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  #1  
Old 07-29-2014, 03:16 PM
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I just thought I'd share this and see if it helps anyone else out.

So I had to update my insurance policy to the minimum required for the lease. I was carrying $25/$50k bodily injury and Uninsured/Underinsured. I wanted to increase the coverage, but was afraid of increasing the premiums. I carry a $50 deductible for comprehensive and didn't want to change that to accomodate the higher policy limits.

Chrysler requires $100k/$300k so I was dreading making the change.
I called 21st Century and made the updates. I asked how much more I was going to pay and the service rep said my rate went DOWN $35 over my 6 month policy. It's not much, but I was so shocked to get 4x more coverage for less money. She said often if someone carries more insurance, the rates go down.
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Old 07-29-2014, 03:19 PM
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I havent had mine go down but it is surprisingly inexpensive to raise it. I carry 500,000/1,000,000.
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Old 07-29-2014, 03:53 PM
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The largest portion of the premium goes towards the collision costs, depending on your previous vehicle then the rates may very well go down. Additionally, the longer you are accident free then the lower your liability costs. I went from a 2011 Escape to the Ram and my rates went down. My agent advises that the cost of repair to the Ram is far less than the cost to the Escape, primarily because of the construction and size of the vehicle; the Ram can sustain more damage without being written off.

Myself, I carry 1 million in liability, especially in today's litigious society.
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Old 07-29-2014, 04:59 PM
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The rate comparison was from the Ram with less coverage to the Ram with increased coverage.
I have a spotless driving record, so my rates are as good as they can get. Wow, you're the second person carrying 1mil in liability; better safe than sorry I suppose. So you have 1 mil in bodily injury and 1 mil in uninsured motorist?
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Old 07-29-2014, 07:45 PM
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Quote:
Originally Posted by 14Hemi View Post
So you have 1 mil in bodily injury and 1 mil in uninsured motorist?
Uninsured motorist, that is not a phrase used by the industry up here.

Just reading the policy now:

Liability - 2 Mil - Premium $254.00/annum
Uninsured Automobile - Covers any property damage or injuries to us should the other vehicle not be insured or a H&R driver. Up to 2 Mil but it is broken down depending on what is required. - Premium - $9.00/annum

Total premiums for this vehicle is just over $500.00/annum.
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Old 07-29-2014, 07:51 PM
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Quote:
Originally Posted by rcmpvet View Post

Myself, I carry 1 million in liability, especially in today's litigious society.
Isn't that the truth. I carry 1 mil to protect myself and because it will force the insurance company to fight any suit with more gusto.
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Old 07-29-2014, 09:16 PM
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Quote:
Originally Posted by rcmpvet View Post
Uninsured motorist, that is not a phrase used by the industry up here.

Just reading the policy now:

Liability - 2 Mil - Premium $254.00/annum
Uninsured Automobile - Covers any property damage or injuries to us should the other vehicle not be insured or a H&R driver. Up to 2 Mil but it is broken down depending on what is required. - Premium - $9.00/annum

Total premiums for this vehicle is just over $500.00/annum.
you cant make the same comparison, Ontario is an AT FAULT province. Also, the insurance rates in Ontario are probably illegal if the courts would not be lobbied so much. Compared to my friends, I have an insanely lower rate of 126$/month, via my corporate discount.
In the states it is, of course, MUCH BETTER.
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