Insurance question for new car owner?
Tags: Car, Insurance, Owner, Question
, Posted in: News, Author: admin (January 25, 2012)
, Posted in: News, Author: admin (January 25, 2012)
I am supposed to be getting a new car (me paying for it) and my mother luckily is co signing for me. We asked how much a 2012 accent would be on her insurance they told me it would up it another $165 a month for me …. is that a little excessive? I am a 21 year old girl in college with a GPA higher than 3.0 I believe the company is Allstate …. would it be cheaper to find a company and go alone….. by the way in order to be on my mothers insurance the car has to be in her name.
Comments
$165 for a brand new car, for a young driver is about average. If you go on your own policy, expect it to double.
Some insurance companies will give you a discount for being a college student. I would browse around online to get different quotes. However, being on a parent/guardian's insurance is usually cheaper because you are under 25yrs of age.
New vehicle owners have to have full coverage until it is fully paid for. Your age adds to the price, but it would be expensive for your mother, too. You may have to be 18 to get your own policy.
It is almost always cheaper to stay with Mom's insurance. Is; "$165.00 more per month excessive"? That depends on excessive compared to what? If you presently have a car insured with them and it is a run of the mill sedan, then yes, $165. does sound high. However, no one here can state with any certainty whether it is "excessive" or not. It is going to be higher because before you had only liability. Now because the car will be financed, you must buy collision and Comprehensive as well. The only way you can ever know is to shop around and get prices from other insurers.
Are you sure that Allstate got all the facts (year, model, that you are a member of the household, etc.) correct when they quoted you that premium? Is $165. just your new car or does it include Mom's car? Have they loaded up the Accent quote with unnecessary extra coverages? How much collision deductible did they figure? How much comprehensive deductible (if any) did they figure? medical. payments? Uninsured, under insured? roadside assistance? did they raise the liability limits? There are many, many things that need to be considered when comparing insurance quotes.
Have you considered paying for insurance annually or bi-annually? It is always more expensive to pay by the month.
Get other quotes and make certain that the other quotes are for the exact same coverages and limits
If you got a policy on your own, it would be more expensive.
Now that you have a financed car, it must have FULL coverage, which means ADDING collision and comprehensive till paid off.
You have a lot of good assets in your favor. You are most likely getting the good student discount, plus with no accidents and/or tickets and age 21, is a real plus, since many your age, will have at least 1 accident and/or ticket or both. (Most insurance will not drop for anyone till age 25)
Get on the phone and talk to an agent that can do business with many companies, who can tell you if you can get a better deal than Allstate, since Allstate can only quote you Allstate. It could be that based on your mothers and your history, is getting a pretty good deal, but,,,,,,talk to an independent agent to find out if you have better options. Have a copy of you policy so that they can quote EXACTLY what you have now.
good luck