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Help, I'm a new driver and insurance costs are giving me a heart attack

138 messages,  Last post on Apr 11, 2013 at 5:31 PM

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Messages Page 11 of 15

#97 of 138 Re: My NJ experience [ntextreme3] by nj2pa2nc

May 23, 2007 (7:52 am)

Replying to: ntextreme3 (May 22, 2007 3:09 pm)
his insurance is for full coverage

#98 of 138 Re: My NJ experience [phase2k2] by blueiedgod

May 25, 2007 (10:45 am)

Replying to: phase2k2 (May 17, 2007 2:28 pm)
i've been reading this topic...seems like you guys are just cheap no offense.
  
i'm 18, i got my license early this early may.
i plan on buying an 07 nissan sentra or a 07 hyundai elantra
  
my quotes:
geico : 12,000 for 6months premium
progressive: 11,000 for 6month premium
the lowest i can find is like a 8,000 for 6month premium on state minium requirements...
  
my parents don't drive and i have no idea what to do this moment.
go under my aunts policy? make my parents get their license?
 
I bolded out the main problem in your statement.
 
What happened to the rule that new drivers get 10-15 year old beaters? I bet you that a state minimum liability only coverage won't cost more than $3000 a year in Brooklyn on a 1985 Chevrolet Impala.
 
I used to live in the Bronx, and my insurance was $5000/year for full coverage for a 99 Civic coupe, back in 1999-2001. While liability only on the 1991 Jetta prior to the Civic was only $1000/year.
 
Set your sights on a nice mid-80's domestic sedan and you should be able to afford insurance.

#99 of 138 Re: My NJ experience [kirstie_h] by phase2k2

May 29, 2007 (5:19 pm)

Replying to: kirstie_h (May 23, 2007 7:13 am)
yes , i'm from brooklyn.
 
now about getting an old ass car, thats crazy :/

#100 of 138 Re: My NJ experience [phase2k2] by kirstie_h HOST

May 30, 2007 (8:17 am)

Replying to: phase2k2 (May 29, 2007 5:19 pm)
We offered advice to help save you money on insurance. If you are prepared to pay $12K per year in insurance costs, then feel free to discount this advice. Unfortunately, none of us has been able to locate the Insurance Fairy, who can provide deeply discounted rates on new vehicles for new drivers living in major urban areas. Sorry!

#101 of 138 Re: My NJ experience [phase2k2] by blueiedgod

May 30, 2007 (8:58 am)

Replying to: phase2k2 (May 29, 2007 5:19 pm)
yes , i'm from brooklyn.
  
now about getting an old ass car, thats crazy :/
 
Well, you could have wheels, or no wheels at all. I don't know your financial situation, but $12,000 a year to cover a $15,000 car is plain crazy. And the reason your insurance is so high is because you have no driving experience, and will probably wreck the first car, which will put the insurance company on the hook. They don't want to pay it.
 
You need to get some time behind the wheel before your rates can go down. In order to gain time behind the wheel in insurance company's eyes, you need to have continuous coverage for let's say a minimum 3-5 years.
 
Since you can't afford $12K premium, but you need to get 3-5 years of continuous coverage, you are limited to what you can cover out of your pocket, which is liability only coverage. No bank will let you borrow money and not have the vehicle fully insured, and if you had the cash to buy this shiny new car for cash, you would not want it destroyed or gone the next day without having it protected.
 
You are basically limited to a used beater for the next 5 years. Everyone had to do that, you are no special exclusion, unless you are born into a rich family, where everyone gets a BMW for their 16th birthday, and daddy pays for everything.
 
My first car was a 1983 Chevy Celebrity with 140,000 miles, and that was in 1994. So, 11 year old car now would be a 1995, which I bet is a lot nicer than an 83 Chevy was. My Liability coverage was at state minimum ($25,000/$50,000) and it cost $700/year in the Bronx. I didn't buy new car until 1999, and that was a shocker, $5,000/year for full coverage on top of $300 monthly payments. I move dout of the Bronx fairly soon after that. Location made a huge difference in insurance cost.
 
Now, I pay $600/year for a $100,000 full coverage policy on a 2005 CR-V, $70/year on the motorcycle, and $350/year for the homeowners, but I live in the suburb of Buffalo (2nd highest populated area in NY State) and I am over 30. I have been driving for the last 13 years and have not had claims against my policy, have perfect credit. All of those factor into insurance cost, credit history being 2nd most important after driving history.
 
So, your choice is no wheels, or old wheels.

#102 of 138 Re: My NJ experience [kirstie_h] by mikefm58

May 30, 2007 (9:29 am)

Replying to: kirstie_h (May 30, 2007 8:17 am)
If you are prepared to pay $12K per year in insurance costs
 
The quote was $12K for 6 mos of coverage, not one year. His lowest quote was $8k for 6 mos at the state minimum requirement.
 
Wow.....

#103 of 138 Re: My NJ experience [phase2k2] by jipster

May 30, 2007 (11:31 am)

Replying to: phase2k2 (May 22, 2007 11:28 am)
Don't believe me?
 
Nope.

#104 of 138 Re: My NJ experience [mikefm58] by kirstie_h HOST

May 30, 2007 (1:30 pm)

Replying to: mikefm58 (May 30, 2007 9:29 am)
Yeah, you're right. The point still stands that none of us is going can offer advice beyond 1) pay the astronomical insurance rate, or 2) set your sights lower on the vehicle purchase. There is nothing behind door #3.

#105 of 138 Re: My NJ experience [kirstie_h] by blueiedgod

Jun 02, 2007 (6:57 am)

Replying to: kirstie_h (May 30, 2007 1:30 pm)
Yeah, you're right. The point still stands that none of us is going can offer advice beyond 1) pay the astronomical insurance rate, or 2) set your sights lower on the vehicle purchase. There is nothing behind door #3.
 
Well, there is door #3... It is called Insurance Fraud, and about 45-50% of NYC residents commit it, either by registering out of state or in upstate NY. Then 10-15% just drive without insurance and the rest have to pick up the tab.

#106 of 138 Re: My NJ experience [blueiedgod] by phase2k2

Jun 08, 2007 (5:06 pm)

Replying to: blueiedgod (Jun 02, 2007 6:57 am)
cant i go under my aunts policy? let her buy the car and let her buy insurancez , list me as an optional driverz
 
the most i can afford is 6000/year for insurance, aka 500 a month.

Messages Page 11 of 15

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