What is the deal with these insurance companies?

[Joe M 2012 2SS]

Originally Posted by DevilsReject97

I am a 35 yr old male, no tickets in 10+ years, 2 very minor accidents in 10 years, and I pay $980 for two vehicles for the year, with a $250 deductible...

My Camaro for the year is about $650...

THIS ^^^^ is why I don't understand my rate and quotes from other companies. I am 48, no tickets in 20+ years, no accidents, no claims, a $500 deductible and I'm paying $1144 per year????

[sherob]

Location location location... profession, credit history, prior tickets, prior claims, and age... all of these factor in to your rate.

So comparing some elses rates is like comparing apples... to you know what.

[Joe M 2012 2SS]

Originally Posted by sherob

Location location location... profession, credit history, prior tickets, prior claims, and age... all of these factor in to your rate.

So comparing some elses rates is like comparing apples... to you know what.

So where I live and what I do for a living makes me a higher risk than someone else?

[Angrybird 12]

Originally Posted by Joe M 2012 2SS

So where I live and what I do for a living makes me a higher risk than someone else?

Not BS on the where you live, it's true. You live somewhere where the accident rate is lower then your rates will be less than somewhere they are higher. Not sure about the what you do for a living part, car insurance I wouldn't think so but life insurance yeah it would definately.

[sherob]

Read for yourself... these things are known factors, for some of us...

1. Gender and Age
Young men usually incur higher rates than young women as statistically, more male teenagers have accidents than female teenagers. However, older men generally have better rates than older women. Some evidence suggests that older women are in more minor accidents than older men – though the difference in premium costs usually isn’t drastic.
2. Marital Status
Married people tend to have fewer accidents than single people; therefore, getting married (especially for men) can significantly lower your rate. How much your rate decreases depends on your previous driving history – if you are a man who has never been in an accident and has a clean driving record, you could see your rates nearly halved.
3. Where You Live
Because most traffic accidents occur close to home, the area you live in greatly affects your rates. More densely populated neighborhoods with more cars mean you are at a higher risk of accidents, theft, and collisions with injuries.
Repairing your car also costs more in some areas, and some areas have higher rates of theft. Plus, in this economy, many urban areas with high unemployment rates have a lot of uninsured drivers, as many people can’t afford to insure their cars. Detroit and Philadelphia are two of the most expensive cities in which to insure a car, as they both have high traffic density and high rates of uninsured drivers.
4. Credit Score
Many insurance companies take your credit score into account when determining your rate. There is no specific point at which your credit score begins to affect your rate, but in general, lower scores mean higher insurance premiums.
5. Profession
Auto insurance companies may also make correlations between a person’s risk of accident and their profession, and they can adjust your premium accordingly if they think you’re more likely to get in an accident. For example, delivery drivers and journalists are on the road constantly, and thus are more likely to be in an accident, whereas airline pilots often just drive between the airport and home, and don’t spend much time on the road. Others, such as police officers, paramedics, nuns, and insurance underwriters, often receive a good rate, as they are seen to be more careful than the average driver.

http://www.moneycrashers.com/factors...surance-rates/

[DevilsReject97]

Originally Posted by Joe M 2012 2SS

So where I live and what I do for a living makes me a higher risk than someone else?

Some of that is actually true. Your location can increase or decrease your premiums based on crime/vehicle theft in your area. I can confirm that because my insurance actually went down once I left the capital city county and moved to a neighboring county. When I asked what changed, it was where I lived...

Your credit score DOES impact your rates, and that comes from my Aunt who worked 20+ years in insurance...

As for my policy, I'm with Allied Insurance... a member of Nationwide...

[CamaroJim56]

Shop the big boys. That is the only thing you can do. Doesn't matter what anyone on here is paying, we are all individuals, with different risks, for many reasons.

Sit down one evening and call all of the main insurers and see what you get.

Best of luck.

Jim

[Joe M 2012 2SS]

Originally Posted by sherob

Read for yourself... these things are known factors, for some of us...

1. Gender and Age
Young men usually incur higher rates than young women as statistically, more male teenagers have accidents than female teenagers. However, older men generally have better rates than older women. Some evidence suggests that older women are in more minor accidents than older men – though the difference in premium costs usually isn’t drastic.

I am 48 yrs old, I guess that's not old enough to qualify.

Originally Posted by sherob

2. Marital Status
Married people tend to have fewer accidents than single people; therefore, getting married (especially for men) can significantly lower your rate. How much your rate decreases depends on your previous driving history – if you are a man who has never been in an accident and has a clean driving record, you could see your rates nearly halved.

I have no accidents and a clean record.

Originally Posted by sherob

3. Where You Live
Because most traffic accidents occur close to home, the area you live in greatly affects your rates. More densely populated neighborhoods with more cars mean you are at a higher risk of accidents, theft, and collisions with injuries.
Repairing your car also costs more in some areas, and some areas have higher rates of theft. Plus, in this economy, many urban areas with high unemployment rates have a lot of uninsured drivers, as many people can’t afford to insure their cars. Detroit and Philadelphia are two of the most expensive cities in which to insure a car, as they both have high traffic density and high rates of uninsured drivers.

I live in a small town, my job is only 0.8 miles away on city streets 25-35mph speed limits. I walk to work a lot as long as the weather is good. So many days my car doesn't even get driven. My car is under constant video and audio surveillance when parked at my apartment.

Originally Posted by sherob

4. Credit Score
Many insurance companies take your credit score into account when determining your rate. There is no specific point at which your credit score begins to affect your rate, but in general, lower scores mean higher insurance premiums.

I'm not going to post my score online, but I have 1.7% financing on my Camaro, this should give you a good idea of my score.

Originally Posted by sherob

5. Profession
Auto insurance companies may also make correlations between a person’s risk of accident and their profession, and they can adjust your premium accordingly if they think you’re more likely to get in an accident. For example, delivery drivers and journalists are on the road constantly, and thus are more likely to be in an accident, whereas airline pilots often just drive between the airport and home, and don’t spend much time on the road. Others, such as police officers, paramedics, nuns, and insurance underwriters, often receive a good rate, as they are seen to be more careful than the average driver.

I am a furniture upholsterer for a high end manufacturer, this has NOTHING to do with the way I drive. The last ticket I got was over 20 years ago.

[sherob]

I'm not an insurance company, so I don't know what to tell you... I only posted what they use to quote a rate.

You live in an apartment... that may be the dinger right there.

Your FICO is not your Insurance score... totally different...

[Mongo RS]

What are you going to do, NOT buy insurance?

They got ya by the short n curlies, bud.

['01LS1]

I shopped rates this week too for a p/u truck too. Farmers was down to the dollar the same if I went through the hassle of cancelling my house policy & go with theirs. Even though they had no numbers for the house.

A local agent who sells multiple lines was roughly $100 cheaper annually w/o moving the house over to them. So am going to wait 6 months, they can quote everything.

In comparison to some friends of mine who are the same age/credit, type of vehicles etc. The only real difference is there must be a significant discount for being married? If that is the case, I'll pay the premium.

[PalmerGA]

Originally Posted by danthemuffinman

Do a geico quote in 5 minutes online. It might save you 15% or more on your car insurance.

Everybody knows that, Dan.

[Joe M 2012 2SS]

Originally Posted by PalmerGA

Everybody knows that, Dan.

Ahh, but did you know if you live in an apartment complex, even one as small as I do that has only 12 units, you are automatically dinged and overcharged regardless of how safe a driver you are?

[CrazyRED]

I went from an '07 LTZ impala to a '14 SS and my insurance went down $25 a month with Progressive.

Your credit score is not the only thing they take into account when they look at your credit. They raised my insurance A LOT when I maxed out 4 cards. I have damn near perfect credit, but I opened my own business a few years back and used cards to finance equipment that I needed.

I checked every insurance company and they were all more expensive for me than progressive. The closest in price was Gieco, the most expensive was Esurance. It's all a crap shoot, I think they just pull numbers out of a hat