It would help if people slow down and not drive like a race car driver in public roads. If you think the insurance is bad my neighbor is 23 yr old and has a 2006 S2000, and his insurance is $6000 a year. You read it right $6000 a year and he has a clean record.

 

just got my new policy. mine went up alot. i called and asked why and they told me that everyone who owns this car has , or will have a increase in ins. they told me its due to that they underestimated the cost of repairing the evo when it came off the line. and the new studies revealed the true cost. they said its based off some national bull****. i didnt really listen because my head was boiling from being so pissed. sad but true. looks like i might have to get different car. my ins went from $1300 every 6 months to $2000.

 

If it's available in your area check out Wawanesa.

 

State Farm in NJ is the worst insurance to go with.
A few years back State Farm was so big in this state they wrote so many policies that they did not have the reserve to cover claims in a large loss.
They therefore were required to increase their policy rates so they could increase thier reserves.
I has State Farm at $1700 a year and switched to Allstate and it went down to $800 a year!

IIRC State Farm was required to stop writing new policies in NJ because of the above situation.

 

Insurance rates are entirely based on risk. This is all types of insurance.
In order for the insurance company to continue to operate they must properly assess the risk of a given policy and set rates accordingly.

The smaller companies compete by having lower rates but it is often shortsighted and they end up taking losses that ultimately can drive them out of business. This is why the big guys last and the small guys either disappear or grow (but end up charging more and more).

The real interesting insurance is Reinsurance. Covering other insurance companies for losses in excessive in exchange for a portion of the collected rate. Or when an insurer overwrites policy and does not have the capital reserve to cover the written policies, the reisurer steps in and covers claims in excess.

 

I've also found you have to look deeper into the insurance company. Some companies are seen as "high risk" only. For example, if you go to esurance.com and get a policy, when you go to switch to all state or whatnot, you will be seen as high risk.

I just talked to my insurance person the other day about switching to progressive. I asked about what I said above and they used to look at progressive like that but now that they are so big they have preferred rates and that it no longer applies. He said the most important thing was that you not go without insurance.

 

I received a new policy a month ago and my insurance went up 25 - 30%. The next day, I received another policy where the rates went back down, not to the previous day policy quote but a lot less then the big hike. I called Geico and asked which bill I was suppose to pay and they said the lowest one.

The lady told me after they noticed how much my insurance had gone up, they added on several more discounts to get the price back down. Their customer service was great and saved me quite a bit of money not to mention I've been with them for 12 years and have a clean driving record.

I would recommend them to anyone because you do save. You save even more if you have your home owners issurance and multiple vehicles insurred by them!

 

geico is who just jacked mine up. you must just have a nice agent. thats ok tho. i called progressive they are $1200 vs the 2000 im now paying through geico.