Am I Supposed To Be Paying This Much?

Discussion in Auto Insurance started by MyPoesies • Oct 5, 2015.

  1. MyPoesies

    MyPoesiesMember

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    I just recently got my own car insurance that just has me and one vehicle on it. My parents, friends, and everybody else agrees that I pay way too much for my local auto insurance provider. I don't have Progressive or Statefarm or none of those big insurance places. I keep thinking since I'm a younger client that they bump up the prices. (I'm 20, by the way.) I pay $68 for just liability in Arkansas. Do you think I pay too much? How do you think I could lower it IF I could even lower it or if you think it's high in the first place.
     
  2. Pat

    PatWell-Known Member

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    Your car insurance cost depends on your age, your sex and your driving history along with the state you live in. Usually the cost of insurance for a young male is higher than the cost of insurance for a female the same age.The type of car you drive also has a factor in the cost of your insurance. It is hard to say if you are paying too much for your insurance without knowing all of the facts.
     
  3. xTinx

    xTinxWell-Known Member

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    I have to agree with Pat. Insurance is a kind of investment in addition to being your financial protection against incurred losses. You have to dish out a hefty sum (which is usually within your means) before you start receiving returns on your investment. At the end of the day, you have the choice to say "no" and look for a plan that does agree with your budget. If you think it's too expensive, then find a better plan.
     
  4. Ke Gordon

    Ke GordonWell-Known Member

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    68 what? a month, a week? a year? the best thing to do if you think you are paying too much is go online and compare auto insurance quotes. you will have to input basic information about yourself, your vehicle, your credit and your driving history. You will be able to find out how much others would charge for the same coverage.
     
  5. missbishi

    missbishiWell-Known Member

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    Why not enter all your details into one of these comparison sites, just to see how much other companies are charging. It's highly likely you'll find a cheaper quote.
     
  6. Colebra

    ColebraActive Member

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    This:

    Amongst other factors... But these are probably the most important: Age, Driving history, The car you drive.

    I just bought a new car, and for the first time it's registered to my name. So I'm also going through the whole getting an insurance thing.
    I can't help you compare prices since I live in Europe, and, from what I can tell, prices are way different.

    I'm 29, been a driver for 5 years, never had an accident in my life, and I'm getting an insurance for a 1996 car.
    I'm being asked to pay something like € 270 a year.

    I believe that this is an area where you might get a better price if you have some haggling skills.
    Maybe some other people can verify this.

    Good luck!
    I'll keep you posted on my progress.
     
  7. XLS

    XLSMember

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    If we are referring to $68 a month that is relatively low. When I was 19 I obtained my DL for the first time and insured a vehicle. I paid roughly 200 down and monthly about 80 if I remember correctly. I am not sure about AK rates but this was in FL about 10 years ago. Hope this helps.
     
  8. Ke Gordon

    Ke GordonWell-Known Member

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    My insurance is dirt cheap, but I don't have much coverage either. I just have the basics as to what is required by law. Make sure that you get the coverage you need when you are shopping around looking to reduce price on your coverage..That is the only caveat to be aware of.
     
  9. Diane Lane

    Diane LaneWell-Known Member

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    It sounds a little high for me since it's only liability, but that would depend on what you're driving, your driver history, possibly your credit, since that seems to affect everything these days, how far you drive on average, and whether you're paying per month or that's an average of your yearly costs. Also, your county could make a difference. If I moved one county south, my rate would decrease, and if I moved another county south of that, it would probably go down even lower, plus I wouldn't need to pass the emissions test.

    I'd do as others have recommended, and pull out your policy so you know you're comparing apples to apples, and compare rates on one of the online comparison tools. You might be able to decrease your rate also by installing certain safety devices, taking a defensive driving course, or using the new plug in devices that monitor your driving habits.
     
  10. Corzhens

    CorzhensWell-Known Member

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    Our car is due for renewal this March - the registration with the motor department (LTO - land transportation Office) and also the insurance. I am just wondering because our car has a comprehensive insurance that covers everything, from damages to death. But the LTO requires the so called TPL - third party liability, an insurance to cover deaths. Some car owners are now complaining that the TPO is just a means for some LTO officials to earn money on the side because the TPL insurers are obviously giving them commissions.
     
  11. PennyPincher

    PennyPincherMember

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    If you mean $68 a month, that is not terribly high considering your age. My son is 21 and has one car and his is $120 per month. However, I am sure that his two speeding tickets also play a role in the cost of his auto insurance. o_O
     
  12. morgoodie

    morgoodieActive Member

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    I wish I had car insurance for $68 a month. I pay $164 for full coverage since that is what I have to have for my car loan requires. There are a lot of factors that are involved in how much insurance companies charge including: age, sex, driving record, where you live, and credit score. My insurance would be cheaper if I moved just 5 miles away because of the high rate of accidents in the city I live in. Your best bet is to either call around to different insurance agencies or go online and get comparisons. It also depends on how much your deductible is too. Good luck.
     
  13. NikkiR

    NikkiRMember

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    $68 a month sounds pretty reasonable. you are a young driver, so statistically more likely to be involved in an accident. Generally your insurance rate will lower when you hit 25 if you have a clean record. Things like speeding tickets will cause your insurance to go up since people who speed are more likely to be involved in accidents. there are also a lot of factors that influence the insurance rate that you can not control. everyone in a given area may see a rise in their rates if the crime rate in your city increase. this is because you are more likely to have your car broken into.

    $68 a month may seem like a lot, but you will be glad you have your insurance if anything ever happens. A rear end collision with minor damages can easily cost a couple thousand to repair the other parties vehicle.
     
  14. ashley0323

    ashley0323Member

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    I think thats about average. If you got your license at 16, then your still considered a "risky" driver, since you have only been driving 4 years. I am only 22 and I have two cars on my plan and pay $140 a month.
     
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