20 year old, question about insurance.

[UnOvertime]

26 year old male in FL with only the FR-S. Clean driving record.
I just switched to Geico and am paying $105/month which is down from the $145/month I was paying with USAA and got better coverage with Geico.

Insurance depends on a lot of factors; age, type of car, zip code, driving history, deductibles, and limits. Full coverage means different things for different states and you might have "full coverage" and have incredibly low limits. In FL the bodily injury minimum is $10,000 per person and $20,000 per accident which in a serious accident you are screwed because that covers nothing. Also consider the deductible, see the difference between $250/500/1000 deductibles on your policies and ask yourself is it easier to: a. come up with a $1000 at once to save maybe $12 a month or B. pay $12 more a month and only have to come up with $500.

Shop around and ask your parents for some input and look at everything (deductibles, limits, company claims service) not just the monthly cost. I shopped around and for similar coverage I was quoted everywhere from $96-$245 a month for the same coverage.

[Richard Cranium]

Originally Posted by UnOvertime

26 year old male in FL with only the FR-S. Clean driving record.
I just switched to Geico and am paying $105/month which is down from the $145/month I was paying with USAA and got better coverage with Geico.

Insurance depends on a lot of factors; age, type of car, zip code, driving history, deductibles, and limits. Full coverage means different things for different states and you might have "full coverage" and have incredibly low limits. In FL the bodily injury minimum is $10,000 per person and $20,000 per accident which in a serious accident you are screwed because that covers nothing. Also consider the deductible, see the difference between $250/500/1000 deductibles on your policies and ask yourself is it easier to: a. come up with a $1000 at once to save maybe $12 a month or B. pay $12 more a month and only have to come up with $500.

Shop around and ask your parents for some input and look at everything (deductibles, limits, company claims service) not just the monthly cost. I shopped around and for similar coverage I was quoted everywhere from $96-$245 a month for the same coverage.

More very good points to consider.

I switched to Geico and got the rates I mentioned a few posts up. Was always with Shelter Insurance under my families policy and was paying $1100/yr on my Tacoma with a $1000 deductible

Here are the rates we have on our policy...
Bodily Injury Liability $300k/$300k
Property Damage Liability $100k
Medical Payments $10k
Uninsured and Underinsured Motorist $100/$200
Comprehensive and Collision Deductibles $250.00

You generally don't want/need coverage amounts such as bodily injury liability much higher than your total assets that you can be sued for. So if you're young, on your own, don't own a home and don't have a lot of assets, you can generally get away with lower liability coverage amounts or your state minimums and find some lower rates. The comprehensive and collision deductibles are generally the most expensive parts of a policy. Your monthy payments can drop significantly by raising your deductible, but as UnOvertime mentioned, many lenders have a maximum requirement on what that amount can be so as to make sure the vehicle (which is technically theirs until you pay off the note) is more likely to be repaired.

[TM]

Just get an online price quote. Many major auto insurance providers, like Geico, Progressive, State Farm, etc., have online forms you can fill out with your driver's information and the car you are looking to get and they spit out an instant quote. Since you don't have any accidents or tickets on record, these quotes should be highly accurate.

[mav1178]

Originally Posted by 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.

Yes, and you live in Nebraska... for insurance purposes what you pay is not relevant to the rest of us.

Car insurance (as a whole) isn't just about where you live, it's also about the people around you.

- number of miles driven per year
- amount of vehicles on the road
- number of accidents (average) in the area
- number of thefts in the area (average)
- max limits on your policy
- uninsured motorist coverage
- deductible
- your driving record
- your age
- number of policies you own
- your grades (shows responsibility that is reflected in good GPA, a sign of reduced risk)
- number of cars you own
- etc

There's so much more to insurance than just comparing straight dollar amounts.

-alex