Z06Vette.com - Corvette Z06 Forum - Insurance just doubled!Any good insurance companys?

Steve T · 03-18-2002, 06:50 PM

I just received my insurance renewal for my Z and they have doubled my rate! Does anyone have a good insurance company that will insure several cars (8 with 3 drivers)?

The rate is not bad, $680 for 6 months but it was $390 the last 6 months! No tickets, accidents or claims.

I want to check out my options before I talk to my agent.

Thanks,
Steve

**PerforminNorman** · 03-18-2002, 06:52 PM

Why did it double? Tickets? Accidents? Just a rate hike?

pmontelo · 03-18-2002, 07:03 PM

My rates have not doubled (thankfully), but they have gone up twice in a row, 10% six months ago, another 16% this time!

My insurer says this is because of all the claims in my state... even though I have no tickets, accidents or any claims on my policy ever, my rates get jacked....

All they say is it would have been worse if I did have claims.

Z0000006 · 03-18-2002, 07:08 PM

Quote:

Originally posted by Steve T
I just received my insurance renewal for my Z and they have doubled my rate! Does anyone have a good insurance company that will insure several cars (8 with 3 drivers)?

The rate is not bad, $680 for 6 months but it was $390 the last 6 months! No tickets, accidents or claims.

I want to check out my options before I talk to my agent.

Thanks,
Steve

Steve,.....You HAD a hell of a deal!!!! I shopped for a month plus, and found NOTHING close to the rate you had!

I went with Progressive, $1250 a year.....would have been $990, but the old "Ball&Chain" has a ticket for 10 over!

Amazing what a very minor speeding ticket costs you over 3 years that it stays on your record......$750.00 in our case!

The best rate I found was Allstate, but chose to not go with them, mainly bercause of a friends business relationships with Allstate, and him telling me what Bastards they are when it comes time to pay on a claim! Don't need that sh!t!

Good luck, it is a frustrating thing, been there, done that, hated every minute of it!

Z06ROD · 03-18-2002, 07:11 PM

I had mine with Travelers, but when I received my renewal they had added a $300/6 month "Performance Car" surcharge. I had been with them for about 5 years, no claims, accidents, tickets or anything. Also, had my Expedition and Homeowners with them.

So, I went and talked to American Family. They saved me $1000 a year over Travelers for auto and homeowners combinded. The Expedition went down from $480/6 months to $380/6 months. The Z is about $480/6 months.

Give American Family a shot. They saved me a few $$$$

EDIT: 7500 MILES PER YEAR ON THE Z WITH AMERICAN FAMILY, BUT IT IS A WEEKEND CAR ONLY ANYWAY SO I SHOULDN'T NEED ANY MORE MILES THAN THAT IN DENVER.

Steve T · 03-18-2002, 07:12 PM

No tickets, no accidents, no claims, no changes on my end at all.

After taking another look at all crap that came with the new policy, it seems they are changing the Z06 over to a different carrier within the company. This is not making me very happy...

Steve

fyrcaptain · 03-18-2002, 07:23 PM

I pay 385 for 6mnts on the Z06
Just got my renewel and in some categories I had a 40% increase on my other vehicles, but overall my total went down like $100 year, go figure!!

Hope I don't get the open cheek special in June

**PerforminNorman** · 03-18-2002, 08:03 PM

Steve, it is definitely time to shop. Maybe the agent needed a raise. hahaha

David Pintaric · 03-18-2002, 08:18 PM

Insurance rates for virtually ALL types of coverage have been going up recently. Some people think it has to do with Sept 11th, and that did affect things.

But insurance companies rely on investment return, also, to cover their claims. And the returns have not been there, whether in the fixed income markets (interest rates have been going down for quite awhile, and bond prices have not gone up to offset this, and the high-yield markets (junks) have been experiencing alot of defaults) or the equity side.

I need to check/shop my policy. Seems some of you are paying less than I am, and my Z is a third car. I have had this policy for over ten years (when I built my house), no accidents or violations. Maybe when I turn 40 I will get a price break.

lightningz06 · 03-18-2002, 08:38 PM

You have to understand the risk involoved insuring customers. Especially ones with high end street legal race cars. Companies are going to rate you based on the statistical rate of age vs vehicle and the risk they have of paying out $$$$$$$ on a claim. Driving your Z, if you got in a pretty good accident, an ins company would pay out more in 1 claim than 10 people will pay in a lifetime. For 100 a month, you are insuring more than your car, you are insuring your family and possessions too.

Rates havent increased a specific percentage, it all depends on your policy and what coverages, discounts, age of drivers....... Working in the insurance industry, I have noticed that the ever growing rate increase has actually slowed down to about a snail's pace in the last 4 months. I would expect in the next few months a freeze in rates for most states and maby even a decrease for some policies.

I would recommend you try Progressive first. Pretty cheap rates, easy insurance and when you call them for the quote, if they are not the cheapest, they will tell you who is. Dosent hurt to try.

Operations · 03-18-2002, 08:45 PM

I pay $68 a month with State Farm. 42 with no tickets

ZO6LS6 · 03-18-2002, 09:15 PM

OPs, for what..............liability only??.

Z0000006 · 03-18-2002, 09:21 PM

Quote:

Originally posted by Operations
I pay $68 a month with State Farm. 42 with no tickets

Must be where you live.....they quoted me $1400.00

jmarre · 03-18-2002, 09:21 PM

Try Mercury. I pay 700 a year on the Z. No claims or tickets yet.

Operations · 03-18-2002, 09:57 PM

(OPs, for what..............liability only??. )

It's for full coverage.

This is what I was told by an insurance agent two years ago, so take it for what it's worth. Some may knock it but it has worked out to be true. My agent who is not an State Farm agent told me; "before you buy your vette switch to State Farm with your regular cars, after you are with them for a little while then when you buy your vette and it's added to your existing policy, you will get a deal like any other new car."

So that’s what I did I canceled my policy with by buddies agency and moved to State Farm 18 months ago, all I had was my 99 Durango, $63 a month. Then Last October I added a 2002 coupe, it was $68 on top of my $63.

By the way they sent me a notice that my vette had more then the usual anti theft devices, and qualified for an additional 5% off of the vette rate.

I took a defensive driving course (on the web), they said I might get a further reduction.

It remains to be seen.

Hope this helps.

Operations