Insurance: What the Fr*ck!

[Frogger22]

Your insurance is based on the vehicles themselves, if you bundle, your age, your driving history, your zip code….if you want a good deal shop around but we can’t tell you

 

[Donovan]

I thought insurance was based on:

• History of your record
• Is this vehicle typically stolen or crashed a lot
• Reliability of vehicle according to some random agency or something

 

[nikhsub1]

I thought insurance was based on:

• History of your record
• Is this vehicle typically stolen or crashed a lot
• Reliability of vehicle according to some random agency or something

One of the biggest factors is LOCATION.

 

[CVP33]

Don’t underestimate the zip code. I moved from NC to SC, not coastal, no enhanced weather damage just the clear need for Tort reform playing out in insurance costs. My 2010 F-150 SCrew was $700 a year in NC, went to $1,400 in SC. Policy is State Farm, $500 ded, $500K/$500K, underinsured and uninsured coverage, trip interruption, rental car, safe driver, home/auto, etc. Now strangely my 2018 Raptor is also $1,400…..moving back to NC so hoping it drops to $700 annualized again.

 

[shigman]

Zip code and the risk rate of the vehicles seems to matter a lot assuming you have a good driving record. My C8 vette dropped my insurance down quite a bit from a SUV. Statistically they are driven a lot less than a 4 door SUV and tend to be garage kept so an over all less risky vehicle. Harris county since these lastest floods over the years has seen our rates go way up. Its kinda BS that insurance rates aren't based on your personal risk so much as how risky is that vehicle driven by the average person in this county.
If everyone that drives a mustang in your county totals it and you've had a flawless track record for a decade with your mustang, your insurance will still be high.

 

[V6Raptor]

One of the biggest factors is LOCATION.

Facts. Just moving 5 mins down to another county increased my rates.

 

[CruiserClass]

I thought insurance was based on:

• History of your record
• Is this vehicle typically stolen or crashed a lot
• Reliability of vehicle according to some random agency or something

You can break it down like this:

1) Risk from you. Your driving history, credit history, claims history. Driving metrics if you let them monitor you.

2) Risk from vehicle. It it commonly stolen? Is it commonly crashed? How expensive is it to repair when it is crashed? Body panels made of recycled soup cans or virginal cold pressed unicorn hooves?

3) Risk from location. Hurricanes? Hail? Thieves? Hurricanes of thieves?

"Back in the day" the companies had some wiggle room and could cut you a discount for some human factor to get or retain your business. Keeping in mind each state regulates insurance within it's borders often including allowable rates, as well as federal regulations, and in the US that's no longer a thing. Oversight agencies decided it was unfair or racist or something. So now whatever the equations says once those formulas are put in are what they charge you. Note they can weight the variables however they like, but it has to apply to every customer. So that's why nobody can tell you who's cheapest for you, you have to run the numbers and see because nobody's variables are yours.

 

[shigman]

The phenomenon I think we notice is you go longer and longer with no claims or tickets, your car gets older and less valuable which you’d assume would be less risk but rates always go up. My location must suck…lol

 

[New recaros]

My 23R was 150.00 a year cheaper to insure than my 21 Raptor.

 

[shigman]

My 23R was 150.00 a year cheaper to insure than my 21 Raptor.

Yeah i noticed a drop going from a 2020 to a 2023 35. I asked why, they said likely added safety features. That wouldn’t apply to a 21-23. I wonder if the R package puts it in a different category. If a lower ratio of Rs have been wrecked or stolen vs 35s maybe it’s considered lower risk. I wouldn’t be surprised a Demon is lower risk to insure than a run of the mil hellcat, likely different type of buyer purely based on the cost of it. I also imagine Demons tend to sit on painted garage floors where as a 5 year old hellcat could be more roughly looked after. All guess work of course.