I just got an email from my insurance company, saying that my rates were going up:

Thank you for your Internet request.

The rating symbol for your 2005 Scion has been revised. The rating symbol helps
to determine the cost of your Comprehensive and Collision coverages. The symbol
reflects the cost of repairs, availability of parts, susceptibility to damage,
and other factors that need to be reflected in the premium for the coverages
that pay to repair your particular vehicle.

The symbols we use are determined by an organization called Insurance Services
Office. This is an independent organization that conducts research on vehicles
to determine their appropriate rating symbols. Periodically, this organization
reviews already established symbols to make sure they are accurate. Symbols
range from 1-9 and then A-Z, 1 being the lowest and Z the highest. Your symbol
was increased from B to D based on this research resulting in the increase of
your physical damage coverage premiums.

What does this mean-Are Scion parts more expensive, or is this just some B.S. they made up so they could charge me $8 dollars more on my premiums? I just hope they don't keep going up...

 

Insurance companies ALWAYS screw you. Its in their blood.

 

yea htey screw you since you cannot drive without insurance.

 

Could be parts, could also be that the cars tend to be damaged more relative to other cars in wrecks (the parts might cost the same, but it takes more parts to fix).

 

Not if you live in New Hampshire. Insurance is optional (atleast last time I checked).

 

Your are correct, there is no requirement of auto insurance in NH, among several others.

 

It takes about a year for the insurance co. to give a new car it rating. before there is a rating they give you inscurance by purchase price. The they adj what you pay after the rating comes in.

they Toyota echo when up after the first year (just as an example)

 

shop around for better coverage.. safeco is what I have, so far decent price, good service.. look them up..

 

Insurance in NH is not mandatory, but you will need it if you have a loan on your car. It just so happens that I work as an underwriter for an insurance company. The reason for the symbol change is that they do not know the price for repairs etc until several months after a car comes out and instead base it on the MSRP of the car. Once crash and repair data is available, they adjust the symbol accordingly. It sux that your premium went up, but keep in mind that insurance is a business just like anything else and needs to remain profitable.

Your lucky though, the company I work for the symbol is F for my tC. You may see another jump as more info becomes available for the car.

 

gotta laugh here. Car insurance is one of THE most profitable businesses. How many people go through life, paying triple what their car cost to never even use insurance.

 

But compare that to the number of catastrophic accidents where people are injured/killed, cars are totalled and property is damaged... The number of really big accidents (in terms of dollars) easily makes up for the number of people who never file a claim...

 

That number has to be 1,000 to 1 or even greater. I still don't buy it. The insurance business is a huge scam. I will never believe for a second that the insurance companies EVER need to raise premiums because "they need to make a profit".

 

when i renewed my insurance this mid-april, my premium went up from 1090 to 1180 for 6 months

 

ouch.. that sounds like high risk insurance for what you're paying! definitely shop around!