WTF! Car Insurance Prices are crazy...

[FrustratedUser]

Originally posted by: lizium
Well, just got my 6 Month Progressive quote: $2,877.00

AGE: 20
Vehicle 1: 1993 BMW 325i

WTF is this! They require Bodily Injury and Property Damage Liability which is $1300 alone for 6 months (the rest is Comprehensive and Collision coverage), and i selected all bare minimums. Had no accidents or tickets. 😕

I really don't get the insurance situation in the US. It's just ridiculous.
When the insurance is higher than the payment you do on the car, something is really really wrong. And BTW, that's an almost 10 year old car. You can lease a new Jaguar S-type (maxed out) for less.
I pay $140 a month and I think that is just stupid.

 

[lizium]

Why shouldnt 20 year olds drive M3's? Just because you say so? I would agree with you if you would have used 16 year olds in your example.

I dont really have a budget for a M3, but i still want to buy it and probably will sometime soon. For some people cars are just that importaint. I'd rather save money on food and shelter. 😀

I just dont understand how people here say "If you can afford a M3, you should pay high insurance costs".

Now, first of all i would be paying $6,000 a year for my 9 year old 325i, not 2002 M3.... Even if i do buy the M3, it's with my hard earned and saved money, i cant afford to spend $10,000+ more a year on car insurance, this is ludicrus!

I checked out Statefarm and Allstate, and got a rate of about half of what Progressive gave me 🙂 But its still steep... $150 a month looks like, with min coverage.

 

[mithrandir2001]

Originally posted by: lizium
Why shouldnt 20 year olds drive M3's? Just because you say so? I would agree with you if you would have used 16 year olds in your example.

I dont really have a budget for a M3, but i still want to buy it and probably will sometime soon. For some people cars are just that importaint. I'd rather save money on food and shelter. 😀

I'm flattered that my influence on others is strong.

"But I still want to buy it". Believe me, it sounds like whining. There are a lot of things I want to buy but I don't because I know better. I caught hell from acquiantances and associates when I made my Honda Accord purchase. "A big deal software developer like you should have gotten an CL Type S, IS300 or 330i." Like hell I should've. Debt is the root of all evil. When you are in debt - the kind that's over your head - you're a slave to the Man. Ugh, how can anyone live like that? I have plenty of co-workers who live check to check. They have no money. Nothing. Why? Because they spent too much. They had to have "the house" and the fancy cars but they've got nothing else. Nothing but a huge payoff balance.

I know cars are important. But I also know that the novelty of ownership wears off quickly. I've bought three new cars already. When you shop, what you are willing to spend slowly but surely inches up. "I really want leather...it'll only increase my monthly by $15. I can find other expenses to cut." Yeah, for a few months you can cut those expenses but then the car becomes old hat and you still have 60 payments left.

Forget it. If you get what you want, there's nothing to look forward to. You'll be 20-21 and you'll have your M3. But then you'll hit turbulence and you'll have to sell your car and/or have your credit record stained and you'll be paying for your decision for years. You already have a Bimmer. Drive it into the ground and wait until you get your degree and get your career started or whatever and then assess whether $47,000 cars are in the cards. There are precious few 20 year olds whose financial situations could easily accommodate an automotive purchase of such large scale.

 

[StageLeft]

Shop around. You're getting fed up the ass by Progressive. I know you're 20 but with no accidents/points it's not a ferrari - only a 93 325i. It's a BMW but still that's outrageous.

Personally I'm with progressive - I did shop around and due to weird circumstances they were the cheapest for me; but for most people they are pricey. I know that geico is cheap and you have to fix that that's just retarded price to be paying!

 

[wiredspider]

How did you get this progressive quote? I find their online calculators to be really messed up. My quote was like 5K for 1 year or 6 months(forget which, but crazy either way). My parents currenty have a policy thru them and if I add myself as an additional driver(16 with good student discount), that's how much the insurance is. My parents only have one car and nothing fancy either, just a 99 Windstar of which I am not the primary driver. I know teenagers as myself are high risk, but that's an insane amount to charge when I don't even drive!

 

[flood]

mithrandir2001- great advice. Altho I'm the 20year old who just bought a 735i. Its a 9k purchase and I should have it paid off in one year if i play it right. 16 months looks more realistic.
I really wanted to get the new mercedes hatchback or a new eclipse, and I could *afford* one, but I know better. This is a far more practical choice for me, and im not living anywhere near my means. With a new car, it would be pushing it.

 

[Doggiedog]

In 97, New Honda Prelude SH for me, 27 YO no tickets, accidents, anything, licensed for 9 years cost:

$7,500/yr from All-State
$7,200/yr from Progressive
$3,600/yr from Geico
$3,200/yr from State Farm

for full coverage in Queens.

Right now, 32 YO married with 2 kids, 1 ticket but no points, still no accidents for an 02 Acura MDX with full coverage and 95 BMW 325i partial coverage (weekend car):

$3,600/yr from Prudential in northern NJ.

So yeah, insurance is pretty expensive around here.

 

[DeadHead]

I pay over 3500 a year for a 93 toyota pickup. Then again I'm only 18 and had a acident that cost 6000 dollars for the insurance company to pay!

 

[StattlichPassat]

Yep, a male under 25 and you'll get the shaft every time.

 

[Ryan]

Damn, I pay $938 every six months, I'm a male, 18, drive a 1998 200sx, and have full coverage. I have been looking around for a few days to find cheaper insurance because I think that it's pretty damn high - but after looking at this thread, I guess I'm doing pretty good 😱

 

[StageLeft]

That's why single males under 25 should not be driving a BMW unless they have lots of money for insurance. Try some different companies, but the prices are high because the payouts are high when 20 year olds in their BMWs kill a mother *shrug*

 

[StageLeft]

Originally posted by: lizium
Yeah... Unmarried and i live in a big city.

I wanted to get this 1987 Porsche 944 Turbo from a friend insted of my Bimmer sometime soon, but now having 2'nd thoughts. Its like a $12,000 car too, no big deal.

You're experiencing what I found out. A couple of years ago at 22 I was checking into rates on cars like an 89 porsche 944 turbo and other such cars and realized that the insurance quotes make it absolutely undoable. The quicker you realize that the better. By the time you're married at 25 or older you can insure these very reasonbly. Of course by then you'll be too much of an old fart to want the car. Kind of ironic isn't it?

 

[waggy]

heh when i was 17 i had a Mustang GT. i was paying $2k every 6 months for insurance.

now i have a Taurus and i pay just over $700 a year with no $300 deductible
but then again i am over 25 and married.


Though you are complaining about insurance on a bmw and then say you was going to get a M3 latter this year? yeah right.