2019 Genesis G80 sport insurance question

[Reddy]

Thinking about a G80 sport. I haven't pulled the trigger yet. Currently in the pre purchase research phase . I am looking in to the post purchase cost of ownership and I was a bit surprised by the insurance quote I received for 6 moths. Wondering if this is normal and if you have any ideas / thoughts on reducing it. The quote was from Geico. I have my current cars insured with Geico and they are pretty competitive compared to other insurance providers for my area. I am 40, married and from Houston, Tx if that helps.

Policy Coverage : 220$
Vehicle Coverage : 733$
6 month premium total : 953$

Coverage details
Bodily Injury Liability
$50,000/$100,000
Property Damage Liability
$25,000
Comprehensive
$500 Ded.
Collision
$500 Ded.

Thanks & Regards,
Reddy

 

[Bourbonncigars]

It really varies a bit by location, company, and driver stats to get comparisons with others that will be worth a damn. And if you already have Geico (and a multiple vehicle discount already), it may simply be what it is. As far as lowering it you can always lower your coverage and raise your deductibles. It's a pretty easy math problem to get the answer. And in the world of data, trends can determine a lot. If you've gone for 25 years without ever having the need to file a claim, raising the deductible and lowering the appropriate coverage may not be a bad idea to save some cash...and yes, risk is always a factor, but that's a personal call.

And I'll edit to add my spending rules, though I know you didn't ask ...

Is retirement being taken care of?
Is the minimum I want in my bank account there for casual spending?
Is my emergency fund stocked?

All other money is negotiable. If I want a toy and the above rules are satisfied, it's mine.

 

[Mr. Incredible]

insurance pricing is so specific to the location, person, record, multipliers, add-ons, etc. that it is hard to compare or even say if it is a good rate.

I can tell you I have a lot more coverage than you listed, I live in Southern CA, married, kids, home owner, clean record for 35+ years, multiple cars and home tied to the same carrier, and my premium is 30% less than your quote above.

6 month premium total : $639

Coverage details
Bodily Injury Liability
$250,000/$500,000
Property Damage Liability
$100,000
Comprehensive
$250 Ded.
Collision
$250 Ded.
Uninsured/Underinsured coverage
Rental car coverage 0-30 days @ 100%, 30-60 days@ 80%

that is on the G80 only, our Camry is the same coverage for $518/6 months, motorcycle same coverage for $197/6 months

my 1939 Hot Rod with same level of coverage plus classic coverage rider and an agreed/appraised value of $75,000 is $368 for 1 year,

then add my soon to be 16 year old into the mix and her premium is $1,790 / 6 months with same coverage and she is only allowed to drive the Camry, excluded from the G80 because of the turbos, and excluded from the 1939 because it is a classic and requires a minimum driving age of 25 years old and 10 years experience (meaning if you don't start driving until you are 21, then the earliest you can drive the '39 is age 31)

 

[TurtleBoy]

The G80 Sport is classified as a performance car by most so in general the insurance will be higher than other vehicles. When I was still considering the G80 Sport I got quotes for it as well as for an Audi A6. The quote for the G80 Sport was hundreds of dollars a year higher even though the A6 was quite a bit more expensive.

 

[Speeder]

Thinking about a G80 sport. I haven't pulled the trigger yet. Currently in the pre purchase research phase . I am looking in to the post purchase cost of ownership and I was a bit surprised by the insurance quote I received for 6 moths. Wondering if this is normal and if you have any ideas / thoughts on reducing it. The quote was from Geico. I have my current cars insured with Geico and they are pretty competitive compared to other insurance providers for my area. I am 40, married and from Houston, Tx if that helps.

Policy Coverage : 220$
Vehicle Coverage : 733$
6 month premium total : 953$

Coverage details
Bodily Injury Liability
$50,000/$100,000
Property Damage Liability
$25,000
Comprehensive
$500 Ded.
Collision
$500 Ded.

Thanks & Regards,
Reddy

New Jersey Manufacturers, 12 month

 

[Don88]

Rates are greatly effected by where you reside. Here in Vancouver, WA, a major "Bedroom" community of Portland OR my 2018 Genesis G80 Ultimate runs $574.45 per six months for:
Bodily Injury Limits, Ea person $100K, Ea Accident $300K, Property Damage $50K, Comp $100 Deduct, Co ll ision $500 Ded, UnIns Mot Prop $50K

Been with State Farm for seventy years - started with them when I was sixteen. Yep, next page on the calendar I'll hit double eights! Still feel like I'm ten and everyday is recess!! Still don't need to know square root!

P.S.Saving for a '22 G80!

 

[Reddy]

Thank you everyone. Excellent inputs. Helped me a lot. I looked up quotes for comparable cars like the Cadi CT6 Luxury, Audi A6 3.0, BMW 540i, Mercedes E class and the G80 sport is about 50-100$ more for 6 months.

I will try a few more providers and compare rates. That should conclude my analysis. Thanks again!

Regards,
Reddy

 

[Mr. Incredible]

Thank you everyone. Excellent inputs. Helped me a lot. I looked up quotes for comparable cars like the Cadi CT6 Luxury, Audi A6 3.0, BMW 540i, Mercedes E class and the G80 sport is about 50-100$ more for 6 months.

I will try a few more providers and compare rates. That should conclude my analysis. Thanks again!

Regards,
Reddy

it's because of the Turbos most likely, the g80 is actually more than my Lexus RCF was, that had a 5.0 475hp motor and was ~$75,000 but the G80 has "turbos" and the insurance company rates it higher, even though it cost $25K less and has 100hp less.

no logic to it IMO

 

[TurtleBoy]

it's because of the Turbos most likely, the g80 is actually more than my Lexus RCF was, that had a 5.0 475hp motor and was ~$75,000 but the G80 has "turbos" and the insurance company rates it higher, even though it cost $25K less and has 100hp less.

no logic to it IMO

Not sure what causes it to be in the High Performance category but I wouldn't think it was the turbos since others on that list have them also. Who knows though since it is insurance.

 

[Bourbonncigars]

P.S.Saving for a '22 G80!

Now I like that...."saving". Hell yes!

 

[Bourbonncigars]

Thank you everyone. Excellent inputs. Helped me a lot. I looked up quotes for comparable cars

Whoa, whoa, whoa. Comparable cars? There's no such thing.

 

[EdP]

Thank you everyone. Excellent inputs. Helped me a lot. I looked up quotes for comparable cars like the Cadi CT6 Luxury, Audi A6 3.0, BMW 540i, Mercedes E class and the G80 sport is about 50-100$ more for 6 months.

I will try a few more providers and compare rates. That should conclude my analysis. Thanks again!

Regards,
Reddy

I found GEICO rates OK at best. A good agent can often do better than the big advertisers on TV.

 

[Reddy]

I have a good driving history. No accidents, or tickets so far (knock on wood). It could be the turbos and the higher quotes in the Houston area could be due to the many floods we have had the past few years and the several thousand cars that have been totally. Could have made the insurance companies increase the risk profile of the area in general. Just a thought.

I will certainly find and talk to a local agent as well. I was hoping for around 600$ for 6 months. Another 350$+ is a tougher pill to swallow. I just need to get over it.

I will keep y'all posted.

Thanks again!

 

[glennk]

They are also using FICO scores to dictate insurance prices. Apparently if you have bad credit, you'll be a bad driver as well.

 

[EdP]

They are also using FICO scores to dictate insurance prices. Apparently if you have bad credit, you'll be a bad driver as well.

There may be a correlation. They may ding you if you left the breakfast dishes in the sink too.

I was with one insurance company for five years and they had good rates. Suddenly they went up considerably. My agent said it is because I went that long with no claims that I was about due. I changed companies.

 

[Speeder]

it's because of the Turbos most likely, the g80 is actually more than my Lexus RCF was, that had a 5.0 475hp motor and was ~$75,000 but the G80 has "turbos" and the insurance company rates it higher, even though it cost $25K less and has 100hp less.

no logic to it IMO

My 2016 ATS-V is TT and has 465HP and almost $300 less. $1282/year for same coverage,

 

[Mr. Incredible]

My 2016 ATS-V is TT and has 465HP and almost $300 less. $1282/year for same coverage,

Odd I would think that a sports car /two seater would be higher.

Some also has to do with the amount of claims against a certain model. My nieces 2011 Malibu saw a huge spike last year, and her company AllState claimed it was because her model made the top 10 most stolen vehicle list.

 

[daviderle]

There is also repair costs that are factored into the equation, which may include what how many/type local shops that can put Humpty Dumpty back together and what cost, complexity of the car’s electronics, self leveling headlights etc, which tend to be higher than a domestic models.

 

[Dai Uy Ted]

USAA insurance on my new G80 costs $55 more per 6-month term than my '17 Jag F Pace. The Jag cost $10k more, is a supercharged V6 AWD, with comparable options, same HP, and similar performance.
But it's a "crossover", not a "sports sedan". And two years older.

 

[pulsar]

Insurance is a racket so check different companies. Staying with a given company for years doesn’t really pay off like most think. When I get hit with a large rate increase when never having a claim I check around and end up moving to another carrier. Being with my present carrier for 10 years means nothing when it come down to rates. I think most carriers assume they can slip in increases and folks will just roll over and not shop around. Not a Genesis owner just yet and my first quote on a G70 was more than twice my G37S. Already have quotes 40% less by moving carriers which tells me being with a single carrier for 10 years does nothing. We are all just numbers.