Car Insurance, why so much?

[LearjetMinako]

Heres a few points why your insurance is high.
1. Male driver
2. 4x4 truck, easier to roll over
3. Inexpeirence
4. New driver to the company, so no current driving history

So this makes you a high risk driver and they expect to get into a wreck within the first 2 years. I've been driving since I was 18yrs old. I'm now 23yrs old and pay about $350 every 6months. When I first began, it was around $900 every 6months. This is with a clean driving record and one report to the insurance company for hail damage (probably why it dropped $100 since last bill, lesser KBB value).

 

[north44]

There are a lot of factors insurance companies use to determine your rates.

A lot of it also has to do with where you live - heavily urban areas with more cars/traffic/drivers means you're more likely to be involved in an accident; whether or not you have "collision" and the insurance company has to pay to repair your vehicle if the accident is your fault; the age of the vehicle you drive/what it's worth/how much it would cost to repair (if you have "collision" coverage.

What kind of car/vehicle you drive - generally, more expensive vehicles to purchase are also more expensive to insure/fix.

The distance you drive - if you use it for commuting to work, or only for pleasure.

As stated earlier, also your driving experience, and your driving record. Statistically, what age group you are in, marital status,etc., which gives them an idea of how statistically likely you are to be involved in an accident.

About the only thing you can/should do is shop around and try and get the best price.

Also, if the car is registered to you (also mentioned) you may have a higher rate that if it were (say) registered to your parents, and you're listed as a "secondary driver".

Shop around - see what better rates you can find.

 

[Doofy]

The wife and I spend $348.20 per year with GEICO. That is liability only on a 98 Ranger and a 96 Nissan truck. I buy disposable vehicles, meaning, that if I wreck it...I replace it. I'll never buy a new vehicle again...only solid, dependable "used".

It took about 40 years to realize that I didn't need a new vehicle every few years. No monthly payments and no outrageous insurance premiums for full coverage.

 

[Rico]

I get mine from a place called Rodney D. Young. I was 22 at the time and paid 50 bucks a month for a 1996 v6 Camaro. When I added my Ranger only something like 55 bucks a month combined. I was totally amazed BUT this is if your over 21 or else they want about $200 plus like everyone else.

 

[naford]

Well let me tell you the truth. Back when I was a your age insurance was high for me and they blamed it on all the accidents the guys before me had. So I guess you can blame it on me although I didn't have any claims until after I was 25. At least that was the excuse the insurance company used. Not to be a smart ass but I pay a little over 1k a year for full coverage on an 01 mustang and 02 ranger. That will probably go down a little this year but who knows. The weather has been bad this year with a lot of accidents so it will probably go up.

Your best bet is to shop around and to go with the highest deductable you can afford.

 

[kerry]

You are suffering from the bad driving habits of your age group. The way insurance works (oversimplified) is take a class of people (in this case young males) and calculate the claims payout for this group historically. Divide that number by the number of drivers in the group, add a bit for profit & expenses and that is the amount you charge someone in that group!

 

[rjppunk]

depends where you are, I paid 3500 a year in rhode island so then I "moved" to my dads and got my car registered in vt and it dropped to 1200, now if only I could get a 3.0 gpa I'd only pay 700 a year....

 

[Kdawg532]

i pay 200 a month for my 07 ranger with as full as you can get it coverage through all state and i have had 3 accidents (2 were not my fault and the 3rd was but the judge rulled me not guilty) and 2 tickets and i am 19. i'd get that checked out

 

[Jspafford]

When I bought my 2001 Ranger I was paying $240 a month! I was pretty pissed off. That was when I was 19, and I kept it until I was almost 22 and still paid that a month.

It has a lot to do with the place you park at night. Most companies will ask for the zip you park it in.

The other main reason is teenage drivers are a lot more likely to hit and run. It also has to do with all the idiots driving around without insurance, whom the insured people have to pay for in an accident.

I can tell you this though, I just got married @ 24 years old and my insurance is now $126 a month for 100/300 coverage (WAY above minimum) and covering a 1989 B2, a 1999 Ranger, and a 2002 Sport Trac.

It will get better.