2020 Insurance Rates !?! **UPDATED 06/09/20**

I went from a 2009 Mini Cooper S to a loaded 2020 DCSB TRD Sport. Exact same strong coverage went from $362 per six months to $438. I'd get some more quotes.

 

I got State Farm for everything and every year they raise my home insurance, like 5%. I cringe when I have to change or add anything to my SF policy, it's like their Great time for them to soak you
our 2017 Mini Cooper was $430+/ 6months and I have a feeling our 2020 Tacoma TRD Sport 4x2 will be higher although IN MY HUMBLE OPINION a safer vehicle and a more repairable vehicle than a Mini Cooper. I believe a front end crash on a Mini Cooper will be deemed Totaled. Man, if you saw what a mechanic had to do to repair some parts on that machine you'd be surprised of all the parts needed to come off to r/r for a simple part, sometimes the whole front end! I was happy to unload that Mini nearing it's 4 year warranty end of life.

but yeah, I read how time consuming it is to replace the Tacoma's sparks plugs too. My Ford is so so workable for a diy'er

 

So definitely shop around, loyalty isn’t rewarded in the insurance business. But do know that you’re insuring an asset that’s worth probably 2x as much as the old asset, and if you even look at a modern car wrong it’s totaled. Insurance is a tricky business, two otherwise identical people with identical vehicles could pay vastly different rates just because one guy lives in a zip code with a lot of auto thefts and one guy lives in an area that doesn’t. Insurance companies use data from the area you live in, so they may have data that shows 2018-2020 Tacoma’s with a lot of claims, but not earlier models. I really like Erie personally, but I shop rates every 2 or three years.

 

I wonder the if high rates for the new auto's are due to it's resale value, it keeps it's value for resale and it translates to higher potential cost to Insurer to replace?

 

Just make sure that they entered the vehicle into their system correctly. Before my Tacoma, my last new truck was incorrectly entered. My agent called me the day after and told me to ignore the $100k bill coming, yes $100 K! For some reason my new vehicle was coming up as a $2 Million RV.

 

I recently purchased a new 2020 TRD Off Road, basically the same as my 2018 other than color. I have Amica insurance, it went up $20.00 for six month policy.

 

I agree as in today's business climate being with a company for 30 years will put you at a disadvantage as far as getting a good rate as businesses tend to do anything to get new business but will do nothing to keep
loyal existing business. Shop around, I think you will be surprised.

 

Yep, safety, cost and availability of parts too. I sold my 02 Chev 3500 (with ~300k miles), bought a new 18 Tacoma and my insurance went down mostly because it’s “cheaper to fix because of the availability and cost of parts” according to the sales person at Geico.
Definitely pays to shop around. Maybe even get some prices from an independent broker who can check multiple insurance companies.....

 

Thank you for taking the time to share your expertise - it is very much appreciated !

 

yea that's a little odd, i also have state farm and upgraded to a 2020 trd offroad from a 03 yukon and my rate only went up a few dollars a month.

 

No, it was actually the exact same vehicle. I just went from a 2015 to a 2020, same vehicle, same coverage, and no other changes. Evidently State Farm thinks that the 2020 is a lot more expensive to repair, as my Collision coverage went up by nearly 5 times over the old 2015. All of the other categories of coverage each went up a bit, but the Collision skyrocketed !

 

Your auto rates is not all about you. e.g., State Farm has to pay for a lot of fire damaged homes in California. Did they legalize pot in your state? Pot adds ~3%. Etc etc.

 

I've had State Farm since I was 17 and have very low rates, and everything on it (so multi-discounts).

Having full 250/500 coverage, my '19 TRD OR is $44/mo., over a previous daily driver '09 Civic that was $34/mo. That's with no claims, no tickets, and I live outside of a city.

 

State Farm is awful about raising rates. Had them for one year and had to switch. Last week I changed our provider again. We have a 2019 Suburban, a 2003 Duramax, and a 2003 Tacoma. Last 6 months we were paying $719 for 6 months with National General (full coverage on all 3 vehicles). Got the renewal last week and they went to $926 for 6 months. Called our agent and blah blah we went with Progressive for the same exact coverage and it's $514 for 6 months. Shop around!!!

 

There's way too many variables to learn much detail on an Internet Forum, your truck in your market with your history will be different then everyone else. That being said everyone here who said to shop around is right on. State Farm was great to me but after 18 years I became suspect. When I called about adding a 4th vehicle and found out there was no discount whatsoever I called around and got Allstate for about 30% less. That being said an F150 I liked was over 15% less than my Tacoma and had a higher purchase price so I suspect the claim rate is high. Too many variables. Get some quotes for the exact same coverage, make no changes so you can compare accurately.

 

I have USAA and went from a 2018 Sport to 2020 Offroad and my rates went down about $35 for 6 months with the same coverage. I was actually surprised it decreased, was expecting the opposite.

 

Good info - thanks !

 

Agreed.

The important thing to remember here is that this is about the exact same vehicle (although newer), the exact same driver & history, and in the exact same market - with no other changes whatsoever.
For some reason State Farm jacked-up the cost for the Collision Coverage by almost 5 times over the same coverage for the old 2015 truck - almost a 500% increase !
Why, I don't know - yet. But you folks are providing me with some very helpful and useful info & tips - thank you !

 

I'm a licensed insurance broker (though I don't practice; it's more of a hobby) and used to be an underwriter ages ago. Insurance companies average between 3 - 10% profit with the upper scale usually from life insurance while the lower scale is for property & casualty insurance. Actuarially speaking, rates are based on loss experience for that company and must usually be approved by the State Insurance Commissioner.

BTW, if you qualify, USAA is an outstanding insurance company to work with.

 

I agree! I've had them for almost 18 years and in that time I've shopped around and received some lower rates but never switched. In my experience the customer service has been outstanding and the one claim I made when I was hit was very easy and moved along swiftly.