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Car Insurance - Then and Now

Posted by Sean | Posted under Examples, Insurance | July 10, 2008

Also from today’s meeting with my agent about car insurance…

I wanted to make a chart of how car insurance can change over 10+ year with the same car and no accidents, but my records are sketchy before 2003. Luckily, my agent still had a copy of the initial policy from 1997:

1997: $694 every six months (yearly: $1388, monthly: $115)
2008: $158 every six months (yearly: $316, monthly: $26)

Man, I was getting hammered! Unfortunately, I did not get line-item detail. Although whatever the prior breakdown, it was probably justified. In 2008, I can say I’m a halfway decent driver. In 1997, I was just plain lucky! :-)

FYI, here’s a summary of the differences:

1997 2008
new car old car
under 25 over 30
single married
one car multi-car
auto only auto / home
relatively limited
financial history		 more established
financial history
no accidents still no accidents
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1 Comment so far
  1. That One Caveman July 10, 2008 3:59 pm

    Congrats on the big savings. It was great when I turned 25 and was able to take advantage of that discount, the multi-car discount, the auto / home discount, and the no accidents discount. I think we dropped nearly 50% immediately with further drops over the following months. Since then, we’ve dropped it down to nearly minimum coverage to realize further savings since our vehicles just weren’t worth the expense.