State Farm insurance premium went up?
I had a 1995 Honda accord 4 door ex. I was paying $73 a month for insurance with state farm. My insurance was renewed and I bought a 2006 Hyundai Tiburon. I transferred insurance from the Honda to the Tiburon because I. Sold the Honda. Now I got a bill and my insurance is $110 I kept the same kind of insurance. No changes just a transfer. How is it an extra $40 a month? The insurance was renewed a month before this at the $73 a month rate. I don't understand.
The most a "perfect" 1995 Honda Accord is going to be worth $2800 from a dealer.
The least a "running" 2006 Tiberion with the most minimal accessories is worth about $6000 from a private party.
Just the worth of the car, will increase the insurance payments.
On top of that, did you also increase the type of insurance you had (liability only vs full coverage to comply with a loan?).
Question is, did you have full coverage on the Honda? If so, you have transferred an old car to a new car, so premium went up.
But with a 1995, unlikely had full coverage, only liability, so (if) you still have liability only, then insurance should not change, since your risk is still the same.
Since you have State Farm, you have an agent. This is a question for the agent to answer.
If you went from liability to liability on both cars, that means that State Farm paid out more on claims last year, and they have increased premium on EVERY policyholder, so may need to find another company that is cheaper.
Because a Hyundai Tiburon is considered a "sports car" and a Honda Accord, well, isn't. Insurance for sports cars costs more than insurance for regular cars. For you, it's an extra $40 to have the insurance be on a sports car.
The new car, which is 11 years newer than the old car, is clearly "worth more" than the old car was. The coverage for the newer car, costs more because the car is worth more.
A newer car costs more for insurance. Ask your insurance agent.
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