Is Erie Insurance Co. trying to tell me something?

[mikec]

Geeze! My auto insurance jumped 34% this year. I have not had a claim in over 20 years. Aside from a general raise in all premiums, they are tacking on "an additional amount charged of $302 as a result of curb weight to horsepower ratio". This is new. Last years premium made no mention of this.

What? they call 290 HP and 3100 lb excessive? There are lots of cars with over 300HP these days.

I'll call them tomorrow for an explaination, but I think it's their way of showing me the door.

 

[NsXMas]

Consumer Reports found that you have to constantly shop around for insurance to get the best deal.

This is a great time to see if there's a better deal out there. I've switched recently and found some nice deals.

 

[RPM217]

One thing that you might look into with whatever insurance company you ultimately deal with is if your credit history is pristine, the company might place you in a relatively new "class" of client. About 16 months ago when I received my renewal notice I went balistic at the rate. I called up the owner of the agency and told her that I was going to shop the policy as I knew friends in this area with similar driving records and types of vehicles paying substanially less. The owner asked me if I minded if she ran a credit history on me, came back with a reduction of $1,600 annually. She then explained to me that the companies had found that people with clean and pristine credit reports have proven to be better risks, so if that's you ask your agent, they normally won't volunteer rates that are lower unless they risk losing you. Also, I don't know if this is just a regional policy, or nationwide, but it never hurts to ask. BOL

 

[NetViper]

What a freaking rip off. Time to shop. It makes no sense to me to lose a customer who has been paying for 20 years and never had a claim.

 

[tucsonsx]

One thing that you might look into with whatever insurance company you ultimately deal with is if your credit history is pristine, the company might place you in a relatively new "class" of client. About 16 months ago when I received my renewal notice I went balistic at the rate. I called up the owner of the agency and told her that I was going to shop the policy as I knew friends in this area with similar driving records and types of vehicles paying substanially less. The owner asked me if I minded if she ran a credit history on me, came back with a reduction of $1,600 annually. She then explained to me that the companies had found that people with clean and pristine credit reports have proven to be better risks, so if that's you ask your agent, they normally won't volunteer rates that are lower unless they risk losing you. Also, I don't know if this is just a regional policy, or nationwide, but it never hurts to ask. BOL

Gotta love the insurance companies don't you? I'd still be shopping - there are few things that piss me off more than a company that hoses you down until you call to complain then lowers the price.

 

[4AU4LIFE]

I understand the concept of a person with better credit probably being a better risk, but I thinkg too that is a little discrimantory.
My father went about 15 years without any type of credit check or credit card at all. When he went to get a home, they had to end up using my credit because he wasn't even in the system.
He is a VERY good driver but just didn't have any credit. Shouldn't be fair for him to pay a higher rate just because he chose to fly under the radar for so long yet still be a law abiding citizen.

 

[Carguy!]

About a week ago, I decided to put every car I own on PLPD. This basically eliminates collision, theft and fire protection, but provides the insurance that is required to put your car on the road.

I haven't had a claim in my driving lifetime (about 21 years) and figured it was worth the risk. I am saving about 16,000 per year so it shouldn't be too much of a risk. I am fortunate enough to be in a position that if I had a total loss I could replace the car without too much of a problem.

I am still considering putting insurance back on my S600 as I drive this car quite a bit and the chances of something happening would be higher.

If you are able I would suggest taking off the theft / fire/ collision part of your insurance. Also simply raising the deductibles can also save you a lot on your insurance.

 

[paladin]

I understand the concept of a person with better credit probably being a better risk, but I think too that is a little discrimantory.

I agree with you in almost every way (other than being a UGA fan).
It seems the actuary people want to narrow you down to a perfect model, and will use every piece of info they can gather to their advantage. Is it fair to us that women pay less? of course it isnt. The fact that i have a nicer car and am younger has always caused me problems. I see plenty of the typical soccer moms getting into accidents on the phone, why are they paying less than me?