With the advent of upcoming car models on the horizon, it seems that the "average" mid-sized car will have 220-230 HP, with higher models boasting even more power. While engineering and design improvements have allowed these new generation engines to produce power while conserving fuel, what, if any, effect do you think will more cars with the potential to speed have on future car insurance rates? I would be interested to hear your opinions...

 

Insurance rates are based on a lot of factors, how often that model is stolen, how expensive parts are to replace, plus of course things the car can't control, like the age & driving record of the driver and where it's garaged. Right now I believe 11 insurance companies are looking for rate increases in NJ for anywhere from 10-50%.

 

that stinks. we already have the highest rate in the country

 

...and each insurance company has different methods of underwriting, hence, different rates from different companies for the same driver, car and location.

As for horsepower, all other factors being equal I bet many companies will charge more for you to drive a high-powered vehicle.

Me, I pay $100 per month with extra coverage above and beyond the state minimums (half million bodily and property damage, just in case I destroy a house or hit a Ferrari, for instance). I think that's pretty cheap, especially considering I have two moving violations on my record and I was single when I got the policy. I'm on USAA.

On another note, I hear Geico will not raise your premiums for speeding tickets?!?

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'01 White Diamond Pearl 3.2TL
-Wing, tint, wood and Whistler

 

I pay about $500/6mo for the TL, and that's with 2 car discount. about $800/6mo total for both cars. I'm still in the crazy driver age range 20-30, but near the top of it, and I have seen my rates gradually go down as I depart from the grand age of 21, and a nice drop at 25.

Generally USAA has had a tad higher rates, but we also get back a check at the end of the year according to how well they did during the year for payouts. One year I got $500 back, 2 years ago I only for $70 cuz of the number of storms they had to pay home-owners on. Last year I think I got $150'ish or somethin.

But as the speed goes up, so will the rates.. and cost of repair parts.. eesh Honda ain't cheap in that regard.

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1998 BlackCurrant Accord EX4 Coupe (Watson)
35% Tint, full Honda front Mask,
Polk Dx all around, Alpine 353, 2xMTX 10"
2000 Laguna/Fern TL (Sherlock)
20% Tint / 20% Platinum, otherwise stock.