Auto Insurance?

[DCS]

I have been with USAA insurance and banking for over 45 years. Over the past few years, their insurance rates have continued to rise despite having zero claims from me.
Before I take delivery of my new Mustang I want to research other companies writing policies in Florida.

Recommendations?

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[scazea]

i'm paying 156 per month, with Geico , 2 people in the insurance.

 

[DCS]

i'm paying 156 per month, with Geico , 2 people in the insurance.

Their claims history is sketchy.

 

[scazea]

Not for me. I'm with them for years now. i had an issue with a Camaro years ago, and i have no problems. they pay for everything , including the rental while the car was being fixed.

 

[Skye]

You should certainly shop around, but...

- FL is a challenging area to have insurance, both home and auto. I wouldn't expect this to change any time soon. We're starting to see this in CO as well. Some companies have stopped writing policies in the wealthier parts of the state, while everyone else is seeing large increases in premiums

- I've done some deep dives into GOV inflation reports that breakdown inflation rates of specific sectors of the economy. Vehicles are more expensive than ever, so insurance and repairs throughout the country have been witnessing large price increases. In some regions, consistent, annual, double-digit premium and repair upticks are occurring

- I've thrown out the idea driving without a claim has any meaning. Insurance companies the world over are re-calculating their risks in a given area. If they're seeing resistance in home policies, they raise vehicle polices. If your house is more prone to flood or fire, so is your vehicle. If you file a claim, they will raise your rates. Or simply drop you

- In CO, our risk pool has changed. While I believe I'm driving the same as ever, the risks are greater. More people focusing on their cell phones (50% of tickets in my county involve distracted driving), people speed more, driving more aggressive than ever before, a greater influx of people without license or insurance. I can try another company, but because the risk pool is the same, I wouldn't expect much difference; and thus far, I've found this to be true. Because I don't have a paying history with some of the national carriers, their premiums are often huge

- If one does see a marked difference in rates, I'm genuinely happy for them. But I would study every thing well. Significant differences are often a result of teaser rates, not paying out, poor customer service, slow-walking the claims process, etc.

I feel the best chance at a significant change in rates would be to move to a more rural location with a regional carrier. Several times, I've started working on a quote, only to learn they do not write polices in my area.

YMMV. Best Wishes to anyone looking for a better price.

Edit:

Sorry for the negative post. I tend to pray for the best and expect, then plan for the worst. With respect to insurance products of any kind, I feel I'm in a no-win situation.

 

[DukeCLR]

I have been using Travelers, currently we have 2 Mustangs, a 2023 F 150 and an Audi S5, they include my 21 year old son as a driver, although he has his own policy, and we pay 358.00, when I sell the 2018 it should drop by $116.00.

 

[DCS]

You should certainly shop around, but...

- FL is a challenging area to have insurance, both home and auto. I wouldn't expect this to change any time soon. We're starting to see this in CO as well. Some companies have stopped writing policies in the wealthier parts of the state, while everyone else is seeing large increases in premiums

- I've done some deep dives into GOV inflation reports that breakdown inflation rates of specific sectors of the economy. Vehicles are more expensive than ever, so insurance and repairs throughout the country have been witnessing large price increases. In some regions, consistent, annual, double-digit premium and repair upticks are occurring

- I've thrown out the idea driving without a claim has any meaning. Insurance companies the world over are re-calculating their risks in a given area. If they're seeing resistance in home policies, they raise vehicle polices. If your house is more prone to flood or fire, so is your vehicle. If you file a claim, they will raise your rates. Or simply drop you

- In CO, our risk pool has changed. While I believe I'm driving the same as ever, the risks are greater. More people focusing on their cell phones (50% of tickets in my county involve distracted driving), people speed more, driving more aggressive than ever before, a greater influx of people without license or insurance. I can try another company, but because the risk pool is the same, I wouldn't expect much difference; and thus far, I've found this to be true. Because I don't have a paying history with some of the national carriers, their premiums are often huge

- If one does see a marked difference in rates, I'm genuinely happy for them. But I would study every thing well. Significant differences are often a result of teaser rates, not paying out, poor customer service, slow-walking the claims process, etc.

I feel the best chance at a significant change in rates would be to move to a more rural location with a regional carrier. Several times, I've started working on a quote, only to learn they do not write polices in my area.

YMMV. Best Wishes to anyone looking for a better price.

Very well thought out and presented! Thank you!!

My current rate for my wife & myself, both in our mid-seventies is $3,632 per year for two cars. No other drivers. A 2020 Lincoln Continental (wife) and a 2018 Subaru WRX (me). No medical payments, rental reimbursement, towing, and labor coverage included. Neither of us have had an accident in over 12 years. We drive about 5,000 miles each per year. I think the USAA insurance has gone way up in the past two years in Florida.

 

[Eurasianman]

Skye has hit some solid points. Auto and home insurance has just gone through the roof since the pandemic in general (personal opinion). Definitely shop around and keep in mind insurance rates are based off the area you live in as well as what you choose for your deductibles (comprehensive/collision). The bad thing about the Mustang (as well as your WRX) is a lot of younger drivers have had a lot of accidents, so that raises the rates just in general for the Mustangs. I have a fairly clean record and my Mustang alone is ~$2000 a year.

 

[DCS]

Skye has hit some solid points. Auto and home insurance has just gone through the roof since the pandemic in general (personal opinion). Definitely shop around and keep in mind insurance rates are based off the area you live in as well as what you choose for your deductibles (comprehensive/collision). The bad thing about the Mustang (as well as your WRX) is a lot of younger drivers have had a lot of accidents, so that raises the rates just in general for the Mustangs. I have a fairly clean record and my Mustang alone is ~$2000 a year.

Ouch!

I guess I'll have to wait until my VIN is released before I can get a quote from anyone!
I called USAA shortly after I ordered my GT and described the car. With my current coverages on the new Mustang, the rate wasn't much higher than what I'm paying for the WRX, but close to yours.

 

[Eurasianman]

Not to threadjack, but I wonder if there is a price difference between the EcoBoost and the Coyote. I know when I was talking with my insurance agent, she had me clarify if it was a Mustang or Mustang GT. Of course, providing the VIN will validate which one it is.

 

[Skye]

I consider the state of FL to be the most challenging place to have a vehicle or home policy. I often feel like CO is moving to same. I've also read TX and large, dense costal areas, are all seeing large increases.

The home I'm living in now is the first I've owned. Previously, I had Renter's insurance.

Prior to five years ago, my home premium meandered around. Nothing meaningful. Since then, CO has witnessed several significant fires. And now, hail. While I've been fortunate and never filed a claim, five years ago, I began seeing annual 20+ % increases in my Homeowner's premium. I'm close to adjusting the policy where I have one huge deductible, in-case the house is a total loss and I need the company to pay out. If anything less occurs, I'll pay out of pocket. Every year it's an exercise is seeing where I can make adjustments to limit the increase.

Specific to home policies, I've noticed insurance companies are overvaluing assets and overstating (my opinion) risks. Most are for-profit and they are attempting to re-coup their losses as quickly as possible. "Uh, why did my policy increase by 28% this year?" "There's a greater increase of fire." "I live in the suburbs, have a stucco exterior and a cement tile roof. I don't think I could burn my house down if I tried." Long, awkward pause.

With respect to auto, within the last year I witnessed my first premium increase, ever. Previously, as the vehicle depreciation occurred, my premiums went down and bottomed out. Now, I'm afraid my auto policy is about to do what the home policy has done.

 

[DCS]

I consider the state of FL to be the most challenging place to have a vehicle or home policy. I often feel like CO is moving to same. I've also read TX and large, dense costal areas, are all seeing large increases.

The home I'm living in now is the first I've owned. Previously, I had Renter's insurance.

Prior to five years ago, my home premium meandered around. Nothing meaningful. Since then, CO has witnessed several significant fires. And now, hail. While I've been fortunate and never filed a claim, five years ago, I began seeing annual 20+ % increases in my Homeowner's premium. I'm close to adjusting the policy where I have one huge deductible, in-case the house is a total loss and I need the company to pay out. If anything less occurs, I'll pay out of pocket. Every year it's an exercise is seeing where I can make adjustments to limit the increase.

Specific to home policies, I've noticed insurance companies are overvaluing assets and overstating (my opinion) risks. Most are for-profit and they are attempting to re-coup their losses as quickly as possible. "Uh, why did my policy increase by 28% this year?" "There's a greater increase of fire." "I live in the suburbs, have a stucco exterior and a cement tile roof. I don't think I could burn my house down if I tried." Long, awkward pause.

With respect to auto, within the last year I witnessed my first premium increase, ever. Previously, as the vehicle depreciation occurred, my premiums went down and bottomed out. Now, I'm afraid my auto policy is about to do what the home policy has done.

I found another thread on insurance "S650 Insurance". Several people listed two companies, Grundy and Haggerty. They seem to be insurers for classic and collectible cars. What about new cars?

 

[Skye]

Not to threadjack, but I wonder if there is a price difference between the EcoBoost and the Coyote.

Insurance calculations are complicated. It is one variable of many that could impact the premium. How significant, if at all, would be specific to that person, their policy and the company.

I haven't done it lately, but if you company's web site doesn't offer it, call them and play-out the what-ifs. Start at an Eco and move to a DH. See what the difference is. It's going to be higher, on MRSP alone. But will they raise it much higher, on perception of risk, IDK.

 

[Skye]

What about new cars?

I don't have direct experience with these companies. A quick Googling appears to offer a, "maybe".

https://www.hagerty.com/insurance/classic-car-insurance/does-my-vehicle-qualify/newer-vehicles

With respect to Hagerty, I'm not sure an S650 would qualify.

https://www.grundy.com/mvp/

Grundy's answer appears to be, "If you have one collector car with us now, yes." But there are caveats with Grundy; they mention agreed-to payout policies and 150% payouts.

I can't give a definite. But while waiting on the car, it's worth a call. In the mean time, someone who works with them could give some better guidance.

 

[samson]

I've used GEICO for 20+ years and have never had a problem with their service. Their rates have risen pretty sharply in the last couple years though. From what I hear Florida is the most expensive state in the country to get car insurance, which bums me out since I want to move there in the next few years.

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