Tell me how this makes sense (car insurance)

So I am 25 and have an 04 Infiniti G35 Coupe.

Been waiting to turn 25 so the insurance premium gets reduced. And let me tell you, the difference is staggering.

I did some investigating since my policy is up in a couple of months and I can finally take advantage of the decrease.

Check this out:


PERFECT driving record. No blemishes WHATSOEVER.

Comprehensive Coverage pre-25: $5200/year
Comprehensive Coverege post25: $3100/year

Comprehensive Coverage post-25 if I had a Ferrari 355? $3600/year


How in the world does that makes sense? The Infiniti is basically a Nissan and parts for it are available at the drop of a hat. Fender bender would be on avg about $4k to fix if done perfectly and I would have my car back in 2 weeks, tops. Fender bender in 355??? Car could be gone for a couple months depending on the parts needed and the total cost could be $20k.

Talk about getting HOSED!

 

I told you dude, it's where you live! Remember I told you that last time you went shopping for car insurance... and that was BEFORE Katrina!

 

Shhhhhhh, I know I know! When I had my brief stint in Ft. Worth after the hurricane my rates literally were 50% cheaper than here in New Orleans.

Interestingly though I was fooling around with some quotes by changing the location since I recently moved to the French Quarter. Despite moving from Uptown New Orleans(slightly below sea level) to the French Quarter(5ft ABOVE sea level) the rates went up by 20% !!!!!!

Strange because the French Quarter has the least amount of crime, the most amount of police, and the fewest auto accidents of anywhere in the entire city. Yet the rate is somehow 20% higher than living 3 miles away within the same city. Arrg!

 

Living in Leon Valley(city within San Antonio), I pay about 60 more dollars a month for my insurance. That's just about the same with every insurance company.....

 

Be sure and check providers, too. When I moved, my insurance jumped from ~$145/month to $248/month with NO change in coverage. After thoroughly chewing out my insurance agent, I checked around and got it down to $138/month...with BETTER coverage!

 

HOLY CRAP!! My insurance is $700/yr. for a Honda Accord and I am 22. On top of that, my deductable is $100 and I've had around 4 tickets on my record.

 

Yeah, I'm paying only 1/3 of your rate for an aluminum-bodied Audi in Vegas, and Vegas has a lot of car accidents.

 

Lucky bastard. My insurance here in toronto is $3200/yr. for a Corolla and i'm 23. No accidents, 1 speeding ticket that the insurance company doesnt know about yet.

You guys are lucky...

 

The underwriters probably set the rates before NO shipped all the scumbags to Houston.

On the Ferrari/Nissan thing, most people who own Ferraris keep them in locked garages and haul them out only a few days a month. There's a lot more exposure to damage in a daily-driver Nissan

 

LOL. Show us your odometer.

 

Get married, and your rates go down even more!

Mike

 

The French Quarter also has the least off street parking, and probably the highest percentage of having your car keyed , sat on , puked on etc. Least amount of crime???? Who was counting and are those numbers that have been "adjusted" by NOPD?

 

Man that is expensive "post 25" insurance..............before that age though it is normal in our neck of the woods.

 

It is the same give or take a couple hundred $$$ for all providers here.

When getting the quotes I posted above it factors in that the car is driven 8000 miles/year. So the quote on a 355 was made with the assumption that it would be a primary vehicle

There are plenty of garages to pay for a spot to park your car.

Certainly the least amount of crime. The amount of police here is insane. I called the police a few months ago because of some bum who was going too far with getting in people's faces about trying to get money. I thought he might get physical and figured an officer talking to him would diffuse the situation. Within two minutes of calling two seperate cruisers rolled up and kept everything in check. 2 minutes!

Heck, when my house got robbed last July I was on the phone with 911 and I told them that I was outside of my house and that burglars could still be inside. Response time? Well over 30 minutes.

It isn't too often that you hear of someone getting robbed at gunpoint in the Quarter. Well, not nearly as often as other parts of the city. There just aren't nearly as many places to hide, there are more police, and there are no good getaway points via road. Which also makes carjacking a bad choice as well.

Keep in mind I am simply talking about the French Quarter. Everything changes when you enter Treme or the Marigny. But the French Quarter itself is rather secure.

 

For the following cars of mine, all carrying full coverage, and me having a zillion tickets but no accidents or claims on my record...

Cars on my policy as follows:

1967 MGB, 1983 Mercedes-Benz, 1982 Ferrari 308, 1997 Jaguar XJR and 2000 Range Rover 4.0SE

Total insurance cost through State Farm (per year) roughly $2,400.

 

i pay $1500 a year for all five of my vehicles and two drivers. not too bad. although i haven't had an accident or ticket in about 30 years. hope my luck doesn't run out.

 

John, Things were looking real safe there last night in the 200 block of Decatur. What was it like 5 people wounded????? I'll have to remember to wear the body armor next time I want to come to the quarter for dinner.

 

I read in last night's USA Today that many ins co have been basing rates on credit histories. There are lawsuits trying to stop this.

 

They do. I know Progressive is one that does. I called for a quote and then saw they had pulled a credit report.

 

Lucky for me I have perfect credit!

 

Geeze, luckily I was sleeping when this went down. I read an article on it but it didn't say where this happened. The 200 block would be near house of blues though. Last time there was gunfire in the french quarter that I remember was several months ago at 4am. In reality the situation is an isolated incident.

Take a look at the city news and you hear of murders on a daily basis all over the city but VERY rarely in the french quarter(with exception of that psycho that chopped up his girlfriend and the lept off the Omni Orleans a couple of weeks ago). Uptown = 25 out of 30 nights a month. FQ = MAYBE once every 2 months, maybe.

The types of murders that occur in New Orleans are almost always drug or gang style. Which is why you almost never see it happen in the French Quarter. It is much easier for a kid on a bike with an AK to blast someone on a dark street corner uptown or midcity. Same goes for a driveby.


In fact, my house was robbed uptown in July and I moved to the French Quarter because it is the safest area next to the Warehouse Dist.

I would MUCH rather deal with a stumbling drunk than some moron with an AK-47!

Wait a minute...it has just dawned on me! They rate increases by 20% when moving from Uptown to the French Quarter because the the French Quarter Classic!!! That is fine with me

 

I'm in the under 25 with a 350Z (basically G35c) and mine is about $700 every 6 months with $500 deductible. No tickets, nothing. Knock on wood.

Edit: All-State

 

I hate you.

I can't believe my insurance is about 5x the cost of yours for essentially the same car.


Lets do a quick calculation:
2000 C5 Vette: Ins. $7200/year x 3 years = $21,600
2004 G35: Ins. $5,200/year x 2 years = $10,400

Grand total on these 2 cars I have had for only 5 years of insurance with a CLEAN RECORD?
$32,000!!!

I mean really, $32k is a lot of money for this. And that is only 5 years of insurance. The grand total for my 10 years of insurance would alomst net me perfectly clean F355. Things that make ya go hmmmm.

 

Maybe it's the location? I'm in Orlando. What about miles driven/year? I only do about 3,500 miles a year. So cost per mile is up there for me.