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Old 06-03-2021, 12:53 PM
 
58 posts, read 31,437 times
Reputation: 82

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Quote:
Originally Posted by WK91 View Post
This is a subject I know quite a bit about as I used to be a licensed claims adjuster, and I’ve lived in both states. Yes, Arizona does have lower insurance rates than Florida does on average, but it’s not going to be an incredible savings and I wouldn’t use this savings as the sole reason for moving.

But it looks to me, though, like you’ve got some serious gaps in your coverage that could cost you big time down the road.

Based on the vehicles you own, I think it’s very possible that 100/300/100 is not enough coverage based on your likely net worth. There are all kinds of insurance scammers out there, and whole unethical networks (groups of people who get into accidents, auto body shops, medical clinics, attorneys, etc.) that work in concert with each other and their goal is to separate you and your insurance company from as much money as possible. Your insurance company will protect you up to 100/300/100, but anything above and beyond that is your responsibility. So if you have a higher net worth, you might want to look into bumping that coverage way up.

Also, if you are both very good drivers, 1000 collision seems fine, but comprehensive damage could happen to anyone, even the best drivers. I think 1000 deductible on comprehensive is way too high, and lowering the comp deductible will not set you back very much at all. I’d look at a 250 deductible. The next time your car gets caught in a hail storm, flood, animal collision, you’ll thank me.

One good thing is that AZ, like FL, has full glass coverage. Not many states have this, which means you don’t have to pay your comp deductible when replacing a windshield that was hit by a rock or debris.

Lastly, not carrying uninsured motorist coverage is not a good idea at all. Do you have any idea the amount of uninsured motorists on the road? Arizona will likely have many more uninsured motorists than FL because of the sheer amount of undocumented people floating around the state. No way would I feel comfortable not having uninsured motorist coverage in the state of Arizona.

I know paying insurance sucks, but if you have a decent amount of wealth saved up like I do and many of us on CD do as well, you’ve got to protect yourself. You just have to protect yourself and skimping on insurance is not a good financial plan.

I’m also hoping you have a very good homeowner’s policy and a VPP (Valuable Personal Property) policy as well, but that’s another topic entirely.

Look, I know people think insurance companies are trying to scam everyone, but that wasn’t my experience at all when I worked for one. I also know people get frustrated because they don’t understand their policies and what is covered and what is not. Getting educated on that point after the fact is not a good way to find out.

I’ll never forget the guy who bought a new car, and his payments were too high, so he thought he’d save money by carrying liability and collision, and he declined everything else. Anyway, sure enough, he got his car stolen and after it was recovered by police, it was determined totaled by the thieves. He called into file a claim, and I had to deny his claim since he had no comprehensive coverage. Of course, the bank that held his car loan doesn’t care about any of this, they still want their monthly payment.

I could go on and on with all kinds of amazing, and very sad, stories that would fill a book.

I know this isn’t really what you were looking for as far as an answer, but I hope I’ve reinforced the idea of the importance of insurance and how it is there to help you, not fleece you.
Thank for the insights, much appreciated.
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Old 06-03-2021, 01:19 PM
 
Location: on the wind
15,013 posts, read 8,595,576 times
Reputation: 48977
I think many people shopping for insurance for a new location forget that the cost of coverage is influenced by more than the vehicle's operators or their records. It is also affected by the local risks/hazards that car can be exposed to in the new area and how much that sort of damage can cost to repair. I'm certainly not in the insurance business but I'd venture to guess for example that cost of insuring a car is higher for an area that has a much higher risk of flood or storm damage, hail, wildfire, theft, etc. Because more claims are likely, the losses incurred by the insurance company would be higher there so they pass that increase along to customers.

Last edited by Parnassia; 06-03-2021 at 01:33 PM..
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Old 06-03-2021, 01:23 PM
 
2,452 posts, read 3,084,617 times
Reputation: 2071
Quote:
Originally Posted by mborner View Post
We've been in south Florida for the past 21 years. When we moved From Ca. in 2000 our car insurance, I thought was a bit high, but reasonable. Our first policy in Florida had our insurance rates quadrupled from Ca. 6 months later, our insurance company jacked up our rates 40%. You read that right, 40%! Currently we:

DW 56
DH 58
Drive two of the most boring cars on planet earth, a 2017 and a 2020. (Accord/Lexus ES)

No tickets, ever.

No accidents, ever.

Perfect driving records.

100/300 liability
Comp/collision both cars
$1,000 deductible
Towing/roadside/rental car coverage.
We don't even carry uninsured motorist coverage in an effort to keep rates down.



We pay over $5,000/yr for this coverage. I'm told buy my agent that Florida has historically high rates. If our insurance keeps going up at the rate it has, we'll be looking at $10,000/yr in 5 years.



Do you all mind sharing what your rates and coverages are? We are thinking about relocating. What are rates like in the greater Phoenix Metro area?



We're with Liberty Mutual.


Thanks.
THATS absolutely INSANE! I have GEICO, a 2020 Accord sport 2.0turbo and pay $1500/year. When I was with my wife, we insured my accord and a 2018 Sonata, for $1700. That’s with a $500 deductible.
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Old 06-03-2021, 01:40 PM
 
58 posts, read 31,437 times
Reputation: 82
Quote:
Originally Posted by jaredC View Post
THATS absolutely INSANE! I have GEICO, a 2020 Accord sport 2.0turbo and pay $1500/year. When I was with my wife, we insured my accord and a 2018 Sonata, for $1700. That’s with a $500 deductible.
Thanks.

Where are you located?
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Old 06-03-2021, 01:59 PM
 
2,452 posts, read 3,084,617 times
Reputation: 2071
Quote:
Originally Posted by mborner View Post
Thanks.

Where are you located?
Near Laveen, South West valley.
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Old 06-03-2021, 06:07 PM
 
7,345 posts, read 8,753,450 times
Reputation: 6645
2020 Lincoln Aviator. Insured in AZ.
DH and DW both are 56.
State Farm. Some speeding tickets many years ago. No accidents (hail damage).
100K/300K w/ $500 deductible. Full glass coverage.
State Farm (home policy discount and multi-car discount).

$680 every 6 months in AZ. If it matters, it costs $690 every 6 months in MN (I checked both States).

I know MI is sky-high car insurance rates. I didn't realize FL was so high. FL is the 3rd highest in the country (MI is #2).

Read https://www.insure.com/car-insurance...nce-rates.html

AZ is ranked #18.
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Old 06-04-2021, 07:34 AM
 
Location: Phoenix
120 posts, read 55,626 times
Reputation: 328
Quote:
Originally Posted by WK91 View Post

One good thing is that AZ, like FL, has full glass coverage. Not many states have this, which means you don’t have to pay your comp deductible when replacing a windshield that was hit by a rock or debris.

SO glad for this. I've had to replace 3 windshields since 2007 due to debris in the roadways.

On a side note, I found that buying my tires from a tire shop with decent warranties has come in handy with the cost of replacing tires. I have had to replace I don't know how many tires due to nails.
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Old 06-04-2021, 07:38 AM
 
Location: Phoenix
120 posts, read 55,626 times
Reputation: 328
Quote:
Originally Posted by mborner View Post
We've been in south Florida for the past 21 years. When we moved From Ca. in 2000 our car insurance, I thought was a bit high, but reasonable. Our first policy in Florida had our insurance rates quadrupled from Ca. 6 months later, our insurance company jacked up our rates 40%. You read that right, 40%! Currently we:

DW 56
DH 58
Drive two of the most boring cars on planet earth, a 2017 and a 2020. (Accord/Lexus ES)

No tickets, ever.

No accidents, ever.

Perfect driving records.

100/300 liability
Comp/collision both cars
$1,000 deductible
Towing/roadside/rental car coverage.
We don't even carry uninsured motorist coverage in an effort to keep rates down.



We pay over $5,000/yr for this coverage. I'm told buy my agent that Florida has historically high rates. If our insurance keeps going up at the rate it has, we'll be looking at $10,000/yr in 5 years.



Do you all mind sharing what your rates and coverages are? We are thinking about relocating. What are rates like in the greater Phoenix Metro area?



We're with Liberty Mutual.


Thanks.

This is CRAZY high... And, I thought Arizona was ridiculously high. Perhaps they are trying to cover part of their hurricane losses through car insurance premiums???
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Old 06-04-2021, 11:52 AM
 
7,345 posts, read 8,753,450 times
Reputation: 6645
Quote:
Originally Posted by Trail Dreamer View Post
This is CRAZY high... And, I thought Arizona was ridiculously high. Perhaps they are trying to cover part of their hurricane losses through car insurance premiums???
Normally, it's because a lot of people don't have insurance.
1. Louisiana (highest)

2. Michigan (next in line)
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Old 06-04-2021, 07:55 PM
 
264 posts, read 131,334 times
Reputation: 508
Quote:
Originally Posted by MN-Born-n-Raised View Post
Normally, it's because a lot of people don't have insurance.
1. Louisiana (highest)

2. Michigan (next in line)
The main reason Michigan is high is due to the unlimited lifetime medical coverage mandate, to cover you for life if you are seriously injured in an accident and require long term medical expenses including lost work coverage. I used to live there and I looked back at my old policy and the premium cost was $638/yr just for that line item on one vehicle. I believe they were one of the last, if not the very last state to have no max coverage cap. They recently passed a law to allow insureds to opt out of this unlimited coverage for a lifetime cap, so rates can be reduced if desired.

MI is also a no-fault state, which I personally prefer. My wife was hit by someone in AZ and when we filed a claim, we were "encouraged" to work with their insurance company to get it fixed, which was very strange to me. Seems sketchy to have to deal with another person's company that you did not pick, could have worse coverage, etc. They treated me well, but in Michigan you call your insurance company and they take care of everything based on your coverage, and will seek reimbursement from the other insurer behind the scenes if you are not at fault. Not sure how that affects rates.

When I moved to AZ my rate for the MKZ did indeed go down about 30% vs Michigan. I currently pay $2,100/yr with Travelers for 57/56 y.o. wife and I for a 2015 Mustang & 2007 Lincoln MKZ (one speeding violation 5 yrs ago for myself): $250k/500k liabilities for bodily injury and uninsured B.I., $100k property damage, $500 deductibles, towing/roadside/rental car, glass coverage (which we use a lot), etc. These are relatively high limits of coverage with multipolicy/house policy discount, payroll deduction discount, etc. Maybe it's time to shop around?

Last edited by KO Stradivarius; 06-04-2021 at 08:58 PM..
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