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Car Insurance
Posted on 6/25/12 at 3:56 pm
Posted on 6/25/12 at 3:56 pm
I have recently had to start paying my own car insurance as I have made the move to becoming completely financially independent from my parents (I'm a couple of years out of college). I figured I'd just take the policy my parents had for me and make it my own. Reason being, my parents are really good with money and make it a point to get good deals and not just blow money. If they thought the policy was good, then I thought it must be worth keeping.
But then I got the bill. I think $1,000 and change is a little high to be paying for 6 months of car insurance. Here are my coverages:
Bodily Injury - 50K per person, 100K per accident
Property - 25K per accident
Medical Payments - 1K per person
Uninsured Motorist, Bodily Injury - 25K, 50K
Uninsured Motorist, Property Damage - 25K per accident
Collision - 1K deductible
Comprehensive - 250 deductible
Is all of that really necessary? There's got to be something that I can cut. The only accident/violation I've got is a single speeding ticket so it's not like I'm getting nailed due to violations. And I drive a 10 year old Maxima so it's probably not my car that's making it so high. Any advice would be appreciated.
But then I got the bill. I think $1,000 and change is a little high to be paying for 6 months of car insurance. Here are my coverages:
Bodily Injury - 50K per person, 100K per accident
Property - 25K per accident
Medical Payments - 1K per person
Uninsured Motorist, Bodily Injury - 25K, 50K
Uninsured Motorist, Property Damage - 25K per accident
Collision - 1K deductible
Comprehensive - 250 deductible
Is all of that really necessary? There's got to be something that I can cut. The only accident/violation I've got is a single speeding ticket so it's not like I'm getting nailed due to violations. And I drive a 10 year old Maxima so it's probably not my car that's making it so high. Any advice would be appreciated.
9
Posted on 6/25/12 at 4:02 pm to Ole Miss Sucks
You may drive an old car but do you ever drive around nice cars?
You need much more coverage that that. 100/300/100 is what I have.
23, 1 ticket, 2011 Malibu Lt $131 a month. I'm in NWA
I'm with USAA.
It depends on where you are, driving history, car, how much coverage etc.
What company are you with?
My deductible is $500.
You need much more coverage that that. 100/300/100 is what I have.
23, 1 ticket, 2011 Malibu Lt $131 a month. I'm in NWA
I'm with USAA.
It depends on where you are, driving history, car, how much coverage etc.
What company are you with?
My deductible is $500.
This post was edited on 6/25/12 at 11:03 pm
Posted on 6/25/12 at 4:05 pm to Ole Miss Sucks
Who do you use?
I had Geico for years with nearly identical coverage and didn't pay near that much. I switched to state farm about a year ago and my monthly note is about $30 more/mo than what you're paying for 2 vehicles. I'd start shopping around.
I had Geico for years with nearly identical coverage and didn't pay near that much. I switched to state farm about a year ago and my monthly note is about $30 more/mo than what you're paying for 2 vehicles. I'd start shopping around.
Posted on 6/25/12 at 4:12 pm to Ole Miss Sucks
I just switched to Geico.
I pay $85/month for 100/300/100 with comp, collision and 100k uninsured motorist.
Before that, I had the same plan that my parents paid while I was in school and I was paying $173/month for 25/50/25. I waited to do it until after I turned 25, but even before then, when I was shopping around, I was looking at 30-40 dollars a month less on car insurance if I would have switched.
O can't imagine your vehicle making it worse than mine is (07 full sized pickup).
Do you have a clean driving record?
I pay $85/month for 100/300/100 with comp, collision and 100k uninsured motorist.
Before that, I had the same plan that my parents paid while I was in school and I was paying $173/month for 25/50/25. I waited to do it until after I turned 25, but even before then, when I was shopping around, I was looking at 30-40 dollars a month less on car insurance if I would have switched.
O can't imagine your vehicle making it worse than mine is (07 full sized pickup).
Do you have a clean driving record?
Posted on 6/25/12 at 4:20 pm to Ole Miss Sucks
You could/should cut out the comprehensive coverage considering you are driving a 10 year old car, the cash value is most likely pretty low.
Need to decide on your risk levels but for me its not worth paying the extra $600/yr on comprehensive.
Look in your policy and see how much you're paying then look at estimated values for your car and decide if its worth keeping comprehensive coverage or not
Need to decide on your risk levels but for me its not worth paying the extra $600/yr on comprehensive.
Look in your policy and see how much you're paying then look at estimated values for your car and decide if its worth keeping comprehensive coverage or not
Posted on 6/25/12 at 4:21 pm to Ole Miss Sucks
Posted on 6/25/12 at 4:34 pm to Ole Miss Sucks
You shouldn't carry UMPD and Collision. Your collision coverage will cover property damage even if is the result of an uninsured driver.
Do you have good health insurance? You can remove or decrease your UM if so. (even though UM will cover anyone else in the car and go in excess of med insurance, cover gaps, and pay deductibles)
Bump your property damage up to $50k. It won't be much more and $25k is pretty low.
Do you have good health insurance? You can remove or decrease your UM if so. (even though UM will cover anyone else in the car and go in excess of med insurance, cover gaps, and pay deductibles)
Bump your property damage up to $50k. It won't be much more and $25k is pretty low.
Posted on 6/25/12 at 8:13 pm to Ole Miss Sucks
Up your comp deductible to $500. It made a big difference in my premiums. Ask about$1000,too. Mine would have only gone down $20/yr, so I left it at $500.
Posted on 6/26/12 at 10:37 am to Ole Miss Sucks
I'm with Shelter and I have a pretty clean record, 1 speeding ticket. I'm also over 25.
The majority of my premiums come from the Bodily Injury ($310) and Collision ($260).
I'm definitely going to remove UMPD and will probably get rid of Comprehensive. The car is only worth about 4K at the most.
Is Medical Payments worth keeping? It's cheap so it's not a very big deal but I just haven't noticed anyone address it. I'm not sure if it's necessary or not.
I'm going to check on a 100/300/100 quote. And I'm also going to look at raising some of my deductibles.
Thanks for all of the replies.
The majority of my premiums come from the Bodily Injury ($310) and Collision ($260).
I'm definitely going to remove UMPD and will probably get rid of Comprehensive. The car is only worth about 4K at the most.
Is Medical Payments worth keeping? It's cheap so it's not a very big deal but I just haven't noticed anyone address it. I'm not sure if it's necessary or not.
I'm going to check on a 100/300/100 quote. And I'm also going to look at raising some of my deductibles.
Thanks for all of the replies.
This post was edited on 6/26/12 at 10:58 am
Posted on 6/27/12 at 1:02 pm to Ole Miss Sucks
Definitely rate shop, as other posters mentioned.
Some things you can't change, like being under 25 or your state having high costs.
I'm not familiar with Mississippi's rates, but I know Louisiana's are ridic high. I moved to Tennessee and the same exact coverage with the same exact company went down from $800/six months to $550/six months.
Some things you can't change, like being under 25 or your state having high costs.
I'm not familiar with Mississippi's rates, but I know Louisiana's are ridic high. I moved to Tennessee and the same exact coverage with the same exact company went down from $800/six months to $550/six months.
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