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Insurance Discounts

Discussion in 'Ferrari Discussion (not model specific)' started by ghost, Mar 20, 2005.

  1. ghost

    ghost F1 Veteran
    Lifetime Rossa

    Dec 10, 2003
    9,845
    Singapore
    #1 ghost, Mar 20, 2005
    Last edited by a moderator: Sep 7, 2017
    I found this table on the web. I don't know how dated the information is, but I post it nonetheless as an interesting directional guide to how insurance companies discount your "base" quote. The one thing I'm quite surprised about is how little a clean driving record reduces your insurance premium - at least for Farmers, Progressive and GEICO. Without looking at the stats, I would have thought that it would be the number one variable in determining your quote.

    The information about my own carrier (GEICO) listed in the table somewhat contradicts what my representative has told me, so I'm taking all of the posted info with a grain of salt, but again, I think it provides an interesting perspective.
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  3. FarmerDave

    FarmerDave F1 World Champ
    Consultant

    Jul 26, 2004
    15,167
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    IgnoranteWest
    Farmers' numbers look right to me, but I'll double check them for accuracy in the morning.
     
  4. ghost

    ghost F1 Veteran
    Lifetime Rossa

    Dec 10, 2003
    9,845
    Singapore
    Thanks David. Perhaps you can also shed light on the relative value of having a clean driving record. It seems that Farmers doesn't give credit for this, which seems a little counter-intuitive.
     
  5. FarmerDave

    FarmerDave F1 World Champ
    Consultant

    Jul 26, 2004
    15,167
    Full Name:
    IgnoranteWest
    Just like every other good and service that carries a price tag, you have to shop around.

    Shoe store A might run an ad for a pair of shoes saying, "Regular price $100, our price $80!!!"

    Is an identical pair of shoes any cheaper than if it came from Store B, who doesn't advertise, and the price tag on the shoes just says $80? No, the price is $80.

    w/ Farmers, if you've had a clean record and no claims, you're getting the best rate you can get. There's no "discount" off the best rate. :)
    It's an inelegant analogy, but I think it makes the point. You have to call and get an actual quote before making a decision on what company to go with.

    And the Farmers discounts in that table are accurate enough that I don't need to dispute them. If anything, they are low and there are some that are not listed. Like I said, just shop around, if you want to find the best rate. And remember that when you have an accident, it's no longer about how cheap you got insurance, but how your claim will be handled that really matters. Having a good relationship with an agent who knows you is of the utmost importance. :)
     

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