Wolperdinger

So I picked up my 2018 Lariat (details below) on Friday. I traded in my 2008 Ford Ranger. I fully expected to take a huge kick in the pants with insurance. I was shocked when the ICBC (Insurance Corporation of British Columbia) agent gave me the new quote. For the exact same coverage and the same deductibles, It was $19 a month LESS than the Ranger. How the heck is that possible? The Lariat's value must be 8 times that of the Ranger. I even asked her to double check. The only answer I can think of is that what I was paying for the Ranger was wrong, and I was paying too much.

LSchicago

New truck is safer. Less injury claims!

IsolatedSnail

I ran into similar circumstances buying my Mustang. My insurance agent told me everything is based on statistics. Therefore, your 2008 Ford Ranger likely had a higher chance of being involved in an accident and causing injuries than your new 2018 Lariat does. Two things affect this. 1: Your Ranger is now likely owned by lots of younger people who cause lots of accidents. 2: Your new truck is a very high trim level which cost a good bit more, the simple cost barrier means that often older, more responsible drivers have your type of truck. This helps you out.

With the Mustangs, I found out that a convertible gets better rates and it baffled me. Comes down to the fact that fully loaded convertibles are often driven by older, more responsible people.

Wolperdinger

That makes sense. Sure has a lot more driving aids, plus safety and security systems than the ol' Ranger.

Yup, that's me. Half of me, anyway

tuflehundon

This is why. Safer truck. I am in the insurance industry. (I do inspections for insurance companies) The cost of getting the person better after an accident is way higher than the cost of fixing the vehicle. The most you truck will cost would be sticker price. But if you are in an accident bad enough to total a brand new truck, you're medical payout could easily be 5-10 times that amount.

Wolperdinger

Thanks for that. I've been lucky enough never to be hurt in an accident, or hurt anyone else. I guess I only saw as far as the end of the sheet metal of the vehicle, and totally forgot about the human costs of accidents. Makes total sense now, considering the cost of medical services.

acdii

Also check and compare the breakdown between the items. Liability, BI, etc. is most likely going to be lower due to the newer truck, but the Comp and Collision may be higher than the old truck. It balances out at some point.

Now if you are in a crash, and have a payout, even if it is not your fault, and the other guy's insurance covers it, don't take the insurance companies word that your rates wont go up, they will. Bastriches.

Ryan_2020

My BIL was absolutely convinced the new aluminum body trucks would have astronomical insurance rates, so expensive to repair bla bla bla

....yup my ICBC rates went down as well lol

tareed94

Mine went down between my '07 F-150 (also fully loaded FX4), and my '16 Lariat FX4. I'm at like $120/month.

RandyinTN

I was pleased to discover my 6 month premium with State Farm dropped to $305 every 6 months. That was with 100/300 Liability, 250 ded Collision, 0 ded comp, basic medical coverage.