Insurance quote has doubled since December 02,2020

[OklahomaTRXLimitedEdition]

I really want to help people save money here ....
I was quoted a full coverage rate @6 months for $510 back in December.
Quote from my insurance agent : Now that streetspeed717....... "has made a claim there will be a shadow over that vehicle type to all insurer's, for the next 2-3 years to let us ( Geico), know about dangers insuring that type of vehicle; because a VIN number only tells us so much"
To answer the inevitable question : My new quoted rate is 930 for 6 months my
Lesson?
Get your rates locked in as early as possible... This truck is a special one.

 

[Jetmoto785]

I just checked today in Michigan and it was 1071.00 for a year

 

[CopBait]

State Farm / 47yrs / Clean $1210.00 for the year ..

 

[CC1999]

I find it hard to believe that Street speed 717 actually filed a claim.
That would really shock me.
Its on video showing him basically wrecked it on purpose. What was not damaged in the Jump was later damaged with a hammer and then tires way to larger to fit. I really can't imagine he filed any claims on his stunt inflicted damages.

 

[Toad98370]

I find it hard to believe that Street speed 717 actually filed a claim.
That would really shock me.
Its on video showing him basically wrecked it on purpose. What was not damaged in the Jump was later damaged with a hammer and then tires way to larger to fit. I really can't imagine he filed any claims on his stunt inflicted damages.

Intentional acts are excluded from coverage. Unless he said it was accidental? lol

 

[JumpSquadAuto]

I don't think he filed a claim on it. I don't think he registers all his vehicles to be honest cause he has driven around and owned multiple without plates or on dealer plates from the chevy dealer he buys from. e probably registered this one but either way, there is no way the insurance company would pay out for that as it was off-road and intentional damage. I wonder if the agent maybe miss-quoted you the first time or on the wrong truck and is looking for a reason to explain an increase?

 

[Hawser]

Of course the insurance rates are horrible. You have about 100 TRX out in the wide for 1 month with one of them totally destroyed (Streetspeed). That should equate to $90,000 / 100 trucks per month for insurance. or $10,800 per year per TRX.

 

[DulcejuanDiaz]

State Farm / 47yrs / Clean $1210.00 for the year ..

Well. If the monthly payment doesn't kill me, then the insurance will. 1. Would my rate decrease if I put less then 1,000 miles/year on the TRX? I work full time from home. Does anyone want to elaborate what their monthly loan payment is on their TRX?

 

[xMonstax]

I really want to help people save money here ....
I was quoted a full coverage rate @6 months for $510 back in December.
Quote from my insurance agent : Now that streetspeed717....... "has made a claim there will be a shadow over that vehicle type to all insurer's, for the next 2-3 years to let us ( Geico), know about dangers insuring that type of vehicle; because a VIN number only tells us so much"
To answer the inevitable question : My new quoted rate is 930 for 6 months my
Lesson?
Get your rates locked in as early as possible... This truck is a special one.

My insurance company quoted me at over $4K a year...and I am 47 years old with a clean driving record. Fun times....

 

[xMonstax]

I just checked today in Michigan and it was 1071.00 for a year

what company? Thats like 25% what I got quoted in MI

 

[ElDirtayUno]

Just received a quote from Progressive @ $1,248/yr. 35, clean driving record, multiple vehicles insured.

 

[cortc]

If the YouTuber filed a claim that would be considered fraud and could land him in some serious trouble. I doubt he is that dumb...

 

[Bavanew]

My insurance company quoted me at over $4K a year...and I am 47 years old with a clean driving record. Fun times...

Seeing as you're a customer of this insurance company, I assume that you're satisfied with your current premiums.
If so, did they explain why your quoted rate was so high?

 

[KnightMare]

I doubt he would file a claim but I don't doubt he could cause rates to go up because people are "influenced" by social media more than ever...
For example everyone jumping out there cars doing the "In My Feelings" Challenge.

And now that video is proof in the insurance companies eyes the TRX can't survive a single jump SMH

 

[Bavanew]

I doubt he would file a claim but I don't doubt he could cause rates to go up because people are "influenced" by social media more than ever...
For example everyone jumping out there cars doing the "In My Feelings" Challenge.

And now that video is proof in the insurance companies eyes the TRX can't survive a single jump SMH

For this reason alone, I would suggest to those of you in waiting, who have already received their VIN, to initiate their insurance contract. Sure, you might have to spend a few hundred bucks, but, it could save you a couple grand in the long run.
Once you secure a rate, you should be able to opt to pay for, say, fire/theft only, and omit the rest of the coverage until the truck comes in. Just explain to your insurance that you simply want to secure the rate and pay for the least amount of coverage until the truck arrives. They'll advise of the best approach. (A broker will)

I'm paying 1,400 CAD through my longstanding insurance broker, which is roughly 1,100 USD. I think that's a pretty reasonable rate given the HP and value of the vehicle. I was expecting it to be higher. I did a few other price checks, and the average price increase was $400-$500 annually.

 

[Nateshift]

This thread is tough to read. Insurance agent here

Street speed 717 did not influence rates. If you go find the other insurance post, I explain That the TRX is not in most systems yet and how ISO symbol rating works.

1) don't start an insurance policy before you take delivery of the truck. What if It takes 3 more months. Also, there is something called "insurable interest ". You can't insure something you don't own yet.
2) I would be SHOCKED if street speed filed a claim and got paid. Intentionally jumping, intentionally hitting it, intentionally setting it on fire. He has absolutely no baring on rates. And especially ONE claim would not influence rates that much for ALL TRXs
3) insurance rates are driven by statistics. Data. They will take everything they know about about 1500s concerning the safety, cost to repair, how they drive, and how they damage other vehicles. THEN factor in statistical chances of accidents, speeding, etc to determine. AFTER THAT they factor in credit, driving history and other personal data.

There is SOOO much that goes into rate, and no ONE incident (that wasn't you) is going to have any noticeable effect. If you have a crazy crazy high quote, its probably because they 1) have the TRX in their system 2) You live in a high risk area (zip code) 3) you personally have an outlier of some sort influencing rate.

 

[xMonstax]

Seeing as you're a customer of this insurance company, I assume that you're satisfied with your current premiums.
If so, did they explain why your quoted rate was so high?

I have all my policies through this company...which will very likely change very soon. IMO insurance is never satisfying, and therefore there is no brand loyalty. That stupidly high quote probably just cost him my business.

 

[xMonstax]

Well. If the monthly payment doesn't kill me, then the insurance will. 1. Would my rate decrease if I put less then 1,000 miles/year on the TRX? I work full time from home. Does anyone want to elaborate what their monthly loan payment is on their TRX?

Im paying cash so no input on the loan thing but the gas alone will be $400/month. I bet all told folks who are borrowing big on this truck end up paying $2K per month to own and drive it

 

[Kerry0805]

I have all my policies through this company...which will very likely change very soon. IMO insurance is never satisfying, and therefore there is no brand loyalty. That stupidly high quote probably just cost him my business.

Good for you --- that is insane!

 

[DulcejuanDiaz]

Im paying cash so no input on the loan thing but the gas alone will be $400/month. I bet all told folks who are borrowing big on this truck end up paying $2K per month to own and drive it

Thank you for your honesty.