Genesis 4.6 Tech insurance costs?

[grtday]

I just received my 6 month insurance bill at $826. and I am floored.
I'm 58 with one speeding ticket in the last 3 years, with defensive driving, and OK credit (that shouldn't even be a consideration but that's another thread...). I opted for Standard coverage- $100/300/50 liability, $250 deductible on collision and comp, uninsured, towing, etc.
Comparing to my 2005 FX which had a higher sticker value but was "only" $658. every 6 months.

Tell me O' Genesis Brethren, is this vehicle (4.6 w tech) abnormally expensive to insure or is it my company, Response insurance? I checked with Progressive.com and they (State Farm too) want $1055. every 6 months for identical coverage.
Your responses are needed and thank you in advance!

 

[scottdk]

Take a look at this thread and see if it helps.....

http://www.genesisowners.com/hyundai-genesis-forum/showthread.php?t=1561

 

[ImInPA]

I was quoted at $795 for the Genesis V8 and V6 for six months. No real difference for me. My Passat was $540/six months. I was pleasantly surprised with my 2009 Volvo S80 and am only paying $390/six months. I cannot imagine a Volvo S80 costing any less to fix than my Passat or a Genesis. No idea why the Genesis rate I was quoted was so high.

 

[Mark_888]

Probably because of lack of 3rd party replacement parts. Someone mentioned that they had their windshield replaced and it cost about $800 and Hyundai was the only source of the replacement windshield.

Insurance is also based on how often a particular car has accidents, which can sometimes be a reflection of the type of person who buys the car. But I doubt that there are enough stats available yet on the Hyundai.

Age of the driver also may be a factor. Obviously, location is a factor and probably is an advantage in my case.

My insurance cost for my V6 sedan is about $311 for 6 months with $1000 deductible on collision and comprehensive (100/300/100 coverage plus uninsured motor vehicle coverage). I have been with State Farm for over 30 years.

 

[Duaine]

I just received my 6 month insurance bill at $826. and I am floored.
I'm 58 with one speeding ticket in the last 3 years, with defensive driving, and OK credit (that shouldn't even be a consideration but that's another thread...). I opted for Standard coverage- $100/300/50 liability, $250 deductible on collision and comp, uninsured, towing, etc.
Comparing to my 2005 FX which had a higher sticker value but was "only" $658. every 6 months.

Tell me O' Genesis Brethren, is this vehicle (4.6 w tech) abnormally expensive to insure or is it my company, Response insurance? I checked with Progressive.com and they (State Farm too) want $1055. every 6 months for identical coverage.
Your responses are needed and thank you in advance!

I did some very extensive research on auto insurance a couple of years ago and maybe things have changed. At that time however I went through a company that then checks for the best auto rates by comparing 200 companies. What popped up as the number one choice for me was "The Hartford"

I am 49 years old, married and have a multi car discount. My 4.6 Genesis runs me $471.00 every 6 months. I have a 2006 Elanta that runs me $384.00 every 6 months. Now I drive my Genesis mainly only on weekends. I'll put around 10,000 miles per year on it. Thats What I put on my 2006 Azera per year which is what my Genesis replaced. I bought the Genesis last Thanksgiving and have just turned 3400 miles today.

So I get a break for low mileage for one thing. On the other hand notice how high my Elantra is? This is because I drive it daily to work and put around 16000 miles per year on it. I did pay extra to have replacement cost coverage on the Genesis.

I also might ad that when I turn 50 years old this summer I am suppose to qualify for another discount although I can't tell you how much that is suppose to help out.

My coverage is:
Liability bodily injury:
Each person- $250,000
Each Accident- $500,000
Property Damage- $100,000

Uninsured Motorists:
Bodily Injury each person- $250,000
each accident- $500,000

Underinsured Motorists:
Bodily Injury each person- $250,000
each accident- $500,000

Collision $500 deductable
Windshield breakage $100 deductable.

I know when I called in the make the change from my Azera to the Genesis the lady said well based on the VIN number I am sorry but you fall under a high performance vehicle. I know I swallowed hard but gosh when I found out what it cost I thought I came out smelling like a rose!

I have never had an accident that has been my fault and never had a speeding ticket. I was told that Hartford gives nice breaks for a good driving record.

The other thing I should mention is that I am from Iowa. From what I hear auto insurance is typically cheaper in the mid-west. It's typically higher on both the east and west coasts.

I hope this helps someone at least. Good luck to all!!!

 

[Mark_888]

I know when I called in the make the change from my Azera to the Genesis the lady said well based on the VIN number I am sorry but you fall under a high performance vehicle.
...
The other thing I should mention is that I am from Iowa. From what I hear auto insurance is typically cheaper in the mid-west. It's typically higher on both the east and west coasts.

Since my rates are so low for a V6, maybe State Farm does not consider it a high performance vehicle?

Location is important mainly due to auto theft and vandalism. It is not just east or west coast, but the level of auto theft were you live, which is usually how far you live from a major city.

If I lived a few blocks south of where I do now, I would be in a different county that contains a very large city (although some insurers may assess rates by zip code rather than county, not sure about that).

 

[moose66]

My rate only increased slightly when I traded in the M. The increase was due to a statewide insurance increase across the board for all insurers. Therefore my rate was as I expected. By the way, I have Farmers.

 

[ImInPA]

Since my rates are so low for a V6, maybe State Farm does not consider it a high performance vehicle?

Mark, I think that your $1000 deductible has a lot to do with your low rate. I just went to my carrier's web site and changed my deductibles (currently $100 collision $50 Comprehensive) to $1000 for each and my rate dropped from $390 to $205. All my other coverages are the highest offered.

 

[Duaine]

Yes I should have used the key words population. The midwest has lots of wide open space with sparse population. Driving through Nebraska comes to mind lol! Your of course right Mark any time you have dense population area's it just increases the chances of accidents, theft, etc. Nice correction Mark........thanks!

 

[Mark_888]

Yes I should have used the key words population. The midwest has lots of wide open space with sparse population. Driving through Nebraska comes to mind lol! Your of course right Mark any time you have dense population area's it just increases the chances of accidents, theft, etc. Nice correction Mark........thanks!

Even if you live in a dense population area in the Midwest, the rate of auto theft and vandalism may be lower than similarly dense areas on the east or west coasts. Insurance companies are very statistical oriented, and they calculate all these factors based on actual historical events (called underwriting).

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[Nabber]

Even if you live in a dense population area in the Midwest, the rate of auto theft and vandalism may be lower than similarly dense areas on the east or west coasts. Insurance companies are very statistical oriented, and they calculate all these factors based on actual historical events (called underwriting).

I live in an MSA with only 375,000 people in the midwest. $405.67 / 6 mo.
100/300/100 w/ 500 ded. We also insure our Toyota Sienna and home so we get a "discount".

 

[Gimli]

Since this is a new vehicle on the market I would expect the insurance rates to be all over the place depending on region, provider, etc.

For example, when I was still looking around at different vehicles, my insurance provider quoted me $450 yearly for the V8 Genesis. A couple of months later when I actually bought it it was now $650 yearly to insure the same car. My situation had not changed in any way, the only difference was that it was now 2 months later and they probably had more information on the car, it's typical buyers, etc.

 

[bnajack]

I do not recall what I am paying for insurance, but I know that my payment went down from my previous car, a 2002 Audi A4 1.8T Quattro that was worth about $8K.

 

[Pahaska]

I went from a 2006 Azera to a V-8 tech for just over $3 a month with USAA.

 

[Sim]

Mine is 406 using USAA on V6 tech.

 

[Mark_888]

Since this is a new vehicle on the market I would expect the insurance rates to be all over the place depending on region, provider, etc.

For example, when I was still looking around at different vehicles, my insurance provider quoted me $450 yearly for the V8 Genesis. A couple of months later when I actually bought it it was now $650 yearly to insure the same car. My situation had not changed in any way, the only difference was that it was now 2 months later and they probably had more information on the car, it's typical buyers, etc.

Insurance underwriting is based on statistical data for the car, as well as statistical data for the demographics of the driver, location, miles driven, driver history, and other factors. For brand new cars, the underwriters have to guess at these numbers until actual data is available. The statistical data includes accidents and also theft, vandalism, etc (some cars are more likely to be stolen because of desirability or because of lack of security systems).

If a lot of Genesis owners drive at excessive speeds and some crash their car, we would probably all pay for that to some degree because of the relatively small number of Genesis cars out there.

 

[wallymn]

40 years old, multi-car discount, no points on record. USAA 284.18 for 6 months 100/300/50 coverage with 500$ deductible... via USAA.

 

[LLT]

Geez! That must have been one heck of a ticket! My whole policy is only $1,500 every six months and I have 4 newer vehicles with full coverage and a 45' motorcoach.

The genesis is $273 / 6 months. $250,000/$500,000/$100,000 $250 comp, $500 collision. No roadside or towing (get that via AAA) - Progressive is the insurer.

Multiple cars (Genny is listed as pleasure)

In Virginia, which is known for lower insurance rates. I don't suspect Houston has particularly low rates, which is probably where the problem lies. Credit also plays an important factor - I don't necessarily agree with it, but supposedly people who are reckless with credit are also reckless in their car. Who knows!

 

[smillerathome]

I have a V6/tech, but our premium is $226 for 6 months. That's for a second car (the other one is a Highlander for $211), 250/500 bodily injury, with $500 comp & collision. Clean records for both of us, no kids. We were with AIG, which became 21st Century, which I think got bought by Farmers.

 

[rhyx]

All I remember now is that the V8 was about $50 more per month than the V6.