by InsTeacher » Fri Mar 14, 2008 04:43 pm
OK Community...time to help out the ol' InsTeacher. I have three teenagers, a 16 yr. old daughter, a 17 yr. old son and a 19 yr. old daughter. I also have car insurance. The entire household has clean MVRs, and the 16 yr old and 17 yr. old qualify for good student rates, the 17 yr. old had driver's education. We are married, mult-car homeowner, and would like a multi-policy discount. Home has zero underwriting problems, and no HO losses ever (well, since 1989 or so).
My car insurance rates suck, at least in my opinion. SO...here's the question!
Do ANY OF YOU know a carrier (Pacific Northwest region) that gives decent rates for my exposure situation?
4 vehicles total, 2 full coverage/2 liability only. Carrying $500k CSL, 250/500 comp/collision deducts, UMBI @ $500k, 25k UMPD, plus the typical endorsements. All "normal" cars- nothing "hot" or collectors, etc. Hondas, Toyotas, VWs. Credit excellent, nothing on CLUE.
I'm going crazy. Renewal date doesn't matter, I have no problem switching mid-term.
I'm paying more than $4000 a year, and it's killing me. HELP!
My car insurance rates suck, at least in my opinion. SO...here's the question!
Do ANY OF YOU know a carrier (Pacific Northwest region) that gives decent rates for my exposure situation?
4 vehicles total, 2 full coverage/2 liability only. Carrying $500k CSL, 250/500 comp/collision deducts, UMBI @ $500k, 25k UMPD, plus the typical endorsements. All "normal" cars- nothing "hot" or collectors, etc. Hondas, Toyotas, VWs. Credit excellent, nothing on CLUE.
I'm going crazy. Renewal date doesn't matter, I have no problem switching mid-term.
I'm paying more than $4000 a year, and it's killing me. HELP!
Posted: Fri Mar 14, 2008 09:44 pm Post Subject:
Why the 25k UMPD?
Posted: Fri Mar 14, 2008 10:46 pm Post Subject:
What is 25k UMPD?
Posted: Fri Mar 14, 2008 10:50 pm Post Subject:
$25,000 limit of Uninsured/Underinsured Motorist Property Damage.
Pays for your property damage loss if the other party either does not have enough liability coverage to address the loss or no insurance to address the loss (or if the at-fault party is not known... this is the same as no insurance).
But collision coverage could take care of 99% of the situations that UMPD would address.
Posted: Sat Mar 15, 2008 12:12 am Post Subject:
I thought under insurance was meant to cover more than just property damage. right or wrong?
Posted: Sat Mar 15, 2008 01:02 am Post Subject:
There is UMPD for property damage and UMBI for bodily injury. Two different things. Not many states require that UMPD be offered.
Posted: Sat Mar 15, 2008 02:28 am Post Subject:
OK tcope, fireyone and everyone else that has kindly responded, I humbly apologize for not saying I live in OREGON. :oops: I think that I know that's kind of important. Duh.
tcope asked:
Why the 25k UMPD?
Good question, here's the answer. I happen to live in a state where, according to certain estimates, anywhere from 30-40% of drivers decide they don't want to prove financial responsibility. The coverage is seriously cheap, and the deduct is significantly less that the collision deduct. Here's where my mind goes- the possibility of me or anyone in my family getting into a wreck with an uninsured driver is roughly 3:2, or 2 in 5 accidents. When I look at the premium diff and compare it to the potential of getting into a wreck with some uninsured moron, all it would take would be one accident. The coverage also includes Underinsured motorists, so properly stated I should have said "$25k UMPD/UIMPD" Once again, I stand humbly corrected. So...did that make any sense? Remember...I have three teenagers. That's the part of the accident equation that gets my attention.
Stupid kids. :)
There is UMPD for property damage and UMBI for bodily injury. Two different things. Not many states require that UMPD be offered.
True 'nuff. I actually think it's a great coverage, and has paid for itself in the past for me personally. Here the coverage is normally available for vehicles less than 10 years old, can be packaged with a liability only policy, and the premium is cheap as can be. Don't have the figures with me, but I think it's about $7-8 a policy period. Think of the cars that aren't carrying full coverage when that moron hits you.
That's all, I'm done. BUT---anyone have any ideas on carriers that don't hate teenagers with clean MVRs, normal vehicles, good grade discounts (well, 2 out of 3 ain't bad) etc. please let me know!
I don't want to "shop" for insurance because everyone runs credit, and I don't want a bunch of hits on my CBRs. Oh yeah, I also hate shopping for insurance.
InsTeacher 8)
Posted: Sat Mar 15, 2008 03:45 am Post Subject:
Keep in mind it's inexpensive but duplicates your collision coverage in almost all situations.
Posted: Sat Mar 15, 2008 04:30 am Post Subject:
I don't know if I can be much help since most people in your situation here in Texas would give their right arm to only pay $4,000 a year with 3 teens.
One thing I would recommend is to review increasing you deductible on collision. It's generally the highest cost, along with liability, for teens. If you can recoup the difference between a $500 deductible and a $1,000 deductible in a short amount of time, like just under or over 1 year, I would consider the higher deductible. You run the risk of something happening but could come out good if there are no incidents.
Also, you may want to check how your company rates the drivers on your policy. Some companies rate the youngest driver on the most expensive car, next youngest on next highest, etc...
Other companies allow you to assign a specific driver to the car they drive most. If the libility only cars are for your kids, this could save some money, allowing you to have one young driver as a part-time driver on one of you vehicles.
You'll also want to shop the whole HO and auto package and see if you can save on the package, not just the auto.
Posted: Sat Mar 15, 2008 07:23 am Post Subject:
Keep in mind it's inexpensive but duplicates your collision coverage in almost all situations.
Correct again. Lemme tell ya a story. About 5 years ago my wife was creamed by an uninsured illegal. Luckily, she didn't get hurt too much, but the car was a mess. I couldn't believe that she didn't end up in a life flight situation after I saw the car. Volvo, I think, saved her backside. Had a $1,000 collision deduct on the car, had a $200 deduct on the UMPD. As far as I'm concerned, I'm $800 ahead.
I have also seen where insurers have incorrectly coded collision losses as at-faults when there was no liability and it was to pay for a loss caused by an uninsured driver. Then all of a sudden you get a rate increase at renewal. Ooops... Yeah, I know you can get that fixed, but it's a pain. As well, how many laypeople know that these things are kept in databases and the old "garbage in- garbage out" thing with computers applies waaaaaay too often in our biz. If I had a $ for every coding error I've seen, I would be driving hig-end Mercedes instead of high-end Honda :)
InsTeacher 8)
Posted: Sat Mar 15, 2008 11:39 am Post Subject:
InsTeacher I personally think that you are wise to have both the Uninsured/Underinsured Liability and Uninsured/Underinsured Property Damage Coverage. You actually may need a $3 Million umbrella with three teenage drivers.
I don't know how popular MetLife Auto & Home is in Oregon, but in a lot of states they are very competitive and the discounts are good. They also offer a "deductible credit" for each year you go accident free.
You may want to look at separate auto policies for each teen, with only liability and uninsured motorist coverage. Of course, these teens will be excluded from driving your other vehicles. Chances are very good that there will be speeding tickets and/or accidents along the way. That's just the nature of most teenage drivers. This way, any incidents would only affect their rates, not yours. Sometimes it can be cheaper, sometimes it's more expensive. You are going to have to get a quote to find out.
I would venture to say that your auto insurance premium would be somewhere in the neighborhood of $1,200-$1,500 without the teens.
The discount for also having your home insured with MetLife is normally 15%.
Maze
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