: How I got my insurance costs lowered



Royalton
04-27-13, 11:12 PM
Hey guys I thought I would share my experience with everyone.

I am 31, good credit, perfect driving history, Living in Miami Beach (high accident and theft rate)

I have Progressive insurance I was paying $222 per month or $2,500 per year for my 2009 Escalade. I signed up for snapshot and pulled out my device anytime I had to drive more than a couple miles away. This worked and got me the max 30% discount. My last policy renewal with my discount was $168 per month or $1,900 per year.

I recently purchased a 2007 escalade to use for business and I put it on a commercial policy. I was expecting "commercial insurance" to be much more then what I was paying for "personal Insurance, well I was wrong it was $500 less then my personal ins. So for $130 per month or $1500 per year I now have higher coverage then my old policy too. I now pay $3k per year for full coverage on 2 Escalades with higher limits, and anyone driving my cars are fully covered.

If you have a llc. or corp it might be worth looking into putting it under a commercial policy.

soulsea
04-27-13, 11:21 PM
Interesting info, I pay GEICO about $200/mo for a 2012 Premium here in DC for moderate coverage (not the minimum but not the maximum either) ... I have one speeding ticket and no accidents on my record, so there's something called a '5 Year Good Driver' discount in my policy.

Mrs soulsea and I are actually looking to move to Miami Beach in the next few months and I was wondering how it will affect my insurance cost.

zach2011
04-28-13, 01:47 AM
How long ago did you participate in the snapshot program? I have Progressive, and have heavily considered trying out the snapshot program...until I read the reviews. Nearly everyone who received the 30% discount, or any at that, ended up having their premiums mysteriously raised at renewal, therefore eliminating the discount. Most people actually ended up paying more after the program.

Just wondering if you had done it long ago enough to tell if they ended up raising your premium afterwards.

2kflhr
04-28-13, 02:17 PM
Wow! on these high monthly insurance premium cost. I thought full coverage with upped liability and medical at $62 month/ $745 yr. was little steep. I do have all of my vehicles set up for pleasure driving as I have a company truck, that does help a little.

zam2000
04-29-13, 12:09 PM
I'm surprised by some of insurance cost. On my Escalade ESV, I pay $640/year ($320 every six month). My car has lojack so probably help with the cost. That's for 100/300 coverage, with $500 deductible. It's with Mercury.

My wife also pays pretty much the same for the GL450.

I'm pretty outrage by Mercury charging $1300 on my new S550 (same coverage, $200 deductable), and I just submitted my lojack paper to them. They would get back to me in a week.



Hey guys I thought I would share my experience with everyone.

I am 31, good credit, perfect driving history, Living in Miami Beach (high accident and theft rate)

I have Progressive insurance I was paying $222 per month or $2,500 per year for my 2009 Escalade. I signed up for snapshot and pulled out my device anytime I had to drive more than a couple miles away. This worked and got me the max 30% discount. My last policy renewal with my discount was $168 per month or $1,900 per year.

I recently purchased a 2007 escalade to use for business and I put it on a commercial policy. I was expecting "commercial insurance" to be much more then what I was paying for "personal Insurance, well I was wrong it was $500 less then my personal ins. So for $130 per month or $1500 per year I now have higher coverage then my old policy too. I now pay $3k per year for full coverage on 2 Escalades with higher limits, and anyone driving my cars are fully covered.

If you have a llc. or corp it might be worth looking into putting it under a commercial policy.

emay
04-29-13, 06:36 PM
High rates out there. Shop around for sure, sounds like a number of you are taking the digit to sphincter test dry with a side of sawdust. I know alot of this has to do with region but I'm in the Chicago area and Esky's are a hot commodity for thievery. I'm falling out of my chair seeing some of these rate quotes posted.

M5eater
04-29-13, 06:45 PM
these things (typically) monitor two things ;

a miles driven
and
b amount of time driven during peak rush hour times.

if you daily drive your vehicle 50 miles across a tunnel or two, it might not help you past the initial glaze-over automatic incentive.

If however, you drive 10,000 miles a year (relative for your area, someone in NYC will obviously drive less) and only on weekend drives though, you might find it saves you quite a bit.

insurance companies will give you a discount if you tell them you only drive 10,000 miles a year, but there's really no way to track that, only a few actually request you followup with mileage updates monthly for example.

This gives them the ability to actually monitor your activity, and risk level.

Me personally, I'd rather not let them into my driving habits as I cherish my privacy (progressive's 'device' also claims to monitor braking patterns) and overall I have concerns that if this gains significant momentum, it may lead to being an industry standard.

let us know how you drive, or pay for a higher risk policy.

I'd rather them fight the relentless fraud and disgusting, litigious nature of our justice system than spend millions of dollars figuring out ways to monitor policyholders. Such seems to be the trend in this population, let everyone know exactly what I'm doing, where I'm doing it, how I'm doing it.

I don't get it.

FlipEXT
04-29-13, 10:51 PM
Great thread, I'm with Nationwide and pay significantly more than previous post. I did however just install the monitor in an attempt to lower my insurance. For me putting the device on my Esky was cool because I only drive it about once a week if that depending on the weather on the weekend. My daily driver is a Diffrent story. I have only had it for 2 weeks now and my insurance has decreased by 5% initially and depending on my results more at the end of my 6 months.

breakpoint
05-09-13, 06:41 AM
Nice tip! I really thought having your car insured under commercial for car insurance needs (http://www.yepmarket.com/how-much-car-insurance-do-i-need/) will make your rate sky rocket but then based on your experience it seems the other way around. I'll definitely try it.