Insurance
Race Director
Joined: Apr 2017
Posts: 13,602
Likes: 12,865
From: Virginia
Interesting as my NCM rates dropped from $620 to $498. Whose moving from east coast to west coast, you or NCM?
Premium Supporting Vendor
Joined: Jun 2019
Posts: 361
Likes: 335
From: Bowling Green, KY
It looks like the rates do change depending on location. I believe 20% is $109 for 12-months, correct?
Trust me when I say we hate rate changes, too.
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It always pays to at least check around for your home/car insurance. I do it every year and for this year, I actually kept my curent insurance since rates decreased overall. Speak with the NCM agency and see if they can shed some light on why your rate increased since you still live in the same state.
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Premium Supporting Vendor
Joined: Jun 2019
Posts: 361
Likes: 335
From: Bowling Green, KY
This also could indicate that our carrier took significant losses over the last several years and they need to take rate to help with profitability.
I will give you a call tomorrow, however, please know that I do not have a magic button to decrease the premium. I will do everything I can to help you.
Burning Brakes
Joined: Jan 2020
Posts: 808
Likes: 399
From: NW Georgia
I would get a quote from Grundy to compare it to, you get a declared value policy with 0 deductible on collision and comprehensive. You can get a quote on line from WWW.Grundy.Com, doesn't take but about 5 minutes, they have save me money over the years.
Exception ID 10T
Joined: Oct 2017
Posts: 1,031
Likes: 509
From: NW of Jacksonville FL
I live in the Jacksonville, FL area. I have State Farm. On three vehicles, the 6 month rate declined. On the vette, the 6 month rate increased 14%. Vette is garage kept, not a DD, no accidents. My agent couldn't really tell me why. Maybe it's a vettes in Florida thing? Traffic and drivers are crazy around here, too, not just in Tampa.
Exception ID 10T
Joined: Oct 2017
Posts: 1,031
Likes: 509
From: NW of Jacksonville FL
I live in the Jacksonville, FL area. I have State Farm. On three vehicles, the 6 month rate declined. On the vette, the 6 month rate increased 14%. Vette is garage kept, not a DD, no accidents. My agent couldn't really tell me why. Maybe it's a vettes in Florida thing? Traffic and drivers are crazy around here, too, not just in Tampa.
Instructor
Joined: Apr 2018
Posts: 198
Likes: 102
From: Allegheny National Forest
NCM just gave me a quote of $721 a year on a 2019. I'm 70 years old with 4 cars and never a ticket. Only drive the Corvette on weekends 7 months out of the year! I'm sticking with AAA, they're cheaper.
Burning Brakes
Joined: Sep 2022
Posts: 1,202
Likes: 569
From: MSP
At a super, super high level, your insurance rates are all data driven and most of it is not based specifically on you, it's based on people like you. Other people who match your information, such as age, gender, location, income, and credit, help to determine your base rates. It's like using BMI to tell whether or not you're healthy -- it's a statistical measurement that is barely applicable to an individual.
From there it falls to the car itself. How safe is it in a crash? How often does it get stolen (and how often in your insured area)?
A lot of the time your rates are going to go up over the first ten years of the car's life. This is because it's depreciating, which does lower the cost to insure it since it's cheaper to replace, but due to the depreciation it becomes more accessible to lower income populations, and statistically speaking low income individuals make poor decisions that lead to car accidents. Look at the Nissan Altima, if you need a real life example. There's also a very specific Mercedes that is abhorrently expensive to insure, because every single poor person who can afford one tries to buy one and immediately crashes it.
tl;dr - insurance rates are going to vary wildly from person to person, car to car, and location to location.
From there it falls to the car itself. How safe is it in a crash? How often does it get stolen (and how often in your insured area)?
A lot of the time your rates are going to go up over the first ten years of the car's life. This is because it's depreciating, which does lower the cost to insure it since it's cheaper to replace, but due to the depreciation it becomes more accessible to lower income populations, and statistically speaking low income individuals make poor decisions that lead to car accidents. Look at the Nissan Altima, if you need a real life example. There's also a very specific Mercedes that is abhorrently expensive to insure, because every single poor person who can afford one tries to buy one and immediately crashes it.
tl;dr - insurance rates are going to vary wildly from person to person, car to car, and location to location.
Last edited by squirrelchew; Jan 31, 2023 at 11:36 AM. Reason: removing inflammatory verbiage
Race Director
Joined: Apr 2014
Posts: 10,447
Likes: 1,741
From: North Texas
If the underwriters for your company had a bad year(s) in that area with Corvettes, you're going to pay the price. If you find a carrier that had a good claims year(s) with Corvettes the rates may be more reasonable. I suspect that calling around is going to be the answer. I've found it difficult to split auto and home because the discounts for bundling are substantial. My inquiries have indicated that many times a low auto insurance rate comes bundled with a higher than normal homeowners rate and vice versa. So the overall bundled rates end up being about the same.
Melting Slicks
Joined: Jun 2019
Posts: 2,041
Likes: 928
From: near philly
holy crap, if you were a public figure and you dared say that out loud you'd be strung up by your ankles
good chance there'd be a riot too
Race Director
Joined: Apr 2014
Posts: 10,447
Likes: 1,741
From: North Texas
Pretty comprehensive insurance rate study. The only glaring fault I saw in the study was the lack of theft and other various non-driving damage in the ZIP Code rate comparison data. There was one section that discussed the widow penalty. Apparently it's pretty common for a widow's rates to go up by as much as 20% after the death of a spouse. I had no idea. It did not discuss any actions if the wife died instead of the husband.
https://consumerfed.org/cfa-studies-...uto-insurance/
https://consumerfed.org/cfa-studies-...uto-insurance/