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I have a brand new 2018 hyundai sonata, just bought. got it insured through USAA.
fine.
I then picked up a 2010 ford crown vic with low miles, about 57,000 miles on odometer. USAA tells me its gonna be about the same price to insure the crown vic, in essence doubling my insurance rate. the crown vic has on-star, daytime running lights, alarm, etc.
ill be driving about 10,000 miles a year split between the two cars. (5,000 mile a year each car)
this isn't my area of expertise, but why would the crown vic be just as expensive to insure?? shouldnt the crown vic be less expensive?
I have a brand new 2018 hyundai sonata, just bought. got it insured through USAA.
fine.
I then picked up a 2010 ford crown vic with low miles, about 57,000 miles on odometer. USAA tells me its gonna be about the same price to insure the crown vic, in essence doubling my insurance rate. the crown vic has on-star, daytime running lights, alarm, etc.
ill be driving about 10,000 miles a year split between the two cars. (5,000 mile a year each car)
this isn't my area of expertise, but why would the crown vic be just as expensive to insure?? shouldnt the crown vic be less expensive?
I think you are too focused on the value of the cars. There is far more to writing an insurance policy than worrying bout property damage to an eight year old car. Most of your insurance is for things like bodily injury liability and property damage liability which is no less of a financial burden to insurance company because one car is older than another.
I think you are too focused on the value of the cars. There is far more to writing an insurance policy than worrying bout property damage to an eight year old car. Most of your insurance is for things like bodily injury liability and property damage liability which is no less of a financial burden to insurance company because one car is older than another.
This is one aspect of car insurance that really infuriates me. Liability coverage should be based on the person and sold per-person. If I own two or three cars and I'm the only one driving them, I shouldn't have to pay 3x.
This is one aspect of car insurance that really infuriates me. Liability coverage should be based on the person and sold per-person. If I own two or three cars and I'm the only one driving them, I shouldn't have to pay 3x.
Insurance pricing is based on potential exposure to risk.
A single driver owns two cars you pay a premium on both because there is the risk that somebody else will use the second car. You can swear up and down that it will never happen. Until that one day when it does happen for whatever reason and that's the day the second driver has an accident.
When you insure two cars in the same company you get a multi-car discount. That's all.
I have a brand new 2018 hyundai sonata, just bought. got it insured through USAA.
fine.
I then picked up a 2010 ford crown vic with low miles, about 57,000 miles on odometer. USAA tells me its gonna be about the same price to insure the crown vic, in essence doubling my insurance rate.
Not exactly double because you get a multi-car discount.
I'm in the same boat. My daily car is a 2011 Crown Vic and my back-up vehicle is a 2003 Dakota PU. I cover both for just liability. They were both cheap enough to self-insure for theft and damage.
Quote:
Originally Posted by bluesmap
this isn't my area of expertise, but why would the crown vic be just as expensive to insure?? shouldnt the crown vic be less expensive?
The liability portion should be about the same. A car is a car when it comes to liability insurance unless it's a performance car.
The comprehensive and collision coverage is rated based on the MSRP (not what it's worth now). Each car is given a symbol rating based on the MSRP. The Crown Vic was about $30,000 when new and the Hyundai Sonata was maybe low $20K. The rates per symbol come down as the car ages. So the Crown Vics rates could have come down to be close to the rates for a new Hyundai Sonata.
Here's another way of looking at it. If you could buy a 2018 Crown Vic (I wish) for $30,000 the cost for comprehensive and collision would be much higher than the cost for comprehensive and collision on the car that cost $8000 less.
The above figures are for illustration only so no need to come back and tell me what you paid for the cars.
If you don't like the cost of your insurance, you can shop around for lower rates at the next renewal.
Insurance pricing is based on potential exposure to risk.
A single driver owns two cars you pay a premium on both because there is the risk that somebody else will use the second car. You can swear up and down that it will never happen. Until that one day when it does happen for whatever reason and that's the day the second driver has an accident.
When you insure two cars in the same company you get a multi-car discount. That's all.
Yes, I understand how it works. I just think it's wrong. Liability coverage should cover the person, not the vehicle. If I want to own three cars I shouldn't have to pay for three liability policies.
Yes, I understand how it works. I just think it's wrong. Liability coverage should cover the person, not the vehicle. If I want to own three cars I shouldn't have to pay for three liability policies.
I'm in the same boat. Single driver in the household with two vehicles. In fact, I am pissed off at my own insurance company. I took online driver's ed that gets me a 10% discount but my insurance company only applies the discount to one of my vehicles, not both.
Unfortunately, nothing I can do about it because I haven't found another insurance company that will beat the rates I have now, though I will be trying again for my August renewal and will move in a heartbeat for more competitive pricing.
Yes, I understand how it works. I just think it's wrong. Liability coverage should cover the person, not the vehicle. If I want to own three cars I shouldn't have to pay for three liability policies.
Liability insurance covers vehicles instead of individuals because of public policies established by state legislatures.
The cornerstone of automobile insurance law is something called "Financial Responsibility". The idea is that insurance exists more for the benefit of innocent third parties who may be involved in an accident with someone driving your automobile than it does for you. If I am injured because your friend borrows your car and runs into me the system is more interested in seeing that I get compensated for my property damage and medical bills than it is in seeing that the owner of the vehicle has cheap insurance.
If we base insurance on individuals rather than on vehicles, more people will fall through the cracks. The percentage of those who have no insurance and cause accidents will rise. My medical bills and body shop bills are no less real whether you or your friend caused the accident. However, under the system you propose, if your friend has no insurance I probably won't be compensated.
If you don't want the responsibility for what others do, the simple solution is for you to never allow anyone else to drive your vehicles.
I'm not convinced insurance based on individuals would be cheaper anyway if everyone else was doing the same thing.
I'm not convinced insurance based on individuals would be cheaper anyway if everyone else was doing the same thing.
It wouldn't. The claims experience would quickly drive the rates up just like in states that enacted no-fault on the theory that rates would come down if lawsuits were reduced. Rates didn't come down. In most cases the rates went up and several states have repealed no-fault.
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