ammunition
Posts: 875
Joined: Sat Feb 16, 2002 6:25 am

Car Insurance

Thu Feb 21, 2002 2:04 am

hi, i was just thinking what country has the highest car insurance- i would guess it is some eu country possibly uk. i know some countries dont require car insurance- which is insane, (india an example).
and alos do u think car insurance is far too high? i paid £2000 pounds to get my car insured last year and this year it is £1550. its far too much money, which other countires have high car insurance rates. i know i am 19 and considered to be a high risk driver due to my age, but its still very high. How much does your insurance cost?
what do u think?
regards
Ammunition
Saint Augustine- 'The world is a book and those who do not travel, read only 1 page'
 
prosa
Posts: 5389
Joined: Sat Oct 27, 2001 3:24 am

RE: Car Insurance

Thu Feb 21, 2002 6:05 am

In most parts of the United States, a 19 y.o. driver with his or her own vehicle can expect to pay upwards of $2,000 per year. That figure could more than double in certain urban areas or if the driver has had any claims or moving violations. We recently found that it will cost $1,600 per year to add my 16 y.o. stepdaughter to my policy without a vehicle of her own and with driver training (which, by the way, costs $500).
Interesting note: virutally all car insurance policies in the United States are written for 6-month terms rather than the one-year terms that are standard for most other types of insurance. This gives the insurance companies the opportunity to raise their rates more frequently.
"Let me think about it" = the coward's way of saying "no"
 
I Like To Fly
Posts: 1070
Joined: Wed Feb 28, 2001 1:17 pm

RE: Car Insurance

Thu Feb 21, 2002 6:20 am

Wow PROSA, no offence but it sounds like you're getting ripped, at least from what I have seen. Unless she's driving a Camaro or a Lexus or something of the like that is a bit high. When I first got my license when I was 16 I was the primary on a year old Ford Explorer Sport with a V-8 ... not the cheapest thing in the world to insure of course. Allstate had me at $598 every six months with full coverage. It would have been even less with just liability that is required by law. Right now I'm 20 and am primary on a 2001 Accord, and secondary on 2 Explorers, a Ranger pickup, and a Mustang. (My Honda doesn't fit in, I know) and I'm down to $470. Unless your stepdaughter has some violations or something that seems a bit high. But maybe we just get really cheap insurance around here, but I didn't think so.
 
N400QX
Posts: 1981
Joined: Sun May 06, 2001 9:51 am

RE: Car Insurance

Thu Feb 21, 2002 12:20 pm

bump
 
prosa
Posts: 5389
Joined: Sat Oct 27, 2001 3:24 am

RE: Car Insurance

Thu Feb 21, 2002 11:50 pm

Wow PROSA, no offence but it sounds like you're getting ripped, at least from what I have seen. Unless she's driving a Camaro or a Lexus or something of the like that is a bit high. When I first got my license when I was 16 I was the primary on a year old Ford Explorer Sport with a V-8 ... not the cheapest thing in the world to insure of course. Allstate had me at $598 every six months with full coverage.

Like people say in the real estate business, it's location, location, location. We live in New York, which recently dethroned New Jersey as the state with the highest average car insurance premiums. Rates here are substantially higher than the national average, sometimes 2X higher other things being equal. It sucks, but there's nothing much anyone can do.
"Let me think about it" = the coward's way of saying "no"
 
NJTurnpike
Posts: 565
Joined: Mon May 01, 2000 8:24 pm

RE: Car Insurance

Fri Feb 22, 2002 2:41 am

Auto insurance in New Jersey is mindbogglingly-expensive. It will certainly be a factor taken into account when we move in a couple of years (Delaware, here we come!)

 
174thfwff
Posts: 2831
Joined: Thu Sep 04, 2003 12:47 am

RE: Car Insurance

Fri Feb 22, 2002 3:32 am

I am 17 years old, with Drivers ED. and some other defensive driving courses.

Here's my discounts...
I get $200 off for a 4.5 GPA, $300 off for disc brakes and airbags, 10% off total amount from drivers ed., vol. at the fire department gives me $100 bucks off (don't know why), and alarm system gives me 100 bucks off too.

So my final costs as of ths month-
1400 for my pickup truck
1400 for my Toyota Camry.
Both cars are under my name also.
Brooklyn, Queens, Manhattan, Staten, Uptown, what now? Lets make it happen.
 
N400QX
Posts: 1981
Joined: Sun May 06, 2001 9:51 am

RE: Car Insurance

Fri Feb 22, 2002 12:11 pm

Whoa... well I still need to get a car, so here is how my insurance lines up--

I've got the drivers training course, no car yet, no infractions, high grades, etc etc etc. $120/month. Crazy.
 
prosa
Posts: 5389
Joined: Sat Oct 27, 2001 3:24 am

RE: Car Insurance

Fri Feb 22, 2002 12:20 pm

Whoa... well I still need to get a car, so here is how my insurance lines up--
I've got the drivers training course, no car yet, no infractions, high grades, etc etc etc. $120/month. Crazy.


Do you live in a northeastern state, or in a large city elsewhere? If so, there's your reason. Live in the "wrong" geographical area and you're dead meat.
Of course, let's not think that insurance companies act logically. The people of Ridgewood, New York could tell you a few things about that. Until about 15 years ago, for reasons no one could explain, Ridgewood had a Brooklyn zip code even though it's always been a part of Queens. Because car insurance companies redline by zip code, the neighborhood's residents were forced to pay exhorbitant Brooklyn rates rather than the somewhat lower (but still high) Queens rates. After a long lobbying campaign, they got the postal service to give Ridgewood a Queens zip code. All the car insurance companies immediately and significantly reduced the rates for Ridgewood residents, even though, of course, absolutely none of their risk factors had changed one iota.
"Let me think about it" = the coward's way of saying "no"
 
SophieMaltese
Posts: 2023
Joined: Sat Feb 17, 2001 2:08 pm

RE: Car Insurance

Fri Feb 22, 2002 12:50 pm

In the U.S. it can make a HUGE difference what state you live in. When I was about 16 or 17 I had full coverage insurance on my car and it was about $150/month I think (what's that per year....$1800?) I had the driver's ed discount, no tickets, no accidents, multi-car policy, good grades, etc. I am also female and our rates are lower than teenage males. However, when I was about 19 I moved to Alabama. My insurance rates were practically cut in half. I thought it was because I bought a sedan when I moved there, but when I came back here they doubled again. However, when I turned 21 and then 25 my rates dropped a lot. Now I pay a little under $90/month for insurance. Don't ask me to break it down for you exactly why it's the way it is, that's why there are actuaries!!!
 
watewate
Posts: 2216
Joined: Sun Nov 12, 2000 6:00 am

RE: Car Insurance

Fri Feb 22, 2002 12:52 pm

Another thing, women get cheaper rates- at least in the younger cohorts. I don't think it's fair. For most young males, it's almost cheaper to get a sex-change operation to get cheaper insurance rates til they hit 25.  Big grin
 
USAir_757
Posts: 949
Joined: Wed Jun 14, 2000 12:30 am

RE: Car Insurance

Fri Feb 22, 2002 1:46 pm

That isn't high...I am 17, and driving a '90 Volvo 760 Turbo that cost me $3,200...my insurance payment is $860 twice a year, so around $1,720 a year. Unfair? YES! We under 25 make far less money than the 26-59 age group yet have the highest insurance rates. Two words: AGE DESCRIMINATION!...could GREED be added to that as well? Prehaps a reply from someone in charge of this area of an insurance company?
-Cullen Wassell @ MLI | Pentax K5 + DA18-55WR + Sigma 70-300 DL Macro Super
 
auswnfan
Posts: 103
Joined: Fri Nov 09, 2001 8:35 am

RE: Car Insurance

Sat Feb 23, 2002 1:30 am

USAIR 757:

Your absolutely right!!! It is age discrimination...according to my insurance company people in your age group (under 25) are 3.54 time more likely to be involved in an accident. The insurance companies payout more money for accidents involving under-25 drivers, so y'all have to pay more. Simple economics. Please file this in your "life isn't fair" file.
 
USAir_757
Posts: 949
Joined: Wed Jun 14, 2000 12:30 am

RE: Car Insurance

Sat Feb 23, 2002 1:36 am

I think instead I'll get a case for predjudice/descrimination/unfair generalization.
-Cullen Wassell @ MLI | Pentax K5 + DA18-55WR + Sigma 70-300 DL Macro Super
 
dash80
Posts: 181
Joined: Wed Nov 15, 2000 6:00 am

RE: Car Insurance

Sat Feb 23, 2002 2:01 am

I have to agree with auswnfan. USAIR, you might think that it's discrimination but the fact is that it costs insurance companies more money to insure teenagers and young twentysomethings, so you end up paying more for it...just like smokers having to pay more for life or private health insurance. Auto insurance is not a right...it's a financial transaction and you get to pay the rates the seller sets. OBTW, wait until you apply for a car loan or credit on your own you'll find that you'll pay a higher rate than people older than you. Age has always played a role in numerous financial activites and always will. Feel free to try to tilt at this windmill, but I think you have better uses for your time.

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