View Full Version : Need some insurance help...
ExplorerXLT95
08-12-2003, 12:57 PM
Well, I just got back a quote from my parents` insurance agent on a brand new 2003 Mustang Cobra. They said that
1) the only insurance people who would insure me would be MAIF (Maryland Auto Insurance Fund)
2) the policy has limits (ie $40K bodily injury, etc)
3) the total annual cost is $6875 ($573 a month):eek: :shocked
Is it just me or is that extremely high for a 21 year old with 1 point on his license (which will soon be gone) and no accidents within the last 3 years??
I would really like to buy this car, but I simply can`t afford a $573 a month insurance payment along with the car payment. Can any of you out there offer some advice or perhaps a place that you know of with better quotes??
I have not tried anywhere like Geico or Progressive yet. Should I??
Help!! :confused: :( :nixweiss
Yes, shop around. Definitely call Geico and Progressive since
their advertizing is so in your face `we can save you money`!
Prepare for a lot of: 21 year old + 2003 Cobra = "sorry, can`t help you".
Ask them how much that one point matters in $$.
Get a month-to-month policy until the point expires.
By the way Geico wouldn`t touch me at age 28 for a 160 HP Porsche. It would be amusing to see their reaction to the Cobra.
good luck
Jon
By the way don`t wait by the calendar for your rates to drop.
Mine didn`t when I turned 25 even though everyone SAYS you`re
penalized for being under 25. Got married at 29, rates would have dropped for being married but I added another car (doh!)
so, guess what, it cost more.
I`m 41 now and still waiting. Impatiently.
Jon
andriver
08-12-2003, 01:39 PM
I am sorry to say but age is working against you. The only insurance companies that will insure you will be high risk companies that charge high premiums along with large down payments. You may want to rethink your selection of cars or be prepared to work to support your car....Andrew
BA_Titan
08-12-2003, 02:03 PM
You might try Progressive. I have a 20 year old and he was killing me with Farmers. Progressive tends to just lump all the cars/drivers together. I`m saving almost $800.00 a year! The one gotcha is because they lump together my car and my wifes went up but his truck went way down..... When I get him out on his own (still in college) I`ll need to switch to someone else because I`ll be paying more on just the 2 of us.
ExplorerXLT95
08-12-2003, 03:49 PM
I am going to try Progressive, Geico, 21st Century, and Mercury for quotes. There`s got to be a much cheaper plan out there. I was always told that MAIF is a horrible way to go anyways.
By the way, I do realize that I will be paying a lot for insurance due to my age and the type of car I want, but I still think that $4000 a year is about my limit for insurance. I also think that there has got to be someone out there who will match or beat that price.
If any of you have any good suggestions as to who or anything, please post.
switerajaya
08-12-2003, 04:01 PM
Some things seem obvious but I will list one. Keep your deductible as high as possible. Minimum $1000. I also think Triple A insures more than just California.
imported_jaobrien6
08-12-2003, 04:14 PM
Originally posted by Pecs_McCoy
Keep your deductible as high as possible. Minimum $1000.
Many banks will insist on a $500 maximum deductible if you are financing the car. Something to check on before trying for the $1k deductible.
John
BradE
08-12-2003, 04:23 PM
Originally posted by jaobrien6
Many banks will insist on a $500 maximum deductible if you are financing the car. Something to check on before trying for the $1k deductible.
John
Right. Also, the lower your credit rating, the lower the deductible will probably be also.
If you can get below $5,000 a year for a 21 year old, with points on your driving record, on a brand new Cobra consider yourself lucky.
70fastback
08-12-2003, 05:13 PM
I`m having deja vu. Its 1988. I`ve picked out a sweet Mustang GT. I`m 21 y/o and I`m approved for the loan. I can afford the payments. I go to the insurance agent....LIFE AS I KNEW ENDED THERE. $2200/yr for coverage.
Man do (did) I feel your pain!!!
imported_BretFraz
08-12-2003, 06:22 PM
Originally posted by ghlavaty
I`m having deja vu. Its 1988. I`ve picked out a sweet Mustang GT. I`m 21 y/o and I`m approved for the loan. I can afford the payments. I go to the insurance agent....LIFE AS I KNEW ENDED THERE. $2200/yr for coverage.
Man do (did) I feel your pain!!!
:lol :lol
I remember those days too. In 1990 I ordered a new Mustang 5.0 LX. I was 25 and was coming out of an Escort GT (well, a Lynx XR3, but who remembers those...). Anyway, insurance in So Cal with 21st Century was $2400/yr. :shocked
I paid it anyway. Had to have that car....
ExplorerXLT95
08-12-2003, 07:22 PM
Originally posted by bretfraz
I paid it anyway. Had to have that car....
Might just have to suck it up, like you did. But we`ll see after I talk to Progressive, Geico, 21st Century and Mercury.
If any of you know of anywhere that could work for about $350 a month or so, let me know. PLEASE!!:(
ExplorerXLT95
08-13-2003, 07:37 AM
Well, I am no less than floored....
I called Progressive last night and got a quote from them. Now bear in mind that (if you`re talking about my past 3 years of driver history) we`re talking about a 21 year old with 1 point (soon to be gone) and 1 at fault accident on his license. Not to mention the fact that the car I`m looking at is a 2003 Ford SVT Mustang Cobra.
Anyways, the quote that I got from Progressive was as follows:
$1698 for 6-months ($283 a month for 12); and even less if I pay it in full.
I am absolutely floored. I NEVER thought my rate would be that low. Now that is with a $1K deductible and full coverage otherwise.
I am still going to call Geico tonight and 21st Century tomorrow, but they`d be hard pressed to beat that price.
I am extremely impressed. A little side note too... I told my dad what my quote was from his insurance agent and he got real angry... He`s probably going to give her an earful today.
BradE
08-13-2003, 09:19 AM
You might want to check with the bank you intended to finance with first, as stated before, many require a deductible of $500. Which will make your premium go up.
ExplorerXLT95
08-13-2003, 09:56 AM
Originally posted by ShowroomLincoln
You might want to check with the bank you intended to finance with first, as stated before, many require a deductible of $500. Which will make your premium go up.
Still though... That`s a significantly better deal than $6800 a year... Don`t you agree?
Also, if I find out that my bank requires a $500 deductible, does that mean that my premium will sky rocket? Or will it change negligibly??
I assume it will go up slightly, but not by too much. What do you think?