Insurance question

Yowza! Yeah, that's high, but then I'm not under 25 and single either.

What is your deductible? Raise the deductible to it's max, and check how much annual mileage the insurance company thinks you're going to drive.

 

You might check out this thread http://ferrarichat.com/forum/showthread.php?t=68096
Real good info there.

 

State Farm here: 01 360 1000k ded, high limits mulit car discount as well as accident free $1150/yr, 01 Diablo $1175/year and 04 Murcie $1225/year. I'm 51 so it's a great age group. BTW I only had the 360 and Diablo and the Diablo and Murcie insurred at the same time. I am told that State Farm as of July 17 is lowering premiums as the ZO6 went from $550/6 months to $374/6 months.

 

I'm insured through State Farm for $1,420 per year. I'm also a lot older, 47 with a clean driving record.

Edit: I just got a $52 refund from State Farm on my mini. Woo hoo!

 

It depends on if he is a "captured" agent (meaning he only represents one company) or a broker (many companies). Ask him, he'll tell you.

I can't speak for NM, but in TX you're not "stuck" with that policy for 6 months... If you can find a better deal, you can cancel your existing policy and get a prorated refund of any unearned premium.

Honestly, being under 25 with a 360 and 2 speeding tickets, your premium doesn't sound that far off base. But, I encourage you to explore all your options.

 

Also State Farm, 48, clean record, multi-car/multi-year discounts, etc. $1100/year. However, I'm supposedly in their top policywriting tier which takes a clean record for several years to get into. If you start at a lower tier, it could be a lot (2-3x?) more.

 

One caution on the pro-ration. The last time I did that, which was many years ago, they were allowed to deduct up-front expenses (like insurance broker commission, etc) before they pro-rated it. If these expenses are high, then even 20-30% savings might not be worth it.

 

That is not the case in Texas. In TX the broker or agent commission is charged back (broker or agent has to forfeit commissions, also prorated daily). Not sure how it works in California, or any other state.

FYI for everybody, here is a link to each state's insurance department.
http://www.naic.org/state_contacts/sid_websites.htm

 

It's your age.

 

It's your age, and the fact that you have a couple of speeding tickets.
Statistics show that males under 25 tend to leap before they look,
with no regard to the consequences.

Kinda like buying an expensive Ferrari without finding out if you can afford the insurance payments first.

 

Ouch!

 

It's possible he can afford it, but no one likes to pay $6K per year when others are paying $1-2K per year. However, he certainly leaped if he didn't know how he would be rated by the insurance co before he bought it.

 

Insurance companies do a risk analysis on potential customers.

Tpower22 you would show up in CA as a very high risk being under 25 and 2 speeding tickets and now having an F-car.

Average price to insure a 360 in N. CA is $1.6K-$1.8K per year per State Farm.

With your record you probably would not be insurable here.

$6K per year is a chunk of change.

Suggestion- have the lead removed from the right shoe. It will definitely save you $.

 

Oh, OK...
So wht's up with this post you made?

 

Go USAA if you can get it. Under $1K per year for me. Full coverage, multi-car discount.