How much are you guys paying for insurance on 3rd gen Trds ?

Full coverage, 36 year old Male. Progressive, full coverage required by bank. Paid 450 for 6 months.

 

$1590 /year
Living in largest city in Canada.

Our insurance rates are ridiculous

 

This more than anything these days. Most insurance companies are using your credit info as a rating tool. They can do this because when you pay monthly, you are technically entering into a loan. When you pay in full, they have no reason/permission to pull credit and therefore can't use it to undermine the rating. Of course it's a sliding scale... those at the top don't see the effect and those at the bottom are perpetually pinwheeled.

 

Glad I'm not the only young gun getting shafted in the Golden State.

 

This is 100% false

Yes insurance uses a form of credit history often called an insurance history score or something to that effect (except CA) it is used on 100% of applicants, paying in full does not change that. In most cases an insurance history score is pulled only at time of application and not renewals. It is a soft pull and will not impact your actual score or show up as an inquiry. Statistics show those with worse insurance history scores have a higher likelihood of claims and that is why credit is used.


EDIT: RE paying in full, yes many carriers do provide that discount and the simple reason is they can then take your full premium payment and invest it vs waiting on smaller monthly payments. Simply put this is how insurance carriers make money, by investing.

 

I guess I stand corrected. It's still a shitty thing and those at the top don't see the effect and those at the bottom are perpetually pinwheeled. Statistics say what those looking for validation want. I'm sure that's the justification used by the lobbyists when petitioning the insurance commissioners. I only know about this practice from questioning billing processes, but I'm likely in the unaffected.

 

I am an independent insurance agent. Our agency is licensed to do business in many states. I represent seventeen auto insurance companies. It is seldom that I cannot save money when comparison shopping. PM me. It cost nothing to shop. I'll send you a report of the best pricing among those companies that looks like this: