G70 Insurance Rates

[pulsar]

Texas did this like 2 years ago. According to my mom, in the insurance business, said was that insurance companies realized how expensive new cars, with all the electronics and gizmos and painted bumpers, are to fix. So there was a market correction.

I mean, a 5mph "crash" is 2k to fix these days. Someone has to pay for it

True, but my last 20 years of no ‘at fault’ accidents and the money insurance companies have made off me can pay for that 5mph $2k bumper hit.

 

[Husky]

Car insurance rates... Aaargh. It always seemed like they made it up as they went along to me. All you can be sure of is that you're paying too much.
When I was a young guy, I couldn't wait until I turned 25, because back then everyone said your rate would drop. The day I turned 25 I called my agent to tell him, and he said it didn't matter, but my rate would drop when I got married. Ok. A few years later I got married. So I called my agent, and he told me once I turn 25, getting married doesn't really help!!

 

[pulsar]

Car insurance rates... Aaargh. It always seemed like they made it up as they went along to me. All you can be sure of is that you're paying too much.
When I was a young guy, I couldn't wait until I turned 25, because back then everyone said your rate would drop. The day I turned 25 I called my agent to tell him, and he said it didn't matter, but my rate would drop when I got married. Ok. A few years later I got married. So I called my agent, and he told me once I turn 25, getting married doesn't really help!!

I think marriage helps some. My wife does not drive any of my cars and has her own policy for her car with a different company than I do. I have her on my policy only because the rate was a little less. If I said married but did not list her on my policy the price went up. Go figure. My agent said insurance companies hate couples that have two different policies for the assumption is everything is under a single policy. We have our reasons and it involves owning two houses and how discounts work. You get a multi car discount but not a multi house discount.

 

[EdP]

Car insurance rates... Aaargh. It always seemed like they made it up as they went along to me. All you can be sure of is that you're paying too much.
When I was a young guy, I couldn't wait until I turned 25, because back then everyone said your rate would drop. The day I turned 25 I called my agent to tell him, and he said it didn't matter, but my rate would drop when I got married. Ok. A few years later I got married. So I called my agent, and he told me once I turn 25, getting married doesn't really help!!

Check the fine print. You have to get married on your 25th birthday and invite the agent to get the discount.

 

[KurticusRex]

Check the fine print. You have to get married on your 25th birthday and invite the agent to get the discount.

"invite the agent" . . . is this a prima nocta situation??

 

[tarhoosier]

Droit de seigneur

 

[KurticusRex]

So this thread motivated me to get a new quote as my 6 month renewal just came due last week. I know that rates are highly dependent on where you live (state, city, even neighborhood), the finance status, (lease/loan/paid off), and actual car (i.e. Corolla vs. G70).

I'm in IL, Chicago proper, north side of the city.

I've been with Geico for many years (home and auto) and the rates have typically been better than other companies. Before the G70, I was driving a 2015 Toyota Corolla S Premium and my wife has a 2014 Hyundai Tucson Limited AWD. 6 month premium for both was just under $800. However, when I got my G70, the 6 month premium went to almost $1,050 (+$350. Nothing else changed, no claims or tickets, etc. Just swapped a Corolla for a G70.) Yes, it's much more expensive car, but does it merit a near 40% premium increase? I paid it just to keep coverage as is and see about another quote next billing cycle.

So last week I got a quote from Progressive. Same coverage levels but with 1/2 the deductible (from $500 down to $250) on both vehicles. The premium went down to $715. Not sure why Geico was so much more than Progressive - maybe the Geico actuarial accounting has the G70 in a higher risk tier because it's a "new brand/new model"?

Not sure, but the lesson for me is to always get a competitive quote when time for renewal.

 

[50jae]

So this thread motivated me to get a new quote as my 6 month renewal just came due last week. I know that rates are highly dependent on where you live (state, city, even neighborhood), the finance status, (lease/loan/paid off), and actual car (i.e. Corolla vs. G70).

I'm in IL, Chicago proper, north side of the city.

I've been with Geico for many years (home and auto) and the rates have typically been better than other companies. Before the G70, I was driving a 2015 Toyota Corolla S Premium and my wife has a 2014 Hyundai Tucson Limited AWD. 6 month premium for both was just under $800. However, when I got my G70, the 6 month premium went to almost $1,050 (+$350. Nothing else changed, no claims or tickets, etc. Just swapped a Corolla for a G70.) Yes, it's much more expensive car, but does it merit a near 40% premium increase? I paid it just to keep coverage as is and see about another quote next billing cycle.

So last week I got a quote from Progressive. Same coverage levels but with 1/2 the deductible (from $500 down to $250) on both vehicles. The premium went down to $715. Not sure why Geico was so much more than Progressive - maybe the Geico actuarial accounting has the G70 in a higher risk tier because it's a "new brand/new model"?

Not sure, but the lesson for me is to always get a competitive quote when time for renewal.

Makes sense the cost to insure a G70 would be around that much higher. Take windshield replacement for example, the actual cost is around 800-1k usd for the G70, whereas you can probably get away with a couple hundred with a corolla.

I constantly switch between geico and progressive because if you stick with one for more than a year, they just continue increasing the premium just because they can, and they prey on people being lazy and not shop for better rates.

 

[lindros2]

Male, 30 years old, Chicago with a clean record. For full coverage Geico wanted a rather ominous sounding $666 for 6 months. Switched to Progressive, and now paying ~$410 every 6 months AND that includes gap insurance, which Geico does not even offer.

Post how much Progressive is in a year, then the year after that, then the year after that.
I fell into the Progressive trap and my insurance went up every 6 months for 18 months until I told them to F off and went to GEICO.
*Nearly* the same rates with GEICO for 17 years, since.

Texas did this like 2 years ago. According to my mom, in the insurance business, said was that insurance companies realized how expensive new cars, with all the electronics and gizmos and painted bumpers, are to fix. So there was a market correction.

Not entirely true.
Part of it is, yes, that electronics are "sole sourced" from the manufacturer (this is currently being investigated by the Feds) and there are no third party replacements.
But the other part is uninsured motorist. This issue "moves around" states - we got hit with it in Georgia, but then it settled back down.
If this WERE true, a $100k car would be a lot more than a $25k car. On my insurance, it's not.

 

[pulsar]

Not entirely true.
Part of it is, yes, that electronics are "sole sourced" from the manufacturer (this is currently being investigated by the Feds) and there are no third party replacements.
But the other part is uninsured motorist. This issue "moves around" states - we got hit with it in Georgia, but then it settled back down.
If this WERE true, a $100k car would be a lot more than a $25k car. On my insurance, it's not.

I would not have any 3rd party parts installed on my cars. Lowers the resale value and insurance companies are supposed to put the car back to a ‘pre-crash’ condition. My car when purchased did not have cheap counterfit or copy-cat Chinese parts so if something needs replacement due to an accident, insist on OEM parts. You may have to argue some with the adjuster, but I’ve normally been successful. Restoring to a ‘pre-crash’ condition is what phrase you must use with an adjuster.

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[lindros2]

I would not have any 3rd party parts installed on my cars. Lowers the resale value and insurance companies are supposed to put the car back to a ‘pre-crash’ condition. My car when purchased did not have cheap counterfit or copy-cat Chinese parts so if something needs replacement due to an accident, insist on OEM parts. You may have to argue some with the adjuster, but I’ve normally been successful. Restoring to a ‘pre-crash’ condition is what phrase you must use with an adjuster.

Agree - but there's a lot in your reply.
1. This is why I have GEICO (they've been good on parts).
2. Electronics - you have no choice is my point, which was part of the discussion re: increased insurance rates (note: didn't realize how expensive it was to insure an electric car until a couple weeks ago - back to dino gas for me...)
3. Hate to break it to you, but a ton of OEM content in cars is sourced from China. Sure, there are only a few cars assembled in China/sold in USA - Buick Envision was the first, now Volvo and GM... - and honestly the China assembly is way better than my previous Nissan nightmare that came from Nashville... seriously.

 

[pulsar]

Agree - but there's a lot in your reply.
1. This is why I have GEICO (they've been good on parts).
2. Electronics - you have no choice is my point, which was part of the discussion re: increased insurance rates (note: didn't realize how expensive it was to insure an electric car until a couple weeks ago - back to dino gas for me...)
3. Hate to break it to you, but a ton of OEM content in cars is sourced from China. Sure, there are only a few cars assembled in China/sold in USA - Buick Envision was the first, now Volvo and GM... - and honestly the China assembly is way better than my previous Nissan nightmare that came from Nashville... seriously.

Hear what you are saying and understand OEMs use a global supply chain. As long as the part has a Genesis or HMC part number on it, I’m good for I know it meets specs. It’s the non-OEM parts made by copy-cat parts places that I don’t want. You have no real way to know design wise, fit and finish and quality wise if the 3rd party part equals the OEM or not? If parts truly equalled OEM, how do they sell it for half the cost without cutting corners somewhere.