Insurance Costs? (egads!) Another Can Of Worms!

[Marshall]

Original cost of the vehicle is only one of the factors in creating the insurance symbol for a vehicle. So replacement cost doesn't really factor in the way you think it would.


Once an insurance symbol has been established for a vehicle, it doesn't change. In ten years I never saw symbol revision for a vehicle, which would affect the rate up or down. That's why your comp and collision never go down as the car ages, the symbol stays the same.


See my previous answer; future Elio model years could see a difference in their insurance symbol, based on this information, but again you are not going to see a change in premium in the model year you own. So if we all get 2017 Elios, that symbol with stay with the vehicle for the life of the car.

I understand the variety of factors that go into loss history, but absent any history, there is no reason to suspect any of those other factors will be significantly different than any other typical vehicle and the replacement cost or maximum loss potential will be substantially less. But I'm sure absent that history, insurance companies would prefer to charge too much than not enough.

That is UNTIL one or more decide to compete for the market and not collude together to charge an excessive rate for the risk actually involved.

ps My mother was a full charge bookeeper for a large Insurance Agency back in the days when a woman was given a lesser title AND PAYCHECK than a man for the same work (accounting). I am familiar with the concepts.

pss My father had a great scientific mind (duel physics and chemistry degrees from Baylor and worked as an engineer for Dupont) and my mother had a great mind for business (business school) and I managed to simply misplace my mind (Energy Resources Management from Lamar).

 

[TMOSteel]

ps My mother was a full charge bookeeper for a large Insurance Agency back in the days when a woman was given a lesser title AND PAYCHECK than a man for the same work (accounting). I am familiar with the concepts.

pss My father had a great scientific mind (duel physics and chemistry degrees from Baylor and worked as an engineer for Dupont) and my mother had a great mind for business (business school) and I managed to simply misplace my mind (Energy Resources Management from Lamar).

What's funny is that when I was an agent the majority of my co-workers were women, even the managers. As a single guy, it made for some fun times, if you catch my drift.

My mind these days I'm afraid is just plain worn out, the old hard drive just doesn't spin the way it used to. But every now and then a useful sector of data gets read and I share what I can.

I am truly hopeful the insurance costs are on par with the budget minded value of the car, none of us wants to pay $7k only to pay insurance through the roof. I am hoping the Elio is classified as a car for insurance purposes, if only for the fact that I could insure it with my other automobiles, benefitting from multiple car discounts etc., and not have to pick up a separate policy for it.

I am also concerned that companies won't want to insure it, after seeing the recent snafu with transferring the regulation A+ shares to a viable brokerage (I finally went with E*TRADE) I would not want to see the same type of issue when trying to insure it: "Sorry, we don't ensure autocycles, three wheeled vehicles, cars that classified as motorcycles, etc."

 

[RUCRAYZE]

What's funny is that when I was an agent the majority of my co-workers were women, even the managers. As a single guy, it made for some fun times, if you catch my drift.

My mind these days I'm afraid is just plain worn out, the old hard drive just doesn't spin the way it used to. But every now and then a useful sector of data gets read and I share what I can.

I know the feeling with my floppy disc

 

[Eddie]

I'll get the minimum needed should be about $60 year. Doesn't cover anything except you hitting some one. I think it's kinda like a bike, if you really total it then your toast.

 

[bunchathrees]

For me, the financial risk outweighs the cost. I spent a lot of years working hard to amass the assets I have. Bad luck or a slow/poor decision could wipe it all away - that doesn't sound like fun. We carry an umbrella policy which goes beyond the standard coverage. This is sleep-well-at-night kind of coverage for cheap money.

 

[Marshall]

I want an AUTO Loan rate (2.49% for 36 mo. ~$200/mo.~) and an insurance MOTORCYCLE rate ($10/mo.)

 

[Smitty]

Don't get me started on the overlords that call themselves "Manitoba Public Insurance". A $3000 Toyota Echo has a $800/yr insurance cost. A Chevy Silverado1500 is around $1800/yr. A 49cc scooter is $500/yr. my dads Kawasaki Vulcan Nomad 1600cc is about $1800/yr.
I expect to pay somewhere between arm/leg and "First born".
If you want to get insurance from somewhere else, you have to move to another province!

 

[Marshall]

Don't get me started on the overlords that call themselves "Manitoba Public Insurance". A $3000 Toyota Echo has a $800/yr insurance cost. A Chevy Silverado1500 is around $1800/yr. A 49cc scooter is $500/yr. my dads Kawasaki Vulcan Nomad 1600cc is about $1800/yr.
I expect to pay somewhere between arm/leg and "First born".
If you want to get insurance from somewhere else, you have to move to another province!

Didn't anyone tell you that Canada is the MODEL we aspire to be? At least those that tell us what we should think say that.

 

[bunchathrees]

Didn't anyone tell you that Canada is the MODEL we aspire to be? At least those that tell us what we should think say that.

Recursion. Your post is essentially telling people what to think through your implied criticism. That is funny.

 

[Marshall]

Recursion. Your post is essentially telling people what to think through your implied criticism. That is funny.

Oh Contrere. I'm supporting letting people think for themselves, even if silly, controlling, manipulative, hurtful or hateful.

<Political>