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Old 10-21-2011, 01:29 PM
 
Location: Abu Al-Qurq
3,690 posts, read 8,136,951 times
Reputation: 2966

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I was wondering; it's generally accepted that since NM has so many uninsured motorists, NM's auto insurance rates are as high as they are. But is this factually based?

Could it instead be because NM drivers (including insured ones) crash more often, or drive cars more expensive to fix?

Select states according to this source:

(annual premium)

Idaho $816
Utah $840
Maine $844
Iowa $939
Vermont $981
Nebraska $992

Arizona $1193
New Mexico $1372
Texas $1376

California $1424
Oklahoma $1524
Florida $1541
Kentucky $1584
Maryland $1743

Unfortunately, notable states such as North Dakota (widely regarded as cheapest) and New Jersey (most expensive) show no data.

Texas doesn't strike me as a sort of place where more uninsured drivers live, nor do Kentucky or Maryland. Surely there's more to this than that.

What's everyone else think? Why's our insurance not more expensive, or cheaper?
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Old 10-21-2011, 02:29 PM
 
Location: New Mexico U.S.A.
26,530 posts, read 45,245,782 times
Reputation: 31013
Quote:
Originally Posted by Zoidberg View Post
it's generally accepted that since NM has so many uninsured motorists, NM's auto insurance rates are as high as they are. But is this factually based?

Could it instead be because NM drivers (including insured ones) crash more often, or drive cars more expensive to fix?

Select states according to this source:

What's everyone else think? Why's our insurance not more expensive, or cheaper?
When we moved from rural PA to NM in 1998/99 our car/truck insurance went down I'm guessing 40%. Our motorcycle insurance went up almost 100% about $350 to about $600 (we were told because of motorctcle thefts), and our aircraft insurance was going to go up about 40% but our hangar rent would be doubled or more...

If you get quotes for the same drivers, same vehicles and same driving conditions and locations you will find variances. I have also gone through the "oh, my insurance company is not as good as I thought when it comes to the showdown...". So after a few claims, a few attorneys we decided on one company in 1984 and are happy...

I think finding a really good insurance company (and possibly an attorney) is more important that trying to figure out the above...


Rich
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Old 10-21-2011, 04:07 PM
 
186 posts, read 419,547 times
Reputation: 201
I'm wondering where they pulled that data from, to be honest. When I lived in NM (Santa Fe, no less), my car insurance was only $800 a year. My car was about 5 years old then, and I carried full coverage. When I moved to MO, my insurance went down about $100........and I can assure you that there are just as many uninsured drivers running around MO, even though we supposedly "require" coverage to get tags.

I would imagine NM is like any other state, in that your cost of coverage is going vary wildly depending on exactly where you live.

Insurance companies base their rates on the number of thefts, collisions, etc and then they take into account the $$ amount of those claims that are filed. If you live in a rural area where everyone drives a clunker, then the costs might be lower. If you live in a high-theft zip code, your rates will go up. If you live in an area where people are crashing left and right, the rates will go up.
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Old 10-22-2011, 06:57 PM
 
Location: Denver, CO
1,112 posts, read 1,493,577 times
Reputation: 1317
My MC insurance went down when I moved from OR.. It went down again when I moved from Albuquerque to Farmington.
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Old 10-23-2011, 02:28 PM
 
Location: Morristown, TN
1,754 posts, read 3,875,467 times
Reputation: 1359
Our car insurance went up about 40% from TN to NM. Some insurers wanted 100% more than we paid in TN. Here we were with TN Farm Bureau and the NM Farm Bureau was one of the ones that wanted the 100% more.
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Old 10-24-2011, 05:57 PM
 
Location: T or C, NM
124 posts, read 208,931 times
Reputation: 92
Same car, same size town, I'm paying the same in NM for Liability with some kind of hit and run coverage as I paid in WI for full coverage.

Yearly car registration is cheaper, but driver's license renewal is more.
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Old 10-24-2011, 06:30 PM
 
Location: 5,400 feet
3,575 posts, read 3,178,544 times
Reputation: 5204
Our auto insurance dropped by about 50% 12 years ago when we moved here from Michigan. Today, it's still less than our insurance was 12 years ago in Michigan. We pay a little more than Zoidberg's average - but it's for 2 cars (one new and one 6 years old) with full coverage, including high liability coverage, collision, comprehensive and $500 deductible on one car and $1,000 on the other.
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Old 10-25-2011, 06:05 PM
 
142 posts, read 292,758 times
Reputation: 76
I am paying $380 a year at Hartford for full coverage with $1k deductible on my 2008 pcar. I flipped out with a 10% increase with my Allstate insurance back in August and went hunting. Turns out I saved nearly $300 a year going with Hartford.

Edit: I did a multi-line plan with housing and cars.
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Old 10-25-2011, 11:47 PM
 
Location: Santa Fe
713 posts, read 1,693,571 times
Reputation: 606
What's the use of insurance if you have such a high deductible? Except that it is required.
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Old 10-26-2011, 08:43 AM
 
142 posts, read 292,758 times
Reputation: 76
If I were to need to make a a claim, it would likely be for more than 1k. Really what it boils down to is that I am betting I will not get into an accident. The few hundred I save a year from it quickly makes up for that deductible. Why not save money in the long run?
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