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Discussion Starter #1
I've been with Progressive for three years and the rate has only gone down slightly every six months. It has always been right on par with the occasional Geico quote I run. Anyway, my current renewal suddenly comes in high. Much higher than last time. There are multiple cars on the policy, but it's all due to the increase for the Elise alone. What gives? I immediately wrote to them and got this response.

I'm also sorry that your rate has increased. Here's why:

Your Lotus should have been rated as "Stated Amount" all along.

Stated Amount Provides coverage up to vehicle actual cash value or stated amount provided by you, whichever is less.

Its a method of developing a rate for vehicles that cannot be rated using only the vehicle identification number (VIN), usually because the vehicle is too old, too rare, or released from the factory in an incomplete state.


Don't really know what to make of this. After three years, it appears that they decided that whatever book value they were using doesn't cut it anymore. Worse yet, the price jump isn't even proportional to any difference in estimated value.

Comprehensive ($500 Deductible): Was $13, Is $197.
Collision ($1,000 Deductible): Was $105, Is $256.

The bottom line is, I'm not renewing at this rate, not for my garage queen. If anyone is looking to buy a 2006 Mag blue, hit me up. On the other hand, I ran several more quotes today. For your reference, Geico and Allstate come in near what Progressive used to be. State Farm is higher, but at least lower than what Progressive is now. Farmers is higher overall, and Travellers won't let me put in a Lotus online.
 

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Mine is through progressive; it started as a stated rate insurance (35k). Lotus plus two SUVs and a Miata run me about 144 a month. Only the Lotus is comprehensive. The rest are liability.
 

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I have geico and pay ~$473 every 6 months, everything maxed out et al. I'm 21. They asked what aftermarket parts i have on it when i was starting out, and said that an insurance adjuster, using kbb and cost of similar vehicles, will decide how much they pay me if it were to be totaled. They couldn't estimate what it would be on the spot.
Is this a good deal, or would it come back to bite later?
 

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I also have progressive. It has been a horrible experience to say the least.
After 3 speeding tickets, I was paying $780/ MONTH!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
 

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....
Stated Amount Provides coverage up to vehicle actual cash value or stated amount provided by you, whichever is less.....
This is lunacy. Who would put their stated value less than actual cash value?

Keep shopping around. Perhaps your zip code jumped on a high-risk radar. You didn't get any moving violations, did you?


HelloKitty said:
...After 3 speeding tickets...
Well, there you have it, Speed Racer. You told your insurance company through the legal system you're high risk. Do you expect them to give you a discount for being irresponsible?!
 

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Scott Graham
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I also have progressive. It has been a horrible experience to say the least.
After 3 speeding tickets, I was paying $780/ MONTH!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
rotfl rotfl that's less than I pay now with a spotless record.... I hate being 22 sometimes. :wallbang:
 

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I also have progressive. It has been a horrible experience to say the least.
After 3 speeding tickets, I was paying $780/ MONTH!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Wait, are you trolling me right now???

It would be cheaper to not have insurance and pay the tickets for it later.....
 

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Through Geico I am paying $507 [every six months]* for a 2012 Subaru WRX and 2005 Lotus Elise. :)

$84.50/month for arguably my favorite two cars (that I can afford).

OP, sorry to hear your rate hike. Sucks to sell your car just for insurance. If it ever happened to me though, I might be in the same boat...
 

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Discussion Starter #11
Update.

Progressive's customer service has been great every time I've talked to them. No complaints there. This time, after being on hold for a while, the agent checked back in with me with where she was in the process before putting me back on hold again. When all was said and done though, this is the way it is, I guess. The way Lotus works has been changed in their system.

I was able to lower the Stated Value (I wish my 06 was worth $50K) and will get a new renewal form with a lower rate, but it's still going to be higher than the quotes I got from other companies today.
 

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It kind of sounds like you may have already got it all figured out but I have American family insurance and they do have lotus in there system and I pay $95 a month for collision and comprehensive. Might be worth looking into if your still willing to look around.


Sent from my Autoguide iPhone app
 

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Through Geico I am paying $507 a month for a 2012 Subaru WRX and 2005 Lotus Elise. :)

$84.50/month for arguably my favorite two cars (that I can afford).

OP, sorry to hear your rate hike. Sucks to sell your car just for insurance. If it ever happened to me though, I might be in the same boat...
So you mean you are paying $84.50 a month just for insurance right?

You guys arnt saying you are paying $500-$700 a month for insurance alone but for insurance and payments. Is this correct?

Because 200+ a month for insurance would be insane.
 

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shay2nak
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they have to pay that annoying woman in those annoying commercials somehow.
 

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they have to pay that annoying woman in those annoying commercials somehow.
This. Everytime I see that insipid c*nt I want to gouge my own eyes out.

Side question - and not to thread jack - but I got a quote from that American Collector's Insurance. Haven't spoken to them yet but wow, the rate is wicked cheap. I'm with Geico now but I'll drop them like a bad transmission if this ACI place is legit.

I'm thinking I'm missing some "fine print" somewhere that says I can drive the car on every third Sunday of months starting with the letter F on calendar years ending in numbers divisible by 3 and the allowable annual mileage is less than 50.
 

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Progressive Flos.....er blows. When I inquired about adding my new Evora they told me that the vehicle wasn't in their system and devised some whacked out scheme that ended up tripling my existing insurance. I switched to Travelers, who had the vehicle in the system and gave me a nice multi-vehicle discount.
 

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At the risk of sounding like a shill, I have to say Allstate is doing OK by me, at least based on what I've read here.

They charge me $200/mo. for liability, comp and collision on MY10 Honda Fit + MY11 Evora, with two drivers.

I've quoted with other companies and Allstate is always less. My understanding in that NJ has high rates, generally, but wifey and I have a clean records, and two other policies with Allstate (home and rented condo).

When Irene blew some shingles off the roof they paid up $2k with no fuss. They also gave me $3.5k in 2010 for a totalled 1996 Honda Civic (120K miles, stick, no AC). I actually called to make sure it was not a mistake. Comparables were going for around $1k at the time.
 

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So you mean you are paying $84.50 a month just for insurance right?

You guys arnt saying you are paying $500-$700 a month for insurance alone but for insurance and payments. Is this correct?

Because 200+ a month for insurance would be insane.
I made a huge typo in my first post which is now edited.

I pay $84.50 a month. Or $507 every six months.

500 deductible, collision and comprehensive. Free glass, rental reimbursement, emergency roadside service.
 

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Looks like Flo is giving you a little strap on son!
 

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Usaa is decent. I pay about 200/month for coverage on 05 Elise, 05 Jetta, 98 Ram 2500, 2 98 Jeep Grand Cherokees, a flat bed trailer and homeowners.
 
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