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I raised my deductibles which saves premiums. We got caught in one of these a bunch of years ago on a homeowners claim. A windstorm blew something into our air conditioner and we put in a claim to replace it. The premiums went up way more than the cost of the entire unit had we replaced it ourselves. Same thing for our autos. I think I have 5K deductibles. Also don't believe this "accident forgiveness" BS. It may work on your carrier but if you change carriers you will still get dinged for the surcharge.
My wise old daddy told me when I was young and deciding what to do when I grow up that I should be a banker or an insurance company. Neither will (properly managed) lose money... |
well, here's a twist for your reading pleasure. new to the boards, first off, so hi everyone. i recently bought a cobra... located in canada. alberta province, red deer. long story short, i'm now told by hagerty that the western provinces will not allow insurance policies to be issued for these kit cars. eastern provinces will... anyone know different?
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No idea about the Canadian provinces.
But here in the States, insurance can often vary by state. Hagerty was rather dodgy in my state, Vermont. So I tried some of the major carriers. So far so good with State Farm. But only been a year plus, and no claims yet. Thankfully. Good luck! |
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Increase in premium
In most situations the year the vehicle is registered will normally make a difference on the premium. Most people do not realize that an Insurance Company must file their rates with the Department of Insurance for each State. When they do this they state what they are going to be charging for vehicles in many different manners, one being by the year. The rates for a 1965 are better than the rates for a 2023 for instance. I normally try to find out up front what the vehicle is going to be registered as so it does not look like a bait and switch type of thing. On a build right out of the box we have used the 1965 rates not knowing what the actual car will be registered as. This helps keep the rate down but I let the client know if the car is registered current model year when registered the rates will probably increase.
Hopefully this clears up the rate issue with carriers. Robbin MIdwest Classic Insurance Midwest Classic Insurance – Taking care of your insurance needs personally. |
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