Car insurance providers alter the prices of their coverage contingent upon the type of vehicles being insured. Furthermore, other factors, like the area in which one lives and how densely populated it is, also affects insurance prices. For instance, the more drivers there are in a place per square mile, the higher the chance you may get into an accident.
It’s something that 20-year-old TikToker Slade (@slade.clothing) learned the hard way when he looked at quotes for a BMW M3 Competition. The luxury performance sedan’s quoted price was one that he called a “SCAM.” He says he doesn’t “have a single accident” on his record.
He posted about his experience looking at insurance pricing in a viral clip that left him flabbergasted. At the onset of the clip, Slade can be seen looking directly into the camera as he delineated his quote. “Guess how much they charged me. $732,” he says, before grimacing into the camera.
Other factors
Indeed, there are other variables considered when it comes to insurance rate quotes. A driver’s age, combined with their history as a commuter also play a factor. If an individual has a history of getting into fender benders and accidents, car coverage providers may quote heightened costs. And some states, like New Jersey, sport state-named insurance plans for drivers, such as NJM. Many customers have found these rates to offer more appealing monthly price plans. Furthermore, if a driver is younger, combined with a fast car, this may cause a company to view them as a high risk client. Moreover, different providers provide different rates.
Conversely, if a driver in their 30s has an immaculate driving record when it comes to accidents, they may get a lower rate. Slade continued to discuss the exorbitant quote in his video. “A month, a month. I might as well not even get insurance, I might as well just move out of the United States and go somewhere else if I want an M3.”
Looking for a way to reduce that monthly payment, Slade questioned the car insurance rep. He angled for a more affordable price, citing educational and responsible commuting benefits.
According to the TikToker, even with these promotions applied, his monthly rate was still in the $700/month range. “So then I asked them how much would it be if I applied all these discounts. The student driver discounts, the drive safe discount, and like other discounts.” At this point in the video he laughs and reveals that this culminated in what was only a $30 dip.
Price gouging?
Slade said that the insurance rep’s attempt at managing the situation only seemed to make the situation worse. That’s because she told him it’d be about five years before he could qualify for more affordable insurance rates.
“And the lady straight-up just told me once you turn 25 your insurance will be a whole lot lower. Cause you don’t have any history of accidents or tickets. 25?! I’m 20, that’s five more years left. Who does she think she’s talking to?!”
Slade stated that the conversation caused him to “shed a tear.” Additionally, he mentioned that he dropped to the ground and went into a “fetal position” upon hearing the news. He believes that since he’s a driver who’s never been in a car accident, he shouldn’t be quoted such an insanely high rate or a “history of tickets.”
He went on, “If you’ve been driving for 5-plus years and you don’t have anything on there. I believe that you should not be paying that much. I’ve been driving for 5-plus years, OK?” he says before the clip comes to an end.
Commenters react
One user on the application stated that in a roundabout way, the insurance provider Slade contacted did him a favor. “Insurance company just financially saved you believe it or not,” they stated. Presumably, this was to ensure that Slade, at 20 years old, didn’t dump a bunch of money into buying a BMW M3 Competition.
Someone else quipped that there was an easy way for him to get a discount. “You gotta pinky promise you won’t crash.”
Another remarked that they were also quoted a high rate for a non-performance vehicle. “They asked $500/month for full coverage for a 06’ HONDA CIVIC HYBRID. Bike is staying uninsured.”
One TikToker claimed that age doesn’t really play a factor, for them at least. “The ‘once your turn 25’ [nonsense]. I’m 28 and I pay $400 for a 2018 Silverado.”
@slade.clothing insurance companies are a SCAM #fyp #foryoupage #foryou #insurance #autoinsurance #cars ♬ Gymnopedie No.1 [Piano famous song](204824) – Kamimura Mahiro
Although, there was at least one commenter who offered up a solution to Slade’s woes. And that was to simply “change [the] address” on his car insurance application form. (Your location affects your premiums, yes, but also this is fraud.)
The Daily Dot has reached out to Slade via TikTok comment for further information.
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