car insurance shooting up?

Discussion in 'Budget Board' started by S_White, May 26, 2010.

  1. S_White

    S_White Earning My Ears

    Joined:
    May 26, 2010
    Messages:
    1
    My Car insurance company just raised my rates giving the weirdest logic! My car is insured with the same company ever since I bought it 5 years ago. This time, they increased my bill by $45 saying I’m no longer eligible for the “new car” discount. Has this happened with anyone else? Do you actually pay higher rates for older cars? I’ve never done this before, but I’m left with no choice now than to shop for another company!
     
  2. patsal

    patsal <font color=FF3399>I've discovered I don't need to

    Joined:
    Jul 10, 2001
    Messages:
    9,023
    Shop for another company. Loyalty to insurance companies is not economical, unfortunately. When I shopped around the last time my rates dropped by over 50% for the exact coverage.
     
  3. here757

    here757 DIS Veteran

    Joined:
    Jan 25, 2007
    Messages:
    924
    yes the new car discount exists. and as the car ages it is lost..
    the logic. newer cars have newer and more effective safety features.

    used to be a discount for anti lock brakes. its now gone in most states because there is not enough evidence to support it being effective in preventing accidents.

    careful switching companies. most dont bother to get ur driving record til you renew. thats when they find any tickets or accidents. so they look cheaper for the first 6 months. then the suprise rate increase.

    i know allstate will give cheaper rate then run driving record and increase within the firs 30 days.
     

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