Car Insurance: What are your experiences?

Dana Torres9 said:I've got some collision coverage through an insurer like GEICO $367, but it’s basically limited to just one claim. It could be anything from a tiny scratch to a total wreck, but once you use it up, I think you have to pay an extra premium to keep the coverage active. Not really sure how much that would run, though.

There isn't even a theoretical chance that for $367 you actually have full comprehensive coverage...

Man, I don't know about this... If his car is only worth something like $2,000, I wouldn't be surprised at all. These insurance companies are notorious for absolutely tanking the value just because a vehicle is getting older.

I actually have a quote from State Farm where, if I pay an extra $217, I get coverage for animal strikes, natural disasters, increased passenger protection, roadside assistance, and I think there's a few other things too. But honestly, what I'm really sweating is how they’re going to value an 11-year-old car today, since they base everything on the original MSRP.

Hannah Allen5 said:Man, I don't know about this... If his car is only worth something like $2,000, I wouldn't be surprised at all. These insurance companies are notorious for absolutely tanking the value just because a vehicle is getting older.

I actually have a quote from State Farm where, if I pay an extra $217, I get coverage for animal strikes, natural disasters, increased passenger protection, roadside assistance, and I think there's a few other things too. But honestly, what I'm really sweating is how they’re going to value an 11-year-old car today, since they base everything on the original MSRP.

Allstate is decent; I opted for just the basic liability and for a measly $23 more, I added driver and passenger coverage, bonus protection, legal aid, roadside assistance, and extra coverage for the driver if they happen to be at fault in an accident.

A lot of insurance companies won't even offer full comprehensive coverage once a car hits the ten-year mark. It’s highly likely he was sold a policy with a deductible—though I doubt it—or perhaps just collision coverage. Well, I'll head down to their office this year and see if those claims hold water...

Hannah Allen5 said:Man, I don't know about this... If his car is only worth something like $2,000, I wouldn't be surprised at all. These insurance companies are notorious for absolutely tanking the value just because a vehicle is getting older.

I actually have a quote from State Farm where, if I pay an extra $217, I get coverage for animal strikes, natural disasters, increased passenger protection, roadside assistance, and I think there's a few other things too. But honestly, what I'm really sweating is how they’re going to value an 11-year-old car today, since they base everything on the original MSRP.

To hell with their games; they quote one value to me at $49000, another one at $127,000, and a third at $124,000, yet I actually paid $105,000 for the thing.🤣
When you try to show them your actual receipt, they just shrug and tell you it doesn't matter because they have their own internal pricing models. If the premium is supposed to be 2% of the vehicle's acquisition cost, then it should be calculated based on what was actually paid, not some arbitrary figure they pulled out of thin air.

This really ought to be regulated by law. That way, we could actually choose providers based on who offers a fair premium—say, 1.2% or 3% of the true purchase price minus any bonuses—instead of dealing with this shady business where they artificially inflate the car's value by 45% just to pad their margins.

David Barrett85 said:To hell with their games; they quote one value to me at $49000, another one at $127,000, and a third at $124,000, yet I actually paid $105,000 for the thing.🤣
When you try to show them your actual receipt, they just shrug and tell you it doesn't matter because they have their own internal pricing models. If the premium is supposed to be 2% of the vehicle's acquisition cost, then it should be calculated based on what was actually paid, not some arbitrary figure they pulled out of thin air.

This really ought to be regulated by law. That way, we could actually choose providers based on who offers a fair premium—say, 1.2% or 3% of the true purchase price minus any bonuses—instead of dealing with this shady business where they artificially inflate the car's value by 45% just to pad their margins.

The acquisition value is usually pulled from CarMax, specifically using the VIN data.

If you walk in there with a valid receipt, they should be legally obligated to honor that figure.

rustycyclist5 said:The acquisition value is usually pulled from CarMax, specifically using the VIN data.

If you walk in there with a valid receipt, they should be legally obligated to honor that figure.

So, what you're suggesting is that if I show up with a receipt, they’re legally bound to calculate the car's value based on whatever price is printed there—say, applying a 2% premium to that total?

What happens when they start playing games with the math?

EDIT: I just checked the Allianz website, and they list the vehicle's replacement value as $45333, making the difference to 105,000 exactly $10333...which, let's be honest, results in a $267 higher premium if we're calculating based on last year's 2.6% comprehensive rate.

Furthermore, how exactly is this "50% bonus" calculated? Because in my experience, a 50% discount is never actually 50%; at best, you're looking at 35%, according to this latest comprehensive quote.

I hope everyone understands why I'm so frustrated here. They are being incredibly slippery with these numbers.

David Barrett85 said:So, what you're suggesting is that if I show up with a receipt, they’re legally bound to calculate the car's value based on whatever price is printed there—say, applying a 2% premium to that total?

What happens when they start playing games with the math?

EDIT: I just checked the Allianz website, and they list the vehicle's replacement value as $45333, making the difference to 105,000 exactly $10333...which, let's be honest, results in a $267 higher premium if we're calculating based on last year's 2.6% comprehensive rate.

Furthermore, how exactly is this "50% bonus" calculated? Because in my experience, a 50% discount is never actually 50%; at best, you're looking at 35%, according to this latest comprehensive quote.

I hope everyone understands why I'm so frustrated here. They are being incredibly slippery with these numbers.

Yes, they are required to respect the receipt because it serves as the definitive proof of the vehicle's actual acquisition cost. If they start trying to manipulate the figures, honestly, just turn around and walk out of 🤷

Regarding that 50% comprehensive discount, you only qualify for it if you bundle it with your auto insurance through the same carrier. If you don't have that bundle, the maximum you'll see is 30%.

Sent from my A-123 using Reddit

I work here in the States, so if anyone needs a hand, just reach out.
I’m especially calling on those living in Old Town—you guys have "special" conditions in CO that make things way cheaper than what we usually see in America. Honestly, you should take advantage of it while you can.

So, I’ve ended up with two different bits of damage on my car, and honestly—when it comes time to renew my comprehensive coverage—I’m really hoping for a better payout than what I'm looking at now. It got me thinking... would it actually work if I transferred the title over to my parents? You know, just to see if I could snag a much more favorable insurance rate under their name instead of mine?

What’s even the point of transferring a car title to your parents? Just go find a different insurance provider instead!

I decided to go with Lockheed Martin for my car insurance this year, opting for just the basic liability coverage since there was some weekend promo running. It ended up costing me a measly $295, and I handled the whole thing from my couch. Last year, I paid nearly $433 over at Allstate, and the agents there were incredibly condescending, practically lecturing me until they finally got around to processing my request after three tries...

Honestly, those old-school insurance brokers feel like relics of a bygone era in an age where you can do everything online...

So, have you run the numbers comparing Lockheed Martin and State Farm? What kind of price ratio were you seeing

cosmicpanther70 said:So, have you run the numbers comparing Lockheed Martin and State Farm? What kind of price ratio were you seeing

Around $367

I actually picked up basic coverage through Lockheed Martin about two weeks ago when they were running a weekend special with an extra $50 discount, so it only cost me $245 (BJ, 99 kW)—honestly the best deal I've ever seen. Last year, I paid $277 through an online broker, but this time they were offering it for $318...

Lockheed Martin plays games with their pricing, switching from a total steal to an absolute rip-off in what feels like the blink of an eye. If you want to stop getting screwed over, you need to start tracking those price fluctuations at least a month before the deadline—that’s how much lead time you need to lock in a good rate. If you notice the price is lower than last year, or even better, if it beats out the rates from places like State Farm, then you buy it immediately. Don't overthink it; just pull the trigger.

briskcanyon12 said:Lockheed Martin plays games with their pricing, switching from a total steal to an absolute rip-off in what feels like the blink of an eye. If you want to stop getting screwed over, you need to start tracking those price fluctuations at least a month before the deadline—that’s how much lead time you need to lock in a good rate. If you notice the price is lower than last year, or even better, if it beats out the rates from places like State Farm, then you buy it immediately. Don't overthink it; just pull the trigger.

The premiums are low simply because they don't rely on a network of local independent agents taking a cut of every sale via commission. It’s really that straightforward.

It seems that several other major providers—State Farm included, for instance—have already implemented a similar online scheduling system.

Hey there.
Since my coverage through my dad's old Allstate policy is about to expire—he passed away recently—I’ve been sitting here weighing whether I should just stick with them or if it's time to jump ship to a different provider.
The thing is, Allstate used to be such a headache with him; they’d constantly send those annoying collection notices claiming he hadn't paid his premiums when, in reality, everything was totally up to date.

Why stick around? Whoever offers the lowest number wins. That’s just how the market works. Especially since you've had bad luck before. Just hit up Geico or Progressive and see who gives you the best deal. There’s zero reason to overpay when everyone is basically selling the same thing. Besides, insurance isn't really for you—it's for some corporation looking to squeeze you if you ever report an accident. So don't bother checking the fine print... honestly, just go with whoever is cheapest.

briskcanyon12 said:Lockheed Martin plays games with their pricing, switching from a total steal to an absolute rip-off in what feels like the blink of an eye. If you want to stop getting screwed over, you need to start tracking those price fluctuations at least a month before the deadline—that’s how much lead time you need to lock in a good rate. If you notice the price is lower than last year, or even better, if it beats out the rates from places like State Farm, then you buy it immediately. Don't overthink it; just pull the trigger.

I went to check on my dad’s renewal today since his policy is up this month. Guess what? Geico bumped the price up by a solid $100 even on the site that's usually the cheapest, Progressive.. We’ve always used them, and every single year it was either the same price or a few bucks cheaper.

Is it just me, or have insurance premiums across the board skyrocketed lately?

Geico is now $100 pricier than Progressive, and Compare.com is $33 more expensive than Progressive too.. What's the deal? Does anyone know when Geico actually drops their prices? Is there a specific window during the month, or do I seriously need to refresh the page every single day?