[OT] I'm paying $350 a MONTH in Car Insurance!!

[Larry Fitz]

Also bear in mind that insurance companies use straight statistics to figure insurance costs, whether you were at fault or not, statistically people who have been involved in accidents are more likely to be involved in more of them than people who have not been in accidents are likely to be involved in their first.... BTW, I drive a big Dodge Pick up, have full coverage (including towing) and pay $600.00 a year... of course I'm a wee bit older than you...

 

[CrimsonScribe]

Wow!

I got pretty ticked off 2 years ago when the insurance companies here in Australia refused to insure me. (23, 1 at fault write-off, multiple other no-fault claims, loss of drivers of license for speeding - twice!).

However, because my car was under finance, it had to be insured under a comprehensive policy. The bank who the finance was through had an insurance arm, jacked up the price and gave me coverage - all for $AU1200 a YEAR.

I'm now 25, haven't had an accident or ticket since those glory days and am now paying $AU900 a year.

 

[Agback]

G'day

I shopped around among the insurance companies when I bought my new car a month ago, and got quotes ranging from A$380 per year to A$1,600 per year. Same driver, same car, same garage. Looking closely at the fine print, I picked a package that cost A$407.55 per year (comprehensive insurance on a car that cost A$33,690).

It pays to be old, to have a clean record, to live in an area with a low rate of auto theft, to keep your car in a locked garage, not to have finance on the vehicle, and to pick a cheap, safe model that is cheap to repair after typical accidents. It also pays to get on the 'phone and get a dozen quotes.

Regards,


Agback

 

[InvaderSquoosh]

It also helps to have a degree in a "white collar" field like engineering, no assets (like a home, or kids), etc. Insurance companies look at every possible factor under the sun, and sometimes the outcome of their risk assessments are as ludicrous as the characters that come out of the smackdown threads. No offense to Hong, but sometimes I'm convinced that rules lawyers end up working for insurance companies.

I get comprehensive coverage from Progressive at $80USD/month in California. Clean record, 25 years old, good education, a Lojack in my Camry, and no life. However, I hear that Progressive has a horrible track record, so I plan to change providers as soon as I acquire more assets.

 

[Numion]

I'm paying $350 a MONTH in Car Insurance!!

That's 1.5 times my rent!

 

[Hand of Evil]

Also check to make sure your Insurance company has not change the way they base your cost. It is a growing trend in the US at this time to base coverage on your CREDIT RATING!

I kid you not, this is something that is getting ulgy fast and more states are allowing insurance companies to do it!

 

[Drawmack]

You also have to consider where you live. I'm 28 and drive a 97 Kia Sephia with full coverage and pay $210 a month. However I live 1/5 of a mile from the three most dangerous miles of road in PA. You've got to remember that with progressive (whom I also have) you pay a baloon payment the first month, then less for the next four months and nothing the last month of the policy.

 

[jdavis]

I have no better advice to add (good advice has already been given) but I thought the $65 or so dollars a month I spend for full coverage was rough. You made me feel a lot better. Lets hear it for rural living. (33 years old, no wrecks or tickets in 5 years, 98 Dodge Avenger ES). My liability was less than $400 a year, so the full coverage was a big increase for me.

 

[Barendd Nobeard]

Definitely shop around.

We were once paying about $1200 a year for two adults (1 speeding ticket) and two cars.

We moved, and the company more than doubled the rate. (The move was from the suburbs to the city, and our new zip code covered a lot of different areas--from the "low-crime" neighborhood where we live to some "not-so-low-crime" neighborhoods.)

We shopped around, and got the same coverage plus renter's insurance for $1400, much better than the $2500 the first company wanted. We converted that renter's insurance to homeowners when we bought a house. Also, we now get a 5% rebate check each year if we have no claims filed.

Also, check for discounts. Some insurance firms will give discounts for being a good student (if you're in school), being a non-smoker, or having multiple policies (e.g., car + homeowners/renters insurance with the same company). And, apparently, marriage makes for a cheaper rate.

 

[JacktheRabbit]

Many states have laws that require you to have a certain level of car insurance. Unfortunately I have see very few if any states that have laws regulating how much companies can charge for car insurance.

You do the math.

Car insurances are a bit... expensive... in USA, aren't they?