital gains, etc. :D

I mentioned earlier in this thread I'm paying less today in auto insurance than I did 35 years ago when I lived in S. Florida. As you say RickBoglehead, location, location, location.
We moved to NC from NJ about 2 years ago and were originally from Florida. Both were expensive when it came to auto insurance compared to NC, and NJ was much worse for taxes than NC, especially when you include property taxes.

Will we stay in NC for retirement? Who knows? But that's a couple decades away.
Impatience
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Re: My auto insurance is crazy high

Post by Impatience »

bwalling wrote: Thu Jun 03, 2021 5:08 am
1030danielle wrote: Wed Jun 02, 2021 6:03 pm I live in South Florida. It’s a 2016 Honda CRV that I own.
Auto insurance is heavily zip code dependent, and Florida has approximately 10 auto injury attorneys per capita. I've lived in Florida and Kentucky. My auto insurance in Kentucky was less than half what it was in Florida.
Funny you should mention that, I know of exactly one person from my high school class (west coast) who went on to be a lawyer - and she’s an auto injury attorney in Miami! Industry must be keeping a lot of mouths fed.
bwalling
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Re: My auto insurance is crazy high

Post by bwalling »

Impatience wrote: Fri Jun 11, 2021 7:20 am
bwalling wrote: Thu Jun 03, 2021 5:08 am
1030danielle wrote: Wed Jun 02, 2021 6:03 pm I live in South Florida. It’s a 2016 Honda CRV that I own.
Auto insurance is heavily zip code dependent, and Florida has approximately 10 auto injury attorneys per capita. I've lived in Florida and Kentucky. My auto insurance in Kentucky was less than half what it was in Florida.
Funny you should mention that, I know of exactly one person from my high school class (west coast) who went on to be a lawyer - and she’s an auto injury attorney in Miami! Industry must be keeping a lot of mouths fed.
More than 90% of the billboards here (and we have plenty of billboards) are for auto accident attorneys.
luckyducky99
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Re: My auto insurance is crazy high

Post by luckyducky99 »

Tubes wrote: Thu Jun 10, 2021 1:51 pm
RickBoglehead wrote: Thu Jun 10, 2021 12:09 pm
Tubes wrote: Thu Jun 10, 2021 11:58 am
Dottie57 wrote: Thu Jun 10, 2021 11:17 am
1030danielle wrote: Wed Jun 02, 2021 8:54 pm I just went to Geico and put in a random address for North Carolina. I made the coverages super high. Bodily injury $300,000, property damage $100,000, no deductible comprehensive, $50 collision.

The results are absurd. The six month premium is $251. Is it really possible that six months of coverage in North Carolina is less expensive than one month of coverage in South Florida? With better coverage?
Are you sure that isn’t 1 month. That cannot be legit for 6 months
It is legit depending on the zip code. Wife and I, 2 cars, with max everything (since we have an umbrella) pay about $1000 per year (Amica). We are in an urban area in NC. Clean record. That's pretty close to that quote OP got for one person, one car.
Let's compare that with Michigan. Our bill, with AMICA, net of dividends, is $2,100. Clean record. 7 year old F-150, 3 year old Fusion Energi. Garaged, safe area, insurance score over 950. And we have an umbrella too. Location, location, location.
Just so ya'll don't all move to NC, we could also talk about some other balancing factors, such as taxation of regular retirement income, capital gains, etc. :D

I mentioned earlier in this thread I'm paying less today in auto insurance than I did 35 years ago when I lived in S. Florida. As you say RickBoglehead, location, location, location.
Heh. I'll offer up WA. We pay 60/month for 1 car and no state income tax. :wink:
boglerdude
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Re: My auto insurance is crazy high

Post by boglerdude »

Shackleton wrote: Thu Jun 10, 2021 5:44 pm
White Coat Investor wrote: Thu Jun 03, 2021 10:44 am
1030danielle wrote: Wed Jun 02, 2021 6:03 pm Property damage: $50,000
Bodily injury liability: $50k/$100k
Uninsured motorist: $50k/$100k
PIP: $10k
Comp and collision: $500 deductible
Rental reimbursement: $40/day
Shockingly low liability coverage. Imagine hitting someone driving a Tesla X who makes $800K a year. How far is your $50K in coverage going to go there? I carry 100 times as much liability coverage as you.
I’m curious which auto insurance company sells $5M/$10M liability coverage. I’m thinking you meant to say 10 times as much liability coverage.
$5M umbrellas are common on this forum. Everyone should have at least 1M, it's inexpensive.
viewtopic.php?t=131550
khram
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Re: My auto insurance is crazy high

Post by khram »

Have you compared to people in South Florida? The one time I went to Miami people were literally going 70-80 mph on the shoulder to get past me while merging onto the highway. Most dangerous place I've ever experienced, if only for a short trip, on the roads. People around you partially determine your bills. The more people in their cars tapping away on their iPhones, the higher your bill will be.

Who is your insurer? I'm with Progressive, and found them to be a good deal, and they've treated me well the couple times I've had to deal with any issues. Geico is the ultimate cheap company, but I have no faith they'd actually pay out if god forbid I had to make a claim. For example, actuaries are supposed to have some time on the job to study for exams, and companies typically pay for some study materials. Forking out a few hundred bucks shouldn't be a big deal, yet I've heard stories of them literally photocopying old books (which may not even be legal) for their employees to study from. These stories are 5-10 years old, but everything I've ever heard about them points to cheap. They do spend a lot on commercials though. Their commercials are great!

All the other insurers like State Farm, Allstate, etc. have quoted me almost double what I've paid with Progressive.
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Shackleton
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Re: My auto insurance is crazy high

Post by Shackleton »

boglerdude wrote: Sat Jun 12, 2021 4:41 am
Shackleton wrote: Thu Jun 10, 2021 5:44 pm
White Coat Investor wrote: Thu Jun 03, 2021 10:44 am
1030danielle wrote: Wed Jun 02, 2021 6:03 pm Property damage: $50,000
Bodily injury liability: $50k/$100k
Uninsured motorist: $50k/$100k
PIP: $10k
Comp and collision: $500 deductible
Rental reimbursement: $40/day
Shockingly low liability coverage. Imagine hitting someone driving a Tesla X who makes $800K a year. How far is your $50K in coverage going to go there? I carry 100 times as much liability coverage as you.
I’m curious which auto insurance company sells $5M/$10M liability coverage. I’m thinking you meant to say 10 times as much liability coverage.
$5M umbrellas are common on this forum. Everyone should have at least 1M, it's inexpensive.
viewtopic.php?t=131550
He was referencing “liability” which normally means Bodily Injury Liability. Obviously umbrella is higher, that is the point of umbrella insurance, but neither the oP nor WCI had even mentioned Umbrella coverage so I doubt that is what he was referring to. Again, my questions was what company offers $5M/$10M for liability?
“Superhuman effort isn't worth a damn unless it achieves results.” ~Ernest Shackleton
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