YACT: Do i really need all this insurance coverage?

[RichieZ]

Originally posted by: Zorro

Originally posted by: Vic

Do i really need all this insurance coverage?

I would say that you don't have enough insurance.

Ditto
please do not hit me ..

Well its looking like the only way I'll hit you is if I hit you while riding a bike (which I no longer have since some asshat stole it! :| )

 

[Viper GTS]

Originally posted by: RichieZ

Originally posted by: Zorro

Originally posted by: Vic

Do i really need all this insurance coverage?

I would say that you don't have enough insurance.

Ditto
please do not hit me ..

Well its looking like the only way I'll hit you is if I hit you while riding a bike (which I no longer have since some asshat stole it! :| )

Buy something moderately priced, something that won't break you if you total it. Spend $5K on a car, in 2-3 years the cheap insurance would have paid for the car.

Viper GTS

 

[Dulanic]

Check other insurance companies.... Geico was INSANELY expensive for me when I cheked it, they don't like to insure younger drivers as far as I can tell.... at 20 I was paying $2500 on a Firebird Formula... when I turned 21 that dropped to $1200. I think Geico wanted $3200 a year when I was 21 and now they want about $2500... a full $1300 more then state farm wants from me.

 

[Ultima]

GEICO donates radar and laser guns to police departments in order to catch more speeders, which lets GEICO raise their premiums. Do you really want to support that?

 

[Ultima]

Originally posted by: CPA
Just go with liability, that should knock it down a good amount.

Are you crazy?

 

[notfred]

Originally posted by: Ultima

Originally posted by: CPA
Just go with liability, that should knock it down a good amount.

Are you crazy?

Are you rich?

 

[Ultima]

Originally posted by: notfred

Originally posted by: Ultima

Originally posted by: CPA
Just go with liability, that should knock it down a good amount.

Are you crazy?

Are you rich?

If he gets into an accident he's out of a crapload of money. Better to just not get such a new car. What do you need such a nice car at 21 for anyway?

 

[RichieZ]

Originally posted by: Ultima

Originally posted by: notfred

Originally posted by: Ultima

Originally posted by: CPA
Just go with liability, that should knock it down a good amount.

Are you crazy?

Are you rich?

If he gets into an accident he's out of a crapload of money. Better to just not get such a new car. What do you need such a nice car at 21 for anyway?

There is no need, there is only want, and I tought I might be able to afford it, looks like i was wrong.

 

[Ameesh]

gieco is rape anyways, find another insurance provider

 

[Dulanic]

I just double checked GEICO again for myself.... I think they just hate younger drivers....

Here is a comparison of what I pay for State Farm... And what it would cost me from Geico... One thing to note is with State Farm I have life insurance... it costs me $7 a month... but I get a multi line discout which is 10% off my insurance rates... (Basically I pay $7 a month to save $13)

Bodily Injury 100k/300k Property Damage 50K Liability coverage
State Farm - 339.75
Geico - 577.30

Medical Payments Coverage 25K (Geico only offers 10K)
State Farm (25K) - 55.80
Geico (10K) - 43.50

Underinsured/Uninsured 100K/300K
State Farm - 20.80
Geico - 78.40

Comprehensive $500 Deductible
State Farm - 86.85
Geico - 197.10

Collision $500 Deductible
State Farm - 306.45
Geico - 688.50

Emergency Roadside Services
State Farm - 4.20
Geico - 15.00


As you can see for me Geico is a freakin RIPOFFFFF, Id recommend with you being a younger driver like myself to search around quite a bit and find whats best for you. Also look into State Farm when your 21... they dropped my rates in half when I turned 21... most companies dont do that till your 25 or 29.

 

[RichieZ]

Originally posted by: Dulanic
I just double checked GEICO again for myself.... I think they just hate younger drivers....

Here is a comparison of what I pay for State Farm... And what it would cost me from Geico... One thing to note is with State Farm I have life insurance... it costs me $7 a month... but I get a multi line discout which is 10% off my insurance rates... (Basically I pay $7 a month to save $13)

Bodily Injury 100k/300k Property Damage 50K Liability coverage
State Farm - 339.75
Geico - 577.30

Medical Payments Coverage 25K (Geico only offers 10K)
State Farm (25K) - 55.80
Geico (10K) - 43.50

Underinsured/Uninsured 100K/300K
State Farm - 20.80
Geico - 78.40

Comprehensive $500 Deductible
State Farm - 86.85
Geico - 197.10

Collision $500 Deductible
State Farm - 306.45
Geico - 688.50

Emergency Roadside Services
State Farm - 4.20
Geico - 15.00


As you can see for me Geico is a freakin RIPOFFFFF, Id recommend with you being a younger driver like myself to search around quite a bit and find whats best for you. Also look into State Farm when your 21... they dropped my rates in half when I turned 21... most companies dont do that till your 25 or 29.

Thanks for the info, my parents have statefarm homeowners and car insurance so I know we do get some discount. I'm going to talk to our agent, maybe I can just wait till I turn 21 and add myself under their policy so I can save some $. I was just looking at Geico to get a ballpark figure of what it costs.

 

[gotsmack]

Originally posted by: Ultima

Originally posted by: notfred

Originally posted by: Ultima

Originally posted by: CPA
Just go with liability, that should knock it down a good amount.

Are you crazy?

Are you rich?

If he gets into an accident he's out of a crapload of money. Better to just not get such a new car. What do you need such a nice car at 21 for anyway?

To pick up chicks. duh

 

[Ultima]

Yes, and don't forget about them donating those laser and radar guns to police departments.
Damn insurance companies..

Originally posted by: Dulanic
I just double checked GEICO again for myself.... I think they just hate younger drivers....

Here is a comparison of what I pay for State Farm... And what it would cost me from Geico... One thing to note is with State Farm I have life insurance... it costs me $7 a month... but I get a multi line discout which is 10% off my insurance rates... (Basically I pay $7 a month to save $13)

Bodily Injury 100k/300k Property Damage 50K Liability coverage
State Farm - 339.75
Geico - 577.30

Medical Payments Coverage 25K (Geico only offers 10K)
State Farm (25K) - 55.80
Geico (10K) - 43.50

Underinsured/Uninsured 100K/300K
State Farm - 20.80
Geico - 78.40

Comprehensive $500 Deductible
State Farm - 86.85
Geico - 197.10

Collision $500 Deductible
State Farm - 306.45
Geico - 688.50

Emergency Roadside Services
State Farm - 4.20
Geico - 15.00


As you can see for me Geico is a freakin RIPOFFFFF, Id recommend with you being a younger driver like myself to search around quite a bit and find whats best for you. Also look into State Farm when your 21... they dropped my rates in half when I turned 21... most companies dont do that till your 25 or 29.

 

[Dulanic]

Originally posted by: RichieZ
Thanks for the info, my parents have statefarm homeowners and car insurance so I know we do get some discount. I'm going to talk to our agent, maybe I can just wait till I turn and add myself under their policy so I can save some $. I was just looking at Geico to get a ballpark figure of what it costs.

If your parents have state farm it will save you even more. Give them a call. I bet your looking at ATLEAST a couple hundred in savings especially with your parents having them also. And they will tell you how much it will drop when you turn 21 if you ask... Id bet your looking at 2K/year max at 21 through them if you havent had any accidents/tickets. It would have been even cheaper but State Farm just had a big rate increase.... I went up about $400 a year... but their still about 1K/year cheaper then anyone else for me. Heck I havent found one thats not atleast $500 a year more expensive and state farm gives me much better coverage then other companies that wanted 1K/year more. I think my montly payments work out to $127 a month or something like that.... and yes State Farm offers a montly payment plan, you dont need to pay 6 months at a time... they just charge you 2 months up front.

Just call your parents agent, theyll give you a quote within 5-10 min.

 

[giguana]

Originally posted by: Ameesh
gieco is rape anyways, find another insurance provider

check out progressive. just got a quote from them and it was half what my existing agency wants. i'm switching providers at the end of this month.

 

[huey1124]

I can't believe no one mentioned Mercury Insurance? When I was shopping around, State Farm wanted to charge me 3 times more than Mercury for same coverage.

Try www.trustmercury.com

 

[Dulanic]

It varies from person to person.... State Farm will rip one person off, and Progressive will rip another off (Like me cause they want 5K a year).

That's why I say shop around.

 

[huey1124]

Btw I own a compact sedan and an SUV, and with Mercury I pay $80/month for full coverage w/UM and $500 deductible for both cars. But that's with renewal discount, multi-car discount, perfect driving record, anti-theft device discount, and a discount for being a scientist.

 

[Zenmervolt]

Yes you need all that coverage, but those rates look terrible. I pay less than that per year. Granted it's on a 1987 car, but it's a Porsche. And I only have $250 deductibles. I'm also roughly the same age as you, I've got a spotless driving record though.

ZV

 

[NutBucket]

Originally posted by: huey1124
I can't believe no one mentioned Mercury Insurance? When I was shopping around, State Farm wanted to charge me 3 times more than Mercury for same coverage.

Try www.trustmercury.com

God forbid you ever have to file a claim. Absolute worst company to deal with in that sense.

 

[GasX]

Spending your life savings on a car...

GOOD MOVE!

 

[RichieZ]

Originally posted by: Mwilding
Spending your life savings on a car...

GOOD MOVE!

Hardly my lifes savings, just some money i put away to try and enjoy my life. I have money tied up in stocks and I put money into a Roth IRA every year I work, in fact I just put in $3K over spring break for the tax yr 2002. My tax refund this year is ~1K. I admit I am very lucky that my parents pay for school, but I do contribute and pay for my books and room/board. It's not like I tell you what to do with your money, so please let me do what I want with mine

 

[PCMarine]

Check out another provider. I have insurance with Liberty Mutual, im 16 driving a 2000 Ford Taurus (bought it myself) with the highest insurance you can buy. Though I had a $500 deductible. It comes out to ~115/month or ~$1300/year.

 

[Viper GTS]

Originally posted by: PCMarine
Check out another provider. I have insurance with Liberty Mutual, im 16 driving a 2000 Ford Taurus (bought it myself) with the highest insurance you can buy. Though I had a $500 deductible. It comes out to ~115/month or ~$1300/year.

$20 says you're on your parents' policy.

Viper GTS

 

[Ultima]

Originally posted by: RichieZ

Originally posted by: Mwilding
Spending your life savings on a car...

GOOD MOVE!

Hardly my lifes savings, just some money i put away to try and enjoy my life. I have money tied up in stocks and I put money into a Roth IRA every year I work, in fact I just put in $3K over spring break for the tax yr 2002. My tax refund this year is ~1K. I admit I am very lucky that my parents pay for school, but I do contribute and pay for my books and room/board. It's not like I tell you what to do with your money, so please let me do what I want with mine

How the hell do some of you guys acquire so much cash? I usually make just $5000 - $6000 CDN in the year, and most of that is spent on just rent, transport, food, and the occasional going out with friends! (Yes, I'm also a student).