How much is insurnace?

[Michael Yount]

While it may be interesting to compare costs, there are so many individual variables that it's a pretty useless exercise. Driver's age, location (state, city, county), car type/year, coverage/deductible levels, driving record, whether it's a primary or secondary car, whether you're on your parents policy or a stand alone, whether you have kids on your policy - all these things can have a HUGE impact on premiums. The only thing that will give you a reasonable idea about what your policy costs might be is to (as others have said) get quotes from insurance companies.

 

[Michael Yount]

Oh - and be careful about getting quotes online. The insurance companies have been known to exchange information - and if your driving record has changed, you haven't let your current insurance company know about it -- but you give the up to date info to the prospective company, your company may find out about the change. It doesn't pay to withhold it from them anyway, but if they find out you've been intentionally withholding rate-impacting information - well, they usually don't like that too much.

 

[Boss 351]

It's over $400 a month for me (Canadian), i'm still trying to find a cheaper insurance co. before i plate the car.

EDIT: Strict liability by the way... and a perfect record.

OMG!? $400 a month?

 

[RacEoHolic330]

Michael Yount is right, there are just too many variables to tell you an accurate price. For instance, I'm 17 and drive an 88 5-speed black GT and I currently pay $1400 a year for full coverage. The car is, however, still under my parents name. I have NJ Manufacturers insurance, which is the best insurance in the state. I looked online at state farm and prudential and I got quotes for around $2500+ a year with the car still in my parents name. Everything depends on your insurance company.

 

[89MustangGX]

Michael Yount is right

Can't 90StangLX and I be right too?

 

[Michael Yount]

You guys were right - and first; I gave non-specific credit in the parenthetical in my first post. I only elaborated a little as others seemed to be ignoring your response.

 

[DirtyD916]

Can't 90StangLX and I be right too?

no of course not!!!!!!!!!








j/k man your right.

 

[89MustangGX]

You guys were right - and first; I gave non-specific credit in the parenthetical in my first post. I only elaborated a little as others seemed to be ignoring your response.

I'm just poking a little fun ...

I suppose I could have typed out an elaborate response talking about how rates can even vary on a set of identical twins living in the same house, driving the same car, and having the same driving history, but that would probably just get ignored too.

 

[88hatchblack]

insurance is rediculously high; just make friends with an insurance agent it's much cheaper (that's why i'm paying 500/year)

 

[Michael Yount]

I suppose it all relative - "insurance is rediculously (sic) high..." Compared to what can be hundreds of thousands of dollars of medical costs related to an injury-producing accident, it's pretty cheap. I think folks often think of their premiums relative to car repair costs only. Those are the tip of the iceberg - it's medical costs that will wipe you out.

 

[RacEoHolic330]

Can't 90StangLX and I be right too?

Everybody is right in this forum. Wrong answers just don't exist.

 

[Michael Yount]

Feel the love.

 

[89MustangGX]

I suppose it all relative - "insurance is rediculously (sic) high..." Compared to what can be hundreds of thousands of dollars of medical costs related to an injury-producing accident, it's pretty cheap. I think folks often think of their premiums relative to car repair costs only. Those are the tip of the iceberg - it's medical costs that will wipe you out.

100% True.

If you think about it, even if you carry minimum liability coverages for your state -- which depending on state could be as low as $10,000, you come out ahead. If you only carry those minimum coverages and your insurance is $2,000 a year -- it would take you 5 years of premiums to pay for that. Throw in on top of it, cost to fix your car, medical claims, etc. and it would probably take a good 7-10 years for your premiums to equal what the insurance company pays out in this 'average' hypothetical claim - AT MINIMUM COVERAGES, and even then -- that means you broke even. The insurance company still has to pay it's employees, pay court costs, do all the stuff you need to do to run a business, so they lose.

You could easily carry much more coverage and never be able to repay the insurance company in your entire lifetime of premiums.

Sure, not everyone has a bad accident, but if you do, you are probably better off with insurance than if you had never bought it and just saved all the money you would have put into it. Just some food for thought...