O/T car insurance!

bananas007 · Dec 7, 2016

How much are you guys paying for it? I drive a old beat up car simply cause I am scared to see the rates of car insurance for a new car or a leased car.

I am paying 100/month for so so coverage with geico. I do have a minor minor accident and couple speeding tickets through the last 5 years.

Is there a way to get good rates with car insurance for a new or leased car?

Dado5 · Dec 7, 2016

Well depends where you live, age and what insurance you have.
I am in the SF bay area. 3 cars covered under me and my wife.
2016 Porsche panamera - lease
2012 Chevrolet corvette - owned
2014 Nissan pathfinder - lease

total $289 a month

im 41 and wife 31.

heroOFtheDAY · Dec 7, 2016

Only thing you can do is shop around. Geico is usually pretty cheap compared to the competition. A new car is going to cost more in any situation. Since your car is old, I'm assuming you only have liability coverage. On a financed or leased car, you will have to have full coverage. The banks require it.

The accidents and tickets are hurting you, but if Geico is the company that payed out in the claim, they may penalize you more than a different company would.

So shop around and make sure you mention the tickets and accident or you won't get an accurate quote, it'll be a surprise increase when they run your motor vehicle report.

dragonfire101 · Dec 7, 2016

$135-145 a month for a somewhat newer 2012 Luxury car. Insurance was same when I was shopping on all similar cars Audi 8, Lexus LS460, Mercedes S class, BMW 7 Series etc.. I have no history It all really depends on your credit traffic/accident history where you live as well. I'm in Northeast.

If I register the above vehicles in several towns over where my parents live it would be about $20 cheaper a month.

richiec · Dec 7, 2016

As an insurance agent, I can tell you there are certain factors that play into your rates.

1) Age - under 25 and over 70 your rates are at their highest
2) Credit - poor credit causes rates to be higher. Typically, if someone has poor credit, they do not pay their bills on time and are more likely to lapse in coverage. Statistically, they are involved in accidents more, file a claim more often and receive citations more frequently.
3) Area - your zip code will affect your rates. Certain areas have a higher claim ratio than others, so even if you have a perfect record and good credit, you get "penalized" for the poor drivers
4) Relationship status - being married gives a lower rate. Married drivers tend to be more responsible when driving, statistically
5) Resident status - Homeowners get a discount, even if the auto carrier doesn't provide homeowners insurance. They tend to be "safer" while driving, statistically.
6) Current/previous liability limits - If you carry the state minimum limits, you are paying more dollar-for-dollar in coverage. If you are shopping around and have the state minimum limits, you are not a prime customer for the other carriers. Statistically speaking, people with the lowest limits file more claims, are involved in accidents more frequently and receive citations more frequently.
7) Previous carrier rating - There are "standard" and "non-standard" companies. If you have a non-standard company, many carriers will pass on you by giving a higher premium. Non-standard carriers typically take drivers that nobody else wants due to tickets, claims, accidents, credit etc

I always recommend my clients to carry what they can afford. When someone complains about say $75/month and they bring in their Iphone 7, Ipad, Starbucks and are decked out, I just think to myself "really?"

I have a 2015 Nissan SUV and a 2008 Jeep and pay roughly $125/month. I carry the highest limits available, so if I were to lower the liability limits, I'd actually be paying more. Sometimes it's worth paying a little more for the first 6 months to carry more coverage, and then shop it afterwards and save money. I do this a lot with my clients who bring in lower limits, they carry higher for 6 months, pay a little more, then we rewrite it at renewal and save them money from where they were before they came to me

dragonfire101 · Dec 7, 2016

richiec said:
As an insurance agent, I can tell you there are certain factors that play into your rates.

1) Age - under 25 and over 70 your rates are at their highest
2) Credit - poor credit causes rates to be higher. Typically, if someone has poor credit, they do not pay their bills on time and are more likely to lapse in coverage. Statistically, they are involved in accidents more, file a claim more often and receive citations more frequently.
3) Area - your zip code will affect your rates. Certain areas have a higher claim ratio than others, so even if you have a perfect record and good credit, you get "penalized" for the poor drivers
4) Relationship status - being married gives a lower rate. Married drivers tend to be more responsible when driving, statistically
5) Resident status - Homeowners get a discount, even if the auto carrier doesn't provide homeowners insurance. They tend to be "safer" while driving, statistically.
6) Current/previous liability limits - If you carry the state minimum limits, you are paying more dollar-for-dollar in coverage. If you are shopping around and have the state minimum limits, you are not a prime customer for the other carriers. Statistically speaking, people with the lowest limits file more claims, are involved in accidents more frequently and receive citations more frequently.
7) Previous carrier rating - There are "standard" and "non-standard" companies. If you have a non-standard company, many carriers will pass on you by giving a higher premium. Non-standard carriers typically take drivers that nobody else wants due to tickets, claims, accidents, credit etc

I always recommend my clients to carry what they can afford. When someone complains about say $75/month and they bring in their Iphone 7, Ipad, Starbucks and are decked out, I just think to myself "really?"

I have a 2015 Nissan SUV and a 2008 Jeep and pay roughly $125/month. I carry the highest limits available, so if I were to lower the liability limits, I'd actually be paying more. Sometimes it's worth paying a little more for the first 6 months to carry more coverage, and then shop it afterwards and save money. I do this a lot with my clients who bring in lower limits, they carry higher for 6 months, pay a little more, then we rewrite it at renewal and save them money from where they were before they came to me

Yes when I was married my rates were a little lower and I have higher coverage cost less than lower coverage.

Heck · Dec 7, 2016

240 a month for 2 cars

2015 escalade
2009 f150

2 Speeding tickets in the last 2 yrs raised my ins almost $100

Macrocupcake124 · Dec 7, 2016

I'm at $550 every 6 months on 2017 chevy volt. No accidents or tickets in last 5 years.
Was at $620 for 12 months on previous 2006 volvo. Liability only

Sent from my iPhone using Tapatalk

ericraven2003 · Dec 7, 2016

grenada said:
How much are you guys paying for it? I drive a old beat up car simply cause I am scared to see the rates of car insurance for a new car or a leased car.

I am paying 100/month for so so coverage with geico. I do have a minor minor accident and couple speeding tickets through the last 5 years.

Is there a way to get good rates with car insurance for a new or leased car?

I paid 110 on my 2014 vette(was lease). Just traded out to a 2015 challenger scat pack, its now 120 a month. Thru state farm. Been with them forever and Im in my 40's which helps.