Car Insurance

[indy_500]

Well I just picked up a new to me 05 Silverado. My old truck with full coverage, 99 Sierra was $635 for 6 months and this one is only $10 more at $645 for 6 months of full coverage. Either way I'm 18 years old never had a ticket have a perfectly clean driving record. I feel like I'm bending over and taking it on insurance, The truck is in my name, not my parents, but is under my parents plan. Should I be shopping for new insurance? BTW I currently have Germantown Mutual Insurance. It comes out to $3.60 a day.

 

[600_RMK_144]

Well I just picked up a new to me 05 Silverado. My old truck with full coverage, 99 Sierra was $635 for 6 months and this one is only $10 more at $645 for 6 months of full coverage. Either way I'm 18 years old never had a ticket have a perfectly clean driving record. I feel like I'm bending over and taking it on insurance, The truck is in my name, not my parents, but is under my parents plan. Should I be shopping for new insurance? BTW I currently have Germantown Mutual Insurance. It comes out to $3.60 a day.

Unless you have a reason for staying with your current company (family friend, etc) you should always shop. Be on the look out for company's such as Progressive that do not replace with OEM parts, they use aftermarket or even used at times. I can't recall what I paid at your age, but that's more than what we pay as a family with 3 vehicles (granted the Mustang is in storage with minimal insurance). From what I've seen of you on this site, you seem like a very responsible 18 yr old, but the law of averages is your enemy here and the insurance comany knows this better than anyone. Sucks for you. Only takes a few minutes to call one of many different comany's to get a quote and your not obligated to anything at all. Just have your current policy limits and deducts with you so you are comparing apples to apples.

 

[chords]

So you have a new to you vehicle 6 yrs newer and 10 dollars for 6 mths has sent you over the edge ? No tickets and clean driving record is great but its all about zip code and credit score. Howz the VISA and loans ? Welcome to the lifetime of pay pay pay insurance.

 

[ezra]

I would have stuck with the 99 way better truck diff subject.
I would shop but law of averages are agents u.I know very few guy who did not smack up a ride in there teens just the way it is.
good thing u are driving a truck. the thing I dont get my 13 f150 and wife's 06 benz wagon is cheaper to insure than wife's 05 eclipse spider.they say it is statistics more wrecks that are totaled with injury in the eclipse. cant argue statistics.
I dont even have to take a statistical poll to know teen boys total trucks

 

[mezz]

Indy, one thing you have going for you now being covered under your parents policy is the fact that you are receiving a "multi-car discount" which in fact lowers your premium. I am sure you will find out how much lower once you start to get quotes on your "own". Granted, $645 for six months is pricey, however, considering that you have upgraded 6 model years, the $10 increase is not bad at all. Your age is what is against you. As mentioned by others, the laws of statistics are against the young drivers, sadly there is a legitimate reason for it, I've seen plenty in my 27 years as an Agent.-Mezz

 

[scott_b]

I think $1,300 a year is very good for an 18 year old. You don't want to get stuck with sub par insurance or with too little coverage, get in an accident and if your insurance doesn't cover all of the loss they can come after you for the rest of it. Umbrella policies are worth having...

 

[Rupp Collector]

Actually, the statistics are turning in the "young" drivers favor now that more are actually listed as drivers. With the advent of modern technology fewer slip past the renewal reviews and as a whole the more that are known about the better the rates will be. I think Indy is lucky to not be paying Michigan insurance premiums. Ticket and accident free are huge today as is insurance score.

 

[mezz]

The rates for young drivers may be turning, however, they are still high & for good reason. At 18, insurance score is not likely to be in a young drivers favor as they have not been able to establish themselves well enough yet. He most definitely is fortunate to not be paying Michigan rates, if he were, he would be looking at double the rate he has right now.-Mezz

 

[joks79]

Try USAA if you can. I don't know all the qualifications but if one of your parents was in the military you can get it. My insurance went down a lot when I changed

 

[indy_500]

So you have a new to you vehicle 6 yrs newer and 10 dollars for 6 mths has sent you over the edge ? No tickets and clean driving record is great but its all about zip code and credit score. Howz the VISA and loans ? Welcome to the lifetime of pay pay pay insurance.

Its not the $10 its just that my next 6 month bill is up obviously since I got a new truck and it made me kind of wake up and think to myself is there anything I can do, my dad pays $210/6 months for an 02 F150. I have 0 credit I just paid for this truck with cash, paid for my last 2 trucks with cash and pay for all my toys with cash. Does credit score affect insurance? I toyed around with the idea of getting a credit card due to being slightly safer than a debit card and to build credit as I have none and don't plan on taking out any loans any time soon.

 

[indy_500]

I would have stuck with the 99 way better truck diff subject.

I did love it and and sure as heck miss it. I started with a stock truck in need of A LOT of TLC but a local kid who just got his license that has a daddy with a big checkbook offered me money I couldn't refuse. It had 170k burned 2 qts of oil/3000 mi and was pretty rusted out under the brand new cab corners I welded in.

 

[timo]

I'm sure credit score will affect your rates not positive though. you having no credit never using credit is almost as bad as having below average credit. i suggest you get a credit card shop around (no annual fees) and just buy a few things on it like anything cheap. pay it off in full on time obviously. this will help you start the process of building good credit. u won't be living with the folks the rest of your life so you might as well start it now while you have the disposable income to do it with. this is what i did when i was your age. u having no credit you probably couldn't even get a loan at least not one with out outrageous rates.

Its not the $10 its just that my next 6 month bill is up obviously since I got a new truck and it made me kind of wake up and think to myself is there anything I can do, my dad pays $210/6 months for an 02 F150. I have 0 credit I just paid for this truck with cash, paid for my last 2 trucks with cash and pay for all my toys with cash. Does credit score affect insurance? I toyed around with the idea of getting a credit card due to being slightly safer than a debit card and to build credit as I have none and don't plan on taking out any loans any time soon.

 

[pistons]

I totally agree about the lack of credit being bad. My son never took out loans or had a credit card either, and now he wants to buy a house but the banks will hardly look at him because he can't prove on paper he is responsible. Even if you have the money to plunk down, take out a loan and just pay it off right away. It will cost a few bucks in fees and interest, but will be huge latter on.

 

[ezra]

build your credit now and don't F it up.
it is almost crazy now days to pay cash for what the banks are giving credit for.
I was going to pay cash for my wife's new used car but they gave me 2.87 for 36mo.
I will take that and work the cash.
use the card and pay your tab good credit is needed for almost everything in life.

 

[eagle1]

Insurance basically is gonna be high until you're 21 but still doesnt hurt to shop around. Mention sleds, trailers and may get better rate also.

Then get to a credit union pronto and take out one of their cc cards. Put all your gas and Fleet Farm/auto store trips on it and make sure to pay it off each month.

Might not need a loan now but in future for garage/shed/house you will and you'll never get loan without credit history.

 

[mezz]

Credit history is important, which also is part of the equation in developing an "Insurance Score". Your folks pay a lower rate due to their credit history. Insurance rates for young drivers are high due to their experience or lack thereof as well as no insurance scores. I don't really like the insurance scoring as young folks such as yourself, young couples starting out in life, as well as the elderly whom have already paid their debits off & pay for everything with cash & usually bills are paid before they are due are unfairly judged by this scoring due to lack of credit. Take the advise mentioned above & begin to establish your credit, unfortunately, it is a necessary evil in today's world, just manage it properly & you will be better off for it.-Mezz

 

[indy_500]

I've gotten 2 quotes so far and way higher than I expected. Looks like I'll stick with what I got as it's easy for me and seems reasonable. Not sure if this is a dumb question but say I got a credit card and spent a few hundred bucks a month on it and paid it off every month. How long would it take to start accumulating a good enough credit score to say purchase a house? I've listened to my mom about everything regarding $ since I can remember, and she won't let me take out a loan on anything or get a credit card. She thinks 18 is too young for a CC and thought I was too young and not "experienced enough" at my job to be spending a good chunk of my monthly income on a truck loan.

 

[indy_500]

Here she is!

 

[LarryD]

GPA will save you money too.

 

[russholio]

Indy, make sure your mom knows that if you get a CC you can set a low limit that is still within your means to pay. You don't need a card with a $10,000 limit. Several hundred or maybe a thousand will suffice; like others said it's establishing your credit that is important.