Johnhav430

I always cringe when something comes in the mail from any insurance co., health care provider, something is certified mail, etc.

I email my buddy what's going on with Jake and his pants? He said this one is a Bud Dry. I think dang you are showing your age half the people on this planet wouldn't know your reference.

I decide to dig in. Both my wife's GM SUV and the BMW went down 7% overall. The Lexus, 2.6%. The LS430 is the least valuable and the most to insure. I attribute it to the demographics who drive LS430s, and also the fact that its list price carries a high cost of replacement parts I guess. One woulda thought the BMW would cost more to insure, faster car, sportier, blah blah blah. (don't tell Scotty)

Jake saved me $890/yr. switching last August from the hands people, then he gave me mothly payments with no fees and using credit card (earn points; hands people I paid 1 yr. in advance on home, 6 mos. in advance on cars, from checking). Now he just saved me even more. I get that all insurance is bad and not on our side, but paying less for the same is good.

Bocatrip

You don't know what it is to cringe! Palm Beach County in Fl is known for having some of the highest insurance rates in the country. I'm anticipating another increase and I'll be insuring my Jaguar separately through a collector car insurance company( Saves me about $500 a year). This time around I'm just about certain I will be dropping Collision on my 01. I'm certain my rate will still be close to $1400 a year, but it is what it is. Nothing I can do about it unless I move to Wisconsin that has some of the lowest rates.

Johnhav430

OUCH!! Just to give you an idea, my 2007 335i is $290 per 6 mos. (100 comp/500 coll and 100/300/100), and this is in the Phila. suburbs! When it was brand new, though, I clearly remember full coverage was high 700's per year. But the retail was almost 47k. Today retail is 10k if lucky.

With Allstate it was nearing $900 in 2019 (that number is a disgrace but shame on me for accepting it)--very bad. Someone at work told me it was my bad for staying with the hands people 9 years, bad mistake. Switch every 3 he says. Also Allstate was an increase every 6 mos. which is why I was suprised to see the drop after a single 6 mo. period with Jake.

Bocatrip

Forgot to mention......I always carry the same limits of liability. Here in Fl.....everyone loves to SUE. Liability: 250/500/100 Uninsured/Underinsured 250/500/100 There are so many drivers here without insurance or the minimum, that if I did not have Uninsured/Underinsured with high limits, I would not be properly insured......thus, the high premiums.

swfla

iTrader: (1)

That's amazing and good that your premiums decreased. About 2 yeasr ago Costco added auto and homeowners insurance to member benefits. It may vary by state. It's Ameriprise based. It saved me a lot on premiums and Costco is known for researching and offering quality products for good prices, not just cheap.

TriC

After being insured by Nationwide since I started driving in 1971, we recently switched to a regional company and saved 40% annually. This was on a lot of coverage: house, 4 cars, and an umbrella.

My theory is that a large part of the savings is attributable to the fact that a Midwest company is not paying hurricane and wildfire claims plus, unlike the big national companies, they essentially don't advertise.

Kira X

iTrader: (24)

Your 335i seems to be way cheaper to insure than my 07 328i. That thing was costing me $110 or so a month until a few weeks ago. I’ve had State Farm for years and my LS and 328i were killing me for the longest time.

It could be the area I live in but there’s luxury cars everywhere around here. I might resort to using their little driving monitoring system to save more money. I rarely drive anything except my ES300 now.

DoktorYes

I have a 2005 ls430 & a 1994 ls400 and I have only liability coverage with Allstate co., I have no tickets for the past 15 or 20 years and no accidents same time , I thought I was getting ripped-off by Allstate at $756.89 for a years coverage, but now that I see what my fellow members are being charged WOW. By the way I live in New Mexico, and yes we are part of good old U.S.A.. I was getting ready to find a new company, but I guess I will stay put for now. I hope I'am reading everything right. If anyone knows of a better deal please post it. Thanks.

Johnhav430

The other thing I've noticed when number of cars > number of drivers, let's say in my case round everything up to $300/6 mos. If we have $300 + $300 + $300, and car # 2 is dropped, the policy premium does not drop by $300. Maybe it goes down $230. Asked the agent once and he was not able to explain other than that's how it is....

Striker223

$350 a month for my 430, perfect record but I'm 24

$1350 for my truck, don't ask.

$120 for my Jeep.

swfla

iTrader: (1)

I've been reviewing my auto insurance every three years. I get quotes from several companies, mostly, not the big ones that you see tv ads for. In the past 30 years I've done this so many times, I now know the big ones have the biggest premiums. I make sure I compare exact coverages from each company. Some years I don't find a savings but most times I end up saving hundreds in premium payments each time I do this. Your age, credit score, driving record, zip code, brand and type of vehicle all make a difference. I mention this because a few comments here almost sound like people are making premium comparisons to each other. It's impossible to do this with any accuracy. About the only thing you can't quantify is customer service and ease of filing a claim. Hope you all take the time every few years to review your premiums and put that money savings into something you enjoy.

Johnhav430

That's been my experience--every time I shop by myself, the rates seem to be higher. When I get an unsolicited quote from an agent I do not know, it's much cheaper than what I am currently paying. So how do I get unsolicited quotes, meaning, how can I prompt them to happen, instead of being passive?

One thing to be transparent--when I say I saved $890/yr., one thing changed. My homeowners deductible went from $500 to $1000 as $500 is not offered anymore. I ran that by Allstate and he tried to use that as a means of keeping me. So I suppose if I did have a homeowner's claim, there goes $500 of the $890 savings if in the first year. After year 2 I think it doesn't matter. Meaning, never had a claim since 2002, why would 2019-2020 be the first time? So if it went as planned and August 2020 comes around and no homeowner's claim, it was a $890 savings. If there's a claim, it was a $390 savings. Either way, it's money in the bank.

Many people say a penny saved is a penny earned, and I believe them.

Johnhav430

That's been my experience--every time I shop by myself, the rates seem to be higher. When I get an unsolicited quote from an agent I do not know, it's much cheaper than what I am currently paying. So how do I get unsolicited quotes, meaning, how can I prompt them to happen, instead of being passive?

One thing to be transparent--when I say I saved $890/yr., one thing changed. My homeowners deductible went from $500 to $1000 as $500 is not offered anymore. I ran that by Allstate and he tried to use that as a means of keeping me. So I suppose if I did have a homeowner's claim, there goes $500 of the $890 savings if in the first year. After year 2 I think it doesn't matter. Meaning, never had a claim since 2002, why would 2019-2020 be the first time? So if it went as planned and August 2020 comes around and no homeowner's claim, it was a $890 savings. If there's a claim, it was a $390 savings. Either way, it's money in the bank.

Many people say a penny saved is a penny earned, and I believe them.

edit ps we gotta try to stop people from ripping us off. For the 2nd time, they tried to buy out my pension. That is the classic case of the city slicker trying to pay pennies on the dollar. There are specific cases where you should take the buyout--namely, your pension is above the guaranteed amount (not me lol not even close I'm not old enough I caught it when they were going away in 2000), and you suspect your co. will go out of business. I don't sknow what the number is but it's low $5,000/mo. I believe). It's just too bad that stealing is ok if it's legal, it shouldn't be.....

swfla

iTrader: (1)

Sorry about the pension situation. Unexpected things happen in life and saving money everywhere you can (in a manner that doesn't feel crazy, obsessive or cheap) is so important.

Johnhav430

Yes, no lie, I care about the $48 Mobil 1 rebate and felt upset when I didn't get it, and then when I did, the check is not acceptable by my banking app. $48 is not the end of the world, but it's $48. They just sent me a survey about the check and believe it or not I don't want to bother answering. I don't get any satisfaction in slamming them.

I just looked it up for 65 y.o. the maximum guaranteed is $5812.50 per month. Meaning, say you're going to get $7,000/mo. and your employer might be going bankrupt, you should consider the buyout. Those are two conditions right there--higher than insured amount, and company might go out of business, consider the buyout for less than what it's worth. Mine is only $800 hahahahaha not even close so it's fully insured no matter what. Mine true retirement is mostly comprised of 401ks which stinks because this means the shorter you live the better for your beneficiary, funds are finite. the defined benefit pension you want to live forever, it's guaranteed for life.

I just think that in general insurance people are trying to take advantage of us. If we have life insurance, they hope we live forever. If we have an annuity, they hope we die sooner than later. Sounds harsh, but they have names for their hedges. It's called a mortality risk expense, where they cover their bets if they miscalculate.