Has your insurance premiums gone up recently?

[Icedog_16]

The value of the vehicle isn't necessarily driving the premiums (assuming that we're not talking a stated value policy, and we're probably not), so I question your agent's answer to your question. The ISO (Insurance Service Office) assigns a symbol to a given car and premiums are generally charged based on that. I know off the top of my head that the symbol on an Exige is higher than an Elise; one would then assume that the symbol assigned to the Exige S would be higher than that of an Exige. There's your rate increase. FWIW, cost new on an Exige S is considerably more than an Elise, which is taken into consideration when the ISO assigns a symbol to a vehicle.

I will tell you one thing: if your primary residence is in CA, you should get your insurance there. Reason being, in the insurance contract there is a clause that places a duty upon an insured to notify the company of any material changes in risk. I tend to think that moving to a different state qualifies. So, while you may be paying premiums, that may not mean that you'll have coverage in the event of a loss should they discover that you don't live where you say you do; the company would gladly refund your money. If that weren't the case, I could have registered my car in WI where my grandmother lives (or even at my mom's house here in FL) and have paid a fraction of what I pay now.

[Allan Gibbs]

Originally Posted by Icedog_16

I will tell you one thing: if your primary residence is in CA, you should get your insurance there. Reason being, in the insurance contract there is a clause that places a duty upon an insured to notify the company of any material changes in risk.

Did I mention I could have the Exige insured in Arizona or were you just reading my mind again?

Seriously, that was the fear I had for the 14 months I had my Elise in CA.

[Zeroskills]

I called around to over 20 insurers and got an exceptionally wide range of quotes on a new 240S.

For reference, I am a 26 y/o male, only driver, with no tickets, claims or accidents. Car will be garaged in suburban Northern California. $1,000 deductible and 500/500/100 coverage. Only negative is I don't qualify for good driver discount since I let my CA license expire for six months back in 2005 (I live in Manhattan).

Worst = Allstate at $6,212 per year (more expensive than a $120k agreed value policy with Chubb, btw)
Best = Nationwide at $1,428 per year

Very very strange.

[Icedog_16]

Originally Posted by Allan Gibbs

Did I mention I could have the Exige insured in Arizona or were you just reading my mind again?

Seriously, that was the fear I had for the 14 months I had my Elise in CA.

Yeah, I kinda misunderstood what you were saying. I read into your post that we were comparing apples to apples (ie, AZ rates to AZ rates); I think that may have been because you said that you 'keep your insurance' in AZ. My bad! (Unless my mind reading skills got the best of me and I just didn't know it! )

FWIW, it's entirely possible that the Exige S may have been quoted as stated value, which generally is more than if there's an ISO symbol assigned to the car. I can't say whether that's the case since many companies either don't disclose or don't use the ISO rating symbols and the ones that do are way behind on releasing the symbols on newer cars.

[NJdrool]

Having a few houses in different states I insure my cars in which ever state gives me the cheapest rate. Never ever had a problem with claims.

[Icedog_16]

Originally Posted by NJdrool

Having a few houses in different states I insure my cars in which ever state gives me the cheapest rate. Never ever had a problem with claims.

Two words: material misrepresentation. Not only can it be the basis of a claim denial, but in FL and a number of other states it is considered a crime.

Based on your user ID, I assume that you live in NJ. Here's the statute regarding insurance fraud in that state:

2C:21-4.6. Crime of insurance fraud
73. a. A person is guilty of the crime of insurance fraud if that person knowingly makes, or causes to be made, a false, fictitious, fraudulent, or misleading statement of material fact in, or omits a material fact from, or causes a material fact to be omitted from, any record, bill, claim or other document, in writing, electronically, orally or in any other form, that a person attempts to submit, submits, causes to be submitted, or attempts to cause to be submitted as part of, in support of or opposition to or in connection with: (1) a claim for payment, reimbursement or other benefit pursuant to an insurance policy, or from an insurance company or the "Unsatisfied Claim and Judgment Fund Law," P.L.1952, c.174 (C.39:6-61 et seq.); (2) an application to obtain or renew an insurance policy; (3) any payment made or to be made in accordance with the terms of an insurance policy or premium finance transaction; or (4) an affidavit, certification, record or other document used in any insurance or premium finance transaction.

[kingjester]

I am looking to buy my Elise soon. I am 25 white male with clean driving record (based on 3 years). I am the only driver and the car will be listed as a pleasure car. I live in NY (suburbs).

Can someone guide me (like the above post) as to who was offering them the best rates on this car?

I can't remember from which company but I was quoted something like $240 a month, which seems high compared to what you guys are saying.