Question about ridiculous insurance increase

failingboy

Not sure if there's a better place for this, but I wanted to ask if anyone else has experienced anything similar. I bought my Z at the very end of March and switched to Geico insurance at that time. The rate was pretty good, and I was happy with it. Now that's it's been six months, my renewal is due at the end of the month and the six month premium increased by $210!

Neither my wife or I have had any tickets, accidents, etc. in this time. I sent an email inquiring about it, and this was the response I got:

"Your recent premium increase is as a result of a rating adjustment for your 2010 Nissan. We rate vehicles according to their damageability, reparability, and the availability of parts. In many cases, this rating consideration is merely an estimate for new vehicles because there is not an established pattern of loss experience for these vehicles. We are able to more accurately estimate these rating factors after the vehicles are approximately one year old. Rates are adjusted according to the loss experience incurred during the previous year.

As more data becomes available on items such as repairs costs and rate of theft becomes available on vehicles, we are able to better evaluate the proper premium for comprehensive and collision coverages. This is not a negative reflection on the vehicle you drive, it simply means that the vehicle is more costly to insure than originally estimated.

We appreciate the time you have been insured with GEICO. We regret that it is necessary to increase your rates due to the overall loss experience for your vehicle. Please be assured that we share your concern over the rising cost of insurance and are doing everything we can to keep our rates as low as possible."

Question: Does this seem bogus to anybody? This car has been available almost two years now. Can they really have no idea what it cost to insure one? Has this happened to anyone else? It seems almost as if they quoted me the low price to get me to switch, just to increase rates later. I certainly don't know a lot about insurance, but I would appreciate advice from anyone with more experience.

azn370z

Why don't you get a quote from another insurance company, pretty quick and easy to do online? If you get a cheaper rate then switch. I use geico myself, and renewed a couple months ago without an increase.

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JDubya

It's definitely hard to gauge your exact situation with respect to the insurance company because so many factors play into premiums from company to company, but i'm assuming that is quite a large increase(not sure what your 6 month premium is). That whole "oh that was just an estimate because we didn't really know about the car" line is pretty much a load of garbage though; they absolutely know the cost of all the parts and the labor associated with fixing the car probably as soon as it is available to the public, especially a car with previous generations. Theft? i'll buy the estimate nonsense about that, but they can't be too far off on the estimate. A $210 6 month increase to me would translate to a whopping 40% or so increase in my premium, and I know if they gave me some crap about their estimates being off by that much, i'd definitely take my business elsewhere.

ducky

My got increase as well about $40..thanks to those people that crashes their Z..

TreeSemdyZee

Same here. $200 is ridiculous.

370Zsteve

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370z2k10

When me and my wife bought our cars last month my wife came home and proceeded to change over our insurance information online, we had Progressive at the time. After she switched the information it quoted her an almost $600 increase for our 6 month policy.

Needless to say she FREAKED! I had two 350z's previously and traded in my last 350 for the 370. (she traded in for an Altima) There's no reason why our insurance should increase that much, nothing else changed, no accidents, tickets etc. In the past when we have purchased new vehicles our rates went down. What's so different about an Altima or 370z? It's not like we traded in for GTR's.

She started entering all of our information in other insurance sites online, Geico, Allstate, etc. and was quoted similar high rates for each company.

This is where she really Freaked!

Then she started calling and the quotes after she called came in LOWER than what our current rates are. We ended up switching to Allstate with increased coverage and it was cheaper (~$180 less for a 6 month policy [~$30 per month] ) than what we were paying for our previous vehicles with Progressive.


I'd recommend calling around, don't use the online quotes. It paid off for us.

Good luck!

m4a1mustang

Mine started at 95 a month then jumped to 120 when everyone turned VDC off.

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Baer383

My insurance went down $81.00 every 6 months from my 06 350z to the new 2010 370z my agent said it had allot to do with the 6 air bags it has.

ChrisSlicks

Mine actually dropped by 20% for the 2nd year. Maybe because yours is a 2010 they don't have enough data to estimate proper rates yet so they are padding their wallets just in case.

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JACKPAC

My wife crashed into a parked car once (I know... I still make fun of her) and our insurance co. tried to triple her rate. After getting a couple of quotes that were lower, our insurance company ended up lowering our premium... haha.

failingboy

Thanks for all the responses, guys.

I've done this, it's just annoying to me to have to switch companies so frequently.

Yeah, that's over a 50% increase for me, which can in no way be justified by the factors they mention.

Can't say I haven't caused a wreck before, so I'll hold my judgement. Eh maybe not--what are all these young whippersnappers doing with their fancy sports cars that they don't know how to drive and their parents bought for them. Hmm, don't feel any better.

Thanks, it's clear that there's not much rhyme or reason to this stuff, I've just never heard of anything this crazy.

failingboy

Not me, unless I'm autocrossing

Maybe I can add some more airbags...floor or trunk, maybe. My car's going to be so safe.

Padding their wallets?? An insurance company with questionable ethics? Would they do that?

Keeping my fingers crossed for no accidents here.

ALDWEN

once i crashed my car with another car just besides me, I didn't know what happened to me and an accident caught to me. My car was on insurance and I had to pay doyuble than my current insurance.

Red__Zed

Call geico. They did the same thing to me but dropped the rate after I talked to them.

I pay $86 a month, with 300/300 coverages and $250 deductibles at 22 without a pristine record. Sometimes it helps to ask


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