insurance rate evaluation...?

[Skyline_Addict]

hi,
i was just wondering how much insurance companies base their rates on respective factors (such as driving record, current value of car, etc.).

i'm wondering because I drive a 2003 EL, which is worth around 20k right now and if i were to get a car that was worth half the value, how much cheaper would my insurance be (probably not half)?
which factors have more influence over the rates, and by how much? a percentile breakdown would be awesome, if possible. insurance costs are a huge factor in my decision of buying a car. I don't want to be paying too close to the same rate for a 92-95 as I would be paying for a brand new car.
i'd rather save the hassle of going through all that work of getting a new car and retain a better resale value on my newer car if insurance rates were similar.

[turbo_equiped]

yea i had a question about insurance as well. now there is already a thread on it so no need of making a new one. like you now sometime ago there was news going on and stuff that insurance laws are changing and there is gonna be one flat rate for all. is that in effect or what? is the law changed yet or no? if it has changed, that is there any point in taking the driving classes to reduce your insurance? i mean will that still reduce the insurance by some percent or wat?

[^SkylinE^]

Do you get a reduced rate if you have a high GPA at school?:dunno:

[dkny_stylez]

Originally posted by ^SkylinE^
Do you get a reduced rate if you have a high GPA at school?:dunno:

wtf? what does school have to do with driving?:banghead:

[dishrag]

your "assesment" usually begins by bending you over a sturdy object. Then they ask you to bite down on a stick...

[bighead2267]

if u deal with statefarm, i think they can reduce your rate if your school mark is good.

about the rate. it's depends on your driving history, car model, sex, family member(like u've a 16 years old kid in the house and about to get the license)if so, what's the pecentage, conviction, location (for windshield insurance)

the rate of the car is base on their accident rate, their stolen rate, cost of the parts.(e.g., i've heard a Lincoin SUV the windshield cost almost 6G, can u believe that?)

hope this help

[1badPT]

Most insurers are looking at the following things:

Type of driver:

This is a very wide ranging category but common things include marital status, age, sex.

For example a single male aged 18 will likely pay a lot more insurance than a 40 year old married woman.

Driver's Insurance History:

This is the "star" rating that everyone refers to with insurance. Very simply its the number of years since you have had an at fault accident in your insurance history. The maximum is 6 (6 or more years of accident free driving) and the worst rating is 0 (an accident in the past year). Some things can modify this rating, for example if you are a new driver, you are typically given a 0* rating but if you take driver's ed, most insurers will give you a 2* or 3* rating which reduces your rates a lot.

Other things that modify this is accident forgiveness - a person who has attained a six star rating and gets into an accident, most insurers will give that person a 5* rating instead of taking them back to 0*. They'll keep the 5* rating until 5 years of accident free driving.

Obviously a person who is 0* is paying the most for the type of driver they are - so let's say you have two 18 year old single males, one with a 3* rating (thanks to driver's ed) and the other who just got insured and has a 0* rating. The 0*driver is going to be paying a hell of a lot compared to his buddy who took driver's ed.

Vehicle Insurance History

This takes into account a lot of factors, but in general, replacement value of the vehicle, the cost of repair, how often the car is stolen, the survivability of occupants in accidents all affect how cars are rated. In essence if a particular car is responsible for a lot of claims coming in, it will be expensive to insure that car. That's why a $20,000 used sports car will be more expensive to insure than that ultra safe, easy to repair family sedan costing $30,000.

Type of Coverage

This of course deals with how much coverage you get, IE $500,000 Liability or the more common $1,000,000. Do you take the collision and comprehensive coverages or opt out? Do you include coverage for your windshield or not? How about a rental car if your car gets into an accident and you need something to drive while your car gets repaired?

[Skyline_Addict]

hmmm i see.

to be more specific.

in relative terms, how much would I be paying for a 92 240sx compared to a 03 1.7EL?

any estimates?

[theken]

there really is no difference between vehicles, i own a 1984 jimmy with full coverage, 380 a month, worth 10500, i just purchaed a 2004 dodge ram 1500 with a hemi guess how much 380 a month, price is based on your coverage and liability, raise your deductible and your rates drop a bit do like a 2500 instead of 1000