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amanbhai
We have been paying high auto insurance premiums here in toronto (though not all of us), how about your auto insurance Folks
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tomvehoski
Prices are going to be all over the map since there are so many variables (driving record, type of car, where you live,...) that determine your price. I just switched to Progressive back in December from AAA, saving about $400 per year (2003 Tahoe). I had been with AAA forever until they decided to not renew my home owners policy last year due to "severe structural defects" - my front porch step was cracked, bought a new precast one for $35. I would have been fine with a warning to get it repaired, as I was already planning on, but they did not give me an option, so they lost all my business. Really irritating when I consider how much I paid them over 20 years with my only claims in that time a stolen stereo and cracked windshield.
It is amazing how much prices vary. Some places wanted double what I had been paying per year. Progressive came in with the best price and I have had good referrals about them. Make sure you shop around.
It is amazing how much prices vary. Some places wanted double what I had been paying per year. Progressive came in with the best price and I have had good referrals about them. Make sure you shop around.
Wes Bucey
Prophet of Profit
It is important to take emotion out of the equation when buying any sort of "term insurance" (pay for coverage for a defined period - no money "invested" on your behalf to return to you at the end of the term.)
Auto, home, health/medical, liability, etc. are all term insurance, with the fees based on what a particular insurance company perceives as "risk" tempered by competitive pressure from other insurance companies.
The risk factor is simply a compilation of past experience with similar situations projected onto a future where the insurance company hopes to make income on the invested premiums before it has to pay out a claim.
As investment income goes down (either bad choices or general market decline), premiums must rise to cover expected claims. Consider how many insurance companies were seduced into investing in Enron, WorldCom, and other recent market disasters. The lost income from investments must be made up by rising premiums. In the case of medical and property insurance, the costs of providing medical service or vehicle repair have soared, further eroding the pool of available money to pay claims.
In any given year, a single insurance company can have a good or bad combination of interest income and claim payout, which determines whether they raise or lower premiums.
Bottom line:
Shop for best price with no regard to "loyalty" - insurance companies have no loyalty to policy holders - only a contractual obligation to pay claims during the contracted term. Your obligation is similar - only pay premiums during the contracted term. Once the term is over, both you and insurance company are free to make other arrangements without remorse.
Tip: you are not responsible for making up bad investments by the insurance company with increased premiums for your insurance. Some insurance companies make drastic miscalculations on risk and end up paying out far more in claims than they anticipated. You are not responsible for the error, you should not pay more in premiums to make up for the company's error.
Auto, home, health/medical, liability, etc. are all term insurance, with the fees based on what a particular insurance company perceives as "risk" tempered by competitive pressure from other insurance companies.
The risk factor is simply a compilation of past experience with similar situations projected onto a future where the insurance company hopes to make income on the invested premiums before it has to pay out a claim.
As investment income goes down (either bad choices or general market decline), premiums must rise to cover expected claims. Consider how many insurance companies were seduced into investing in Enron, WorldCom, and other recent market disasters. The lost income from investments must be made up by rising premiums. In the case of medical and property insurance, the costs of providing medical service or vehicle repair have soared, further eroding the pool of available money to pay claims.
In any given year, a single insurance company can have a good or bad combination of interest income and claim payout, which determines whether they raise or lower premiums.
Bottom line:
Shop for best price with no regard to "loyalty" - insurance companies have no loyalty to policy holders - only a contractual obligation to pay claims during the contracted term. Your obligation is similar - only pay premiums during the contracted term. Once the term is over, both you and insurance company are free to make other arrangements without remorse.
Tip: you are not responsible for making up bad investments by the insurance company with increased premiums for your insurance. Some insurance companies make drastic miscalculations on risk and end up paying out far more in claims than they anticipated. You are not responsible for the error, you should not pay more in premiums to make up for the company's error.
I
IEGeek - 2006
Well said Wes - but what are you paying for insurance?
Here in sunny southern CA - it is all based on the rate you receive - there is no loyalty, if someone comes along tomorrow with a better rate I would switch in a heartbeat.
Here is the lowdown for me (perfect driving record, no tix or accidents in over 7 years, plenty of warnings though
) The better half has one speeding ticket from 4 years ago - 47 in a 35 no biggie. They also have our homeowner's insurance, ransom and catastrophic occurence insurance.
Annual Premium for 2005 Honda - $1,222
Annual Premium for 2004 Mercedes - $1,718
Annual Premuium for 42' Tiara Express - $8,400
You have to love CA!!!!! Just for fun I submitted online the same info to an unnamed website with the same vehicles but with an address at my parents in IN and here were the results:
Annual Premium for 2005 Honda - $713
Annual Premium for 2004 Mercedes - $854
No info on boat insurance.
Interesting isn't it?
Here in sunny southern CA - it is all based on the rate you receive - there is no loyalty, if someone comes along tomorrow with a better rate I would switch in a heartbeat.
Here is the lowdown for me (perfect driving record, no tix or accidents in over 7 years, plenty of warnings though
) The better half has one speeding ticket from 4 years ago - 47 in a 35 no biggie. They also have our homeowner's insurance, ransom and catastrophic occurence insurance.Annual Premium for 2005 Honda - $1,222
Annual Premium for 2004 Mercedes - $1,718
Annual Premuium for 42' Tiara Express - $8,400
You have to love CA!!!!! Just for fun I submitted online the same info to an unnamed website with the same vehicles but with an address at my parents in IN and here were the results:
Annual Premium for 2005 Honda - $713
Annual Premium for 2004 Mercedes - $854
No info on boat insurance.
Interesting isn't it?
Wes Bucey
Prophet of Profit
As we continually affirm: it pays to shop around and get the best deal.
Some people are deluded by the "giant economy size" scam and wrongfully believe they will ALWAYS get a better deal if they put all their vehicles and real property with the same insurance company.
In fact, it pays to shop them separately as a reality check, simply because some companies have a built-in prejudice against certain kinds of vehicles or properties in addition to a practice akin to "redlining" based on the geographic location where the vehicle is housed or used most.
Often big boat insurance, like a big boat loan, is best shopped through brokers who specialize in that kind of property.
Same thing goes for the "umbrella liability coverage" - especially important for high net worth individuals who may be seen as "deep pockets" for frivolous suits.
It may not be germane to the basic query, but it is important to check on the history of the insurance company in terms of grief when making a claim. There are some companies which offer bargain rates, but almost always require court action before they pay a fair claim.
Some people are deluded by the "giant economy size" scam and wrongfully believe they will ALWAYS get a better deal if they put all their vehicles and real property with the same insurance company.
In fact, it pays to shop them separately as a reality check, simply because some companies have a built-in prejudice against certain kinds of vehicles or properties in addition to a practice akin to "redlining" based on the geographic location where the vehicle is housed or used most.
Often big boat insurance, like a big boat loan, is best shopped through brokers who specialize in that kind of property.
Same thing goes for the "umbrella liability coverage" - especially important for high net worth individuals who may be seen as "deep pockets" for frivolous suits.
It may not be germane to the basic query, but it is important to check on the history of the insurance company in terms of grief when making a claim. There are some companies which offer bargain rates, but almost always require court action before they pay a fair claim.
A
Aaron Lupo
amanbhai said:
We are paying $800 a year on a Mercury Sable and and Buick Rendezvous I would have to double check but I think our deductible is $250.
Home owners Ins about $600 a year
Life insurance for the both of us about $350 a year.
I am sure we get some type of discount since we have it all via State Farm.
J
JerryStem
I remember when I moved from OH to New Orleans, my rates DOUBLED. I called State Farm innocently thinking this was a mistake, it was for an 84 Camaro in 1991.
Right now I think my wife's 01 Tiburon is running ~$500 every 6 months. My 93 Talon with minimal is about $100 every 6 months. (This is in NKY).
Jerry
Right now I think my wife's 01 Tiburon is running ~$500 every 6 months. My 93 Talon with minimal is about $100 every 6 months. (This is in NKY).
Jerry
R
Rachel
Age 25, female, driving a 2004 Mazda 3 and living within an hour radius of Toronto - I pay about $150/month.
I was paying about $230/month - till I moved out of the city, turned 25, and moved in with my fiancé - who is insured through the same provider (different broker, though). Because our cars are "garaged" at the same location, mine dropped about 15-20% - and then some more when our renter's insurance kicked in (again, through the same provider).
I was paying about $230/month - till I moved out of the city, turned 25, and moved in with my fiancé - who is insured through the same provider (different broker, though). Because our cars are "garaged" at the same location, mine dropped about 15-20% - and then some more when our renter's insurance kicked in (again, through the same provider).
sonflowerinwales
In the country
Ooooooooo thats expensive!
45 year old male, one speeding conviction, 25,000 miles annually, Peugot 405 diesel, garaged in a rural location, C$38 per month, my other vehicle, a 7.5 ton Bedford horse lorry, C$21 per month, motorbike is C$26 per month. But we are paying C$2 a litre for fuel!
Paul
45 year old male, one speeding conviction, 25,000 miles annually, Peugot 405 diesel, garaged in a rural location, C$38 per month, my other vehicle, a 7.5 ton Bedford horse lorry, C$21 per month, motorbike is C$26 per month. But we are paying C$2 a litre for fuel!
Paul
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