insurance question...
#1
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i know NY is a finicky state for car insurance, but shouldnt your premiums DECREASE the longer you own the car (since its worth less)? mine are increasing (granted by tiny amounts) every 6 months. i find it hard to believe that my car is worth ~40% less than what i originally paid, yet my rates are the same. (no accidents, tickets, etc etc etc)
PS: this is with geico, is any other company good in ny?
many thanks
PS: this is with geico, is any other company good in ny?
many thanks
#2
i used to be a NY resident. i paid out the ass for insurance. now i am in florida, which is not much better.
Premiums will increase based on specific zip code you are in, current crime rates, accident claims filed. As I can imagine, and this is why i have not returned to NY, people still insist on squeezing more and more into the same small areas. i would imagine there has been more crimes and accidents in your zip code. this means insurance companies pay out more, which means in turn, you will pay out more.
Premiums will increase based on specific zip code you are in, current crime rates, accident claims filed. As I can imagine, and this is why i have not returned to NY, people still insist on squeezing more and more into the same small areas. i would imagine there has been more crimes and accidents in your zip code. this means insurance companies pay out more, which means in turn, you will pay out more.
#3
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My Ride: 2006 530XI | Black leather interior | Cold weather Package | Premium Package
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I had Geico and paid a ton of money to them also. I had a speeding ticket from a few years before and they kept looking back to it even though it was off my license and after that I went through a few other insurance companies and now I have Allstate and the price was the lowest I've paid in the last 5 years or so and have accident forgiveness and have every option possible and I still have a lower premium than with previous insurance companies. They are the best I've had thus far.
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Originally Posted by pipper' post='933277' date='Jul 5 2009, 05:36 PM
i know NY is a finicky state for car insurance, but shouldnt your premiums DECREASE the longer you own the car (since its worth less)? mine are increasing (granted by tiny amounts) every 6 months. i find it hard to believe that my car is worth ~40% less than what i originally paid, yet my rates are the same. (no accidents, tickets, etc etc etc)
Your car may be worth 40% less now compared to when you first bought it.
However, the cost of replacement body parts, paint, and labor to fix your car if it gets damaged have all gone up.
I will say this - GEICO is certainly not the cheapest insurance company anymore compared to years ago. It's always a good idea to shop around.
#5
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My Ride: '08 535i SPORT l Deep Sea Blue l 19" AC Schnitzers Type IV Forged l GP Thunders & Hoen Fogs l SolarGuard 28%
i switched from GEIGO to ALLSTATE much cheaper...... helps also if u own home see if carrier offers "umbrella" policy which u just add vehicle for additional coverage!!
#6
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That's odd. I live in NY, have had Geico for 15+ years and my insurance goes down, not up, based on driving record and history. That doesn't make sense.
I also have 3 cars and the policy is under an umbrella through Travelers. However, even when I was single, only owned a car and not a home, my insurance still went down if my record remained in good standing.
I also have 3 cars and the policy is under an umbrella through Travelers. However, even when I was single, only owned a car and not a home, my insurance still went down if my record remained in good standing.
#10
Originally Posted by RC1818' post='933938' date='Jul 6 2009, 10:42 AM
i switched from GEIGO to ALLSTATE much cheaper...... helps also if u own home see if carrier offers "umbrella" policy which u just add vehicle for additional coverage!!