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Discussion Starter · #1 · (Edited)
I happened to notice on the board that a lot of young guys are tooling aroung in new GTOs. First off, congrats. Car payments are one thing, but how about those insurance rates. How much is your 6-month premium? just curious.
 

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radioboy said:
I happened to notice on the board that a lot of young guys are tooling aroung in new GTOs. First off, congrats. Car payments are one thing, but how about those insurance rates. How much is your 6-month premium? just curious.

It depends more on where you live than what kind of car you drive. Given the right location I could probably insure a ferrari for less than it would take you to insure the average car from GM.

...well maybe a slight exaggeration on the ferrari, but you get the idea
 

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Auto insurance is outrageous out in here in MI...we have to pay a $133 "MCCA Fee" for each vehicle we insure per year...plus we have to have PIP and uninsured coverage because this is a freakin' "no-fault" state.

That being said, the insurance for my '06 GTO is $800/year (that's before the MCCA fee) with 2 speeding tickets on my record (one clears next month). I can't really complain about that.
 

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radioboy said:
I happened to notice on the board that a lot of young guys are tooling aroung in new GTOs. First off, congrats. Car payments are one thing, but how about those insurance rates. How much is your 6-month premium? just curious.
$450 - Location = Philadelphia
 

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silvergoat2k6 said:
Auto insurance is outrageous out in here in MI...we have to pay a $133 "MCCA Fee" for each vehicle we insure per year...plus we have to have PIP and uninsured coverage because this is a freakin' "no-fault" state.

That being said, the insurance for my '06 GTO is $800/year (that's before the MCCA fee) with 2 speeding tickets on my record (one clears next month). I can't really complain about that.
I lived in Michigan for a few years....

Michigan has horrible insurance rates because there is no cap on how much someone can get from and insurance company after a wreck. State Farm is moving towards using a credit score to adjust insurance premiums, and apparently it's a drastic savings... (or hurt'n) so I've been told.

Here in Illinois, I've got a clean record, full coverage w/a "keeper" plan that gives me a new car if I total it for about 410 every 6 mo.
 

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I live in Southern California, 21 years old, 1 minor accident 2 years ago(less than $600 in damage) 2 speeding tickets more than 2 1/2 years old. I've been driving since I was 16.

$265 a month, full coverage. You do the math for the 6 months. This is down from $405 a month when I got the GTO a year and a half ago. This is a hell of a lot better than the quotes I got when shopping for a new car. I was looking at the '02 Camaro SS, '02 Corvette ZO6, and the '02 Pontiac Firebird WS6. I was quoted about $550 a month for insurance on all of them. I can honestly say that my insurance payment was my final deciding factor in getting this car. I love it for EVERY reason. No regrets. :D
 

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Geico, and some of the other cut rate insurance companies offer bottom line insurance. Everything is at a minimum, and on TV they tell you they can save you bokoo bucks by switching to them. What they don't tell you is that they are saving you $$ by reducing your Under insured, personal, and bodily injury liabilities, etc. They also tell you to take no tort which by doing so (in states that have this clause) you waive your right to sue in court in most cases should a calamity happen to you.

When you have a loan outstanding on your car, the loaning institution requires you carry collision, (unless you are financing through a line of credit, or home equity loan) that is the brunt of the cost. If you choose a bargain rate insurance company like Geico, and carry only the minimum coverages, you are setting yourself up for a nasty time should you have an at fault accident.

Sure they can save you $$. There is always a catch. You pay 30K + for a car and take out the least amount of coverages and then something happens. You hit someone in a 60K car and your coverage for that is only good for 10K. Guess what.... you're in court to pay for damages exceeding your limits. How about Bodily injury? You are covered for 50K and the person you hit amasses 300K in medical costs.... Guess what..... too late.

Geico, and other, bargain rate insurance companies are a roll of the dice. Low insurance premiums are great, but you get what ya pay for. You could very well end up owing another person for life should your dice not come up snake eyes.
 

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Discussion Starter · #12 ·
GTO judge said:
Geico, and some of the other cut rate insurance companies offer bottom line insurance. Everything is at a minimum, and on TV they tell you they can save you bokoo bucks by switching to them. What they don't tell you is that they are saving you $$ by reducing your Under insured, personal, and bodily injury liabilities, etc. They also tell you to take no tort which by doing so (in states that have this clause) you waive your right to sue in court in most cases should a calamity happen to you.

When you have a loan outstanding on your car, the loaning institution requires you carry collision, (unless you are financing through a line of credit, or home equity loan) that is the brunt of the cost. If you choose a bargain rate insurance company like Geico, and carry only the minimum coverages, you are setting yourself up for a nasty time should you have an at fault accident.

Sure they can save you $$. There is always a catch. You pay 30K + for a car and take out the least amount of coverages and then something happens. You hit someone in a 60K car and your coverage for that is only good for 10K. Guess what.... you're in court to pay for damages exceeding your limits. How about Bodily injury? You are covered for 50K and the person you hit amasses 300K in medical costs.... Guess what..... too late.

Geico, and other, bargain rate insurance companies are a roll of the dice. Low insurance premiums are great, but you get what ya pay for. You could very well end up owing another person for life should your dice not come up snake eyes.
I'm on the hook with Allstate for $1500/annually...Michigan...age 44, and a TEENAGE DRIVER in the house...ouch! Just for kicks, I got a quick quote from Geico for the same full coverage on three vehicles. It was almost twice as much as I'm paying now. What a racket.
 

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Just went through this with USAA. Been with them since day one, but on a hunch, shopped for the GTO as a 2nd car. Got a really low rate of 6 months for $471 for both cars with AIG. Ended up staying with USAA though for $515 ($86 a month) since I get a rebate check each year on top of that price. To GTO Judge's point, you get what you pay for.
 

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$525/6 month for two new cars (150K/300K/150K coverage) Farmers (GTO daily driver/Ford Escape SUV). I too dont believe in too little coverage and most would be surprised how little more they could pay for 2-3 times the coverages. Clean record/29 years old/using Farmers for home insurance too/deffensive driving discount every three years/married.
 

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auto insurance no problem ....but my homeowners just doubled!!!!
I have never turned in a claim either,even after 3 hurricanes my house had no significant damage
 
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