Insurance for the Z
 

my insurance for the Z and other cars have been going up every year. I was told that the mileage driven each year is a main factor for determining the insurance premium.

My current estimated annual mileage is 3000, but it will probably be much lower since we have multiple cars now.

Anyone here is knowledgeable about insurance and tell me how the mileage is broken down for calculating the rate?

Someone told me awhile back that 3000 miles is probably lowest possible as far as rate goes, which means if I estimated it at 1500 miles, my insurance rate will be the same as 3000 miles..

I'm thinking about put in 1500 miles, but only if I can save some money.

Thanks...

My agent told me that my risk score was the main factor for my premium amounts. Mine, being among the lowest allows me to pay $48 per month for full coverage insurance, with no restriction whatsoever on mileage driven per year.

I think your insurance company is blowing smoke up your butt.

... how

Flawless driving record over the last 26 years, leading to a risk score less than half of what the average motorist has.

It's one of the only times in my life being a 'good boy' has benefited me in any tangible way.

My insurance was just over 3k at start (had a speeding ticket and just turned 25).

Lowest was 178/month now its about 210... fkin premiums going up. (Also increased liability to 2m and new car replacement coverage) still went up though cause all companies increased their premium. There was one company who quoted me over 4k!!!!!!!!!

Full disclosure: no speeding tickets or points since my last ticket before i got my z... so yea fkin sucks

$250 CAD a month for me. Why? Because I live close to a shitty city called Brampton where Indian people can't drive for **** and run their cars into pharmacies, corner stores, banks, light poles and whatever else they can. Where they commit massive insurance frauds and give the wrong address to decrease their payments. The list goes on and on.

Oh before you yell "racist" breathe, I come from the same community, only difference is I don't over look the flaws of people from my ethnicity and say our **** don't stink. Yeah I'm having a bad day, you would too if you were paying $150 and it jumped to $250. Apparently money grows on trees here.

Besides that rant. I had one speeding ticket (2011), that to it was in my Corolla trying to get to Uni for my presentation. . . Cop was a ****, don't get me wrong I support our women and men in blue/black, but some need to be re educated. Hell, cars in front of me were going WAY faster but he had to stop me. . . No demerit points. I roll with All-State if that is worth anything.

~$127, full coverage, average less than 4,000mi/year. Currently 11 year driving history with no accidents.


That $48 is just flat-out impressive.

Thanks guys for sharing your insurance rates.

Can we please get back to my original question? Anyone knowledgeable to answer my questions?

I don't know of any industry-wide standard how premium amounts are calculated. It's an equation and certain aspects (mileage, driving history, type of vehicle, age, sex, marital status, etc.) are used as modifiers for the variables. Certain aspects might be weighted much more heavily than others, and this varies between different companies based on their own 'special' formula for how to calculate.

No short answer, sorry. I know this is totally not helpful, but it's the best answer I can give you.

Location and credit score can also be factors.

yes, that's for sure other factors that effect the rate. I am just curious about the mileage factor only since I got a mileage survey from my insurance company for the upcoming renewal.

I know for fact that insurance premium would go down when estimated mileage drops from 10,000 to 5000 miles per year. I am curious if that rate reduction bottom at 3000 miles or whether there is still rate reduction from 3000 to 1500 miles?

Thanks.

You know for a fact? How so? Why don't you just ask your insurance company about the mileage brackets? It doesn't matter what people on the internet tell you. Different insurance companies may have different policies in regards to this matter.

My insurance has two mileage brackets. The car is either driven regularly or not - I have to pay full price for my Honda and Lexus because I put 5K-15K miles per year on each. I think the cut off is around 2500/year or so. I have the Z in the lower mileage category - it is a significant savings compared to when I was daily driving the Z.

There are many factors that come into play when calculating your insurance costs, some within your control and others not: geographical location, age, credit, credit history, driving history, marital status, occupation, your current address, etc. Your risk factor score also plays a huge role.

For those with really cheap monthly insurance, chances are you have low coverage limits and a high deductible and/or you only have liability (this one is provided your car is paid off).

I have a squeaky clean background and my coverage is $100k/$150k and $250 deductible and monthly premium is $135. I also put as industry standard when it comes to miles, though my car sits in my garage 6 days/week and put maybe 4K miles/year.

^^^ this

There is no standard - every insurance company has a different formula. And each company may have more than one formula. Call your agent.

I have relatives in insurance. Fact: depending on car you will pay more insurance relative to price. Eg a carolla/civic will cost 180ish at half the price of my z and im only paying a tad more relatively.

Also fact... each company does it differently. Even though i am on my own policy i am still under a home with other policies under the same insurer and i get a multi line discount

Brampton/mississauga has absolute terrible drivers. Not that north Scarborough/markham are much better.

Its funny last year i quoted dt and rate was the same even without the multi line discount.

Agressive drivers vs over conservative drivers + drivers who are not courteous (eg zipper merge) + drivers who dont understand right hand rules + right of way = a butload of accidents.

More accidents = more payouts
More payouts = less reserve cash
Less reserve = higher premiums to cover the idiots

Btw thats why they do it by zones and not by ethnicity.



I got hit by this kid from "quebec" with fake plates and no insurance. 3 brown kids that had way too much car for them.

Though what you state may be true, when I went from an ‘07 Si to an ‘07 Z, my premium rates dropped by ~$15/month for the exact same coverage.

In regards to your relatives being in insurance, they should have also told you that it’s not a good idea to have multiple policies under the same company bc in the event you make a claim for one policy, let’s say renters insurance, this can affect your auto insurance rates at time of renewal. This is a fact, as I have friends in the insurance industry at different companies and they all told me the same thing.

as your car gets older the rates should go down, and they will, especially if you try this. shop around! you should get a lower rate. and if you don't, call your insurance and ask why it's so high and that you are thinking of changing. if you do get a lower rate call your insurance to cancel and I bet they will match or beat the other offer. gl.

Time to shop for a new insurance company

:iagree:

Something else to keep in mind. You live in Southern California, where there are probably 25% of the drivers on the road are uninsured or underinsured. :icon14::icon14:

Quotes are free, call and ask your current agent how you can save money (without cranking up the deductible). If he won't help you, fire him and get a new company. :tiphat::tiphat:

Don't hate me... I pay $27.66 per month. Full coverage.

I dont hate you. Yes I do. Whats your deductable?

lol I'm at 110, I thought mine was low. Technically I registered my car under my mom and have my Lexus under my name because of insurance reasons

Okay what are your coverage limits/deductible? Full coverage could mean the very basic of the basic (ie $10k/$15k) with a $1k deductible = no bueno.

While I’m all about saving money, I find it odd people would buy a sports car and complain about having to shell out the money to put premium gas and pay premium insurance costs.

So you can afford a Z with the mods listed, but can’t afford to pay for insurance?

What you are doing is insurance fraud, and raising the costs for the rest of us.

I'm at 50k/100k liability, 25k/50k for uninsured/underinsured, and $500 deductible. I also have 4 other cars insured, and my Home with the same company, so theres discounts there. I'm 52, and have 1 ticket in the last 25 or so years for speeding (5 over, yes, in the Zed)
Many factors go into how much you pay for insurance, as mentioned above.
Driving Record, Age, Location, Miles driven per year, Credit Score, ect. (Credit score never made much sense to me...... they see you have a hard time paying bills, so they charge you More. WTF does that have to do with your driving)
Most companies offer you the option to "lay up" your car from October to May, and save some coin there as well. Our insurance company does this with our convertible, but our agent has told us that although the car is technically not insured from Oct to May, if we were to get a nice winter day, and take it out for a spin, and something happens, we can still make claim on it, just have to pay the premium for that Full year, Jan to Dec after making the claim. (which in that case is a no brainer)

Someone being old or young driving their particular car doesn't affect YOU, if affects them

It absolutely affects others. Especially so when you have an accident. How do you think the insurance companies pay for the accident if you aren't paying your fair share because you're defrauding the insurance company by lying to them? Good, honest drivers subsidize that cost.

Wrong. It affects everyone that is doing this the legal and honest way.

And who said anything about being older/younger?

:iagree: Truth!

Stay away from Progressive. Switched away after 1 year w clean record/no accidents/claims and the renewal discount was mere $100 Went to Geico and got a $500 discount compared to Progressive even w my $1k deductible on a 2018 Camry and 2010 370Z.

I've never had an accident and never drive recklessly to ever be in one, plus my mother does drive the car probably more than me. It's the people that drive recklessly usually younger males that crash these things that drive up the insurance. Unfortunately, going by age an sex, I get lumped into that category unfairly and don't want to pay higher costs for something someone else is doing. I'll probably switch when I'm closer to my mid 30s when males are deemed "less dangerous drivers", for right now I don't care what you think and you'll never change my mind. I can think of better ways to spend my money.

On top of that, if you want to talk about honesty, think about how much insurance companies screw people every year with purposely raising rates and defrauding people and denying coverage for people who have done it the "legal" way for years even decades. Why don't you apply to be a adjuster and actually work for them to see what I'm talking about. You'll know why I don't feel an once of guilt for what I'm doing. And I know, I worked for an insurance company to see what goes on with those corporate scum bags.

:eek2: Let's just admit to fraud on an Internet forum..... bye....:gtfo2:

Yes. The internet, where no one can tell who's telling the truth. It's a really reliable source of info. How do you even know I have a Z? I could just be driving a 1985 Corolla that leaks when it rains or take the bus lol

Those sounds like famous last words :rolleyes:

:shakes head: Two wrongs don't make a right.

They don't but people shouldn't lay down and get screwed with. If you actually seen some of these claims that the companies denied to people or raised their rates on people that never even had accidents, your heart will drop by how these companies mess with people that don't deserve it.

Lol we have an insurance vigilante.

It sounds like someone needs to move back home and live with their parents. But that’s just my opinion :tiphat:

When are you moving in?

He got fired for committing insurance fraud.

Omg you got me harharhar my sides are splitting

Adjusters don't make that much money. Idk if you can pick up my sarcasm, I don't have insurance under my mother. I'm not a teenager and she's no longer alive. The point I was trying to make is that you think insurance companies are honest which is not true. And for the insurance fraud from being an adjuster, you're more likely to get fired from being truthful than fraud. Why do you think they deny so many claims and it's always a hassle to fight with them to get peanuts? Just a food for thought. If you don't know now, you'll know when you submit a claim.