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 Posted: Wed Jun 22, 2011 6:19 pm Post subject: insane fees |
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I have a question about car insurance.I was recently shopping around for quotes for car insurance. I had gotten an email about Washington Mutual Car Insurance, so I decided to get a quote. I was astounded when they quoted me with $2500 every 6 months or $5,000 a year. I was just completely blown away. My car, a 2004 Nissan Sentra, is barely even worth that much.I called them up and asked why they were quoting me that rate and they said it was because of my age and credit score. I am only 23 and I have really bad credit, but there is NO OTHER insurance company that quoted me a rate anything near as high as that.Progressive quoted me $600 every 6 months or $1200 a year. Geico $613 every 6 months or $1200 a year. Allstate was $1,200 every 6 months or $2,400 a year. And State Farm was $800 every 6 months, $1600 a year. These quotes were all for identical insurance policies.I have never been in an accident, never been arrested, never been given a ticket for ANYTHING.Does age and credit score make that much of a difference? That is insane, no one in their right mind would pay the full value of their car every year in insurance fees. What do you think???
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kricket
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| Posted: Wed Jun 22, 2011 6:20 pm Post subject: |
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This is a great example of why it is important to shop for your car insurance.
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Guy Strunk
Strunk Insurance
Oklahoma City Insurance |
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strunkinsurance
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| Posted: Wed Jun 22, 2011 6:21 pm Post subject: |
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It is obvious based on the rate Washington Mutual provided you, they are not interested in insuring 23 year old drivers with bad credit, thus the reason they priced your coverage so high
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Young Yun
Colorado Car Insurance |
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PremierGroupIns
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| Posted: Wed Jun 22, 2011 7:48 pm Post subject: |
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Many insurers base their rates on your credit score. Several studies have found as a whole, individuals with a lower credit score tend to have higher claims costs, particularly in coverages that are easily exaggerated. While this theory does not apply to everyone that ever had a ding on their credit history, this appears to be the trend for the majority of people that have bad credit.
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Matt Anderson
McFarlin Insurance Agency
Maryland Business Insurance |
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McFarlinInsurance
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| Posted: Wed Jun 22, 2011 8:10 pm Post subject: |
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Many insurers base their rates on your credit score. Several studies have found as a whole, individuals with a lower credit score tend to have higher claims costs, particularly in coverages that are easily exaggerated. While this theory does not apply to everyone that ever had a ding on their credit history, this appears to be the trend for the majority of people that have bad credit.
Thanks,
Stephen Jordan
Jordan & Jordan Insurance Group
Trade Credit Insurance |
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JordanJordanIns
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| Posted: Wed Jun 22, 2011 11:02 pm Post subject: |
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| Your age will certainly play a major role in your auto insurance rates. Younger drivers have less driving experience, therefore, the likelihood of getting into an accident is much greater. |
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shawn_camp
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| Posted: Wed Jun 22, 2011 11:41 pm Post subject: |
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Wow... spammer don't even bother making their posts look different.  |
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tcope
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| Posted: Thu Jun 23, 2011 5:48 pm Post subject: |
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| While I agree the price you were quoted was quite steep and I’m happy you were able to get a better quote, I did want to point out that you are insuring more than just your car. When you purchase auto insurance, at a minimum you are purchasing liability insurance. This will cover the other driver, passengers, and vehicle(s) you may cause damage to. The amount you are required to carry by law differ from state to state, but as an average, you would be purchasing $50,000 in coverage. Looking at the total amount the insurance company is on the hook for may make you understand why the premium costs are so high. |
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andy_winn
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