Insurance questions, preferred rates, etc...

[Viper GTS]

How exactly do "preferred rates" work? I'm looking at insurance quotes for various vehicles, & I've asked for quotes (from my agent) on a 1996 Camaro Z28, a 1996 Mustang GT, & (for the sake of comparison with something slow) a 1996 Civic DX. According to Progressive quotes, the premium for speed is really not that much, a 1998 Civic EX costs virtually the same to insure (for me) as a 1996 Mustang GT. So if I'm going to get screwed on insurance I might as well pay the small amount extra & get something I will really enjoy.

However...

I was talking with a friend here at work who's a few months older than me. He just turned 20, & his rates for his 1997 Eclipse dropped from $220 a month to $150. He said if he was driving a Z28 he would not have been able to get that drastic a cut, but the RS Camaro would have qualified... Does anybody know if this is true?

Also, my driving record may preclude preferred rates no matter what... I have one at-fault accident & one speeding ticket on my record. The accident will drop off in 10 months, the ticket in 22.

Viper GTS

 

[MomAndSkoorbaby]

Hey Viper, I love your signature!

 

[Viper GTS]

So do I.

You really should think before you type things like that.

Or worse, did you think...



Viper GTS

 

[RossMAN]

How old are you again?

Also check out amfam.com (American Family insurance) and Amex.

 

[RossMAN]

Here's a few other questions:

1) If you've attended school recently or intend to, maybe you'd get a "good student" discount with a GPA of 3.0 or higher?
2) Did you ever take drivers ed or enroll in driving school?
3) Who do your parents have their car insurance with? Would your premiums be significantly lower by adding you onto their policy(s)?
4) If you go with option 3, do your parents also have their home owners insurance with the same co? Maybe combining their homeowners, car insurance and yours they can get a nice combo deal (you know similiar to the RossMAN combo meal @ Quizno's).

When I bought my salvage titled 94 Toyota Corolla back in September 2001 one thing I found which really pisses me off about car insurance companies is unless you have 1 year continuous car insurance you get reamed. So maybe consider getting a lowly Civic for a year, drive with no accidents/incidents/alien abductions, sell the Civic (great resale value), then buy something faster, you'll have 1 year of continuous car insurance under your belt.

 

[Viper GTS]

RossMAN...

I'm 19.

1) I am going to school part time (8 credits last term, 5 this term, possibly full time next term), and my GPA is well above 3.0.
2) Yes, I had a driver's ed course.
3) My parents have the same insurance co I do, but they won't put me on their policy. They think if I'm on their policy they'll lose their house when I broadside someone & they sue us. :disgust:
4) Not sure on this one, but #3 nullifies it anyway.

In April I will have one year continuous coverage with my current company. I have not received any violations during that time. My agent said my rates would not drop then, even though they did the last time I renewed (they went down 15% or so).

Viper GTS

 

[RossMAN]

<< In April I will have one year continuous coverage with my current company. I have not received any violations during that time. My agent said my rates would not drop then, even though they did the last time I renewed (they went down 15% or so). >>



I would wait until April after you've had 1 year of clean continuous car insurance coverage. If they still won't lower your rates by at least 10% I'd shop around. Since you'll have 1 year continuous insurance, you'll have more leverage. Before settling on American Family insurance, I tried calling everyone from State Farm to Farmers to Proggressive to Geico they all quoted me sky high rates for the first 12 months then it would drop by 25% or more. Despite the fact that I'm married and over 25.

 

[SCSIfreek]

If there is a mercury Insurance around ya try them out. I had great luck with them (knock on wood) but since i have multiple discount rates( lo-jack 3%, professional discount group, good record of pass insurance carrier(All State), over 25yrs old, and couple more. I were able to get some cheap er.. say great rates $700/yr full coverage of a new car so I'm a happy camper. Do watch for those Speeding tickets cause they'll get you if by chance you get 5 within a year like my friends GF. <---her rate was $2000+ per year on any car.


--Scsi

 

[Viper GTS]

<< If there is a mercury Insurance around ya try them out. I had great luck with them (knock on wood) but since i have multiple discount rates( lo-jack 3%, professional discount group, good record of pass insurance carrier(All State), over 25yrs old, and couple more. I were able to get some cheap er.. say great rates $700/yr full coverage of a new car so I'm a happy camper. Do watch for those Speeding tickets cause they'll get you if by chance you get 5 within a year like my friends GF. <---her rate was $2000+ per year on any car. >>



I'll feel lucky if I can get a quote of less than $2,000 for SIX MONTHS.

My 1989 Accord is over $1,000/six months for liability only.

Viper GTS

 

[RossMAN]

<< I'll feel lucky if I can get a quote of less than $2,000 for SIX MONTHS.

My 1989 Accord is over $1,000/six months for liability only. >>



Damn that's $333 per month, practically a car payment! I say bite the bullet and get a lowly Civic. For all practical purposes it makes sense except for their high resale value isn't in your favor when you're purchasing a Civic. Great gas mileage, insurance should be lower than a higher performance/racing car, good reliability, use it for a year, take good care of it and resell it.

Damn that's a lot.

 

[Viper GTS]

Anything I finance will be a minimum of $2,000 for six months (because I'd have to have comprehensive coverage - I got a quote on a Civic DX that was over $2,000 for six months). The other option I have is my grandparents offered (back when I first wrecked the Accord, but I'm pretty sure it'd still stand) to buy me a ~$3-4K vehicle (another late 80's/early 90's Accord most likely) & let me pay them. I could pay off a $4,000 car in a matter of a few months, & then I'd be back to no car payment + liability only insurance ($1,000 every six months).

Viper GTS