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You pay $700/year for insurance as a 25 year old?
by milesokeefe 9y ago
You pay $700/year for insurance as a 25 year old?
- semi-extrinsic 9y agoDepends on your car, they said it's a beater. Of course an insurance company will give you significant price reduction if you have, say, a late 90s Toyota Corolla or Honda Civic with a 80 hp engine, as compared to something more modern and fun with twice the power.
- milesokeefe 9y agoI know that the sportiness and novelty of a car drives up the insurance price but it doesn't seem to as much as I thought, my friend recently got a new WRX and pays very very little in insurance for it considering he's a 22 year old male. But yeah it being a beater makes sense, I just got quotes for a 1981 Honda Civic in Seattle and some are even less than $700/year.
- jimmaswell 9y agoSeems like location is very important. I went down from ~$350 to ~$115 a month moving from NY to NJ. For reference: 22, male, just started driving in late 2017.
- gaius 9y agopays very very little in insurance for it considering he's a 22 year old male As an aside, in the UK it is illegal for an insurance company to consider gender when calculating the premium.
- tbihl 9y agoWell that just seems cruel and arbitrary.
- milesokeefe 9y agoCruel to the insurance company?
- dzhiurgis 9y agoSomething modern with collision detection/auto braking, ABS/ESP and multiple airbags and shock absorbers that WORK is also way safer than older clunk.
- ape4 9y agoYou need liability insurance. I don't think $700 would cover it.
- georgeecollins 9y agoThe trick to reducing insurance on a beater car is to not insure the car for damage. Just get insurance for passengers, yourself, damage you do to other people, cars and property. Never insure for a risk you can cover yourself. If you have a car that is worth < $10k, you probably should pay for damage to it out of pocket.
- nly 9y agoIn the UK this is known as 'third party' cover, and, when you hit the price comparison websites, it's not always the case that the cheapest third party option is cheaper than the cheapest comprehensive option.
- toomanybeersies 9y agoGP might be paying only third-party insurance. I'm not sure about America, but at least in Australia, AU$500 (US$400) per year will get you third-party insurance if you're under 25, and if you're driving a beater car you don't need any other insurance. I looked at getting comprehensive insurance on my old car, but in the end the excess was greater than the value of the car. I wouldn't be surprised if it was the same for GP.