Insurance for the Z
 

my insurance for the Z and other cars have been going up every year. I was told that the mileage driven each year is a main factor for determining the insurance premium.

My current estimated annual mileage is 3000, but it will probably be much lower since we have multiple cars now.

Anyone here is knowledgeable about insurance and tell me how the mileage is broken down for calculating the rate?

Someone told me awhile back that 3000 miles is probably lowest possible as far as rate goes, which means if I estimated it at 1500 miles, my insurance rate will be the same as 3000 miles..

I'm thinking about put in 1500 miles, but only if I can save some money.

Thanks...

My agent told me that my risk score was the main factor for my premium amounts. Mine, being among the lowest allows me to pay $48 per month for full coverage insurance, with no restriction whatsoever on mileage driven per year.

I think your insurance company is blowing smoke up your butt.

... how

Flawless driving record over the last 26 years, leading to a risk score less than half of what the average motorist has.

It's one of the only times in my life being a 'good boy' has benefited me in any tangible way.

My insurance was just over 3k at start (had a speeding ticket and just turned 25).

Lowest was 178/month now its about 210... fkin premiums going up. (Also increased liability to 2m and new car replacement coverage) still went up though cause all companies increased their premium. There was one company who quoted me over 4k!!!!!!!!!

Full disclosure: no speeding tickets or points since my last ticket before i got my z... so yea fkin sucks

$250 CAD a month for me. Why? Because I live close to a shitty city called Brampton where Indian people can't drive for **** and run their cars into pharmacies, corner stores, banks, light poles and whatever else they can. Where they commit massive insurance frauds and give the wrong address to decrease their payments. The list goes on and on.

Oh before you yell "racist" breathe, I come from the same community, only difference is I don't over look the flaws of people from my ethnicity and say our **** don't stink. Yeah I'm having a bad day, you would too if you were paying $150 and it jumped to $250. Apparently money grows on trees here.

Besides that rant. I had one speeding ticket (2011), that to it was in my Corolla trying to get to Uni for my presentation. . . Cop was a ****, don't get me wrong I support our women and men in blue/black, but some need to be re educated. Hell, cars in front of me were going WAY faster but he had to stop me. . . No demerit points. I roll with All-State if that is worth anything.

~$127, full coverage, average less than 4,000mi/year. Currently 11 year driving history with no accidents.


That $48 is just flat-out impressive.

Thanks guys for sharing your insurance rates.

Can we please get back to my original question? Anyone knowledgeable to answer my questions?

I don't know of any industry-wide standard how premium amounts are calculated. It's an equation and certain aspects (mileage, driving history, type of vehicle, age, sex, marital status, etc.) are used as modifiers for the variables. Certain aspects might be weighted much more heavily than others, and this varies between different companies based on their own 'special' formula for how to calculate.

No short answer, sorry. I know this is totally not helpful, but it's the best answer I can give you.

Location and credit score can also be factors.

yes, that's for sure other factors that effect the rate. I am just curious about the mileage factor only since I got a mileage survey from my insurance company for the upcoming renewal.

I know for fact that insurance premium would go down when estimated mileage drops from 10,000 to 5000 miles per year. I am curious if that rate reduction bottom at 3000 miles or whether there is still rate reduction from 3000 to 1500 miles?

Thanks.

You know for a fact? How so? Why don't you just ask your insurance company about the mileage brackets? It doesn't matter what people on the internet tell you. Different insurance companies may have different policies in regards to this matter.

My insurance has two mileage brackets. The car is either driven regularly or not - I have to pay full price for my Honda and Lexus because I put 5K-15K miles per year on each. I think the cut off is around 2500/year or so. I have the Z in the lower mileage category - it is a significant savings compared to when I was daily driving the Z.

There are many factors that come into play when calculating your insurance costs, some within your control and others not: geographical location, age, credit, credit history, driving history, marital status, occupation, your current address, etc. Your risk factor score also plays a huge role.

For those with really cheap monthly insurance, chances are you have low coverage limits and a high deductible and/or you only have liability (this one is provided your car is paid off).

I have a squeaky clean background and my coverage is $100k/$150k and $250 deductible and monthly premium is $135. I also put as industry standard when it comes to miles, though my car sits in my garage 6 days/week and put maybe 4K miles/year.

^^^ this

There is no standard - every insurance company has a different formula. And each company may have more than one formula. Call your agent.

I have relatives in insurance. Fact: depending on car you will pay more insurance relative to price. Eg a carolla/civic will cost 180ish at half the price of my z and im only paying a tad more relatively.

Also fact... each company does it differently. Even though i am on my own policy i am still under a home with other policies under the same insurer and i get a multi line discount