2IS insurance costs (merged threads)
12-11-05, 07:30 PM
#31
Originally Posted by Penforhire
So as I get closer to a purchase I decide to check with my insurance company, Liberty Mutual, just to see. Not like I'm expecting IS350 insurance to be as high as for my Z06. I shopped long and hard for insurance when I got the vette and Lib. Mut. (my homeowner's policy too) was the lowest I could find, though is goes up each year.
Holy crap! They want $1739 a year to insure an IS350 versus about $1600 on my current Z06. Here's the kicker, they want $1351 to insure a 330i (both assumed $44K total MSRP, not having an actual VIN to rate against, same coverage as my current policy).
What are you guys doing to your IS's to make rates so high? Are they getting stolen, wrecked, or what? Being more expensive to insure than a 330i is understandable, more than a Z06 is just nuts!
Holy crap! They want $1739 a year to insure an IS350 versus about $1600 on my current Z06. Here's the kicker, they want $1351 to insure a 330i (both assumed $44K total MSRP, not having an actual VIN to rate against, same coverage as my current policy).
What are you guys doing to your IS's to make rates so high? Are they getting stolen, wrecked, or what? Being more expensive to insure than a 330i is understandable, more than a Z06 is just nuts!
Last edited by CaThaFeR; 12-13-05 at 06:31 PM.
12-11-05, 08:02 PM
#32
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Originally Posted by Ratman009
In western NJ (Hunterdon county, relatively cheap by NJ standards), the IS350 was going to be the most expensive car - by far, for me to insure).
Completely clean driving record - 12000 miles/year
300/300 coverage
100k property damage
Primary Health insurance is first insurance, then auto insurance comes in
Geico
27 year old married male
limited tort option (no one is NJ can afford no-tort, i.e. sue the crap out of people for even minor injuries, inconvenience)
2006 Legacy GT - 996 year
2006 G35 - 1237 year
2006 330i - 1130 year
2006 IS350 1350 year
Rates aren't technically that bad, but the IS had an MSRP 3k lower than the 330i (I actually had VIN numbers for the 330i and IS350 to base the quote off of). Still 20% higher for IS than 330i.
Reason for the high IS costs, the old IS300 was extremely high to insure due to the "boy racer" crew of owners with high rates of speeding tickets, street racing tickets, and high damage accidents (i.e. high speed). Combined with the supposedly high costs of replacement parts, this made the IS300 one of the most expensive cars in America to insure.
If Lexus does manage to expand the demographics of the average IS owner, you should start seeing your insurance rates go down, but not for a couple of years.
Completely clean driving record - 12000 miles/year
300/300 coverage
100k property damage
Primary Health insurance is first insurance, then auto insurance comes in
Geico
27 year old married male
limited tort option (no one is NJ can afford no-tort, i.e. sue the crap out of people for even minor injuries, inconvenience)
2006 Legacy GT - 996 year
2006 G35 - 1237 year
2006 330i - 1130 year
2006 IS350 1350 year
Rates aren't technically that bad, but the IS had an MSRP 3k lower than the 330i (I actually had VIN numbers for the 330i and IS350 to base the quote off of). Still 20% higher for IS than 330i.
Reason for the high IS costs, the old IS300 was extremely high to insure due to the "boy racer" crew of owners with high rates of speeding tickets, street racing tickets, and high damage accidents (i.e. high speed). Combined with the supposedly high costs of replacement parts, this made the IS300 one of the most expensive cars in America to insure.
If Lexus does manage to expand the demographics of the average IS owner, you should start seeing your insurance rates go down, but not for a couple of years.
12-11-05, 08:04 PM
#33
I'm w/ USAA also and the my IS350 is only costing me an extra $640/6 mos. 32M w/ a relatively clean driving record. I've had a couple fender benders in the past couple years.
12-11-05, 08:05 PM
#34
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It is possible that IS300's had a higher crash and/or theft rate. So many young guys dig these cars and we all know what happens, statistically, when kids get a hot ride. That risk would be carried on to the IS250/350.
I just figured, "Hey cool, four doors. Insurance MUST be cheaper." And, not to insult anyone, the IS350 is quick but it is not in the same danger-zone as a Z06. I'm replacing a damaged fender on it now (soccer ball, long story) and let-me-tell-you parts are not exactly cheap for it (3x the price of replacing a fender on my wife's Jeep Libery, another sad story). If Lexus charges that much more for parts, well, I can't see how versus the legendary ripoff of BMW parts.
So something is not kosher.
I just figured, "Hey cool, four doors. Insurance MUST be cheaper." And, not to insult anyone, the IS350 is quick but it is not in the same danger-zone as a Z06. I'm replacing a damaged fender on it now (soccer ball, long story) and let-me-tell-you parts are not exactly cheap for it (3x the price of replacing a fender on my wife's Jeep Libery, another sad story). If Lexus charges that much more for parts, well, I can't see how versus the legendary ripoff of BMW parts.
So something is not kosher.
12-11-05, 08:44 PM
#35
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I just checked with Geico. They quoted me 592/6months in Phoenix. That is compared to 900/6months for USAA which I am currently with. I have a good driving record and a very good credit rating - USAA even says that they are giving me the best rate they can offer because of my good record.
Surprised there is such a big difference. Trying to sort things out with USAA because I don't want to leave them but if I can save more that 600/year I just may have to.
Surprised there is such a big difference. Trying to sort things out with USAA because I don't want to leave them but if I can save more that 600/year I just may have to.
12-11-05, 10:13 PM
#36
Lexus Champion
Originally Posted by Scooter24
I just checked with Geico. They quoted me 592/6months in Phoenix. That is compared to 900/6months for USAA which I am currently with. I have a good driving record and a very good credit rating - USAA even says that they are giving me the best rate they can offer because of my good record.
12-11-05, 11:37 PM
#37
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Originally Posted by genearch
Neither did I... 
I have never seen an inquiry on my credit report from an insurance company.
I have never seen an inquiry on my credit report from an insurance company.
12-12-05, 12:10 AM
#38
Lexus Connoisseur
Originally Posted by genearch
Neither did I... I have never seen an inquiry on my credit report from an insurance company.
I have never seen an inquiry on my credit report from an insurance company.
12-12-05, 12:55 AM
#39
Originally Posted by flipside909
Only a handful of insurance companies do it. Geico is one of them.
but anyway, it would be pretty "sad" imho if the insurance rate of this car is so high now already, considering that there is NO stolen rate or so associated with this car yet. for a car of this price and status and performance, that insurance rate is just too much imho
12-12-05, 03:02 PM
#40
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Originally Posted by Penforhire
Codex, if you've got a favored local agent please post or PM. I'm not against shopping it around some more but I have low expectations because of my favored status with Liberty Mutual
Another funny price was on 03+ Mustang Cobras (I was shopping these before I stepped up to the vette). The Cobra would cost me 50% more to insure than the Z06! Now in that case it had to be people wrecking and/or stealing them (slightly slower $35K 4-seat car versus $50K 2-seat car).
Another funny price was on 03+ Mustang Cobras (I was shopping these before I stepped up to the vette). The Cobra would cost me 50% more to insure than the Z06! Now in that case it had to be people wrecking and/or stealing them (slightly slower $35K 4-seat car versus $50K 2-seat car).
That's his e-mail address. You can talk entirely through e-mail, or call him. I ended up calling him. Totally great guy. Like I said before, I didn't end up using him, but I was so impressed, if you're considering Liberty Mutual, talk to him and see what he can do for you.
12-12-05, 03:39 PM
#41
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Originally Posted by jrudley
2006? my 50,000 400h is only 114/month. I use state farm..
12-12-05, 08:05 PM
#42
Pole Position
I just got a IS250 last week and went to my insurance agent the next day to transfer my policy. I have had the policy for 18 years and I have not filed a claim in 17 years. I'm 34, single, and have a spotless driving record. My previous car was a 2001 Monte Carlo SS that was $298 every six months for 50K bodily injury/25K property damage/50K uninsured motorist coverage.
The insurance agent took my info and said they did not have any rates on new 2006 vehicles yet, so she said she would estimate my premium on a 2005 IS300. She quoted me $560 every 6 months ($1120 a year). This was higher than I hoped for but not totally unreasonable. However I thought I might be talking to someone with a low IQ when she asked if the car has two airbags. I said it has 8 airbags. She asked again "does it have two airbags?"
So sign the papers transfering my policy over to my new IS250 and write the premium check. She gets up and walks over to a file cabinate to put my paperwork away. She looks out the window and says "Oh it's a car!" I say yes it is. "I figured up your quote as a 2005 luxury SUV." I said that should change my quote and premium. She said yes and all the paperwork I had just completed gets pushed into the shredder. I had to redo the paperwork for a car but the agent would not give my premium check back. She said if I overpaid it would be credited on my next premium. I asked for a new quote on a car, not a SUV, and she went back to the old line "we don't have the 2006 rates yet".
BTW Gieco wanted $1350/6 months, Progressive wanted $2450/6 months, and AIG wanted $4400/6 months
for the same coverage on me.
The insurance agent took my info and said they did not have any rates on new 2006 vehicles yet, so she said she would estimate my premium on a 2005 IS300. She quoted me $560 every 6 months ($1120 a year). This was higher than I hoped for but not totally unreasonable. However I thought I might be talking to someone with a low IQ when she asked if the car has two airbags. I said it has 8 airbags. She asked again "does it have two airbags?"
So sign the papers transfering my policy over to my new IS250 and write the premium check. She gets up and walks over to a file cabinate to put my paperwork away. She looks out the window and says "Oh it's a car!" I say yes it is. "I figured up your quote as a 2005 luxury SUV." I said that should change my quote and premium. She said yes and all the paperwork I had just completed gets pushed into the shredder. I had to redo the paperwork for a car but the agent would not give my premium check back. She said if I overpaid it would be credited on my next premium. I asked for a new quote on a car, not a SUV, and she went back to the old line "we don't have the 2006 rates yet".
BTW Gieco wanted $1350/6 months, Progressive wanted $2450/6 months, and AIG wanted $4400/6 months
for the same coverage on me.
Last edited by cmusic; 12-12-05 at 08:09 PM.
12-12-05, 08:12 PM
#43
Lexus Connoisseur
Originally Posted by rominl
interesting, i thought geico is more like an insurance brokage company
but anyway, it would be pretty "sad" imho if the insurance rate of this car is so high now already, considering that there is NO stolen rate or so associated with this car yet. for a car of this price and status and performance, that insurance rate is just too much imho
but anyway, it would be pretty "sad" imho if the insurance rate of this car is so high now already, considering that there is NO stolen rate or so associated with this car yet. for a car of this price and status and performance, that insurance rate is just too much imho
12-12-05, 11:22 PM
#44
Lexus Fanatic
Originally Posted by cmusic
I asked for a new quote on a car, not a SUV, and she went back to the old line "we don't have the 2006 rates yet".
I wonder what insurance companies base their calculations on when an all-new model line is introduced where there's no predecessor of the model to refer to. It's just silly that you end up paying for their laziness.
12-12-05, 11:27 PM
#45
Lexus Connoisseur
Originally Posted by XeroK00L
Geeez... You'd think it's their job to stay on top of all the new model releases as soon as they go on the market, yet they say they'll continue to use the 2005 IS300 data until it's the actual year of 2006? I wonder what insurance companies base their calculations on when an all-new model line is introduced where there's no predecessor of the model to refer to. It's just silly that you end up paying for their laziness.
I wonder what insurance companies base their calculations on when an all-new model line is introduced where there's no predecessor of the model to refer to. It's just silly that you end up paying for their laziness. It should be the least of your worries unless you're penny pinching to make your car and insurance payment. Then perhaps you bought the wrong vehicle for your budget. 
Last edited by flipside909; 12-13-05 at 02:13 AM.