xjokerz

I was paying $242 a month for insurance for two vehicles, an Explorer that my mom drives and my ES. I called my mom the other day and told her we're switching to PEMCO. Quoted at $86.35 for the exact same policy, and it's official. Starting on April 1 we will be getting rid of Progressive and going to PEMCO.

Something doesn't seem right for it to be this much cheaper but I'll take it. Makes me wonder why I didn't do this much sooner.

What are some of your rates?

LexBob2

I pay $127/mo. for two cars (both 2019's an X3 and 5 Series) but it's really apples and oranges since rates vary widely based on models, location, age, driving record of drivers coverage etc. Your new rate sounds good though.

JDR76

My rates kept going up with my previous carrier, to the point that they wanted $400 a month to insure my 3 cars. I was with them for over 10 years but just couldn't justify that anymore, so I searched around and made a switch for a huge savings of a couple thousand dollars a year. It's easy to get stuck with the same company, and to accept small increases at each renewal, but it adds up after time and needs to be reevaluated.

mmarshall

I'm probably not the best example to be posting here, because I'm an unusually low-risk driver, don't drive many miles in recent years, and am already getting 10 different GEICO-discounts on my policy. I pay $64 a month, on my year-old Buick Encore GX, with $500 Collision Deductable and no Deductible on the "Other Than Collision" (Comprehensive)....otherwise, the usual limits. I also have a GEICO Policy-For-Life (in writing) where I cannot be dropped or denied a policy-renewal as long as premiums are kept up.

I could (?) probably be paying even a little less. I notice they charge four or five dollars a month for stuff that Buick already gives new vehicle owners......Emergency Road Service and Transportation expenses. I might drop that when it renews in June...but, really, it's just chump change.

mmarshall

That's not bad for two vehicles, especially if you are getting decent coverage.

Mike728

I haven't payed monthly since I was in my 20's. I currently pay ~$500 every 6 months for both my wife's 2019 and my 2021 vehicle. This is full coverage with State Farm. I also have homeowners insurance through them, so that helps.

LexBob2

I should have mentioned above that I pay every 6 months with State Farm too.

mmarshall

Same here with GEICO....but all you have to do is divide the 6-month figure by 6 to get the per month figure.

That was one of my (very few) complaints with GEICO. When I first joined them in the early 1980s, they had a full one-year policy......none of this 6-month crap. Most of the other companies had already switched to 6-months, though, and, sure enough, they followed suit a couple of years later. Overall, though, I can't complain......they have treated me extremely well.

The reason (at least in public) that insurance companies give for dropping the old one-year policies was that some irresponsible drivers were costing them a ton of money in claims/liability, and that having to keep them for a whole year before they could be dropped was too much. Perhaps.....but six months is also an excuse to raise rates twice a year instead of once.

RA40

iTrader: (6)

Many variables, I've cut back on coverage during covid, the annual rate for 2 drivers is $1178 from So. Cal, AAA. It goes up each year about $60. I thought it would decrease as the cars aged but that stopped about 4 years ago with the best being ~$940. Last year between the two cars was under 5K miles, the Lex was driven 1134 and 3370 in the Corolla. If the gas prices remain as they are I suspect less driving but AAA does not have any lower tiers for drivers. The rep mentioned I'm already at the lowest tier so no more rate reductions.

mmarshall

One thing that is affecting insurance rates, even independent of accident/medical payouts, is the recent sharp rise in the value of new and used cars. If one's car is stolen or totaled, it's substantially more expensive for the insurance company to give you a check for its worth than it was a year or two ago.

xjokerz

It's about middle of the road coverage. Not the minimum but not top of the line. Frankly I think that's a waste, considering it's just the two of us on the policy. She barely drives anywhere. I put more miles last month on my car than she's driven in the last 3 years.

SW17LS

This is a bad idea, IMO. Insurance is something that when you need it, you need it. That doesn't mean that you should overpay for it, but it does mean you should get it from a reputable company that will be there if you need to collect on your policy. What is PEMCO? If I've never heard of them I'm not paying them for insurance.

Insurance companies penalize customers for staying with them a long time. I was with Allstate for years and years and was paying about $3,500 a year for our two cars. I switched to Progressive and the rates went down $1,300 a year, so now we're paying $2,300 a year for both cars (and they are expensive new cars). I would shop around amongst well known and regarded companies.

Another thing, don't pay monthly. You are actually paying more to pay monthly, just pay in one payment every year. Also if her car is old and she rarely drives, does it make sense to have full coverage on it or just liability? Your ES is old too if I remember, same question there.

Do you own a home? Insurance with your home and car should be with the same carrier to get the multi-line discount. If you rent you can also achieve that with a renters policy.

Striker223

You should try and package car insurance with your house and other items you want protected, I am on USAA thanks to my wife and man their rates are insane.

I don't have collision on the LSs since they are totaled if I have so much as a fender tap but I have fairly high medical (one step down from max) and property plus towing and under/non-insured others for $90 for each car a month paid yearly. The whole fleet is under $1500 a year

SW17LS

Good for cars, but in my experience shockingly high for homeowners insurance. I'm in the real estate business and I see lots of homeowners policies and I am consistently shocked by how high USAA is. Its very hard to convince clients that they should shop it too because they believe so strongly in USAA.

Worst one I ever saw was a $900 condo policy when that condo should have been $350 or so.

EZZ

I'm with you...never skimp on insurance. I actually max my liability on my car to about $750k. So many Ferraris and Lambos in my area and would suck if your insurance didn't cover hitting it. Another $500-1000k per year is dirt cheap vs piece of mind and protection.