Insurance
Rennlist Member
Joined: Feb 2023
Posts: 89
Likes: 53
From: North Yorkshire
And I thought the UK had high insurance.
I complained when my landrover insurance went up to £540 a year, was shocked / fell off my chair when I was able to get the 992 insured for £430 a year, admittedly with reduced miles (8000) but still a cheap quote from a respectable uk company - esure
I complained when my landrover insurance went up to £540 a year, was shocked / fell off my chair when I was able to get the 992 insured for £430 a year, admittedly with reduced miles (8000) but still a cheap quote from a respectable uk company - esure
Racer
Joined: Apr 2022
Posts: 333
Likes: 145
From: Melrose, MA
Anyone seeing rate hikes recently? My policy just renewed with Geico and went up 21% with no accident or claims for years. When I contacted them they told me they had to raise rates for everyone to keep up with costs etc. I'm guessing this is just the typical games these companies play rather than an industry trend. It's never happened to me in the past. Anyone else seeing this lately?
Racer
Joined: Dec 2014
Posts: 296
Likes: 210
From: Michigan, MI
Anyone seeing rate hikes recently? My policy just renewed with Geico and went up 21% with no accident or claims for years. When I contacted them they told me they had to raise rates for everyone to keep up with costs etc. I'm guessing this is just the typical games these companies play rather than an industry trend. It's never happened to me in the past. Anyone else seeing this lately?
Rennlist Member
Joined: Oct 2002
Posts: 5,243
Likes: 6,318
From: Fairfax County, Virginia
Insurance is wildly variable and goes by the market you are in, and if the carrier is looking to write in your area in addition to your loss records, license, etc. Some of the companies you think are low on rates are some of the highest (USAA / GEICO). Mostly its which carrier is hungry for the business.
I just switched my Commercial Business policy last month for my two business trucks and business liability from Nationwide who I have been with 22 years when the upped the policy to $ 8,900. Progressive just entered the Virginia Market for Business Insurance and are aggressive in writing. $ 2,770 for the same exact policy and coverage. That's a significant gap.
I also use Progressive for my four personal vehicles. ('21 992S Cab, '21 Cayenne GTS, '20 Macan S, 22 Ford Ranger Lariat). $ 2,840 annually for all four, full coverage, $ 1K deductible. My rates went down on the most recent renewal by 10%.
You have to shop around. BTW, there are no aftermarket parts for Porsche to speak of, there are not enough units made to make it worthwhile for the Chinese to job. up on them, they stay in mass market cars.
I just switched my Commercial Business policy last month for my two business trucks and business liability from Nationwide who I have been with 22 years when the upped the policy to $ 8,900. Progressive just entered the Virginia Market for Business Insurance and are aggressive in writing. $ 2,770 for the same exact policy and coverage. That's a significant gap.
I also use Progressive for my four personal vehicles. ('21 992S Cab, '21 Cayenne GTS, '20 Macan S, 22 Ford Ranger Lariat). $ 2,840 annually for all four, full coverage, $ 1K deductible. My rates went down on the most recent renewal by 10%.
You have to shop around. BTW, there are no aftermarket parts for Porsche to speak of, there are not enough units made to make it worthwhile for the Chinese to job. up on them, they stay in mass market cars.
Three Wheelin'
Joined: Jan 2021
Posts: 1,887
Likes: 2,339
Anyone seeing rate hikes recently? My policy just renewed with Geico and went up 21% with no accident or claims for years. When I contacted them they told me they had to raise rates for everyone to keep up with costs etc. I'm guessing this is just the typical games these companies play rather than an industry trend. It's never happened to me in the past. Anyone else seeing this lately?
Notice how used cars have held their values like crazy? Well when your car is totaled, that means insurance companies pay more for total loss settlements. Car repairs take longer because of parts unavailability which drives up rental costs, rental cars cost more to rent because rental companies dumped all their fleet when pandemic hit then had to re-buy their cars at majorly increased prices which are passed onto renters. Same goes for injury claims because of vastly increased cost of medical expenses and increasing jury verdicts.
Racer
Joined: Nov 2020
Posts: 281
Likes: 105
A few comments on the Porsche Insurance:
The cost seems reasonable to me. I drive about 10,000 miles a year on my C2S. Cost is about $1700 a year. Base plus 10 cents a mile. The $5000 quote above does not seem correct.
I set the fixed value at $130,000. Saves any hassle about fair valuation.
One problem I discovered after being rear ended. Body damage about $18,000. I went after the other driver's insurance rather than Porsche insurance. So no experience with Porsche insurance service. The reason I did that is that the Porsche insurance contract limits diminished value claims to 10% of the damages. I was able to get $10,000 diminished value from the other driver's insurance.
The cost seems reasonable to me. I drive about 10,000 miles a year on my C2S. Cost is about $1700 a year. Base plus 10 cents a mile. The $5000 quote above does not seem correct.
I set the fixed value at $130,000. Saves any hassle about fair valuation.
One problem I discovered after being rear ended. Body damage about $18,000. I went after the other driver's insurance rather than Porsche insurance. So no experience with Porsche insurance service. The reason I did that is that the Porsche insurance contract limits diminished value claims to 10% of the damages. I was able to get $10,000 diminished value from the other driver's insurance.
Intermediate
Joined: Aug 2023
Posts: 43
Likes: 39
for the turbo s here in new jersey, which is crazy high for insurance, usaa has me at $3200. not great but not terrible. i need to change it to a agreed value type of policy. if it ever got totaled they would never give me anywhere near what its worth. my wifes sante fe got totaled in a hit and run. they really got me on that one. the check was about $7k short of current value at the time. they basically told me it is what it is and thats all they are giving me. with all that said, i dont feel too bad about the 3200 because i just got a quote to cover my boat at a mere $25k a year...nuts
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Pro
Joined: Dec 2014
Posts: 669
Likes: 1,075
Anyone seeing rate hikes recently? My policy just renewed with Geico and went up 21% with no accident or claims for years. When I contacted them they told me they had to raise rates for everyone to keep up with costs etc. I'm guessing this is just the typical games these companies play rather than an industry trend. It's never happened to me in the past. Anyone else seeing this lately?
Racer
Joined: Feb 2007
Posts: 288
Likes: 283
From: Fort Myers.FL
Insurance companies need to recoup their losses from the hurricane. All of my policies, from auto to homeowners, went up this year.
Three Wheelin'
Joined: Jan 2023
Posts: 1,296
Likes: 1,179
From: Nashville, TN
It's not my fault they were running such tight margins. Maybe don't pay the CEO 13million and tighten down on fraud. Insurance exists for a reason and when things happen they are just like oh crap we spent all the money we made so gotta jack up the rates (which will never go back down)
Drifting
Joined: Dec 2015
Posts: 3,313
Likes: 2,012
From: Chapel Hill, NC
I dropped USAA insurance for my home and auto and switched to Amica after being with USAA for 20 years. Their customer service has been amazing and they are rated as good or better than USAA. I got tired of USAA rasing their rates so they can pay for TV commercials--WTF! I still bank with them though but no loans or insurance.
Advanced
Joined: Sep 2023
Posts: 94
Likes: 53
I should definitely shop around to see if I get better rates