fast1

My scenario only applies to those who have had the same auto insurance carrier for a number of years. In my case it was over 20 with a well known carrier that advertises extensively on TV and radio. What happened in my case is that over the years there was an incremental price increase each six months until it hit $1293 for six months for insuring a Porsche and an Audi. Neither my wife nor I had any accidents nor moving violations in that time frame. So I called the insurance company and told them that I had found a better rate with another company and was not going to renew my coverage. After listening to my complaint the insurance agent transferred me to another agent to ensure that I was getting the lowest possible rate. So the second agent noticed that my credit history wasn't being considered in assessing my rate, and if I gave her permission to check it out, it could possibly reduce my rate. So five minutes later she reduced my rate from $1293 to $840 because of my outstanding credit ratting. BTW my coverage provides $300K bodily liability per person and the same amount of coverage for uninsured motorist. The $300K is required to qualify for the $2M umbrella policy that I have. Property damage is $150K with a $250 deductible.

So unless I called I would have been paying $450 more every six months. The lesson learned is that just because you have been dealing with the same insurance company for a number of years, don't assume that they are going to automatically give you the best rates.

ds2k18

Thanks, fast1. Out of curiosity, what state are you in?

fast1

Maryland

Jim991

Sounds like what I go through with my Sirius renewal every year. I don’t know why you are put off by these tactics. Insurance companies are for profit businesses. Their model is take in as much premium revenue as possible while minimizing claim payouts. All of their nonsense advertising about good hands and so on is designed to increase profits.

Porsche_nuts

Good advice. Thanks for the reminder - if you don't ask, you don't get.

A

NJ991

Really, your credit score lol. I’ll be calling my insurance company and see what I can get outback of them. Thanks for the post.

ForbiddenRooster

Happened to me as well. One day it hit my how much I was paying for insurance. I looked through all my paperwork, and sure enough exactly $25 increase every six months for years. I had to cancel before they “found” a way to reduce it from $2400 to $850. Don’t worry, if we have the same company it will start going back up again. I am in VA.

Jim137a

There’s a host of factors that affect your auto insurance rates the first link shows the most obvious ones including your credit score.

The other factor most insurance companies look at is your educational background, obviously the more highly your educated the less you will pay.

https://www.insure.com/car-insurance...e-factors.html

https://coverhound.com/insurance-lea...nsurance-rates

bkrantz

Running a business to generate profit is admirable. Using sleazy tactics is not.

fast1

Interesting reading. Thanks for sharing. Most of the factors that determine insurance rates are obvious, but credit score puzzled me until I read your link.

superdog

Good points here.

Ive been with my carrier a long time. But I now have everything with them. Home, rental, 3 cars, umbrella.

I do have 4 points on my license. But I’d love to reduce it, if it’s possible.

Might as well llay the game.

jnolan

friends in the insurance business told me that the best strategy is to change your carrier every two years and price shop annually. I did and now have 4 companies for 7 cars and multiple properties. My vehicle insurance alone has dropped from roughly $13k a year to $4k. I am in the age sweet spot, 830 FICO, great driving record. You have to be really aggressive with insurance companies or they will totally scam you. This is a business that profits most when customers are not paying attention and the vast majority of customers do not pay attention to insurance because of the nature of the insurance, you only think about it when you need it

fast1

And when it comes time to paying the premium. The challenge is to get the best price on a quality policy. For example I insist that my insurance carrier use OEM parts. My understanding is that most carriers don't offer that guarantee. For example there's a body shop that I use that restricts its business to high end cars, and they will not repair cars insured by certain insurance carriers because of their policy regarding the use of OEM parts. So when shopping for insurance, it's important to ensure that you are doing an apples for apples comparison when comparing rates.

jnolan

I don’t know... it ultimately is a cost/benefit equation. I just had the windshield on my AMG replaced and I did not realize I have an OEM glass rider on my policy. The car is 3 years old, I have been paying for that rider for 3 years... if the OEM glass cost delta is less than the premium on the rider, I came out worse off. I always go for the highest deductible and limit the coverage knowing I have an umbrella as a backstop.

People on this forum are not likely to agree with this comment, but cars are appliances and if my 911 suffered meaningful damage (let us say $15k is meaningful) I would have it repaired and sell it.

Bob Z.

I had Allstate for years and the prices kept going up with no tickets, claims, etc. I talked the agent and he could not lower it at all, no matter what and I have 825 credit. He did check rates with other providers but they were higher so I started checking them on my own and Progressive was half for the 911. Loyalty does not matter with insurance companies so shop around if you feel you are paying to much. And why do people say "carrier" and not name the company?