What do you pay for your ISx50 insurance?
12-07-11, 06:49 AM
#31
Lexus Test Driver
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Location: Louisville
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Wow I think some people need to shop around, unelss they have a bad record.
25 Yrs Old
Full Coverage
$500 Ded.
Clean Record
Have home and another car with them.
$780 a year on 2011 IS250
25 Yrs Old
Full Coverage
$500 Ded.
Clean Record
Have home and another car with them.
$780 a year on 2011 IS250
12-07-11, 11:17 AM
#33
Driver School Candidate
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Join Date: Aug 2011
Location: FL
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I know, it's crazy what I pay. When I first got my car I was quoted about $5000 for 6 months by Progressive! I cringe a little when my coworkers complain about paying $600/6 months, haha. I've shopped around to no avail.
I don't live in a ghetto area either, but I'm not sure how much that plays a part in it anyways. Oh well.
I don't live in a ghetto area either, but I'm not sure how much that plays a part in it anyways. Oh well.
12-07-11, 08:22 PM
#34
Cost depends on where you live, all your coverages, how often you drive, engine size, age, driving record, martial status, how much other crap you have insured to (bike, house, etc.).
If you get low end full coverage then your monthly can be cheap... like 50/75/50, no uninsured motorist, and $1000 deductible. A lot of people who have full coverage have a lesser amount like this thus creating the cheaper monthly amount. The more coverage (as in the more money invested when something happens), the more the insurance.
29 years old, IS350, 1 speeding ticket (92 in a 65), live in Atlanta.
$128/month
Coverages:::::::::::::::::
Medical: $1,000
Bodily Injury: $300,000/$300,000
Collision: $500 Deductible
Comprehensive: $250 Deductible
Towing And Labor
Uninsured Motorist/Bodily Injury: $100,000/$300,000
If you get low end full coverage then your monthly can be cheap... like 50/75/50, no uninsured motorist, and $1000 deductible. A lot of people who have full coverage have a lesser amount like this thus creating the cheaper monthly amount. The more coverage (as in the more money invested when something happens), the more the insurance.
29 years old, IS350, 1 speeding ticket (92 in a 65), live in Atlanta.
$128/month
Coverages:::::::::::::::::
Medical: $1,000
Bodily Injury: $300,000/$300,000
Collision: $500 Deductible
Comprehensive: $250 Deductible
Towing And Labor
Uninsured Motorist/Bodily Injury: $100,000/$300,000
Last edited by dackp143; 12-07-11 at 08:57 PM.
12-07-11, 10:35 PM
#37
There are a number of factors that affect your rates. We can probably put them into 2 buckets, obvious and not so obvious.
Obvious - *THE REPLACEMENT VALUE OF YOUR CAR* (newer model=more expensive), your driving record, your age
Not so obvious - the zip code you live in, your credit score,
I have actually written software for the insurance industry and I can confirm that there are some very complex formulas involved, but it ultimately comes down to two different broad categories of influence:
1 - What federal law requires them to do
2 - What state law allows individual companies to do
Most insurance companies tell their teams to make sure we don't breach #1, but exploit #2 to the fullest. And, take a number two on the customer where possible
The reality is that #2 gives them a lot of capitalistic freedom, which means that they can choose to raise or lower your rates based on factors THEY (the company, not government) determines relevant. This is not necessarily bad, because in theory it should promote competition. This is good as long as you constantly check your rates every time your contract is up, and move to the lowest bidder for same coverage. Problem is, most people cannot be bothered to do that.
Yes, your financial history impacts your rates. Not just in the sense that not paying your bills makes you look irresponsible, but in the sense that having too many open accounts, and the individual category of those accounts affects your rates. For example, having one bank credit card with nothing owed is ok. Having two bank credit cards open with nothing owed is better. Having 3 bank credit cards and 2 retail store cards is worse and you will pay more on your insurance in some states, even if you owe no balance, because the fact you got suckered by retail cards makes you look riffraff on paper, and who needs 3 bank credit cards?
Likewise your driving record can impact your credit score! A friend of mine from college got the first DWI of his life in his late 30s, only to find his credit score got screwy as a result of it. He ended up paying something like a full percentage point more on a home mortgage loan because of something he did in a car?? Just goes to show how screwed up it all is.
Obvious - *THE REPLACEMENT VALUE OF YOUR CAR* (newer model=more expensive), your driving record, your age
Not so obvious - the zip code you live in, your credit score,
I have actually written software for the insurance industry and I can confirm that there are some very complex formulas involved, but it ultimately comes down to two different broad categories of influence:
1 - What federal law requires them to do
2 - What state law allows individual companies to do
Most insurance companies tell their teams to make sure we don't breach #1, but exploit #2 to the fullest. And, take a number two on the customer where possible
The reality is that #2 gives them a lot of capitalistic freedom, which means that they can choose to raise or lower your rates based on factors THEY (the company, not government) determines relevant. This is not necessarily bad, because in theory it should promote competition. This is good as long as you constantly check your rates every time your contract is up, and move to the lowest bidder for same coverage. Problem is, most people cannot be bothered to do that.
Yes, your financial history impacts your rates. Not just in the sense that not paying your bills makes you look irresponsible, but in the sense that having too many open accounts, and the individual category of those accounts affects your rates. For example, having one bank credit card with nothing owed is ok. Having two bank credit cards open with nothing owed is better. Having 3 bank credit cards and 2 retail store cards is worse and you will pay more on your insurance in some states, even if you owe no balance, because the fact you got suckered by retail cards makes you look riffraff on paper, and who needs 3 bank credit cards?
Likewise your driving record can impact your credit score! A friend of mine from college got the first DWI of his life in his late 30s, only to find his credit score got screwy as a result of it. He ended up paying something like a full percentage point more on a home mortgage loan because of something he did in a car?? Just goes to show how screwed up it all is.
Last edited by MBTC; 12-08-11 at 07:33 AM.
12-07-11, 11:19 PM
#38
Driver School Candidate
Join Date: Oct 2011
Location: CA
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I'm about 970 every 6mo w/ esurance............ thats for a 07' is250 and 08' evoX, my wife is on the policy too. I think the lexus is more then the evo, I have to check the coverage but pretty sure it is
12-11-11, 08:47 AM
#40
You guys paying next to nothing for full coverage, might want to check your coverage amounts. You might only be getting like 50/75/50 which is minimum coverage. If you hit someone and get sued but have crappy full coverage then you can count yourself in deep *****. If you get full coverage, make sure it's enough. Also, changing from a $1000 deductible to a $500 deductible is a deference of probably $10-60 per month.
On my car a $500 deductible for a IS350 in my county is $128 but with a $1000 deductible is $98 a month.
On my car a $500 deductible for a IS350 in my county is $128 but with a $1000 deductible is $98 a month.
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