jwstewar
Elite Member
The Camaro is only about $125 per YEAR since it is defined as historical and limited use.
Shopping Vehicles Vs. Insurance
- Thread starter Diggin It
- Start date
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The Camaro is only about $125 per YEAR since it is defined as historical and limited use.
jwstewar
Elite Member
Insurance went up $11 per month after the first incident. Policy hasn't renewed since the latest incident. The Camaro is only about $125 per year to insure.
jwstewar
Elite Member
BTW, one thing I want to point out. Some of the old rules we all knew about insurance aren't always true any longer. I still carry full coverage on my old '99 rusted Silverado. Why? Because for whatever reason, when Grange came out with their new homeowners product 5 or 6 years ago, the underwriters give you a better deal for carrying full coverage on all owned autos. If I drop the Silverado to liability only, it costs me another $35 or $40 per month. I know, it doesn't make sense, but that is the way it is.
BTW, I work for Grange in IT. I support the claims system, but don't have anything to do with the underwriting or the settling of claims.
BTW, I work for Grange in IT. I support the claims system, but don't have anything to do with the underwriting or the settling of claims.
OP
Diggin It
Super Star Member
Grange went completely goofy on rates. Nearly doubled over a few years for no reason at all. Had to kick 'em to the curb since I refuse to support corporate thievery.
Ok, help enlighten me. My current insurer is USAA, auto is high but homeowners is ridiculous. They (and others) after some price shopping are insisting that my homeowners policy needs to be written for 850K but estimated market value is 700K.
Snobdds
Elite Member
Need more info...
What's high (my high might be different from your high)
Umbrella policy?
age
location (by flood plain, ocean, river etc)
past claims
etc...
3900/year
500K Umbrella
Built in 1981
Not in flood plain, not waterfront
0 claims in history of house
thekkfan
Gold Member
That seems like a pretty dumb blanket statement.
I pay $4 each vehicle every 6 months for towing, lockout, gas. flat change, etc. On a 4 vehicle policy, one incident or call out will pay the premiums for this for 3 years- for all the vehicles!
Snobdds
Elite Member
I looked up some values from a insurance benchmark database.
In Md, the average factor for insurance on a $200,000 home is 111. What does that mean? A home valued at $200K should be about $1800 per year in pure premium before risk factor credits. 200,000/111 = 1800 or 150 per month. Now we can apply that same logic to your house. It's insured for 850,000, so 850,000/111 = 7,657 per year or 638.14 per month of pure premium. Now the pure premium is then reduced by other stuff like an umbrella policy, low risk factor of natural damage, claims history etc. I don't know the exact factors your company used for each risk, but overall your getting 50% off your pure premium. That is pretty good.
Overall all I would say your rate is pretty competitive for your area and coverage limit.
Obviously this is a basic way of analyzing this and it gets a lot more complex than this, but this is a good way explaining it with out all of the industry speak.
jwstewar
Elite Member
We had a couple actuaries that went off the deep end. They are no longer here.