20 year old, question about insurance.

[strat61caster]

Originally Posted by mav1178

Insurance (of any kind) is summed up by one word: risk.

Thanks for validating my summarization of it as a "statistical spreadsheet"

maybe we disagree on the motivation "profit" vs. "risk" but last I checked insurance companies had pretty wide margins.

:happy0180:

Edit: and my parents pay an ass ton for flood insurance next to a dinky little creek so eff that, earthquake is rolled into homeowners insurance and really isn't noticeable (*cough cough* tornadoes, hurricanes, hail, snow are all absent)

[dro]

Close to 23

I pay abt $1100 for the whole year

[mav1178]

Originally Posted by strat61caster

maybe we disagree on the motivation "profit" vs. "risk" but last I checked insurance companies had pretty wide margins.

In general, perhaps, but profit vs revenue, the insurance industry averages less than 10% profit. They're not exactly making a killing here.

http://biz.yahoo.com/p/sum_qpmd.html

In any case, OP: please just find out what you expect to pay instead of asking us for info, because none of this helps unless we're your twin living next door to you. Which would be creepy.

-alex

Edit: earthquake insurance is NOT under homeowner's insurance in CA. http://www.earthquakeauthority.com/index.aspx?id=13
Source: my own homeowner's insurance.

[Tucson FR-S]

I'd make two points.

Shop around. The first time I got car insurance I didn't and I got ripped off (meaning I let them). If you're talking to an agent, ask point-blank: Is there any way to lower the cost?

And if you finance the car, the financing company may require things of your insurance. (Mine requires a $500 deductable, though I'd go with $1000 if I had my way.)

[Turk]

WWW.GEICO.COM. Had a brand new M3 when I was 24 and a Camaro SS, full coverage on both cars was $1100 per year. With the R8 and DD civic my yearly rate is $1400. R8s are supposedly the most expensive cars to insure.

[pmdc]

Originally Posted by mav1178

In general, perhaps, but profit vs revenue, the insurance industry averages less than 10% profit. They're not exactly making a killing here.

http://biz.yahoo.com/p/sum_qpmd.html

In any case, OP: please just find out what you expect to pay instead of asking us for info, because none of this helps unless we're your twin living next door to you. Which would be creepy.

-alex

Edit: earthquake insurance is NOT under homeowner's insurance in CA. http://www.earthquakeauthority.com/index.aspx?id=13
Source: my own homeowner's insurance.

lol, 10% profit on something that is relatively expensive and nearly EVERYONE has qualifies as a license to print money, if you ask me.

[FRSupra]

Originally Posted by SpectreRT

Yes, its called "Good Student Discount" or "Academic Award."

I saved 20% off my insurance in college because of it. :happy0180:

Don't forget to mention you are a member on here. It's called "Ft86club Member Discount" or "Enthusiast Award"

Saved me 20%

[Khánh]

damn thats cheap!! What insurance and coverage do u have? I live in simi also

Originally Posted by OrangeJuleas

It depends.

When did you get your license? Are you a full time student? Do you work full time? How many miles do you plan on driving yearly (make sure to take your commute, whatever it is, into consideration)?

I am 27, and full coverage is going to cost me about $600 a year (not bad). I've never been in an accident, have had no tickets in the last 10 years, and have been driving since 16. I also had a good student discount (LoJack is a joke, saves you $1 per month - you do that for personal reasons). Even then, my insurance went up about $100 from my previous car, a Mazda 3 hatchback.

Insurance will be expensive for a 20yo, even without accidents and tickets. Depending on your agency and your luck, you could see anywhere from $700 - $1,400 a year. I agree with @KyleGato, and props to you for doing your research!

[mav1178]

Originally Posted by pmdc

lol, 10% profit on something that is relatively expensive and nearly EVERYONE has qualifies as a license to print money, if you ask me.

This is just this year, as of right now...

The industry varies. In 2009 their profit was only 3.3%
http://money.cnn.com/magazines/fortu...tries/profits/

In any case, my point is the industry is not as profitable as it seems. Not when compared to other giants such as energy, pharmaceuticals, internet providers, securities, etc.

-alex

[Miniata]

It will be very high, especially if you are on your own policy. Frankly if I had it to do over again, I wouldn't have taken out a loan on a car or gotten full coverage insurance until I was at least in my mid-20's. As it was, I didn't buy my first new car until I was 26 and had been married for several years (IIRC my insurance dropped when I turned 21, and again when I turned 25). I was paying around $250/month for full coverage on two cars when I was 20. Now I pay considerably less than that for six cars. I threw thousands of dollars away on insurance when I was younger that I wish I hadn't.

Definitely call around to agents in your area though, no one on this forum will be able to give you any sort of accurate estimate as to what you will pay. Definitely have several quotes in hand before making a firm decision on the car.

[Seungify]

Damn, I feel like I'm kind of getting ripped off by State Farm...

18 yr old with 1 accident on the car prior to my FR-S: was paying $150/month (Liability only)

Still 18 and bought FR-S in cash: now paying $240/month (Full coverage: $1000 deductible)

[Richard Cranium]

Wow...some of you guys are getting hosed! Granted I'm 27, she's 26, but we have the FRS and my wifes 2012 Land Rover LR2 insured under the same policy and we pay $470 TOTAL for both vehicles for 6 months. That's less than $40/mo per vehicle for full coverage w/$250 deductibles.

[Frstorm]

I pay 133 a month with State Farm for my FRS and 2011 Jeep wrangler both full coverage

[dro]

Man U guys are getting screwed over if I had to pay more than what I'm paying I wouldn't have gotten the frs. 2500 a year for insurance is close to my payments for the year. Doesn't make sense to me money wise.

Brb opening my own insurance company

Brb abt to be filthy rich