Looking for new auto insurance/Credit Score

[dfchelbay]

Hi everyone. It has been many years since we've looked around at different auto insurance carriers. We got our annual renewal in the mail yesterday and it went up $226.00. My DH got a speeding ticket last September and it was listed on on the renewal. My questions are, is this a reasonable amount? He did get two points for the ticket. Also, if I were to look around to see what others are offering for premiums, will my credit score be affected? I know they will ask for my SSN, so I assume they will run a credit report. If I asked five insurance carriers for a quote, will that be five inquiries on my credit report, lowering it five different times?

Also, I'd like to know if I'm even in the ballpark of being treated fairly with respect to auto insurance premiums. My renewal is $2814.00. We have an 2005 SUV $974.00, an 2009 Chrysler $1,084.00, and a motorhome $756.00. The motorhome premiums didn't go up at all. We have $500,000/$500,000 liability and broadened deduct. $250/$500. We get all the discounts like homeowner, multi-line, anti-theft, low mileage, etc. Only DH and I for the policy.

I realize there are many variables in play, but am wondering if these prices are among the averages for full coverage. My neighbor told me he pays $800.00 a year for his 2007 SUV, so I'm feeling a little ripped off if you know what I mean. If GMAC (my current carrier) is in the ballpark, I wont bother looking around. I'd love to look, but don't want to lower my credit.

One last question is, and I'm hoping there is an insurance person among us. Is my $500,000/$500,000 Bodily injury and property damage coverage too high? We used to lease cars and that limit was the requirement back then. Should that be lowered to 100/300, or 250/500, etc. What does everyone else have...maybe I'm over-insured. Also, we do have an umbrella policy too...should that make a difference in lowering auto limits.

Any help/guidance would be greatly appreciated.

P.S. Forgot to mention, we have 25+ years driving experience each...not going to actually give my age...lol

 

[arihillfarm]

That does seem pretty high but it may have something to do with your vehicles and the ticket. We have Progressive (by far the cheapest when we were shopping around) for home and auto and we pay $1,068 per year for three vehicles; a 2004 GMC Yukon Denali XL w/ full coverage, a 2008 Chevy HHR Super Sport (SS) w/full coverage and a 1996 Ford F350 without comp. and coll. We have a $500 deductible, $250K/$500K bodily injury liability and 100K property damage liability. We do have one comp claim ($4K deer strike) and a not at fault accident (DH was rear-end at a light) within the last three years. We used to have our motorhome with them also and that was $125 a year. We have our boat and travel trailer (actually a horse trailer with living quarters) also with Progressive and I know the policies are pretty cheap but I can't remember right now what we pay for those. Definitely check out Progressive and get a quote on-line. Their website is really user friendly and I've been very happy with their customer service when I've called in. They even had someone out the next day to fix a rock chip in my windshield at no charge.

-Astrid

 

[Swimalie]

Would you be eligible for USAA? If so, check with them. We pay $700 a year for 2 cars (2001 sedan and 2000 SUV). My husband has to drive near DC so that raises our cost. We have a $1000 deductible but full coverage. Clean record, too.

 

[CTPinkPrincess]

Quick FYI - when you do compare insurance quotes, make sure you compare annual premiums to annual premiums. I know Progressive writes 6 month policies so what looks like a much lower premium might not be (and I have Progressive, and have no problem with them ).

You can usually go online and get quotes from a few different companies - I think I've checked Geico, Progressive, Travelers and State Farm (just to name a few).

You need to determine for yourself if your liability limits are correct - think of it this way - if somehow you had an accident (at fault) and the other driver was driving a higher end car - that car would cost more to fix. In addition, do you have any other assets you want protected? Also, with the umbrella, that insurance company might have minimum liability limits that you need to buy before they will provide the umbrella above that limit (I hope that made sense - I work in insurance but on the commercial side).

 

[Sinderelly]

Famers Insurance was by far the cheapest and I got quotes from all the major companies. Their customer service is awesome.

 

[DVC-Don]

Pretty much all companies now run your credit score, not a full credit report, and it's a soft hit that does not effect your report.

Always buy as much liability coverage as you can afford. Just today one of my clients called to report that her boyfriend (who she earlier this month swore never drove her car) hit a child on a bicycle with her car who is now in ICU. Earlier this month she reduced her liability from 100/300/50 to 25/50/25. Now if it was my son he hit there'd be no way I'd settle for $25,000 (or $100,000 for that matter). Chances are pretty good she's going to have a major judgement to pay after the company pays it's $25,000.

Personally I carry 500/500/100 in addition to a $2 million umbrella.

 

[cm8]

]Would you be eligible for USAA?[/B] If so, check with them. We pay $700 a year for 2 cars (2001 sedan and 2000 SUV). My husband has to drive near DC so that raises our cost. We have a $1000 deductible but full coverage. Clean record, too.

. we have them and had 3 vehicles insured at 600.00 for a year!!!!!! Our deductible is also $1000.00

 

[arihillfarm]

. we have them and had 3 vehicles insured at 600.00 for a year!!!!!! Our deductible is also $1000.00

I just requested a quote from USAA for the same coverage that we have through Progressive and it came back $400 more per year. I was pretty shocked.

-Astrid

 

[Planogirl]

I'm no fico expert but you might want to see if insurance inquiries even affect your score.

 

[mrsstats]

I work for an insurance agency. The companies tell us that the credit score they run does not effect your fico score, it uses a different type of scoring.

As far as coverage, if you have an umbrella policy that requires you to carry a certain limit of liability. Find out what that is and you may be able to lower your coverage. However, find out what the difference is, it usually wont bring the price down that much.

 

[dd50]

I'm no fico expert but you might want to see if insurance inquiries even affect your score.

It doesn't as it is a soft pull or inquiry (what ever you want to call it).

It is good to check different insurance companies every year as they vary greatly in price.

 

[dfchelbay]

That does seem pretty high but it may have something to do with your vehicles and the ticket. We have Progressive (by far the cheapest when we were shopping around) for home and auto and we pay $1,068 per year for three vehicles; a 2004 GMC Yukon Denali XL w/ full coverage, a 2008 Chevy HHR Super Sport (SS) w/full coverage and a 1996 Ford F350 without comp. and coll. We have a $500 deductible, $250K/$500K bodily injury liability and 100K property damage liability. We do have one comp claim ($4K deer strike) and a not at fault accident (DH was rear-end at a light) within the last three years. We used to have our motorhome with them also and that was $125 a year. We have our boat and travel trailer (actually a horse trailer with living quarters) also with Progressive and I know the policies are pretty cheap but I can't remember right now what we pay for those. Definitely check out Progressive and get a quote on-line. Their website is really user friendly and I've been very happy with their customer service when I've called in. They even had someone out the next day to fix a rock chip in my windshield at no charge.

-Astrid

We have comparable cars and you only pay $1068 per year? Are you sure that's per year and not every six months? Even before DH ticket we were paying $1500 more per year than you for practically the same cars. If that's the case, I'm going to be really mad. I'm definitely going to check in to other carriers.

I looked over each years renewals and we've paid more with each renewal as the cars get older...WT*&%

It's sickening.

 

[Swimalie]

I just requested a quote from USAA for the same coverage that we have through Progressive and it came back $400 more per year. I was pretty shocked.

-Astrid

Wow, I would have been shocked, too. They have been the best and cheapest for us for so long. I've had them since 1985. Are you retired military? I wonder if the relationship with the military has anything to do with the price. Not sure, just wondering. I have it as a dependent. My dad was an Army officer. Then I married my husband who was a form Navy officer. Back then only officers could get USAA. Now they have opened it up a lot more.

 

[minnie10]

My advice. Just keep insurance with someone. We had a very rare very severe hailstorm in North Alabama last Friday. Everyone in town that had a car sitting out has major damage. Even homes with windows and roofs. We are all debating which ins. is the best and evaluating which company is handling things the best. With so much damage it is going to see which in our area comes out a winner with its customers. Right now, mine is falling behind, but I will be patient and see how it turns out in the end. Just sorry for those folks that just canceled their ins. last week due to unemployment. OUCH!

 

[purplebelle]

We have a $500 deductible, $250K/$500K bodily injury liability and 100K property damage liability.

I have a 250k/500k bodily injury liability with American Family Ins but am getting married this summer and am looking at getting onto my fiance's plan with AAA. His plan is a 100k/300k which my current insurance agent says is never what he recommends for people (he said to go with 250k/500k). Just wondering everyone's thoughts on 100/300 versus 250/500 or other.

 

[mom2alix]

Look for an independent agent in your area who can search a lot of different companies for you. There may be strong regional carriers in your area that are much less expensive. The great thing is that the independent agent will do all the calling around for you and give you the different options. They will more than likely want to shop your homeowner's coverage too since you usually save as a package. We saved a TON this way.

 

[My3kiddos]

We have Liberty Mutual and have a 2002 SUV and a 2007 Crossover both with full-coverage $500 deductible and ours is $1500 a year. We also have home insurance through them too. We changed last year and within that year we had a house fire and someone hit me and did over $7k worth of damage to my car. Dealing with Liberty Mutual was so easy (besides the personal property side of our house fire but that's because our adjuster is lazy).

 

[here757]

ur 500,000/500,000 is based on ur assets. think about the cost of your home. how much you make. what you got in investments.
i would consult with a fiancial advisor to answer the question about if its too high.
people who make more have more to lose. if the pizza hut kid hits me.. im not likely to sue. but let a doctor hit me.. my attorney would have a field day!

also ask the new company if they are doing the underwriting upfront..

i once had a guy call me. wanted to know why his premium went up.. he had a 12 point racing ticket. i reminded him of it and suddenly he knew why.

then i asked him if he told gieco about the ticket. of course he had not. so they looked cheaper.. once that ticket was added to the quote he stayed with the company i worked with ( at the time, no longer with them)

 

[mrsstats]

I would go with the higher limits. Truthfully, the difference in premium will not be that much higher.

 

[bumbershoot]

Since it's been a year from your last premium...you are likely also getting hit with the overall rise in premiums that has been happening this last year or so. My agent has explained it to me, he says that so many people are dropping their insurance plans that the insurance companies are getting hit more and more for uninsureds. So it all had to rise a bit. I help take care of MIL's policy as well (her agent is actually the reason we changed to that company, he's just lovely) and she got *smacked* by it...she'd also had an accident in the last year (but had the plan where insurance doesn't rise after one accident) and the other driver was uninsured! He even tried to switch places with the insured passenger, but their seatbelt bruises told the correct tale.

Anyway, there seems to have been an overall rise in this last year, so along with your husband's ticket, that might be why you've see this large increase.