Car Insurance Cost Luxury Cars

Discussion in 'Off-Topic' started by Bobber, Apr 16, 2018 at 8:13 AM.

  1. Bobber

    Bobber Well-Known Member

    Apr 12, 2006
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    My inlaws recently bought a really nice Lincoln SUV. They shared that yearly insurance for the thing is over $2,000! Holy cow! My most expensive vehicle (granted it’s a 11 year old Honda minivan) is less than $400. I am a big believer in the saying that you can make yourself Insurance poor.

    Kind of curious what you pay for your vehicles? Used to think I wanted a Luxury vehicle when the kids are grown, but thinking a mainstream vehicle of some sort may be the way to go!
     
  2. dmclone

    dmclone Well-Known Member

    Oct 20, 2006
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    It really depends on the vehicle, your age, and your coverage.

    We have the following

    2018 VW Tiguan SEL-P $36k MSRP $469/year
    2015 BMW 235i X $50k MSRP $729/year

    $1,000 Deductible
    $1,200 Year premium


    Before the BMW, I had a 2011 M56x (420hp V8) MSRP $72k and it was around $600/year

    The expense that will surprise you in Iowa are the tags. They are based on the original MSRP.
     
  3. dirtyninety

    dirtyninety Well-Known Member

    Oct 6, 2012
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    I know the difference between a porcupine and many luxury coupes.
     
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  4. harimad

    harimad Well-Known Member

    Jul 28, 2016
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    Top five answers are on the board. We asked 100 people to name something that comes after the word "pork."
     
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  5. Cyclone.TV

    Cyclone.TV Well-Known Member

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    Side note, I did pick up the 2018 Tiguan SE about 3 weeks ago. Really like it.
     
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  6. BoxsterCy

    BoxsterCy Well-Known Member

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    They should look at their vehicle damage lines for collision and non-collision and the deductibles for each. That's the biggest percentage of the cost and "manageable" by raising their deductible.

    Also, some of the new Lincolns are sporting aluminum bodys which are going to be more expensive to fix if they get in even a minor fender bender. I am sure the insurance companies are reflecting that in premium guides for certain models.

    Thread was a reminder to review my own. I need to bump up my deductibles some. Not sure why the old Boxster is still sitting at $250, sort of missed that last time I revised coverage. Kinda surprised they kept the glass at $0 after I cracked a windshield last year. That was not cheap for them.
     
  7. CloneFan4

    CloneFan4 Well-Known Member

    Aug 5, 2010
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    I feel I'm well informed when it comes to most financial aspects but insurance is one I'm lacking in at my young age.

    I insure my 2015 Dodge Challenger through Geico at $107/month. I selected the $500 deductible. Any advice to whether I'm locked into a reasonable price or if/where I should look for a different insurance company?
     
  8. BillBrasky4Cy

    BillBrasky4Cy Well-Known Member

    Dec 10, 2013
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    My in-laws pay a high insurance premium as well because they basically have no credit. They've paid cash for pretty much everything their entire lives and when they bought a brand new vehicle a few years ago and they were floored how high their premium was. believe it or not but a "poor" credit score categorizes you as higher risk.
     
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  9. Cyclone.TV

    Cyclone.TV Well-Known Member

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    Get on esurance and get a quote. You aren’t locked in to anything.
     
  10. Farnsworth

    Farnsworth Well-Known Member

    Apr 11, 2006
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    That seems a little high to me. I would call an independent insurance agent who can shop rates on your behalf. If you have renters or homeowners insurance, make sure you are getting them bundled as that will save you a lot.

    If you're looking for names I can give you a couple I've worked with in the past. It's way better than trying something online that "compares rates" or going directly to a company's agent, and it doesn't cost anymore as they are just taking a cut from the policy. Much like 3rd party travel sites.
     
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  11. cyclonedave25

    cyclonedave25 Well-Known Member

    Jul 10, 2007
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    I pay $100/month with a $500 deductible on a 2011 Kia Optima.
    Before I moved to Chicago it was around $40/month.
     
  12. Farnsworth

    Farnsworth Well-Known Member

    Apr 11, 2006
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    Ya location sure makes for some crazy swings in insurance prices. I was surprised to see how much ours changed from moving from Omaha to Waukee, then Waukee to Ankeny.

    All through college and a little after it was always registered in rural Iowa (parents house) which was a hell of a lot cheaper, although the car was always in Ames or Omaha.
     
  13. dmclone

    dmclone Well-Known Member

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    If you're thinking about buying the roof rails/rack, I can make you a hell of a deal on a never opened box.
     
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  14. CloneFan4

    CloneFan4 Well-Known Member

    Aug 5, 2010
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    I will do this today.

    Yes please. I am renting with no renter's insurance currently. Appreciate the help guys.
     
  15. ruxCYtable

    ruxCYtable Well-Known Member

    Aug 29, 2007
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    Understand, a luxury car is going to cost more to insure because if you total it, they have to BUY IT. Also, once you hit 70 you get nailed, because elderly folks aren't the best drivers. Not quite as bad as teens, but significant.

    I pay $2100/year for three modest vehicles, and that includes a discount for being an agent. I have a teenage driver, though, and am about to add another one!
     
  16. Farnsworth

    Farnsworth Well-Known Member

    Apr 11, 2006
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    I PM'd you a few names. Just to note in general:

    Contact and shop at least 2 places, as not all agents have contacts with all companies. For instance when I was researching when we first needed homeowners, we went with Company X over Company Y as they worked with Travelers and was the best deal. I felt bad because Company Y seemed to offer better customer service, but didn't have those relationships.

    They will also search stuff for you while you have a policy with them for best deals. Even though I was with Company A the whole time, we shifted between Progressive and Travelers when it best fit our situation.
     
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  17. jsb

    jsb Well-Known Member

    Mar 7, 2008
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    I pay $1000 per year for a 2015 Chevy Malibu. But my deductibles are $100/$500. I'll raise the deductible once the car is 5 years old.
     
  18. cmjh10

    cmjh10 Well-Known Member

    Dec 5, 2012
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    The pricks are on the outside of the porcupine?
     
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  19. dmclone

    dmclone Well-Known Member

    Oct 20, 2006
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    I never understood why people don't go with the higher deductibles. I've had a higher deductible for the last 15+ years. By doing this it saves me about $300/year. So in those 15 years I've saved at least $4,500. I haven't had any claims but even if I had, it would have taken 9 claims just to break even and if I had 9 claims in 15 years, I would probably be dead or didn't deserve to drive.
     
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  20. ruxCYtable

    ruxCYtable Well-Known Member

    Aug 29, 2007
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    People are very stubborn about breaking that old habit. It's like the 3,000 mile oil change. I have people who come in and they're all proud they carry $0 or $100 deductibles. I'm like people, that is just stupid. You're just throwing money away.

    And those same people are the ones who complain about how much they're paying. Don't complain to me about how expensive your insurance is when you're intentionally doing things that make it so.
     
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