Reader Eric's e-mail landed in our mailboxes with the subject line "Criminally high insurance rates." I just finished reading two articles on your website. One article featured the least expensive cars to insure. The other article explored the most expensive cars to insure. The most expensive car being a 2014 $115,000 Nissan GT-R that cost $3,169 to insure for annual coverage. The question I have is why did I just receive an automobile insurance quote of $365 per month, $2,200 for six months, and, thus, $4,400 for one year’s full coverage 2009 Chevy Aveo subcompact that cost only $9,900? I live in Detroit. I'm well aware of the practice of paying more due to crime, etc. But these grossly excessive rates seem criminally high. I agree that car insurance rates in certain cities, Detroit being one, are insanely high. And while I wouldn’t want to spend this much on car insurance, I can explain why it is that some folks, like Eric, are receiving car insurance rate quotes higher than what it would costs others to insure an “affordable supercar” like the $115,000 Nissan GT-R. Where you live matters – a lot Car insurance rates are based on many factors,… (continue reading......)
New York City's multi-billionaire Mayor Michael Bloomberg is the ultimate social engineer. Not content to run our country's biggest city, Mayor Mike is out to reshape human behavior. He's gone after tobacco, sugared drinks, super-sized sodas and guns. Now, like certain dogs, he's chasing cars. And the result could cost New York, New Jersey and Connecticut motorists more in car insurance -- or even make it more difficult for them to get. Some of Bloomberg's cockeyed crusades have merit, but he has also butted heads with more rational thinkers. The New York State Supreme Court blocked his plan to stop the sale of 32-ounce sodas in local stores. The International Olympic Committee nixed his bid to bring the games to New York. And his grandiose vision of a pro football stadium on the city's already overcrowded west side never scored a touchdown. But let's give Mayor Mike his due. For a man often described as a "nanny stater," he definitely knows how to play hardball. Car counting One of his less-publicized endeavors, keeping passenger cars out of his city, shifted into high gear when traffic "counters" with clickers were stationed at each corner on the way into the city to… (continue reading......)
He got me! There I was, caught like the proverbial deer in the headlights of a police cruiser on a darkened road in the New Jersey pinelands. The red and blue bubble-gum machine lights atop the cop car alerted every motorist within miles that I was getting a ticket. It was humiliating, and a costly courtroom experience, even when you pled guilty. But my worst fear was that my car insurance rates would go up $400 a year with those dreaded points on my license. Well, that didn't happen. "We don't raise your rates because you get a ticket," said my insurance agent. Whew! And when I had an accident that wasn't my fault but still cost my insurer $1,500, my yearly rate still didn't go up. Apparently I'm not alone. USA Today recently cited a study by Princeton Survey Research Associates International that said just 31 percent of drivers who received a moving violation within the last five years were hit with higher rates. Total recall Some insurance experts felt that the survey results were bogus. The Chief Economist of the Insurance Information Institute (III), Steve Weisbart, said that the survey asked drivers for a "five-year recall" of when… (continue reading......)
At their annual conference in January, auto insurers actually worried about whether theirs was a "shrinking business." All newer vehicles come equipped with "black boxes," which tell police and courts what really happened in an auto accident, providing them with the proper place to put the blame. BMW has already introduced autos that are truly auto -- they drive themselves. Voluntary vehicle monitors in cars, such as Progressive's Snapshot, which tell insurers if the driver is going too fast or braking too hard, are catching on with motorists lured by the possibility of lower rates for better driving. Progressive is the 4th largest auto insurer in the nation, but it's Snapshot program is now the 20th largest car insurer on its own, with more than a million members, according to analysts. But most importantly, until recently serious car accidents were trending sharply downward. I repeat, until recently. This trend is not your friend The latest statistics from the National Highway Traffic Safety Administration (NHTSA) tell a different story. During the first nine months of 2012 there was more than a 7 percent increase in motor vehicle traffic fatalities. And that trend will probably continue when Thanksgiving and Christmas driving season… (continue reading......)
Copyright © 1996-2013 The Fine Print - Presented by Insure.com. All rights reserved.