Originally Posted by lstowell
I have lost the reference for this, but one of those internet thingie "how to save all sorts of money so your kids can get royally drunk at your funeral" articles claims that staying with the same insurance company for too long always costs more than shopping around every few years... or pretty much any time your new insurance quote makes you scream. Your current company may offer to match a better quote.
If you can get a better rate elsewhere, then you should certainly consider moving.
In my case, the difference is negligible between what I have and what other companies offer, especially based on my age and credit history.
I had an F-150 for 17 years, then bought my current Jeep.
Despite having a higher value, my Jeep came out to be the exact same price - to the penny - for my premium. The reasons:
- 17 years ago, I periodically had balances on credit cards and my scores wer lower. Now, my scores are at the upper tier and I have plenty of unused available credit. I also make more money compared to then.
- My Jeep has more airbags and more safety features.
- I'm older and have had a clean record for decades.
- The F-150 is in the top ten of most stolen vehicles for parts.
- When I first got the F-150, I didn't have a garage. Even after renting a place with one, my rate didn't change since I hadn't been there long enough to be established there. Almost 6 years later with no incidents, the Jeep gets a little bit of a discount for the security of being kept in a garage.
For what it's worth, even a class or model series of vehicle can get you dinged. That's especially true of motorcycles. For example, I could pay less for a 1200cc Kawasaki cruiser than for a 250cc Kawasaki Ninja sport bike.
Just the fact that it's a) a sport bike and b) has the name "Ninja" on it doubles the insurance payment.
On the other hand, my 1983 Honda Nighthawk (which is based on the CB series racing bikes) is less than $100 a year, despite the fact that it's actually faster than that modern 250cc Ninja. The fact that parts are hard to find means they would likely total it if there was pretty much an damage claim at all.
Thing I'm wondering is what insurance companies do with people who are Uber drivers, but claim their cars are primarily for "personal use". If they get into accident during an Uber run, can the company opt not to pay the claim due to fraud since they're operating as a for-hire taxi service?