12 ms·
Whatever you say. For years after I purchased a new car, my car insurance was basically half of my car payment. I haven't had an accident, which was a minor fen
by bmitc 3y ago
Whatever you say. For years after I purchased a new car, my car insurance was basically half of my car payment. I haven't had an accident, which was a minor fender bender at a light, in over 15 years. My rates were so ridiculous that I thought it would be better just to buy another car and lower the insurance to the minimum required.
And when you need the insurance, even when you are not at fault, they immediately raise your rates. What were you even paying them for before if they just raise your rates to repay themselves?
- tptacek 3y agoThe point of the article seems to be that the minimum coverage rates people are required to get don't come close to paying the medical bills of car accident victims. It's not a consumer argument, it's an argument about externalities.
- denimnerd42 3y agoBad headline for sure. The coverage by law is too low.
- TexanFeller 3y ago> For years after I purchased a new car, my car insurance was basically half of my car payment Different cars have very different insurance rates, it’s a big part of the TCO. If you aren’t rich enough not to care, insurance rates need to be considered early on in any car purchase decision. I don’t even know how much my car insurance costs because it’s too small to matter because I have a basic paid-off car that’s cheap to insure.
- tibbon 3y agoInsurance rates were actually the deciding factor for me not buying a Tesla 3 a few years ago (before the carriers seemed to figure out coverage and risk for them a bit better). The insurance was going to be stupidly high, making the TCO with a decent loan (around 2% at the time) to be like $1k/month. I was like, I do not need to spent $1k/month on a car, so I bought a used Porsche for cash instead and pay almost nothing for insurance in comparison.
- bmitc 3y agoThe car was a Kia...
- bombcar 3y agoThe key is what’s being insured and what is driving the costs. If you go from junker with just liability to new car with comprehensive, liability, and gap, you’re greatly increasing what is insured and how much it costs. Usually it is all broken down in the quote or bill.
- thelastgallon 3y agoKia's insurance is high now because they are being stolen a lot.
- switch007 3y agoAren’t the North American Kias easy to steal? I remember various articles.
- bsdpufferfish 3y agoIf you can afford the fancy car, you may not need coverage on your personal vehicle. Once again the purpose of insurance is to cover something unlikely that would be a significant burden.
- lr4444lr 3y agoDid you shop around? Ask the agent whether there may be discounts you could be eligible for that you haven't taken advantage of? If you've been accident free, your risk profile does diminish.
- kccqzy 3y agoIt's meaningless to compare it against your car payment. You can customize your loan so much that it gives no insight at all. You can change the down payment, change the duration, etc. These parameters can easily result in 10x variation in your car payment.