Insurance on 03 Cobra Just Went Through the Roof !

[bluecoupdegrace]

Well I just got my new insurance bill and the insurance of my 03 Cobra just went up $3000 !!!

Seems that an accident my son had this summer in another one of my cars -- he has never driven the Cobra -- is responsible for the rise...

And he's not even on my policy...he's on his mother's policy...I let him drive my other car on weekends for dates and stuff.

Jeesh...I may just rip the plates off it and let the Cobra sit for a year.

Advice !?? Are the rates on Cobras in general going way up ? I originally only paid $2000/yr....now $5k !

 

[03_silver_coupe]

I sure hope not or I will be selling mine. There is no way I could afford that kind of money for insurance. Mine is 148 a month still.

 

[cobra 829]

Originally posted by bluecoupdegrace
Well I just got my new insurance bill and the insurance of my 03 Cobra just went up $3000 !!!

Seems that an accident my son had this summer in another one of my cars -- he has never driven the Cobra -- is responsible for the rise...

And he's not even on my policy...he's on his mother's policy...I let him drive my other car on weekends for dates and stuff.

Jeesh...I may just rip the plates off it and let the Cobra sit for a year.

Advice !?? Are the rates on Cobras in general going way up ? I originally only paid $2000/yr....now $5k !

see about making him an excluded driver that should lower it down or call an another insurance company good luck

 

[BOOOOST]

Did your policy pay for the vehicle repairs, or did his Mom's?

I would definitely go to http://www.choicetrust.com/ and get your CLUE report. It's the very same report that insurance companies use to determine if you have any form of accidents on your record that wasn't reported to your DMV. This will tell you point blank what is causing your insurance to go up.

Also, I would call Geico and talk to them about new rates. I have an accident on my policy from a Lightning incident, and I only pay 1200 per 6 months, and that is for 3 vehicles (2 full coverage, 1 liability only)! I would exclude him from your policies, as that seems like a must now.

 

[Jim Hellekson]

bluecoupdegrace,

I received my 6 month State Farm Policy Renewal about a month ago. They had increased the insurance on my 03 Cobra by $275.00 per 6 month term. All of which was for Collision and Other Than Collision. I confronted my Agent and he just gave me a line of sh&#. I then went on-line to GEICO for a quote. It was $253.00 below State Farm and they are now history. In fact, I have 3 vehicles, 03 Cobra, 01 Pathfinder, 01 Xterra and changed all over to Geico for a savings of $382.00 per 6 months. Also, I increased my Liability Coverages on all 3 vehicles with Geico. The collision and comprehensive coverage costs on my Cobra are now about the same as they are on the other 2 vehicles. By the way, State Farm was going to charge me $1332 and Geico is charging only $950 for the 3 vehicles. I live in Texas and on the Border.

Jim

 

[bluecoupdegrace]

My policy paid for the accident....he was driving in my car.

Originally the insurance company wanted to drop me altogether because they thought my son was me....

My record is one moving violation in 2000...and one minor accident (hit a small pole in a school parking lot) in 2001. If the other accident had been mine, which it was not, under PA law they could have dropped me.

So now to allow my to stay with them they're makin me pay through the nose.

Even though no tickets or accidents in the Cobra....just my son's accoident since i bought the Cobra in June 03.

 

[bluecoupdegrace]

Just went to choicetrust.com and got my CLUE report...

It shows nothing for the past 5 years !!!

What a rip for $12.95 !

 

[rskdsk]

With travelers I was paying 2400 a year, with progressive I am paying 600 /year. Shop around, there are huge differences between companies on these cars.

 

[BOOOOST]

Originally posted by bluecoupdegrace
Just went to choicetrust.com and got my CLUE report...

It shows nothing for the past 5 years !!!

What a rip for $12.95 !

No, that's NOT a rip. You need to understand that NOTHING is showing on your CLUE that could raise your policy. Listen, the ONLY reason they have raised your rates is because they actually know about your son in an accident since they paid for the repair work.

What you need to do, today, is get a copy of your DMV report, figure exactly what is on there that could go against you, and call around to other insurance agencies (i.e. Geico, hint hint). Being now that you have NOTHING on your clue report, the ONLY possible thing you could have on your DMV report is the 2 things you listed just shortly ago:

My record is one moving violation in 2000...and one minor accident (hit a small pole in a school parking lot) in 2001.

So you will know, a CLUE report lists accidents that weren't reported to the DMV. Being that your son caused this, it should have shown up on your CLUE that repair work was done to your vehicle, and that your son was in an accident in it. Your DMV report only shows incidents from you, and you only. Your insurance company dropped the ball here and never reported his accident to CLUE, or didn't report it properly.

Geico will pull the same exact CLUE report and your DMV report when you agree to accept the policy, so be truthful with them about your DMV report, if you already know what is on it for sure. The CLUE report they will pull and it'll show nothing, so you're in luck there! Please do this, NOW! You'll thank me for it before too long ;-)

P.s. Don't tell your current insurance company you're dropping them, but I'd hurry up and do it before you pay on a policy renewal with them.

That $12.95 just saved you about $1500 a year!

 

[bluecoupdegrace]

To BNASPLT:

Thanks for the advice...guess I jumped to conclusions.

Thanks for straightening me out !

 

[cobrabruce]

Selective Ins did a similiar bone job to me last summer. I searched the net and filled out several applications. At that time Liberty Mutual had the best price. Geico was not much better than Selective. My record at that time was one speeding ticket (wife's!), one accident (Wife T-Boned at intersection, not her fault), and one deer massacre (me, and yes Selective held that against me). :fm: I now have Progressive. Somewhat less money than Liberty Mutual and back to my old agent who I got along well with. He's the one who suggested looking elsewhere when Selective raised my rates and he had nothing better to offer at the time. Not all agents are vampires.

 

[Cobra03]

Just did this b/c my rates were so high (Travelers):

6 mo. rates for three cars: '03 Cobra, '86 928S, and '99 Rodeo, 250/500 w/ $1k deduct, no tix.

Travelers: $2,500
Geico: $2,200
AllState: $1,700
State Farm: $1,700
Progressive: $1,100

Needless to say I went with Progressive. You can get a free quote on thier website. Good luck.

 

[BOOOOST]

Originally posted by bluecoupdegrace
To BNASPLT:

Thanks for the advice...guess I jumped to conclusions.

Thanks for straightening me out !

No, you're welcome. If you feel secure in calling around to insurance companies and being honest about your speeding ticket and light pole accident, then I would do so now, as if it really is on your DMV report they will see it when they pull it. But if 1 or neither is actually on there, they will have nothing to go on for a premium increase.

BTW, re-read my previous post, as I added to it. Remember, do NOT tell your current insurance company what you're doing, or planning to do. When does your current policy expire? I would never renew it with the current insurance company, or you're screwing yourself, bud.

Go ahead, go to :

http://www.geico.com/

and

http://www.progressive.com

Go on and at least get you a free rate quote. Do NOT list your son. ONLY yourself. If they ask if there are any other drivers in your household say NO!!! Your son has his own insurance (since he's on his Mom's policy), so do NOT mention him or anyone else for that matter. List you and only yourself.

 

[BOOOOST]

Also, keep in mind that Progressive WILL pull your credit report and consumer reports even if you do not agree to accept the policy. Geico, on the hand, will NOT until you agree to accept the policy.

From Progressive's only quote system:

To offer you an accurate quote in one of Progressive's underwriting companies, we will collect information from consumer reporting agencies, such as driving record, claims, and credit history reports. Future reports may be used to update or renew your insurance.

 

[03rocks]

Progressive saved me 1K a year. I was a** raped by All State before that, because they were claiming that I had bad credit. I checked my credit report, found out they were wrong and went to Progressive. I'm down to 160 bucks a month, not great but, quite a bit better than All State.

 

[realsmith]

Check AIG also. I lowered mine by 50% with them.

Find out if taking defensive driving will lower your rate.

Set your deductables to $1000.

 

[blown03]

Also, keep in mind that Progressive WILL pull your credit report and consumer reports even if you do not agree to accept the policy. Geico, on the hand, will NOT until you agree to accept the policy.

Actually, Geico will pull your credit report even if you don't accept the policy. They did mine just two days ago.

I just found out that State Farm raised my insurance on my '03 by $30 a month. Come to find out that the insurance companies just recieved the new ratings for the '03's. The cobra went from a rating of 20 to a rating of 26 (the highest rating). I called every insurance company in Houston and Sugar Land to try and find a better rate. Most of them asked for my social security number to check my credit of course. I found that some insurance companies wouldn't even insure an '03 cobra. The ones that did wanted $200+ a month. Progressive gave the best rate. It was about $3 cheaper than my current rate.

Last night i pulled my credit report through Trans Union and Geico is the only one that showed up as an inquiry.

 

[ROBSNAKE]

sorry to hear that always seems to be an issue. For years i had to wait for it to drop. Now i have it insured as a second vehicle with limited use which would give me 7000 miles per year. 2400 for 2 new vehicles. i have allstate.

 

[03'Darin]

My 03' runs $399 every 6 months. However my wifes 97' Cobra runs $379 every 6 months. Where is the justice in that. We both have clean records. The bodily injury is actually higher on the 97' than the 03'.

Our insurance is with State Farm.

 

[BOOOOST]

Originally posted by blown03
Actually, Geico will pull your credit report even if you don't accept the policy. They did mine just two days ago.

Last night i pulled my credit report through Trans Union and Geico is the only one that showed up as an inquiry.

Strange, I would definitely not have given them my SSN, until they gave me a "freebie" quote. Did you happen to change your mind after agreeing when they told you the disclaimers?

Anyhoo, the good thing is that it's just looked upon as an "Insurance Inquiry". This doesn't really hurt your credit score for loans, but those who have had a lot of inquiries in a short period it can. What I would do is call Geico and ask them to remove that inquiry being that you never gave them permission to pull your credit (if you really didn't, and they never read you any form of disclaimer).

Anyhoo, Equifax is the #1 credit reporting agency normally used, so I'd be more concerned with what shows up on that if you're loan shopping, that is unless you are home shopping, as then normally all 3 major bureaus are used. Oh, btw, you can get unlimited access to your Equifax report and real FICO score for a year for around $70, I believe. It's a life saver for me when I'm rate/load shopping. Trans Union unfortunately charges you each time you want a report and your real FICO score. Experian, on the other hand, does offer unlimited for a year for a flat fee, but they still do not give you your real FICO report though them.