Nissan 370Z Forum - View Single Post - Question about ridiculous insurance increase

failingboy · 09-05-2010, 11:00 PM

Not sure if there's a better place for this, but I wanted to ask if anyone else has experienced anything similar. I bought my Z at the very end of March and switched to Geico insurance at that time. The rate was pretty good, and I was happy with it. Now that's it's been six months, my renewal is due at the end of the month and the six month premium increased by $210!

Neither my wife or I have had any tickets, accidents, etc. in this time. I sent an email inquiring about it, and this was the response I got:

"Your recent premium increase is as a result of a rating adjustment for your 2010 Nissan. We rate vehicles according to their damageability, reparability, and the availability of parts. In many cases, this rating consideration is merely an estimate for new vehicles because there is not an established pattern of loss experience for these vehicles. We are able to more accurately estimate these rating factors after the vehicles are approximately one year old. Rates are adjusted according to the loss experience incurred during the previous year.

As more data becomes available on items such as repairs costs and rate of theft becomes available on vehicles, we are able to better evaluate the proper premium for comprehensive and collision coverages. This is not a negative reflection on the vehicle you drive, it simply means that the vehicle is more costly to insure than originally estimated.

We appreciate the time you have been insured with GEICO. We regret that it is necessary to increase your rates due to the overall loss experience for your vehicle. Please be assured that we share your concern over the rising cost of insurance and are doing everything we can to keep our rates as low as possible."

Question: Does this seem bogus to anybody? This car has been available almost two years now. Can they really have no idea what it cost to insure one? Has this happened to anyone else? It seems almost as if they quoted me the low price to get me to switch, just to increase rates later. I certainly don't know a lot about insurance, but I would appreciate advice from anyone with more experience.

09-05-2010, 11:00 PM	#1 (permalink)
failingboy Base Member Join Date: Mar 2010 Location: Charleston, SC Posts: 29 Drives: 2010 370Z Sport 6M Rep Power: 15	Question about ridiculous insurance increase Not sure if there's a better place for this, but I wanted to ask if anyone else has experienced anything similar. I bought my Z at the very end of March and switched to Geico insurance at that time. The rate was pretty good, and I was happy with it. Now that's it's been six months, my renewal is due at the end of the month and the six month premium increased by $210! Neither my wife or I have had any tickets, accidents, etc. in this time. I sent an email inquiring about it, and this was the response I got: "Your recent premium increase is as a result of a rating adjustment for your 2010 Nissan. We rate vehicles according to their damageability, reparability, and the availability of parts. In many cases, this rating consideration is merely an estimate for new vehicles because there is not an established pattern of loss experience for these vehicles. We are able to more accurately estimate these rating factors after the vehicles are approximately one year old. Rates are adjusted according to the loss experience incurred during the previous year. As more data becomes available on items such as repairs costs and rate of theft becomes available on vehicles, we are able to better evaluate the proper premium for comprehensive and collision coverages. This is not a negative reflection on the vehicle you drive, it simply means that the vehicle is more costly to insure than originally estimated. We appreciate the time you have been insured with GEICO. We regret that it is necessary to increase your rates due to the overall loss experience for your vehicle. Please be assured that we share your concern over the rising cost of insurance and are doing everything we can to keep our rates as low as possible." Question: Does this seem bogus to anybody? This car has been available almost two years now. Can they really have no idea what it cost to insure one? Has this happened to anyone else? It seems almost as if they quoted me the low price to get me to switch, just to increase rates later. I certainly don't know a lot about insurance, but I would appreciate advice from anyone with more experience.