Geico . . . 3000.00 for first year ?

[syzygy]

Hi:

To conclude a vehicle purchase, I need insurance. Ok . .

The dealer called Geico and the rep quoted me a figure of 3000.00 for the first year.

I'm in my late 30s, first car purchase, no prior vehicle accidents in the cars i've driven,
just received my license about a month ago.

Other companies (esurance) are far more generous . . . to the tune of 6000.00 per year

Without sane and affordable insurance, I can't purchase the car and I will have to call
back the deposit.

Where can i apply for sane and affordable rates ? thanks

 

[Vette73]

If you have not had a license for 5-7+ years then you will treated like a teenage driver (i.e. little to no exp.)

So expect it to be high.


Oh and try Esurance. They were cheaper for me and the wife vs Geico.

 

[RagingBITCH]

Try going to an independent insurance agent and let them get you quotes from different companies. I guess it's so high due to your age and no previous history.

Might also ask him to get coverage on different cars - are you trying to insure something fast/fancy? You might want a BMW for your first car but it'll also cost you out the nose to insure it. (As you can see)

 

[Jumpem]

Originally posted by: syzygy
I'm in my late 30s, first car purchase, no prior vehicle accidents in the cars i've driven,
just received my license about a month ago.

 

[Bignate603]

I've always got the best quotes from geico. I would call them yourself though because they may be using ridiculous coverage. Since its a financed car you'll need to carry full coverage.

The reason why your coverage is so pricey is because you only got your license 1 month ago. Coverage on a new car is going to be very high. You may want to consider getting a used car that you can pay in full to use for a year or two to establish a driving history. If its cheap enough that you don't need to carry full coverage you'll probably get your rates down to a third or less for only liability.

Also, what kind of car are you looking at? Some cars have significantly higher rates.

 

[syzygy]

yes, GEICO's rate are better, LOL, much better, in fact, but still woefully un-affordable.

i thought there were some positive assumptions and favorable statistics for people who are older, even if they have a limited
driving history.

I think insurance companies in Wisconsin even factor in a person's credit history to give them a stronger insight into how they
will behave behind the wheel. i thought there would be reams of psychological variables with each age group to help control
costs.

I'm trying not to have to call back the deposit (via credit card) but i only have until tomorrow to find something.

thank you for your contributions.

 

[syzygy]

Esurance, BTW, quoted me the 6000.00 figure after giving them gobs of data . . .

 

[BarneyFife]

What about calling AAA?

 

[Bignate603]

Originally posted by: syzygy
i thought there were some positive assumptions and favorable statistics for people who are older, even if they have a limited
driving history.

A big part of the discount that older drivers get is due to experience driving. They usually base that off of number of years with a license. You have no experience so you are probably paying near what a teenager would pay.

I would still call geico yourself. There's some things you can play with for your coverage. If you aren't going to use your car to commute that will decrease insurance. If you're only going to drive a few thousand miles a year that will decrease insurance. Ask about how taking a defensive driving or a driver's ed course would affect your insurance. That could save you money too.

 

[syzygy]

- thanks

yes, while we were chatting (with the rep) i did figure some things out on the fly . . .

i told him the car would be for pleasure only (no commuting), nobody else would drive the vehicle, and
i limited the total mileage to under 5000.

and that earned me a . . .. 3000.00 policy

 

[ja1484]

Originally posted by: Jumpem

Originally posted by: syzygy
I'm in my late 30s, first car purchase, no prior vehicle accidents in the cars i've driven,
just received my license about a month ago.

This. Your short driving history is what's killing you.


Also, what are you driving? Some vehicles carry through-the-roof rates.

 

[Vette73]

Get a used car, pay cash, and then only get basic insurance. After 3+ years, with no tickets, then look into getting a new car.

 

[Funyuns101]

Originally posted by: Marlin1975
Get a used car, pay cash, and then only get basic insurance. After 3+ years, with no tickets, then look into getting a new car.

This is your best bet... but not really a fun option.
But yeah, having zero driving history really hurts you unfortunately. What car are you looking to buy right now?

 

[syzygy]

the car i am looking to purchase is used (scion tc, 16.5K miles, 12995.00).

i can pay the remainder in cash. in fact, i could have paid the whole total in cash.

but with the hideous insurance this money pit is now too deep.

you are correct . .. i will need to look for something much cheaper, preferably through a private seller and see if 'basic' insurance is cheaper.

I didn't think I was asking for anything other than basic and still received these crazy numbers.

 

[marvdmartian]

Yep, it's your lack of driving experience that's killing your rate. Any particular reason why you're 30-ish and just now getting your driver's license??

Pretty much any company is going to kill you in the first 6 months, at least. This is because the other thing that's killing you is your lack of previous insurance. Yeah, it's really stupid, as you didn't NEED it before, but it's true (I ran into the same problem, moving from Guam to TX, where my insurance in Guam would've been no good.....instead of lying, and telling them I had insurance, I told the truth, and Geico tried to rape me for $550/6months, full coverage.....I ended up going with them, then changing to Farmers and getting better coverage for half the price!).

If you can drive an older vehicle for at least 6 months to a year, with nothing but liability insurance, then you should get a much better rate once you upgrade to full coverage on a new car. Good luck!

 

[syzygy]

Originally posted by: marvdmartian
Yep, it's your lack of driving experience that's killing your rate. Any particular reason why you're 30-ish and just now getting your driver's license??

Pretty much any company is going to kill you in the first 6 months, at least. This is because the other thing that's killing you is your lack of previous insurance. Yeah, it's really stupid, as you didn't NEED it before, but it's true (I ran into the same problem, moving from Guam to TX, where my insurance in Guam would've been no good.....instead of lying, and telling them I had insurance, I told the truth, and Geico tried to rape me for $550/6months, full coverage.....I ended up going with them, then changing to Farmers and getting better coverage for half the price!).

If you can drive an older vehicle for at least 6 months to a year, with nothing but liability insurance, then you should get a much better rate once you upgrade to full coverage on a new car. Good luck!

typically this will take only 6 months assuming no accidents, etc ?

 

[postmortemIA]

nope, it will most likely take 3 yrs to get to decent levels. Although your rate will drop each 6 months, you won't get sane rate anytime soon.

A good record: 10 yrs license and 10 yrs of having insurance, clean record for last 6 yrs bought me this: brand new Accord that is worth over 25K, $640 for full year full coverage

 

[bruceb]

You can take an approved driver ed course. That usually gives a discount on your liability. As to coverage pick 100/300 for liability.
You are buying a used Scion. Don't bother with comprehensive. You can get collision, but get a $500 or $1000 deductible. Do not
get the rental coverage. You may not need roadside coverage (towing) .. All these little things will make some difference. And as mentioned for the first 1-3 years, stay out of trouble (accidents or ticketsof anyy kind)

 

[XZeroII]

Exactly where you live has a huge impact as well. I live just outside of Milwaukee, WI and I am paying $350 for full coverage for a year. If I actually lived in Milwaukee, that would be at least double.

 

[ja1484]

Originally posted by: postmortemIA
nope, it will most likely take 3 yrs to get to decent levels. Although your rate will drop each 6 months, you won't get sane rate anytime soon.

A good record: 10 yrs license and 10 yrs of having insurance, clean record for last 6 yrs bought me this: brand new Accord that is worth over 25K, $640 for full year full coverage

Sweet, let's start the pissing contest

8 year driving history with insurance, squeaky clean record (1 speeding ticket reduced to improper equipment).

My last vehicle purchase: brand new tacoma, MSRP 36700, paid 32500, $820ish for full year.

 

[SparkyJJO]

Originally posted by: Marlin1975
If you have not had a license for 5-7+ years then you will treated like a teenage driver (i.e. little to no exp.)

So expect it to be high.


Oh and try Esurance. They were cheaper for me and the wife vs Geico.

Heck as a teenager I never paid that much for insurance. Heck I didn't pay half that much even. $3000 a year that's just insane.

 

[StageLeft]

How have you already driven cars but only got your license a month ago?

 

[sjwaste]

Three more questions:

What car is it?
Do you have shitty credit?
How educated are you?

Those are 3 common factors for the insurance companies.

 

[Vette73]

Originally posted by: SparkyJJO

Originally posted by: Marlin1975
If you have not had a license for 5-7+ years then you will treated like a teenage driver (i.e. little to no exp.)

So expect it to be high.


Oh and try Esurance. They were cheaper for me and the wife vs Geico.

Heck as a teenager I never paid that much for insurance. Heck I didn't pay half that much even. $3000 a year that's just insane.

He would be driving a very "new" car with full insurance. The replacemmt cost are much higher and due to his lasck of exp his chances of damaging it and/or others is much higher.


My insurance was cheaper as well but older cars did not have airs bags and such, let alone my car cost $2500 used and I only had basic insurance.

 

[DeviousTrap]

Originally posted by: syzygy
the car i am looking to purchase is used (scion tc, 16.5K miles, 12995.00).

i can pay the remainder in cash. in fact, i could have paid the whole total in cash.

but with the hideous insurance this money pit is now too deep.

you are correct . .. i will need to look for something much cheaper, preferably through a private seller and see if 'basic' insurance is cheaper.

I didn't think I was asking for anything other than basic and still received these crazy numbers.

10 Most-Expensive Cars to Insure

The 10 vehicles that account for the highest dollar amount of losses for insurance companies (starting with the most expensive) are:

1. Cadillac Escalade EXT 4WD
2. Subaru Impreza WRX 4WD
3. Hyundai Tiburon
4. Mitsubishi Lancer
5. Scion tC
6. Acura RSX
7. Nissan Sentra SE-R
8. Suzuki Forenza
9. Nissan Sentra/Mitsubishi Eclipse
10. Chevrolet Cobalt two-door


Source: Insurance Institute for Highway Safety, based on 2004-2006 models