Since I was 16 up until about two years ago I was always on my brothers insurance. When I got my S2K two yrs ago I put it in mine and started out paying $210 per month. I had an incident last winter(over a year) in which I jumped the curb because of wore out tires and ice on the road. My insurance jumped to $230/mo and been paying that since.

We had a falling out and since then, he took my other car off his policy. I been trying to put it under mine but they're asking for $185-200 per month on a 2000 Camry 4cyl with 145k mi.

I tried with every possible insurance company in US and they're all asking for $185-200/mo. on a 14 yr old car in addition to my S2K which is $230/mo.

Does anyone know why I pay such outrageous rates on insurance????? My gf pays $60/mo. I paid about $40/mo. under brothers policy. I asked every since agent I spoke with and they can't tell me why. I have no criminal or driving record. I been paying insurance on time for over two years. My credit history is not so good as I pay with cash for everything. No accidents in the past 8 yrs. One insurance claim over a year ago.

 

Well what's your coverage? If you want half a million per person in medical coverage, its gonna cost you.

I would probably drop comprehensive coverage on the Camry, and just get liability. Try lower the coverage amounts and see how much difference that makes

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It's full coverage with State Farm, up to $100k per person.

I get quotes of $130-160 for just Liability on the Camry.

I just don't understand how my GF(with at least 4 accidents in the past 2-3 yrs) pays $60/mo. and they're asking $150+ from me! For the same coverage!

 

http://www.gmacinsurance.com/legal/creditfaq.asp

Credit history plays a part into car insurance rates. Does your GF have credit history?

 

Yes. She has multiple CC and other things.

I don't have anything on credit and paid for the car in cash.

 

Ask an auto insurance actuary why. They are the ones who determine your rates not the insurance agent. Simply because you are a male on your own policy increases your rates until you are around the age of 25. I would not lower your coverage especially these days with people claiming soft tissue damage and other crap left and right and trying to sue for compensation.

 

A few months before I turned 25 the agent said my rates would go down to about $180/mo from $210 then I had one claim and they went to $230/mo and they don't know when it'll go back down.

I'm about to turn 26 so hope that brings it back down.

Do they have an actuary in every office? I'll have to look into that.

 

In my experience, your biggest issue is your credit score. The insurance industry recently (last cplouple of years) came out with some BS study showing those with a lower credit have a higher tendacy to have claims.

In my case, age has nothing to do with your rates. I passed the 25yr mark without any fanfare or rate decreases.
Driving history doesn't mean much. Years ago I had lots of speeding tickets, although no at fault accidents. Currently my record is clean. Haven't seen any changes.

Coverage: don't always assume reducing coverage is the way to save money. Increasing my coverage from the state minimum of 20/25 w/10k property liability to 50/100 50k property with collision & comprehensive added all of $16/mo. With a car that old though I don't see you getting any return on your money if you have collision & comprehensive coverage.

Thank your government for requiring you to pay a private company for coverage. All you can do is constantly shop for other carriers.

The only things I've seen impact my rates was getting my credit in order, and staying with a company for 2yrs. They see a stable (long term) policy as a no trouble income and will encourage you to stay with them by lowering your rates slightly.

 

Thank you for the reply Lacessit. Looks like I'll have to work on that credit. It kills my soul to pay $450/mo. on insurance.

 

Just getting quotes from different kinds of insurances will raise the qoute they give you