I just bought a 2007 Fit Sport and put insurance on it today. I was very surprised when I found out that the 6 month premium for the fit is more than the 6 month premium on my wifes 2005 Aura 3.2 TL and higher than my (same year) 2007 GMC SIERRA 1500 extended cab truck.

I'm 24 years old and my wife is 23, heres the breakout of coverages

2007 Fit Sport $373.20
2005 Acura 3.2TL $274.60
2007 GMC Sierra $225.50

Why would the Fit cost $100 more to insure than a more valuable & higher end Acura TL.. and $150 more than a more valuable 2007 GMC Sierra.

this makes no sense to me. I bought the car as an extra car to save gas on our road trips, but with it costing us $60 a month to insure it I dont know if we will even save money.. I was sure that this cheap car would be less to insure than both our other vehicles b/c of the book values, I guess I should have checked the insurance rates before I bought the car.

 

Ok.. and what do you want us to do about that?

 

Are they all insured for the same type and amount of coverage? What about predicted mileage, is it also the same for each car?

 

From my dealings with insurance.

They see the smaller car easier to total out. Plus you are more likely to get hurt resulting in a bigger claim. The TL and truck are big. They could get into a small accident and be fine. The fit would be immobilized.

Reason for higher insurance.

Plus it says sport in the name. They use that. My insurance was 20 more a month for a sport vs a base. So I took the base.

Age, driving record, accident history everything plays in. Even your credit.

Theres nothing you can do. Just deal with it or pick a different car to drive.

 

I would talk to your agent to get a explanation or get some more quotes.

 

Yes I am harping a little.. but mainly looking for feedback if others have expirienced this. I was just extremely surprised b/c this is a "cheap" car and the rates were so much higher than my other more expensive cars. Bottom line -- I should have checked b4 I bought the car.

Katsumoto - that makes alot of sense. I am going to give them a call this afternoon and ask the question. I used to work for an insurance company though so I know they are just going to tell me the rates are the rates, they dont have input into them.

 

I believe the Fit is a relatively popular stolen car. That might add to the price of insurance.

 

All of the above could be true, and I'll also point out that it could be because Fits are more likely to make expensive insurance claims (have accidents etc) than the other models of car. Now ideally, your insurance company should attribute that to the driver (people who buy fits are young & fast drivers maybe, hmmmm?), because of course a poor driver is more likely to get into accidents regardless of whether they own a TL or a Fit. But perhaps the way it works for your company is that it just looks at experience by model and says, ok this model has lots of losses, a GMC Sierra doesn't, therefore the Fit is more expensive. And then they apply an additional factor for being under 25 and male :P

Or it could be simpler and maybe a Fit just has more expensive parts, has more parts damaged in an accident than a body-on-frame truck, and is more likely to be stolen.

Or it could be MORE simple and you have accidentally some extra coverage (or lack some coverage on the other two) vs what you want.

And you're right that the agent will just tell you that the rates are set and they can't change em - they're just putting your info into a computer and it spits out the rate. It's even unlikely they can explain why the rate is higher for your particular case; they probably can't see that it's a certain factor driving the rate higher (but they might be able to guess based on their experience with other customers). Any good rep, though, can easily compare your coverages on each car.

Maybe it helps satisfy your curiosity though ...

 

According to HLDI the Fit is not rated as bad as the Accura TL 3.2

HLDI: Insurance losses by make and model

 

How many miles/year? Did you put less than 5000 miles/yr and let them know that you don't commute in it?

Have you shopped around at all?

Buying a newish car to "save gas" is never really a good financial decision anyway, but that's another topic entirely. Trading in a car for a smaller car that uses less gas is one thing, buying ANOTHER car, well...

 

same thing happened to me. The fit is $60 more than my 2001 acura cl over a 6 months premium. I spoke to the insurance agent. He said my acura was a safer car than the fit. I would fair better in a crash with the acura versus the fit. Go figure!

 

oh hel dear just drink bear and fuck it nowwwwwwwwwwwwwww

 

I have checked with the places online and my company was still cheaper.

I know I will loose some money on the value of the car over time but we decided to buy a newer version of my wagovan for our road trips since me and my wife are always going on vacations. Plus I paid cash for the car so I am not going to loose as much as I would if I was paying on the car. I have money thats not the issue, I was just really surprised to see the rates so much higher than my other vehicles. I mean I had a C5 Z06 a few months ago that was almost the same premium to insure as the fit.

I'm going to give my company a call and see if they can give me some explanation on why the rate is high.

 

my price went down when i got the fit

 

I cant explain why the Acura would be less, but full-size pickup trucks are cheaper to insure than anything else. Its due to cheap parts, more damage tolerant and a lot of fleet driven ones in the risk pool.

 

You're likely not going to get an exact explanation, as there isn't some guide book that says why. It's not done in error, since it's not as if there is one person deciding what YOUR rate will be. But being in insurance myself, I'd say that in agreement with what some people have said, it's due to the statistics regarding claims and losses of your vehicle, despite being less expensive than your Acura as far as what it costs and is worth.

I have an Evo IX, which for a while had pretty much the worst rates for any car under $80,000. I quoted myself with a variety of carriers with far more expensive and similarly performance-oriented cars, and the Evo still cost more to insure. It's because of the perceived risk it is. It wasn't so bad at first when it came out in 2003 (as its rates were lower than the original STI's simply due to it having less hp), but people started getting a lot of tickets and accidents in them, given the demographic that has access to them. That's the same reason why Corvettes tend to not have bad rates compared to a lot of other cars, since they're more commonly driven by middle-aged guys who don't drive as recklessly. But now that I'm almost 30, my rates aren't so bad.

Obviously a Honda Fit is not a beast in the performance category (so the Evo example isn't perfect), but it's an affordable car that likely has a large demographic consisting of younger drivers who are more likely to be involved in an accident, which affects everyone other Fit owner's insurance rates too, ESPECIALLY if you're in that age group (which you are). Also, Hondas tend to have higher theft rates than most other brands, and as a result their rates are also a bit higher than their counterparts from other companies (Civic vs. Corolla, Accord vs. Camry, etc.), and that may also be another factor.

 

Are you talking about liability or full coverage?
Statefarm is charging me 445$ for 2012 sport full coverage, and i have all kinds of discounts and older than you. :|

 

I'm paying just under $480 per year for full coverage with Zero deductible Comp and $100 deductible collision. Where you live and your driving record are the big factors in rates. Under 25 single male is also a big hit on the rates.

 

Look at the "age" poll and that's part of the answer. We have a '12 CRV-EX and a '12 Base Fit. Identical coverage, "older" drivers and the Fit costs more to insure.

 

in Ohio here, I'm with allstate, I have all of my motorcycles with them, I gotta say, I think there very reasonable, I would suggest getting more quotes for sure, Or you could just say FUCK IT and sell that truck or the other honda. Oh and drink that Beer LOL