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Old 01-24-2024, 09:45 AM
 
14,400 posts, read 14,286,698 times
Reputation: 45726

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My thirty-one year old son knows I have strong feelings about what kind of car insurance he should have. So, he recently asked me to check out options for him. He was paying $1,700 a year to insure his 2008 Ford Focus SE. Coverages included: 250K/500K liability; 250K/500K uninsured motorist coverage; 250K/500K underinsured motorist coverage; 100 K property damage liability; 5K PIP medical payments; collision ($1000 deductible); comprehensive ($1000 deductible); and towing and rental car coverage. Coverage was with Nationwide Insurance.

My son has a completely clean driving record and good credit scores.

He lives in Utah on the Wasatch front which is becoming a crowded and congested area.

I went to an independent insurance agent to find out if we could beat those rates and, more importantly, have a quality insurance company. Auto-owner's which is a quality insurance company is willing to insure him for $500 a less or approximately $1,200.00 per year with the very same coverages I mentioned above. I'm doing a happy dance right now because that is approximately a 30% reduction in his car insurance rates. Living your life right pays off when it comes to car insurance.

Those who insist on owning a high performance car, do not have good credit, and have a driving record that includes tickets or accidents are not going to as well when it comes to car insurance. Pricing insurance rates with a living, breathing independent insurance agent is the way to go.
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Old 01-24-2024, 10:58 AM
 
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
44,551 posts, read 81,085,957 times
Reputation: 57739
That is true, except for when you are getting significant discounts. We have tried every few years and our current rates have remained the lease expensive by a significant amount. We get discounts for good driver, multiple vehicles, multiple lines, (life and homeowners with them) and good credit score (now that the state law was changed back). We have 3 vehicles and have higher limits and lower deductibles than your son. Our total for all 3 (2020, 2017, and 1974) for a year is $2,630/year.
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Old 01-24-2024, 06:35 PM
 
Location: Raleigh
13,707 posts, read 12,413,557 times
Reputation: 20222
Quote:
Originally Posted by markg91359 View Post
Those who insist on owning a high performance car, do not have good credit, and have a driving record that includes tickets or accidents are not going to as well when it comes to car insurance. Pricing insurance rates with a living, breathing independent insurance agent is the way to go.
Generally sleeping at the switch for too long is a bad move. They all kind of seem to want to take premiums up every year in a way that often seems to outstrip inflation.
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Old 01-26-2024, 07:32 PM
 
Location: Phoenix, AZ
6,340 posts, read 4,892,353 times
Reputation: 17999
Quote:
Auto-owner's which is a quality insurance company
Yes, it is. My agency did a lot of business with A-O back in the 80s when they first came into Arizona. They insured my home and rentals for decades.

You can't go wrong with Auto-Owners, especially with a $500 savings.

Are they still printing policies on blue paper? LOL.

Quote:
Pricing insurance rates with a living, breathing independent insurance agent is the way to go.
It's one way to go. There are some good direct writers out there that maintain local captive agents. Though I don't think much of the online companies.
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Old 01-30-2024, 05:05 PM
 
17,263 posts, read 21,998,333 times
Reputation: 29576
Quote:
Originally Posted by markg91359 View Post
My thirty-one year old son knows I have strong feelings about what kind of car insurance he should have. So, he recently asked me to check out options for him. He was paying $1,700 a year to insure his 2008 Ford Focus SE. Coverages included: 250K/500K liability; 250K/500K uninsured motorist coverage; 250K/500K underinsured motorist coverage; 100 K property damage liability; 5K PIP medical payments; collision ($1000 deductible); comprehensive ($1000 deductible); and towing and rental car coverage. Coverage was with Nationwide Insurance.

My son has a completely clean driving record and good credit scores.

He lives in Utah on the Wasatch front which is becoming a crowded and congested area.

I went to an independent insurance agent to find out if we could beat those rates and, more importantly, have a quality insurance company. Auto-owner's which is a quality insurance company is willing to insure him for $500 a less or approximately $1,200.00 per year with the very same coverages I mentioned above. I'm doing a happy dance right now because that is approximately a 30% reduction in his car insurance rates. Living your life right pays off when it comes to car insurance.

Those who insist on owning a high performance car, do not have good credit, and have a driving record that includes tickets or accidents are not going to as well when it comes to car insurance. Pricing insurance rates with a living, breathing independent insurance agent is the way to go.
Did you price coverage for that 16 yr old car without full comp/collision? At best that might be a $3000 car? Plus with a 1K deductible that really means you are insuring a $2000 car
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Old 02-14-2024, 08:29 AM
 
Location: Phoenix, AZ
6,340 posts, read 4,892,353 times
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Quote:
Originally Posted by City Guy997S View Post
Did you price coverage for that 16 yr old car without full comp/collision? At best that might be a $3000 car? Plus with a 1K deductible that really means you are insuring a $2000 car
Good point. I self insure comp and collision on my 2003 Dakota (worth about $2000) and my 2011 Crown Vic (worth about $4000). Been doing that on my old cars for decades and have cash set aside to replace either of them if I had to.
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Old 02-14-2024, 08:34 AM
 
Location: Sunnybrook Farm
4,506 posts, read 2,651,635 times
Reputation: 12990
Quote:
Originally Posted by markg91359 View Post
My thirty-one year old son knows I have strong feelings about what kind of car insurance he should have. So, he recently asked me to check out options for him. He was paying $1,700 a year to insure his 2008 Ford Focus SE. Coverages included: 250K/500K liability; 250K/500K uninsured motorist coverage; 250K/500K underinsured motorist coverage; 100 K property damage liability; 5K PIP medical payments; collision ($1000 deductible); comprehensive ($1000 deductible); and towing and rental car coverage.... ....
I'd drop collision and comprehensive on a 16 year old economy car. I doubt the payout for a total would equal the deductibles. I'd also probably drop towing and rent car coverage, depending on how much they are.

I generally drop collision and comprehensive on anything older than about 8 years.
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Old 02-14-2024, 08:48 AM
 
14,400 posts, read 14,286,698 times
Reputation: 45726
Quote:
Originally Posted by rabbit33 View Post
I'd drop collision and comprehensive on a 16 year old economy car. I doubt the payout for a total would equal the deductibles. I'd also probably drop towing and rent car coverage, depending on how much they are.

I generally drop collision and comprehensive on anything older than about 8 years.
You guys are making a good point. That will be the next move I suggest. He's doing well at work and has plenty of savings. I think he could afford it if the vehicle was destroyed in an accident.
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Old 02-15-2024, 07:11 AM
 
Location: Sunnybrook Farm
4,506 posts, read 2,651,635 times
Reputation: 12990
Quote:
Originally Posted by markg91359 View Post
You guys are making a good point. That will be the next move I suggest. He's doing well at work and has plenty of savings. I think he could afford it if the vehicle was destroyed in an accident.
The purpose of insurance is to protect your finances from a devastating loss. If you can't afford to replace a 16 year old economy car with at least something comparable, you have issues that more insurance isn't going to help. In the field of auto insurance, "catastrophic" means liability. Having to suddenly spend $6000 to get a set of wheels is not (for the vast majority of people) going to ruin you financially for the rest of your life. Having a million dollar liability judgement against you for someone who was paralyzed for life in a crash - that could ruin most of us financially.

Insure the stuff that would ruin you, not the stuff that would be an inconvenience.
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