Highest Category for Insurance Premiums?

[HuntingPudel]

Comparing rates across states and people is impossible. The OP asked if our insurance companies told us that the MME was in the highest category of premiums. Not one person answered that...

No, mine did not. My Mach-E(s) have been about 20% more than my Fusion Energi PHEV was.

Michigan is the 2nd highest state in the country.

Yup, that first sentence is important. My MME is over twice as much as my Fusion Energi was. Different insurance companies, different states, different primary neighborhood, different driver, different driver age, different driver gender… There are a zillion factors that go into an insurance rate.

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[Chuck]

I have Farmers Insurance. I received a quote to add a 22 MME GT to my policy and was told that MME is in the highest category of premiums, with out any real explanation. It would be my 6th car on the policy and would ad another $1900 annually to the policy. I have 5 total drivers and 2 young drivers. Is that what you are hearing as well?

I also have Farmers and they classified my Premium MME as a truck. The premiums are actually less than 12 year old Ford Edge it replaced.

But I can tell you why yours are higher... I've purchased 5 Mustangs in my lifetime. In 2001 I was trying to decide between ordering a Mustang and a Mustang GT. So, I called my insurance agent to find out what the premiums would cost. His exact words were, "You can't afford the GT." I asked why. He said, "the insurance company considers the Mustang a sporty car but the Mustang GT is considered a sports car. The sports car designation makes a huge difference in premiums."

So I bought the regular Mustang and not the GT.

 

[smcnair]

One thing I learned when shopping for insurance with 2 teenage male drivers on my policy is that not all insurance companies assign each driver to a specific car. The ones that don't tended to be much more expensive. I ended up going with Geico because they do assign a primary driver to each car. The teenagers are assigned to an older Subaru instead of our newer cars. This kept the premium on the MME down to $243 for 6 months. Geico didn't say anything about the MME being in a particular category.

Apparently even that varies by state. Geico does not assign drivers to our cars.

 

[Chuck]

One thing I learned when shopping for insurance with 2 teenage male drivers on my policy is that not all insurance companies assign each driver to a specific car. The ones that don't tended to be much more expensive. I ended up going with Geico because they do assign a primary driver to each car. The teenagers are assigned to an older Subaru instead of our newer cars. This kept the premium on the MME down to $243 for 6 months. Geico didn't say anything about the MME being in a particular category.

In California it's not legal to consider gender for car insurance premiums.

 

[generaltso]

Apparently even that varies by state. Geico does not assign drivers to our cars.

In California it's not legal to consider gender for car insurance premiums.

Yeah, it seems like pretty much all aspects of insurance vary widely by state.

 

[hjp]

Got two young drivers in the family and a GTPE. Added about 1300 for the year (fourth vehicle). But as pointed out location/history/insurance company...... Too many variables to provide good input.

 

[Chuck]

Got two young drivers in the family and a GTPE. Added about 1300 for the year (fourth vehicle). But as pointed out location/history/insurance company...... Too many variables to provide good input.

At one point I had 5 cars including one for each of my 3 daughters. At that time my annual car premium was over $8,000. But that was cheap compared to having 3 daughters in college at once.

 

[FarSide]

USAA $780 as part of a multi-car policy (no young drivers). Our 2020 Outback was $180 less than the MME annually.

 

[RickMachE]

Yeah, it seems like pretty much all aspects of insurance vary widely by state.

Yes.

Just had a 2 month period with two Mach-Es and our F-150. Noticed on the renewal that one of the Mach-Es was higher. Answer was "your wife and you are assigned to vehicles. Now that you have 3 of them, the 2nd Mach-E is a bit lower because you and her are assigned to one Mach-E and the F-150".

Just sold the 2021 Mach-E, so things are back to "normal".

 

[Nklem]

This is so strange. Perfect timing for this thread. I have been paying crazy,see below. I have been with Met Life for 8 years and the rates have been crazy for the last 3-4 years. I have shopped every 6 months with AAA, Allstate, LM and others and always was within $200 of what I currently pay (over $5K per year!). Anyway, yesterday I saw an add for the Otto (insurance shopping) site while eating lunch. I entered my stuff and..... I have a new carrier and switched last night. Look at what Liberty Mutual quoted! Same coverage, same drivers, same cars, same deductibles OMG...... I can afford gas for an ICE car now. It's ironic as I was with Liberty mutual before I switched to Met which was less expensive 8 years ago.

BTW the Ice cars are owned by my working kids, I am all EV, the Ioniq EV and Mach E Premium ER. My single boys are 21 and 23. No infractions.

It was so low, I had to call Liberty Mutual two times just to hear it versus reading it.

My Old....

 

[RickMachE]

This is so strange. Perfect timing for this thread. I have been paying crazy,see below. I have been with Met Life for 8 years and the rates have been crazy for the last 3-4 years. I have shopped every 6 months with AAA, Allstate, LM and others and always was within $200 of what I currently pay (over $5K per year!). Anyway, yesterday I saw an add for the Otto (insurance shopping) site while eating lunch. I entered my stuff and..... I have a new carrier and switched last night. Look at what Liberty Mutual quoted! Same coverage, same drivers, same cars, same deductibles OMG...... I can afford gas for an ICE car now. It's ironic as I was with Liberty mutual before I switched to Met which was less expensive 8 years ago.

BTW the Ice cars are owned by my working kids, I am all EV, the Ioniq EV and Mach E Premium ER. My single boys are 21 and 23. No infractions.

It was so low, I had to call Liberty Mutual two times just to hear it versus reading it.

You should, if you haven't already, evaluate the financial risk to you of having your grown kids on your insurance. Of course if they live under your roof, or you provide them with any financial assistance, the point may be moot. But by having them on your policy, you bear risk that you could potentially remove. Consult an insurance expert and/or attorney.

 

[alexgorod]

Liberty Mutual

In my experience, Liberty Mutual has a tendency to dramatically increase the rates on renewals. Make sure to catch them in the act if they do.
And they have the most idiotic commercials.

Regarding the question in the topic - AAA Michigan, MME premium is only a little higher than 2021 Honda CR-V.

 

[Nklem]

You should, if you haven't already, evaluate the financial risk to you of having your grown kids on your insurance. Of course if they live under your roof, or you provide them with any financial assistance, the point may be moot. But by having them on your policy, you bear risk that you could potentially remove. Consult an insurance expert and/or attorney.

I hear you, yes my 21 year old is still in College and both still 100% live at home. I cannot wait for the 21 year old to graduate next Spring, he will be moved out and gone and the 23 year old will be on his way next Summer with a new house (and his own policies). 1 more year and then maybe cheaper insurance. Then my Daughter starts to drive,,,,,uuugh. Yes I did clear it with my Insurer that "my kids " cars can be on my policy for now. They do pay me their responsibility which is nice.

 

[Nklem]

In my experience, Liberty Mutual has a tendency to dramatically increase the rates on renewals. Make sure to catch them in the act if they do.
And they have the most idiotic commercials.

Regarding the question in the topic - AAA Michigan, MME premium is only a little higher than 2021 Honda CR-V.

Oh I am prepared in case they do that. Again, I was with them 8 years ago and switched to Met. At least they will not be 100% more next year. Then when the boys are gone, we can enjoys less cars and lower rates.....

 

[RickMachE]

I hear you, yes my 21 year old is still in College and both still 100% live at home. I cannot wait for the 21 year old to graduate next Spring, he will be moved out and gone and the 23 year old will be on his way next Summer with a new house (and his own policies). 1 more year and then maybe cheaper insurance. Then my Daughter starts to drive,,,,,uuugh. Yes I did clear it with my Insurer that "my kids " cars can be on my policy for now. They do pay me their responsibility which is nice.

I meant clearing with the insurance company that they can be on their own policy, and still live under your roof, and not have liability.

Keep in mind that it also impacts your umbrella liability policy.

Yes, when our two were gone we looked forward to paying a lot less, but since rates keep going up, we didn't notice much.

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