Insurance for a 20yr old?
Joined: Jun 2001
Posts: 11,288
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From: Hopedale, MA
$770 a year 
Almost perfect driving record. However I have the insurance set up to run from April 1st until Nov 1st then I bring the plates to my insurance company and they hold them until April 1st. The car is only driven about 8k a year as well, and most of that is going to shows and trips like Fall colors.
Almost perfect driving record. However I have the insurance set up to run from April 1st until Nov 1st then I bring the plates to my insurance company and they hold them until April 1st. The car is only driven about 8k a year as well, and most of that is going to shows and trips like Fall colors.
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Joined: Nov 2003
Posts: 203
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From: Helms Deep
Originally posted by darkknight1999
$770 a year Almost perfect driving record. However I have the insurance set up to run from April 1st until Nov 1st then I bring the plates to my insurance company and they hold them until April 1st. The car is only driven about 8k a year as well, and most of that is going to shows and trips like Fall colors.
$770 a year
Almost perfect driving record. However I have the insurance set up to run from April 1st until Nov 1st then I bring the plates to my insurance company and they hold them until April 1st. The car is only driven about 8k a year as well, and most of that is going to shows and trips like Fall colors.
<25 makes a big difference as well as location of residence.
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Joined: Nov 2003
Posts: 213
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From: Granite Falls
I'm 20 and my insurance for a '00 S2K and a '03 Accord V6 coupe is $1584 a year for everything, including a very padded collision and liability coverage. Its best if you can list the S as an occasional driver rather than I primary.
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Joined: Jul 2003
Posts: 267
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From: San Diego
Damn, some of you guys are getting raped. I'm 21, no points, and pay $115 a month for my daily driver S2000, full coverage, and a $500 deductible (actually, I pay 172 a month for two months, then don't pay anything a month, then pay 172 a month for two months, then another month off, and so on. Works out to $1375 a year.) It might do you some good to shop around.
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Joined: Dec 2003
Posts: 3
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From: Dallas
It just so happens that I work for one of the top 5 insurance companies so I may be able to assist a little in this area. I do not write policies for Florida but the info I'm giving applies just about everywhere.
Insurance companies look at several factors when determining your rate. The car you drive isn't even in the first 3 factors. If you're under 25 you are obviously going to pay a higher rate than someone who is older and has a similar driving record. You simply do not have enough driving experience for an insurance company to consider you a risk that they want to insure without considerable compensation. If by chance you still live at home then see if you can get onto your parents' policy and just pay them the difference. It will be a lot less than what you would pay if you have to get your own policy. If you are on your parents' policy now and need to get your own then definitely call their insurance company to see if you can get a better rate since they have established history already. If you've been paying for your own insurance a while then call your agent first and then call around so you have something to compare.
There are hundereds of factors that insurance companies (their underwriters specifically) look at to determine what type of rate you should be getting but the top things they look at are:
-your occupation
-your credit score
-your level of education
-age
-driving history
Other factors are the risks that you have at your job, whether or not you have kids, past tickets and accidents, how many miles you drive in a year, anti-theft devices, anti-lock brakes, etc.
Very few factors have enough sway to make a huge difference in your rate and most of the info that they collect from you gets double-checked later so it's best to be honest and just give the most accurate answers.
Insurance laws vary from state to state. Call several of the big carriers. Don't buy from the first one. Some states have no fault insurance. In these states your rates are likely to be less.
Be very careful about what you get for liability coverage. Someone in this thread mentioned that they have 20/40/10 coverage. I bet this is the state minimum where they live. This means that if they hit you and it's their fault the MOST that their insurance company will give you for your nice S2K is $10K. Unless you have uninsured motorist protection you will have to sue them to get the rest or file a claim on your collision (assuming you have collision coverage) that will show up on your record and that you'll have to explain to any other insurance carrier you do business with for 3-5 years after the accident. You don't want this situation for yourself. With $50K Hummers and $75K Mercedes rolling around you want at least $50K of liability property damage protection and I'd recommend at least $100K. The same thing goes for the 20/40 part of that coverage. That's to pay out medical payments of the people in the car you hit. If you think $20K is going to cover the medical bills for one badly injured person or that $40K is going to cover an entire family then you haven't been paying attention to the rising cost of medicine. For most people I would seriously recommend getting 100/300/50 regardless of what you drive. For a person under 25 this could be a little costly so I'd say get at least 50/100/50.
Also be sure and ask any companies you call if they will give you discounts in the future if your record stays clean and if they charge any renewal fees when you renew your policy every 6 months.
As far as the daily driver/weekend driver thing goes it's not going to make that much difference.
Good luck.
Insurance companies look at several factors when determining your rate. The car you drive isn't even in the first 3 factors. If you're under 25 you are obviously going to pay a higher rate than someone who is older and has a similar driving record. You simply do not have enough driving experience for an insurance company to consider you a risk that they want to insure without considerable compensation. If by chance you still live at home then see if you can get onto your parents' policy and just pay them the difference. It will be a lot less than what you would pay if you have to get your own policy. If you are on your parents' policy now and need to get your own then definitely call their insurance company to see if you can get a better rate since they have established history already. If you've been paying for your own insurance a while then call your agent first and then call around so you have something to compare.
There are hundereds of factors that insurance companies (their underwriters specifically) look at to determine what type of rate you should be getting but the top things they look at are:
-your occupation
-your credit score
-your level of education
-age
-driving history
Other factors are the risks that you have at your job, whether or not you have kids, past tickets and accidents, how many miles you drive in a year, anti-theft devices, anti-lock brakes, etc.
Very few factors have enough sway to make a huge difference in your rate and most of the info that they collect from you gets double-checked later so it's best to be honest and just give the most accurate answers.
Insurance laws vary from state to state. Call several of the big carriers. Don't buy from the first one. Some states have no fault insurance. In these states your rates are likely to be less.
Be very careful about what you get for liability coverage. Someone in this thread mentioned that they have 20/40/10 coverage. I bet this is the state minimum where they live. This means that if they hit you and it's their fault the MOST that their insurance company will give you for your nice S2K is $10K. Unless you have uninsured motorist protection you will have to sue them to get the rest or file a claim on your collision (assuming you have collision coverage) that will show up on your record and that you'll have to explain to any other insurance carrier you do business with for 3-5 years after the accident. You don't want this situation for yourself. With $50K Hummers and $75K Mercedes rolling around you want at least $50K of liability property damage protection and I'd recommend at least $100K. The same thing goes for the 20/40 part of that coverage. That's to pay out medical payments of the people in the car you hit. If you think $20K is going to cover the medical bills for one badly injured person or that $40K is going to cover an entire family then you haven't been paying attention to the rising cost of medicine. For most people I would seriously recommend getting 100/300/50 regardless of what you drive. For a person under 25 this could be a little costly so I'd say get at least 50/100/50.
Also be sure and ask any companies you call if they will give you discounts in the future if your record stays clean and if they charge any renewal fees when you renew your policy every 6 months.
As far as the daily driver/weekend driver thing goes it's not going to make that much difference.
Good luck.
Banned
Joined: Jan 2003
Posts: 355
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From: Houston
Originally posted by J Roman
im sure it will be very expensive too, but how expensive about?
im sure it will be very expensive too, but how expensive about?