Insurance Rate Has Never Dropped
 

I bought a 2009 370Z brand new four years ago, and I just realized that my insurance rate has NEVER dropped the entire time. My last new car, by year three, the rate was 40 percent less than when I bought it. I have only put 19K miles on this car in four years. I currently use State Farm. Has anyone else experienced this with their 370Z? Should I call State Farm and ask for a better rate or go to another insurance company?

you are lucky if your rate has stayed the same. most companies have been adjusting the rate upwards over the last couple of years.


You can always call and ask, but chances are good there's not much room for downward movement (unless you are already really overpaying)

State farm here as well.. my rates started so low I cant possibly see them getting any better. under $70 a month paid for full coverage 100/300/100 here

Most of what you're paying for insurance isn't about the value of the car - it's the liability. Look at the value of your car compared to the amount of liability coverage you have (both medical and property damage) and you'll see. It's probably a 20 to 1 ratio.

Strange, my rates went down and I have Geico. In 2012, my rate was a little over $1500 for 6 months. Now in 2013, it's a little less than $1100 for 6 months.

Sucks living in the most expensive part of NYC to insure a car.

I live in LA and pay $120 per month for full coverage. The car is in a garage both at home and at work. It rarely, if ever, even sits on the street where it can be touched. Stands to reason that as the value of the car plummets (can't believe how much its value has faded despite only 19K miles) the insurance should come down. After all, if it's totaled, State Farm will have to pay A LOT less. But from the sounds of it, everyone is dealing with the same thing, so I guess I just have to deal with it.

Dinfire, I have had the car for almost 2 years now. I was able to lower my payment by switching insurance companies. Went from $170 a month with progressive to $130 with statefarm. I think if your rate is staying the same then you are okay.

Just be glad its not going up!

85/month here. When I first bought the Z, I was at about 106/month.

i have esurance and they are doing good my rate went up like $20 last time it renewed, state farm wanted to rape me without a courtesy reach around by quoting me $1200 a month yes you read it right a month.... im 22 years old no tickets clean record...

my insurance is crazy, but thats also becasue of my driving record. oh well. :rofl2:

I have a clean record @ 26 and just got a policy with geico for 90/month. Everywhere else is 120+ with the highest with metlife(2000+ for 6 months).

If you're still paying the loan for your car, you're still paying to insure the loan full loan amount even if you only have one car payment left or your car has depreciated over time.

I was paying that amount with Allstate before switching to Geico. Now I pay about $780/6 months. Same coverage.

I think the best way to lower your insurance is to switch to a different company, even to your previous company. Try to get some quotes and see if they are cheaper.

I usually only stay with an insurance company for about 1-2 years.

State Farm was going nowhere but up, even with a clean record and no accidents or claims. Switched to Nationwide and it dropped 50%. Now at $72 a month.

I pay $1,375 per 6 months, for 3 cars in LA all at 100/300/100. The Z itself is $558 per 6 months.

There are insurance agencies (Agency's?) that shop for you.

The place I get my insurance through is called Consilidated Insurance Agency. They shop for me once a year, if they find a better rate, they verify that I want the better rate, and do everything for me.

Might be worth looking into....

Value of the car is not really going to alter it that much.
Especially if the insurance company is adjusting their rates up slightly you are basically seeing the offset which comes out to 0 change.

yes, but now you have geico.

my rate went down about $150 per 6months since taking ownership.

I got my first price drop since the accident. I was paying $260 a month full coverage for both Nissan Altima and Z. now i'm paying $234. Thats an annual savings of $300. I'll take it.:happydance:

Tell your agent/agent staff that you want to participate in the Drive Safe & Save Program. It means you need to report your odometer reading twice a year before your next policy renewal. The less you drive the more you save. You can also save by increasing your Comprehensive & Collision Deductibles.

Los Angeles has one of the highest insurance premium in California. Your premium is based on where your car is parked every night. If you have another car (a beater or DD) tell your agent to rate you on that car. That will make your 370Z as an extra car (much lower premium). When your car gets totaled (and assuming your were the at-fault party), State Farm will be paying for your car and for the other party as well. Not to mention if there is bodily injury claim or lawsuit.

I pay like 70 a month with mercury ftw

Just on a general insurance thing:
One of my tenants is an insurance agent so I asked him ' How do all these companies show that someone saved $400 or $500 / yr. by switching to them? And is that legit?'

Three reasons:

1) a ticket or accident has 'fallen off' since you got coverage with your original company. The original company most likely won't tell you this and keep you at the higher rate.

2) you're older. If you got your original policy at 18 and are now looking at a new one at 25, those savings are entirely possible.

3) they're changing up your coverage. Certain deductible / coverage combinations have a lower rate associated with them. It may look very similar or at least close, but the insurance companies have it all figured out on how likely you are to file a claim or what their possible liability could be and can steer you into those categories.

He said most of the time it's due to lower liability. They say, 'Hey, you really don't need $300,000 per occurrence, let's drop that to $100,000.' And POOF! your rate drops significantly. But so does your coverage.