insurance question...
07-05-2009, 01:36 PM
#1
Senior Members
Thread Starter
Join Date: Feb 2005
Location: NYC
Posts: 551
Likes: 0
Received 0 Likes
on
0 Posts
My Ride: 2006 525
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
07-05-2009, 01:41 PM
#2
Contributors
Join Date: Dec 2008
Posts: 4,656
Likes: 0
Received 0 Likes
on
0 Posts
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.
07-06-2009, 05:19 AM
#3
Contributors
Join Date: Mar 2009
Location: LI, NY
Posts: 207
Likes: 0
Received 0 Likes
on
0 Posts
My Ride: 2006 530XI | Black leather interior | Cold weather Package | Premium Package
Exterior - M-tech kit / ACS roof spoiler / ACS trunk spoiler / Tinted Tail Lights / 20% Window tint / Matte black grills / Black roundels / Shadowline trim / 8000k headlights / 8000k foglights / LED License plate bulbs
Suspension- H&R Sport Springs
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.
07-06-2009, 05:40 AM
#4
Senior Members
Join Date: Jun 2007
Location: Atlanta, GA
Posts: 1,845
Likes: 0
Received 1 Like
on
1 Post
My Ride: 2008 535i:
(8/07 Build) Metallic Bronze, Beige NASCA Leather, Ventilated Seats, Sport Pkg, Cold Wxr Pkg, Logic-7 Sound, HUD, Night Vision, PDC, Split Rear Seats, NAV, Premium Pkg, Comfort Access, HD Radio, Sport Auto Trans
Current mods: M-Aero Kit, JB4, Motorcepts 6000k HID Foglamps
Umnitza ICE-Lite 10w LED 6000k AE's
1992 Camaro RS:
Fully Restored w/Custom Interior, 5.0L V8, T-tops, OEM Z28 Foglamps, Inst Cluster, & Spoiler, Custom Sound, Too many engine mods to list
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.
07-06-2009, 06:42 AM
#5
Members
Join Date: Sep 2008
Location: NYC
Posts: 205
Likes: 0
Received 0 Likes
on
0 Posts
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!!
07-06-2009, 06:47 AM
#6
Contributors
Join Date: Feb 2006
Location: NY
Posts: 14,646
Likes: 0
Received 0 Likes
on
0 Posts
My Ride: 2008 Silverstone II E60 M5 2012 E70 AW X5 50i Sport w/ LCI Aero Kit and Rocker Panels
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.
07-07-2009, 08:46 AM
#10
Members
Join Date: Jun 2009
Posts: 14
Likes: 0
Received 0 Likes
on
0 Posts
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!!