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Old 09-04-2017, 12:06 PM
 
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It's time for our auto insurance renewal so I am wondering how our costs compare to others in an older age group. We have only one car - five years old, paid for, low mileage. Value of about $15K. We don't drive that often but do plan to take some road trips coming up. No claims whatsoever in the past ten years. We have Safeco with an umbrella policy and the rate is $857 a yr. In looking at it further, the policy includes a line item for medical payments so wondering if we could drop that. Is the umbrella really necessary? It requires very high coverage on both home and auto even though it doesn't cost that much.
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Old 09-04-2017, 12:32 PM
 
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Nobody can say if your rates are reasonable without knowing where you live. Your best bet is to ask for bids from a few other insurance companies.

You want an umbrella policy only if you have significant assets you don't want to risk losing.
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Old 09-04-2017, 12:38 PM
 
Location: Out there somewhere...a traveling man.
39,522 posts, read 47,675,353 times
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OP you may want to post these insurance questions in the Auto Insurance Forum in the Auto Forum category. Many insurance agents post there.
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Old 09-04-2017, 12:42 PM
 
Location: SoCal
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It depends on where you live.
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Old 09-04-2017, 01:59 PM
 
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credit rating in most states , age ,marriage status , location ,miles driven ,driving record all factor in to your premium .trying to compare is almost useless .
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Old 09-04-2017, 02:23 PM
 
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I'll check the insurance forum. Thanks!
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Old 09-04-2017, 02:37 PM
 
Location: Idaho
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Quote:
Originally Posted by NewbieHere View Post
It depends on where you live.
Absolutely. I've had Mercury since the second year I started driving, since 1973. Nobody every came close to their quote. They gave me good service too on those few occasions when I was hit by somebody.

My insurance is due for renewal in a couple of weeks and since I'm moving and they don't write in Idaho, I needed to find a new carrier. The renewal invoice was for $600+ that included 300,000/500,000/100,000 on two cars, one financed and the other 33 years old. This is in SoCal.

The quote I received from USAA for the same coverage, (except 250k instead of 300k), in North Idaho is less than half what the Mercury renewal would be!

Yes! Location makes a big difference and it really isn't useful to know what somebody in Cleveland is paying when you live in El Paso. That is, unless you're planning on moving to Cleveland and are curious what people pay. Then, it depends on annual mileage, the cars, level of coverage, etc.
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Old 09-04-2017, 06:59 PM
 
9,181 posts, read 9,263,338 times
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Quote:
Originally Posted by rational1 View Post
Nobody can say if your rates are reasonable without knowing where you live. Your best bet is to ask for bids from a few other insurance companies.

You want an umbrella policy only if you have significant assets you don't want to risk losing.
There are other reasons for umbrella coverage that I believe are more important.. My umbrella policy adds additional coverage for uninsured and underinsured motorist coverage. These are first party coverages that will directly benefit us if we are in an accident and injured by a driver with no insurance or inadequate insurance. I currently maintain a policy that insures us for $1.1 million for bodily injury liability, uninsured motorist insurance, and underinsured motorist insurance.

People are too focused on simply lawsuits and protecting assets. Those are valid concerns, but you want the ability to obtain significant compensation for yourself, family members, and passengers if you are victimized by a dead beat driver.
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Old 09-04-2017, 07:05 PM
 
Location: Saint John, IN
11,043 posts, read 3,980,532 times
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Quote:
Originally Posted by markg91359 View Post
There are other reasons for umbrella coverage that I believe are more important.. My umbrella policy adds additional coverage for uninsured and underinsured motorist coverage. These are first party coverages that will directly benefit us if we are in an accident and injured by a driver with no insurance or inadequate insurance. I currently maintain a policy that insures us for $1.1 million for bodily injury liability, uninsured motorist insurance, and underinsured motorist insurance.

People are too focused on simply lawsuits and protecting assets. Those are valid concerns, but you want the ability to obtain significant compensation for yourself, family members, and passengers if you are victimized by a dead beat driver.


+1
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Old 09-05-2017, 07:58 AM
 
Location: Charleston, SC
1,362 posts, read 764,777 times
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I believe you have to shop for your Auto Insurance every few years. There's 3 or 4 big names in the Industry -- Geico, Liberty, Hartford, USAA. Probably a few others worth quoting. Just take your current Declarations Page, white-out your cost column and give it to the new Agent.

We are currently with Hartford thru AARP. We both have the usual catalog of clean driving records and low miles driven per year....the Premiums are creeping up. Even after taking their online Defensive Driver course, they want an increase.

I currently have a great quote from Geico for 6 months. I think we're going to switch. If they start with the Increases every renewal......we'll switch again.
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