Auto Insurance

Dick7Access

Dick7Access

Dick S
Local time
Today, 18:12
Joined
Jun 9, 2009
Messages
4,343
Hey Gang,

Please help me to do a little survey. I think I am being overcharged for my Auto insurance. I have been with Nationwide for over 45 years. I understand rates change by states, and by vehicle. I have a 2022 Nissan Frontier pickup truck and in FL. I am also very aware that people offering insurance for $33.00 a month is a come on, but I am paying $235.00 a month. Let me know from your experience if that seems high, low, just right.
 
Dick7Access said:
Hey Gang,

Please help me to do a little survey. I think I am being overcharged for my Auto insurance. I have been with Nationwide for over 45 years. I understand rates change by states, and by vehicle. I have a 2022 Nissan Frontier pickup truck and in FL. I am also very aware that people offering insurance for $33.00 a month is a come on, but I am paying $235.00 a month. Let me know from your experience if that seems high, low, just right.
Click to expand...
On the surface it appears that what you are paying is excessive. However, a definitive, answer would depend on where you live, your age, prior driving history, your car, etc. The best that I can suggest is contacting other auto-insurers and asking them for an estimate of what they would charge you..
 
Watch your TV for commercials of companies that would allow you to compare rates. You could also just do a Google search to "compare auto insurance rates in my area." There are some "broker" sites that will allow you to enter car data and get quotes for each of several companies. The down side of this is you get follow-up calls from insurance guys who REALLY want your business.
 
Steve R. said:
On the surface it appears that what you are paying is excessive. However, a definitive, answer would depend on where you live, your age, prior driving history, your car, etc. The best that I can suggest is contacting other auto-insurers and asking them for an estimate of what they would charge you..
Click to expand...
already done all that, I just interested in what are gang thought of my rate
 
The_Doc_Man said:
Watch your TV for commercials of companies that would allow you to compare rates. You could also just do a Google search to "compare auto insurance rates in my area." There are some "broker" sites that will allow you to enter car data and get quotes for each of several companies. The down side of this is you get follow-up calls from insurance guys who REALLY want your business.
Click to expand...
yes did a i9ntwrnet inquire. End up with many calls including my own agent.
Didn't do the TV I sold 5 TV's five years ago mostly removed from my RV's have not watch TV much for last 40 years
 
In the uk we have sites like goCompare, comparethemarket where you can compare house/car insurance, utilities, telecoms, broadband etc

We also have insurance brokers who search around for the best deals come renewal time.

do you have something similar in the US?
 
Wow $2800+ a year seems pretty high to me. There are a lot of factors taken into considerations by the underwriters. Age, driving/accident records, commercial vs. personal, miles driven per year, # of drivers in household, coverage limits, and more.

I pay $840 a year for both liability and comprehensive/theft. I pay $30 a year for my motorcycle, sometimes $20 but I don't know why. They just send me a refund check sometimes.
 
moke123 said:
Wow $2800+ a year seems pretty high to me. There are a lot of factors taken into considerations by the underwriters. Age, driving/accident records, commercial vs. personal, miles driven per year, # of drivers in household, coverage limits, and more.

I pay $840 a year for both liability and comprehensive/theft. I pay $30 a year for my motorcycle, sometimes $20 but I don't know why. They just send me a refund check sometimes.
Click to expand...
yes, I might not have worded my survey properly. I wasn't looking for ways to find a better rate. I have been around a long time. I know all the things that drive up rates, I have use a link thinking I was addressing a agent that wanted to look at my coverage, using location and see they could offer me a better deal. Instead as Doc said it was a app that probable gets there income from feeding agents. I received many inquiries even from my own agent. My intent for the post was to see if this was common throughout the USA, and or is other countries where higher, lower.
Sorry I worded it wrong.
 
Dick7Access said:
and or is other countries where higher, lower.
Click to expand...
Since you explicitly asked about insurance in other countries, here is my car insurance as an example. I live in Japan.

I pay US $380 per year for my car. (Each year without accidents, makes it cheaper)
To be able to compare with your situation, last year my annual income was a little more than US $64K.
Here’s the situation:

Discounts I have on this insurance:
  • Gold driver’s license: 10 years with no accidents and no traffic tickets
  • Age 35+ discount: Applies only if the driver is 35 years old or above
  • Family insurance: Covers only members of my household (those living at the same address). My sons are not yet 35. It means they can not use my insurance if they drive my car and have an accident. It means the possible drivers for this insurance are only me and my wife.
  • Non-Fleet Grade: 28 (28 years without accident)
    • Each year without an accident adds one grade and slightly highers the following year’s premium
    • The maximum is 20 years, which gives a 60% discount
Coverage:
  • Accidents causing injury or death (Injuries, Death, treatments, surgeries, lawsuits and lawyer fees, ....): Full coverage, unlimited
  • Accidents involving other vehicles: Full coverage, unlimited
    • This applies even if the other vehicle is a high-end car such as a Ferrari or Lambo, or .....
  • Accidents involving objects: Full coverage, unlimited
    • Road signs, guardrails, traffic lights, walls, buildings, houses, etc.
  • Comprehensive coverage: Up to US $9,500

Normally, if someone has an accident, the following year’s premium decreases by 10%.
However, because my Non-Fleet Grade is 28, I can have up to four accidents over four years without any premium decrease.
(Each accident reduces the grade by two levels: 8 ÷ 2 = 4.)
This system is designed to prevent drivers from avoiding insurance claims once they have reached the maximum discount.

Normally, all of these conditions are the same across insurance companies. The grade is based on my driving history, and it carries over even if I switch from one insurer to another.
The difference in price between companies mainly comes from how much discount they apply for the gold license and 35+ age categories.

We usually switch insurers only for additional services, such as: Free roadside assistance, free tow, Coupons or other perks
 
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Just as a follow up :
I don't know how car insurance works there, but here, normally the car is insured. It means that no matter who the driver is, the insurance can be used.
But, we also have the option to select to apply for personal insurance. In this case, the person is insured and can drive any car. It doesn't matter the car is insured or not.
 
Dick7Access said:
40 years here no accidents, 28 years no ticket, ticket was for making left turn were no left turn sign was hidden
Click to expand...
It's fine. But the question is how much it effects on the payment.
As I explained above, here, a full Non-Fleet Grade (20 years without accident) has a %60 discount. And it's huge.
%10 for gold license. 5% for 35+ age and so on.
I think you may want to check how your 40 years no accident effects your annual payments.
 
Unfortunately, in the USA, we have a corporate mindset about prices: "All the traffic will bear."

This phrase was used in the USA by Louis Brandeis (deceased, former Assoc. Justice, U.S. Supreme Court) and Harry Truman (deceased, former Senator and President of the USA) in the mid-20th century, most often used when discussing monopolistic practices. For our non USA-friends, that phrase is taken to mean "charge the highest price you can charge and still stay in business." It is the categorical opposite mind-set of the goal of competition, to charge the LOWEST amount you can charge and still stay in business.

Discounts? That's a competition trick where MAYBE there is a 3-month or 6-month discount but to get that discount you have to sign a year-long (or longer) contract that is more expensive to escape than the discount amount that was the enticement.

Car insurance is definitely one of the industries that follows that "all the traffic will bear" guideline.
 
The_Doc_Man said:
Unfortunately, in the USA, we have a corporate mindset about prices: "All the traffic will bear."

This phrase was used in the USA by Louis Brandeis (deceased, former Assoc. Justice, U.S. Supreme Court) and Harry Truman (deceased, former Senator and President of the USA) in the mid-20th century, most often used when discussing monopolistic practices. For our non USA-friends, that phrase is taken to mean "charge the highest price you can charge and still stay in business." It is the categorical opposite mind-set of the goal of competition, to charge the LOWEST amount you can charge and still stay in business.

Discounts? That's a competition trick where MAYBE there is a 3-month or 6-month discount but to get that discount you have to sign a year-long (or longer) contract that is more expensive to escape than the discount amount that was the enticement.

Car insurance is definitely one of the industries that follows that "all the traffic will bear" guideline.
Click to expand...
It seems your situation is very different from ours.
Here, there is a lot of effort to reduce car accidents.
For example, people who have a gold driver’s license (5 years with no accidents) pay less for var insurance, less for fuel (per liter) or oil, pay lower taxes when renewing their driver’s license, and receive a 0.1–0.5% lower interest rate on car loans. They also get cheaper car rentals and car-sharing services. In addition, many shops offer discounts for gold license holders, especially for reading glasses.
 
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KitaYama said:
It's fine. But the question is how much it effects on the payment.
As I explained above, here, a full Non-Fleet Grade (20 years without accident) has a %60 discount. And it's huge.
%10 for gold license. 5% for 35+ age and so on.
I think you may want to check how your 40 years no accident effects your annual payments.
Click to expand...
Right on! I live by the slogan, "Follow the Money" My agents may not be the best he can do for me.
 
The_Doc_Man said:
Unfortunately, in the USA, we have a corporate mindset about prices: "All the traffic will bear."

This phrase was used in the USA by Louis Brandeis (deceased, former Assoc. Justice, U.S. Supreme Court) and Harry Truman (deceased, former Senator and President of the USA) in the mid-20th century, most often used when discussing monopolistic practices. For our non USA-friends, that phrase is taken to mean "charge the highest price you can charge and still stay in business." It is the categorical opposite mind-set of the goal of competition, to charge the LOWEST amount you can charge and still stay in business.

Discounts? That's a competition trick where MAYBE there is a 3-month or 6-month discount but to get that discount you have to sign a year-long (or longer) contract that is more expensive to escape than the discount amount that was the enticement.

Car insurance is definitely one of the industries that follows that "all the traffic will bear" guideline.
Click to expand...
Right on Doc, we are on the same page. Even before I read your post I answer Kita's post the same way.
"charge the highest price you can charge and still stay in business.", "I LOVE IT"
 
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