Dani-Mani
Pearl Clutcher
Posts: 3,709 
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Post by Dani-Mani on Aug 8, 2014 21:29:46 GMT
I had joint insurance for a long time with a family member, and our six month premium was about $1,000.
I moved (to a no-fault state) recently and got my own insurance. I almost passed out--with the same company and the exact same coverage, I'm actually paying $150 MORE for ONE car than we were paying with two!
Shopping around, the cheapest I could get with the same coverage was only $20 cheaper.
So I'm wondering if maybe my limits are too high?
I have $100,000/$300,000 for bodily injury liability as well as uninsured motorist bodily injury.
I have to carry personal injury protection, which I did not have before. That alone is another $250 a month...geez!
I also have $50,000 in damage liability.
I drive a 2008 Toyota with 40,000 miles in excellent condition and I've never been in an accident.
I asked the agent and she explained that part of the huge increase is because this is a no fault state. Having never once lived in a no fault state, I'm trying to learn more about what this means if I'm ever in an accident. But she also assured me most of what I'm carrying is normal.
I know car insurance depends on a lot, which is why I'm more interested in what you carry vs. what you pay each month.
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Post by cadoodlebug on Aug 8, 2014 21:36:21 GMT
We get so many discounts ~ multi-line, multi-car, good drivers, mature drivers, loyalty, etc. that our semi-annual rates for 3 cars is less than $800 total.
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Dani-Mani
Pearl Clutcher
Posts: 3,709
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Post by Dani-Mani on Aug 8, 2014 21:39:04 GMT
I get that Joy, but a lot of your cost depends on your car, the age, etc. I'm trying to figure out what limits other people carry? I'll accept the crazy cost (and I get many discounts, too) if I'm carrying what most people are carrying in terms of limits.
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Post by Charlotte on Aug 8, 2014 21:54:21 GMT
I wouldn't ever go lower than 100/300. Ever.
Different states have differrent rates based on a lot of things, including the number of accidents reported in that state. Sounds like you moved to a high/rate state.
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Deleted
Posts: 0
Oct 8, 2024 6:47:33 GMT
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Post by Deleted on Aug 8, 2014 22:05:20 GMT
When DH and I first moved to Michigan, a no fault state, our insurance policy tripled! No tickets, no claims, low mileage, elderly car. Once we added teenagers to the policy it became ridiculous. We shopped around, checked on reducing the limits, increasing the deductible, but it was still awful. Our agent did everything he could but it was still a heart stopping level of expense. It looks like your limits are as low as you should probably go based on what we were told a couple of years ago. The personal injury protection is what got us as well. In Michigan (at least 2 years ago, don't know if it has changed), if you were injured in an auto accident, your medical expenses were paid by your auto insurance for as long as they were incurred. We were personally aware of a family who had a member who had significant head injuries during a car accident (no seatbelt) and the insurance company was going to have to pay for everything for as long as they lived. The insurance premiums are so high now that many people just don't have insurance which drives the 'uninsured' motorist premium higher. Vicious cycle.
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smartypants71
Drama Llama
Posts: 5,818
Location: Houston, TX
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Post by smartypants71 on Aug 8, 2014 22:17:44 GMT
$250/month just for PIP? are you sure that's not for the entire policy bc I only pay $15/mo for PIP.
But to answer your question. I carry 100/300/100 + PIP, 100/300 Uninsured Motorist + 250/500 deductibles + rental coverage
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johnnysmom
Drama Llama
Posts: 5,684
Jun 25, 2014 21:16:33 GMT
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Post by johnnysmom on Aug 8, 2014 22:55:23 GMT
We have similar coverage w/ a $500 deductible for a 06 Hyundai Sonata and brand new Jeep Grand Cherokee. For 2 drivers, late 30's, we pay just under $1000/6 months. Stupid Michigan no-fault insurance  ETA the PIP coverage is about $150 of that. |
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Deleted
Posts: 0
Oct 8, 2024 6:47:33 GMT
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Post by Deleted on Aug 8, 2014 23:00:09 GMT
Those limits were very much the norm 25 yrs ago when I worked in the insurance industry. I would guess that today, that's on the very low end and I would not reduce coverage further.
Rates can vary greatly by state...and even by the county in which you live. |
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Deleted
Posts: 0
Oct 8, 2024 6:47:33 GMT
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Post by Deleted on Aug 8, 2014 23:02:59 GMT
We carry Liability ($100,000/$300,000); Property Damage ($100,000), Personal Injury ($5,000), Uninsured/Underinsured ($100,000/$300,000), and coverage for damage other than collision.
Our cars are older, so we don't have full coverage (2002 Explorer and 2005 Grand Cherokee). Our premium is $293.00 for 6 months. We do not have any multi-discounts. $250 deductible
The PIP is $8.98/per vehicle/6 months.
We have used the PIP in the past when we were hit by an uninsured driver and $5,000 was sufficient because our medical insurance picked up where that left off.
ETA: We don't have it currently, but we previously had a $1,000,000 umbrella policy that covered everything over the limits for our auto and home insurance.
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Dani-Mani
Pearl Clutcher
Posts: 3,709
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Post by Dani-Mani on Aug 8, 2014 23:03:31 GMT
Those limits were very much the norm 25 yrs ago when I worked in the insurance industry. I would guess that today, that's on the very low end and I would not reduce coverage further.
Rates can vary greatly by state...and even by the county in which you live. According to my agent here as well as my previous agent, these are the recommended limits. I honestly don't know anyone who carries more (even on this thread it looks like this is the norm). |
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Post by BeckyTech on Aug 8, 2014 23:08:19 GMT
Your coverage sounds normal to me, but the other factor that has the biggest impact on premiums is your deductible and you didn't mention that.
Check with your insurance company - you should be carrying apartment insurance (I think you rent) for your contents anyway. If you have both car and apartment insurance with the same company that will help reduce both rates.
You could also check to see what other discounts they might have available. Low mileage if you live close to work is one type of discount. Companies don't usually offer that automatically, you have to ask for that. Another is if you have a real car alarm installed, another might be a safe driving class. (I admit, I checked and the amount of time I would have to spend in a safe driving class didn't amount to a hill of beans on the discount it would provide.)
But I would not lower the coverage amounts you have, those are pretty standard looking to me. (Except a whole $250/mo for personal inury, I'm guessing that is a typo?)
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Post by whipea on Aug 8, 2014 23:09:02 GMT
I live in a very high cost for auto and homeowners state. I pay about $4,500. a year for one motorcycle and two vehicles. One of the vehicles is a 2000, the other a 2013. Neither are exotic or super expensive cars. No tickets or accidents in about 15 years. I think the deductible is $1,500. Don't even ask about the homeowners insurance, it is frightening.
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Post by cmpeter on Aug 8, 2014 23:09:59 GMT
We have Allstate and three cars. For the car most similar to yours (2007 Infinity SUV), we pay $593 every six months. Our limits are higher than yours:
Bodily Injury 250K
Property Damage $100K
Unisured Motorist has the same limits
Not sure if WA state is a no-fault state or not.
We have discounts for passive restraints ($18.12), Premier Plus...don't know what that is, but I like it ($166.17), Multiple Policy ($53.76), Easy Pay Plan ($25.48), Antilock Breaks ($41.48) and Good Payer ($25.48).
Deductible is $500 (Collision) and $250 (Comprehensive).
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IAmUnoriginal
Pearl Clutcher
Posts: 2,894
Jun 25, 2014 23:27:45 GMT
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Post by IAmUnoriginal on Aug 8, 2014 23:16:24 GMT
We carry 250/500 bodily injury, uninsured and underinsured, 100K in property damage, 50k medical payments, road service and vehicle rental package, full safety glass coverage, and have $500 collision and $250 comprehensive deductibles. Our premium for a 2008 Hyundai and 2013 Kia is $112 a month to cover both cars. The 2013 is a little cheaper than the 2008 due to a new vehicle discount. We have a $1M umbrella liability policy on top of the BI limits.
Does your state use credit based insurance premiums? If so, is your credit impacting your premium? The company I write business for uses a credit score system and the premium difference between average, good and excellent credit is a pretty big swing. Anything below average is absolutely insane. Your agent is required to share the results of the score pulled on your if it is used to calculate your premium. My company doesn't see your actual credit score. We see a letter-number combo, A1, A2, B3, B4, C5, C6, C7, D8 & F9.
Also, ask if your billing plan is impacting premium. The company I write for charges 18% more in base premium plus a $3 service fee if you ask to be invoiced every month vs. setting up auto withdrawal or paying the whole 6 months up front. Being billed Quarterly is also more expensive for the base premium.
ETA: IL is an at fault state and we live in the outlying suburbs of Chicago.
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Dani-Mani
Pearl Clutcher
Posts: 3,709
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Post by Dani-Mani on Aug 8, 2014 23:16:39 GMT
But I would not lower the coverage amounts you have, those are pretty standard looking to me. (Except a whole $250/mo for personal inury, I'm guessing that is a typo?) No, it's not. Given my little knowledge about this, I think this may be the reason the premium is so high. I'm going to look more into it and call the agent with some questions, and go from there. Thanks everyone! |
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Dani-Mani
Pearl Clutcher
Posts: 3,709
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Post by Dani-Mani on Aug 8, 2014 23:17:52 GMT
Does your state use credit based insurance premiums? If so, is your credit impacting your premium? The company I write business for uses a credit score system and the premium difference between average, good and excellent credit is a pretty big swing. Anything below average is absolutely insane. Your agent is required to share the results of the score pulled on your if it is used to calculate your premium. My company doesn't see your actual credit score. We see a letter-number combo, A1, A2, B3, B4, C5, C6, C7, D8 & F9. Also, ask if your billing plan is impacting premium. The company I write for charges 18% more in base premium plus a $3 service fee if you ask to be invoiced every month vs. setting up auto withdrawal or paying the whole 6 months up front. Being billed Quarterly is also more expensive for the base premium. Again, great things to ask my agent. I have no idea to be honest. You guys rock! |
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Post by 950nancy on Aug 8, 2014 23:20:42 GMT
Do not give up the uninsured/underinsured motorist in any part. We are dealing with that right now. The lady that hit my son had the lowest level available and that was gone with the cost of the emergency room. Since then, he has seen so many dr.'s, surgery, rehab, etc. She was a young girl without much to her name and suing her seemed illogical. We are paying out of pocket now because of the costs. it is amazing how fast the $ goes. Keep yourself covered. These things do happen.
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Post by mightyme on Aug 8, 2014 23:34:35 GMT
Found this.. The 12 states with no-fault systems are Florida, Hawaii, Kansas, Kentucky, Massachusetts, Michigan, Minnesota, New Jersey, New York, North Dakota, Pennsylvania and Utah. Read more : www.ehow.com/list_6705251_list-no_fault-insurance-states.htmlOur insurance is really low. So I dont think that is what is causing it. Did you move to a big city? We just added a 5th car (4 drivers) it costs $1019 every 6 months. Liability only. |
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Post by smokeynspike on Aug 9, 2014 3:15:51 GMT
I live in Utah. We have three cars (one is a 2014 too) on our policy at the standard 100/300 and we only pay $660 every six months, even in a no-fault system.
Melissa
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tracylynn
Pearl Clutcher
Posts: 4,899
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Post by tracylynn on Aug 9, 2014 5:04:28 GMT
I had joint insurance for a long time with a family member, and our six month premium was about $1,000. I moved (to a no-fault state) recently and got my own insurance. I almost passed out--with the same company and the exact same coverage, I'm actually paying $150 MORE for ONE car than we were paying with two! Shopping around, the cheapest I could get with the same coverage was only $20 cheaper. So I'm wondering if maybe my limits are too high? I have $100,000/$300,000 for bodily injury liability as well as uninsured motorist bodily injury. I have to carry personal injury protection, which I did not have before. That alone is another $250 a month...geez! I also have $50,000 in damage liability. I drive a 2008 Toyota with 40,000 miles in excellent condition and I've never been in an accident. I asked the agent and she explained that part of the huge increase is because this is a no fault state. Having never once lived in a no fault state, I'm trying to learn more about what this means if I'm ever in an accident. But she also assured me most of what I'm carrying is normal. I know car insurance depends on a lot, which is why I'm more interested in what you carry vs. what you pay each month. Do you have a Costco membership? You might try their insurance. I pay $850 a year for very similar coverage on a 2008 car. I'm not sure about the no-fault stuff though ... I didn't read all the replies, but wanted to point out that Costco could be an option. They insure through Ameriprise and I've NEVER had any issues with them and have never found another carrier that can beat them. |
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