Insurance companies - I do not understand them

[goddessfarmer]

I bought a new truck, and traded in a 2 year-old one. My insurance company send me a check (it's very small, but hey, money) because it apparently costs less to insure this new chevy than my still relatively new dodge. And it's only liability. How the hell they figure I'm less likely to hit someone in this truck vs the other one?

Comments

[totient]

They have a *lot* of statistics. Perhaps there is something about the Chevy that slightly reduces the average amount of damage to the other vehicle in an accident? It's not hard to imagine a small difference in bumper design making a big difference there, especially for a truck.

[perspicuity.livejournal.com]

it might be not accidents but say, theft...

some vehicles are stolen more, or have parts removed more, and hit a different bracket therefore.

i seem to recall some common honda having a larger hit than an average sports car a few years back.

as well, simply moving 10 miles can do things to your insurance (in bad ways).

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[mrw42.livejournal.com]

You and James have mentioned how much better the side/rear visibility is in the new truck than the old one. That alone should make you less likely to get in an accident, don't you think?

[deguspice.livejournal.com]

When I bought my previous truck, I noticed that the dealership had a printout of pages and pages of insurance stats of how much the insurance companies paid out for accidents involving a particular vehicle compared to an average vehicle.

http://www.iihs.org/research/hldi/composite_cls.aspx?y=2006-2008&cls=6
(the most recent stats for pickup trucks)

And then there's the question of how much it typically costs to repair a vehicle if it gets into an accident. Someone has done a study of what it costs to replace the front of a vehicle after a low speed collision. The price varied significantly, even with in a segment (i.e. small SUV).

[goddessfarmer.livejournal.com]

we are not insured for theft, so that should not be an issue.

[goddessfarmer.livejournal.com]

again, only insured for Liability, so repair costs to my truck not an issue.

[perspicuity.livejournal.com]

weird.

well, the only way to find out is call them and ask exactly what's going on, assuming you want to know, and it won't jinx things.

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[deguspice.livejournal.com]

That's one of the categories they have stats for.

ALL COVERAGES
Collision
Property damage liability
Comprehensive
Personal injury protection
Medical payment
Bodily injury liability

[whitebird.livejournal.com]

Your old truck was red, I believe, and your new one is white. White's easier to see. Also, there might be some form of safety gear that your old truck didn't have. Daytime running lights always on, or a second airbag system, or something of that nature.

[goddessfarmer.livejournal.com]

nope. all trucks white. my Insight is red.