I have a 2012 Prius Plug in. Before this, I had a 2006 BMW 330i. The premium on the BMW was about 450 for 6 months and now the PIP is about $750. This may be a stupid question but I don't know much about how car insurance works -is it simply because the BMW is old? I can't think of any other reason. The Prius is slower (less accident prone?), less likely to get stolen and cheaper in terms of new car value. I'll start a separate thread asking how much people are paying for their insurance to see if there are cheaper/better companies out there. I'm using Geico.
It's because the BMW is older and is worth less than your Prii. My Prius is more expensive to insure than my 2004 Lexus GS430 was.
I pay more for my 2013 Prius than what I did on my 09 RAV4 -6 with all wheel drive. Exact deductibles and coverage. It's ridicules!
It's actually based on repair costs judged by the insurance institute that specializes in crashing and repairing cars. The high costs may still be influenced by the GII which had the thermos "in harms way" and unprotected, causing minor front end collisions to be expensive. To understand further we'd have to find out what is damaged on a GIII in a "minor" front end collisions. For example, the radar unit on vehicles equipped with radar cruise control and the pre-collision system. You will also find SUVs are expensive. Probably because they are heavy, and that weight drives them further into other vehicles, causing more damage.
If you compare the breakdown of the premiums for the 2 cars, I suspect you'll see collision & comprehensive higher for the Prius (newer car, higher value), and perhaps lower for the liability related items.
My State Farm agent said pretty much the above, while adding that more prius type cars are totaled due to the liability issues and more things have to be repaired on prius like vehicles. Although the info is outdated, (spoke to him about it 4-5yrs ago) Back when I spoke to him, his company was totaling roughly 60-65% of prius that had been in accidents. And for what its worth, I pay roughly $80 more/6months on my 02 prius than my wife's 04 camry fully loaded with leather! Same coverage with deduct, clean records etc. Only difference besides the cars, She is 29 and I am 37
I have progressive and pay $558 / 6 months, for myself and better half on the same policy. 25/50/25 with 500 deductibles. I'm 28 and my better half 25. No at fault accidents or tickets on our records. We don't have roadside or rental with progressive, opted to get those 2 things with the car as an extra bundle.
I had a 2006 325i on Geico. Switched to a 2012 Prius same coverage and my policy lowered $3 per month.
The value of your new PiP is higher than your BMW. In addition, your BMW isn't old enough that its insurance rates are starting to increase (because the insurance company thinks that repairs vs. value gap will shrink and eventually a car is old enough that it's more expensive to insure than a new cheap car). Ask around and see if any insurance companies offer "green" discounts for insuring a hybrid. Mine does (Canada)
Paying less than $500 a year, but I live in Indiana. It appears that my rate is great compared to other states. I have a great insurance score and no claims for over 30 years.
It always makes sense to keep your Insurance company honest and shop around and see how your policy compares to other carriers.
Check with Geico. I only pay 286 for a 6 month policy on a 2011 Prius. However I pay 875 on a 99 V6 Camry for 6 months mainly because of 3 speeding tickets on the Camry. both policies are full comp/collision 100/300 with a 200 deductible.
progressive wanted more to insure my prius 3 than the wife's 2011 lincoln MKX. In total for those, plus a 2006 tundra and an old 1994 ranger, they wanted 1050/6 months. I shopped around and progressive was actually the 2nd cheapest, Geico beat progressive by 200. State Farm came in last at 2700 for six months, wth were they thinking. No tickets, no accidents besides a deer strike 3 years ago.
Mine increased about $50 every six months - traded the 05 Beetle convertible in on the 2012 Prius. Been with State Farm for 40 years. Only claim we had was last year when an uninsured motorist hit the gen II in the driver's rear quarter - $3500 in repairs. Not sure if SF got their money back, but I doubt it. FYI - Wife and I are both over 55, but we have a 17 year old driver on the policy. She added about $300 every six months to the premium. I also have one of those older cars that is getting more expensive to insure.
