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What do you pay for insurance?

brianl0202brianl0202 Posts: 26
edited April 2014 in Honda
Well it seems like everyone I talk to pays less then me in insurance. I am a single male, 25yrs old, and live in NJ. So it couldn't be much worse for me as far as insurance goes. One good thing is I have no tickets or accidents. I just bought a 2004 V6 Accord Coupe. and how much am i paying for insurance? $260/month..and yes i have shopped around. which isn't that easy to do in NJ because half the places you call won't even quote you. this is with a 500 coll. ded and 250 comp. ded. yeah so im paying 3120/year. god forbid i ever get in an accident, i'd have to sell my organs to pay my insurance. i just got rid of a 2001 malibu and that was 220/month. yeah i turned 25 and it went down 4 bucks a month! i just have the one car on my policy. anyone else


  • ms_mayorms_mayor Posts: 113
    For a 25 yr old male, just over $3k a year is actually pretty cheap in NJ. I've known guys who pay/have paid in excess of $6k a year because of their driving records and other factors.

    On two cars, my husband and I pay $2500/yr here in NJ. One is 3yrs old, the other brand new. Both have $500 deductibles, comp/collision. No accidents, no claims. The fact that we're married, over 40 yrs old and have all our insurance with one company helps.
  • pluto5pluto5 Posts: 618
    1. drive a 6+ yr. old GM with no collision coverage
    2. get married
    3. take the train to work
    4. move to a southern state
    5. get a company car
  • eharri3eharri3 Posts: 645
    Good credit, no accidents or claims in the last three years. I just moved from right in Philadelphia to Delaware County, a suburb about 10 minutes south of the city. I was on my parents' policy with my old truck in their name for awhile, but when I purchased my new Dakota Quad Cab I figured it was time to pony up for my own policy so I wouldnt be sweating bullets about getting caught in the case of the unthinkable.

    I was astonished to find that changing my zip code and getting a new vehicle with more safety tehcnology more than made up for getting off the parents' policy. Im now at approximately 20 bucks less per month, at 167 per month or so, than if I would have kept my 8 year old 107 thousand mile vehicle while continuing to be on my parents' policy at their address in the city. This is keeping in mind I have my rental insurance with the same commpany.

    Essentially, for the exact same vehicle, I save about 600 dollars per year by moving 10 minutes outside city limits. Not to mention Im now in a non wage tax locality, not having that 100 bucks per check taken covers more than half my montly payments.

    Face it man, Jersey drivers just plain suck behind the wheel and they get charged accordingly.=)
  • Ok since I can't figure out to add this , i will post it here. I am in the last 9 months of my lease on my audi, the car had now been totaled, it was the others drivers fault, he was cited for reckless driving. Now what? Do i recieve a new Audi??
  • dtownfbdtownfb Posts: 2,918
    I'll take a guess at this. My guess is you would receive a check for the Audi for whatever the value of it is based ont he mileage. And you will have to work out some agreement with your leasing company. By contract (the lease agreement), you owe them the last 9 months of the lease plus the residual value of the car. I would assume this is what they would expect form you. I woudl make sure the check you receive from the other person's insurance company covers that amount. If the Audi was not worth that much, you will have to make up the difference unless you have Gap insurance.

    In the meantime, I would scour the internet (KBB, NADA< Edmunds, etc.), local newspapers, car lots to find out as much information on the value of the Audi with the amount of miles you had on it to help you negotiatie with the insurance company. Also talk to your insurance agent. he/she should be able to help you. I don't know how well Audi hold their values but there are others on this board who deal with used cars all day. They can tell you what the car is worth.

    BTw, What type of Audi is it and what year?

    Hope this helps.
  • Hi driccardo. I believe that the insurance company that pays your claim will cut a check to the bank that you are leasing your vehicle through. Hopefully this check is enough to cover all of the money that you owe on your car at this point. If not, and you have Gap insurance, it will cover the difference. If you do not have Gap insurance you may be have to pay the difference out of your own pocket. Even though it does not specifically discuss this situation, you may find the following article helpful: How Auto Insurance Companies Total Your Vehicle After You Total Your Vehicle.

    Smart Shoppers / FWI Message Boards
  • kaohakaoha Posts: 4
    I'm 29, have two cars fully covered with $250 deductible comprehensive and $500 for collision. 5 years of good driving. I've increased coverage far beyond the state minimums and pay $620 every six months for both. I guess what we suffer in gas prices we save (and probably more than make out) in car insurance.
  • i shopped around, as much as i can for being in NJ and found a rate of 2995/year. it beats 3200 which allstate just raised my insurance to. i'm 25 and have had a perfect record for over 8yrs. what makes me mad is my twin sister pays half of what i pay just because she is a girl. i have a 2004 accord, she has a 2003 maxima, so the cars aren't too different, and we live in the same town. i understand statistics show males get in more accidents, but give me a break. after us both driving 8 years, i don't think i should be paying 1500 more a year just because im a male. i just think it sucks and need to vent. sorry. i think i might get a 1000 coll. ded., it will save me 430/year compared to a 500 ded. seems to make sense for me to change it. as long as i dont get in an accident the day after i change it..knock on wood.

    hey kaoha, do you have AIG? i use to work there and i know they were big in hawaii. i've heard it can be pretty expensive to live in hawaii but insurance doesnt seem to bad.
  • prophet2prophet2 Posts: 372
    Insurers can only rate drivers on the following criteria:

    1) driving record (citations);
    2) at-fault accident history;
    3) type of vehicle (high-performance/sports cars are surcharged;
    4) type of driving (pleasure; to/from work; business/commercial).

    It is illegal to base rates on the following:

    1) gender;
    2) age;
    3) length of driving experience;
    4) marital status.

    These regulations went into effect in 1973.

    Some companies, including national writers State Farm, Allstate, and AIG, persisted in utilizing these factors in their rate calculations, as did other local and regional carriers. For years, people who were insured with these companies scoffed at my observations about this. It took almost three decades, but our state insurance department finally came down on these companies for these illegal tactics. What relief will be offered to the consumers who were defrauded is still undecided.

    I pay $1618 per year for my '96 Acura RL and '01 Honda Odyssey EX, both full coverage (300/500K bodily injury liability, 50K property damage, 60K medical [PIP], 500 ded. collision, 250 ded. comp). Minimum coverages are 20K BI, 10K PD, 10K PIP. Uninsured (UM) and underinsured motorist (UIM) coverages work differently here as it is limited to PIP losses only. Rates for UM/UIM vary wildly among the companies.

    My coverage is through GEICO, one of the few companies NOT cited for using the illegal criteria,
  • kaohakaoha Posts: 4
    I have GEICO. I did have AIG, but they raised their rates, so I went to Liberty Mutual. Then my car got stolen and it took them SO long to settle my claim, or even return my call, that I immediately switched to GEICO. Even though insurance companies don't admit to taking my claim for an auto theft into consideration when determining rates, I know for sure that AllState did. I even asked them why, since it wasn't my fault. AIG was still high, as well as the other local companies. I checked Progressive, but no go. GEICO's rates were lower for two cars than most companies' rates for one car!
  • unfortunatley since i live in NJ i dont even have the option of GEICO. NJ sucks and doesnt have half the options for insurance that other states have. as far as i know, it is pretty common that rates are higher for males then females. it seems to be pretty widely known. im not sure of the law in nj but if its against the law then all the companies i know of are breaking it.
  • kaohakaoha Posts: 4
    That's ridiculous. Do they take ethnic background and English language proficiency into consideration also?

    Not only do the rates suck, but forget about filing any type of claim.
  • prophet2prophet2 Posts: 372
    At this writing, insurance is regulated by the individual states, although there is a movement to put it under federal control. Some are full tort-liability, some are no-fault, others (like Hawaii) are partial no-fault. The definitions and coverage of uninsured and underinsured motorists also vary.

    At the same time, we have seen the reduction, amendment, and/or elimination of various discounts that had previously been available. Such as good student discount (3.0+ GPA), loss-free experience (36-month period increased to 60, discount reduced from 25% to 15%), multi-car, and security systems (active vs. passive alarms).

    There have been changes in the minimum mandatory coverages and limits, some legislated in response to public outcry. Companies here have been granted the right to non-renew (at their discretion) up to 2% of their policyholders. This despite a state financial responsibility law which, in effect, requires all registered vehicles to carry car insurance. So, you're required to get the insurance, but the companies are not required to sell or renew coverage to everyone.

    Assume that you are trying to comply with the law and you try to get car insurance. Some companies don't like military business. So, they'll get the rates from a subsidiary carrier for "sub-standard" business (like State Farm Fire or State Farm General instead of State Farm Mutual). These rates are 80-200% HIGHER even if you have a "clean" record. So, you will either accept these exhorbitant rates and get skinned for three years, or leave in a huff. They have "offered" you a policy and therefore have not broken the law.
  • I came across the following interesting article this morning that I have a feeling many of you who visit this Message Board will enjoy: - The Most Expensive Cars To Insure.

    Smart Shoppers / FWI Message Boards
  • recently published a new series of "Top 10" articles that include two very interesting pieces on insurance. Here are links to them: Top 10 Least Expensive Cars to Insure for 2004 and Top 10 Most Expensive Cars to Insure for 2004. Please feel free to use the following discussion to post your thoughts on these articles. Thanks and Enjoy.

    Smart Shoppers / FWI Message Boards
  • I pay $1788 a year for both my husband's and my insurance. However, my car is a 94 Accord and his a 97 Lexus so that may be why. However when they quoted me insurance for a 2004 V8 Limited 4Runner, the premium was only $20 higher, so who knows.
  • We pay $2400 a year in GA for full coverage (including uninsured motorist) on the following:

    2004 Honda Accord EX-L
    2003 Honda Civic SI
    1995 Lexus GS300
    1994 Lexus LS400

    Surprisingly, or maybe not considering the price when new, the LS400 is the most expensive to insure even though it is the oldest and is driven the least (only 10,000 miles in almost 3 years). Both the Accord and Civic have loan/lease payoff just in case. We are very happy with what we pay.
  • linhsylinhsy Posts: 7
    I'm 30 years old, 11 years driving, but never actually got insured before under my name as the owner of the car. My sister adds my name into her insurance. I've just got a ticket for reckless driving in November 03. I am planing to buy the toyota 04 4runner. I did ask state farm for the price but they said they could not do that if I haven't got the car yet...

    Need help on price that I will pay for insurance...
    Thank You in advance
  • prophet2prophet2 Posts: 372
    Try another insurer, like GEICO, for a quote. It pays to know what insurance will cost BEFORE you get the car.

    I suspect that you're going to get hit hard for that "reckless driving" citation. In some jurisdictions, "reckless" ranks higher in severity than "heedless" or "careless" driving. SUVs and Toyotas in general are higher-rated by many insurers.
  • lemkolemko Philadelphia, PAPosts: 15,306 38 years-old and pay $2,142 a year in Philadelphia for my 2002 Cadillac Seville STS and 1989 Cadillac Brougham. I'm with Erie and have been with them ever since I started driving in 1981. I also have homeowner's amd life insurance with them so that keeps my auto rate lower.
  • prophet2prophet2 Posts: 372
    Having homeowners can result in premium savings for your auto policy, and vice-versa.

    But, I doubt that having your life insurance there has any effect. Life insurancee is sold through different companies than auto and homeowners (property and casualty - P&C) and while they may be affiliates of the same holding company, their underwriting and reserve requirements are separate and unrelated.
  • Hey folks. A while ago published lists of the least and most expensive vehicles to insure. Many of you who visit the Finance, Warranty, and Insurance Message Board may find these articles interesting:

    - Top 10 Least Expensive Trucks to Insure for 2004

    - Top 10 Most Expensive Trucks to Insure for 2004

    - Top 10 Least Expensive Cars to Insure for 2004

    - Top 10 Most Expensive Cars to Insure for 2004

    Enjoy and please feel free to use this discussion to post your thoughts on these articles or to post your thoughts on which vehicles are more / less expensive to insure than they should be. Thanks.

    Smart Shoppers / FWI Messgae Boards
  • ezshift5ezshift5 West coastPosts: 858
    .....not entirely fair.

    I've been driving since Woodland High School back in the stone age. Had the same insurance company since my Ensign USNR days.

    The moral of the story? Don't drink and drive.
    It's that simple. After driving into a swamp after a hellacious all day bash, I spent the nite in jail and have been paying ever since.

    About the best I currently can do is 1450 annually for two cars. This is 50/100/25 with no collision/comp on the old diesel pickup and 1000 deduct. coll/comp on the car. Good thing I kept my reserve commission....ez
  • bmolloybmolloy Posts: 23
    I've been quoted $1900 for 6 months insurance for a 4year old 4Runner !! I'm from the UK and will be moving to Los Angeles this summer so I asked Progressive & Geico for insurance quotes so I know what I'd have to pay. But I didn't expect that much. They said that my 10years clear driving here in the UK counted for nothing so I would be loaded just like a novice driver even though I'm 48 years old!

    If anyone has any names/web sites of other auto insurance companies I can try, I'd be very grateful. (oh and I tried Costco but they wouldnt touch me until I've been in the US for 18 months)
  • ms_mayorms_mayor Posts: 113
    Unfortunately for you, you're moving to a large city where insurance rates are, as a rule, higher than rural areas. In addition, coming from a country that drive on 'the wrong side of the road' (grin) you are seen as a 'new driver' who may not be totally comfortable and experienced with the roads, just like a teen.

    Good luck finding anything cheaper, and be happy you aren't moving to're rates would probably be even HIGHER.
  • ezshift5ezshift5 West coastPosts: 858
    ..bienvenidos a California.....

    My English blood leads me to point you to; hopefully they'll do for you what they did for me...all the best, ez.....
  • bmolloybmolloy Posts: 23
    Their online quote system looks very promising .. should I look at the "Basic" coverage rather than the "Minimum". As you may know, over here in the UK we don't have to specify levels of coverage, its all taken care of under one policy. My instinct is to go with the bare minimum, but, would that leave me with a huge bill to pay in the event of an accident ?

    Cheers Bill
  • I used to live in NJ and when I bought my 95 Jeep Wrangler new, it was $2500/yr to insure. (I was 19 at the time)

    Since I moved to WI, I pay about $820 a year for the JEEP. Just sold the JEEP and I bought an '03 Galant and my insurance went up to $1146/yr. I was really upset (I have a perfect record and am 27 now). I am shopping around now and was quoted at $950/yr, so I think I am going to switch.
  • jlawrence01jlawrence01 Posts: 1,828
    In the Chicago suburbs, I pay $320 A YEAR for full coverage on a 1996 Olds Ciera. Still another advantage of driving a USED car. And being older.

    BTW, my company has a GROUP auto insurance program with Met P&C. Offers some phenomenal rates.
  • akanglakangl Posts: 3,651
    $2504/year for full coverage on a 1999 Dodge Ram 3500 4x4 V10 and a 2004 Ford Explorer XLS Sport V6/4WD. That's through Allstate in Alaska. Hubby had an accident in February, but other than that and a comp claim in October we have a clean driving record for the past 3 years. Before that I had a 83 in 65 mph zone ticket 2/28/01.

    We were with AIG and paying $3110/year, but after hubby's accident ($1700 claim) they jumped it to $3996/year. Never again with AIG, horrible claims service, took them a month to send the check to the body shop, they fought it the whole way.
This discussion has been closed.