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Okay, so I'm trying to get a new car. I'd have no problem buying the car itself, I can pay for that just fine. The problem is the dreaded insurance. On a car that I'd own, it'd be about $300/mo even on a crappy old car. If the car's financed (I tried this with a variety of cars), it'd be even more because of mandatory collision and comp coverage
I'm 18 years old, so still many many years away from the magical age limit where suddenly insurance is a lot cheaper. Is there any way I could get a car without having to pay the equivalent of monthly rent in the bad part of town on insurance? Maybe put it under my parents' plan or something? (Although then I wouldn't be able to have the car in my name, but at least I'd have a car). I live in Maryland BTW.
Right... but I mean, ok, so my mom has her car and she sometimes lets me borrow it. I'm under her plan right now as a driver. Wouldn't it cost less for her to put the car I wanna buy under HER name (on the title and registration as well as on the insurance) just like she does with her current vehicle? That is, as opposed to the car being under my name (where it would cost $500 damn dollars).
Right... but I mean, ok, so my mom has her car and she sometimes lets me borrow it. I'm under her plan right now as a driver. Wouldn't it cost less for her to put the car I wanna buy under HER name (on the title and registration as well as on the insurance) just like she does with her current vehicle? That is, as opposed to the car being under my name (where it would cost $500 damn dollars).
You'd have to be added as a driver to the policy, and that would jack up the rates.
Okay, so I'm trying to get a new car. I'd have no problem buying the car itself, I can pay for that just fine. The problem is the dreaded insurance. On a car that I'd own, it'd be about $300/mo even on a crappy old car. If the car's financed (I tried this with a variety of cars), it'd be even more because of mandatory collision and comp coverage
I'm 18 years old, so still many many years away from the magical age limit where suddenly insurance is a lot cheaper. Is there any way I could get a car without having to pay the equivalent of monthly rent in the bad part of town on insurance? Maybe put it under my parents' plan or something? (Although then I wouldn't be able to have the car in my name, but at least I'd have a car). I live in Maryland BTW.
You're 18, you're male, so you're screwed.
The only way to have cheaper insurance is the following:
1. No accidents or traffic violations.
2. Own the car outright, and carry only liability insurance.
Beyond that, it gets complicated - which is why I wonder why you're so hesitant to have the car under your parents' name and coverage. Bad blood? If it was "technically" their car, you'd probably be getting cheaper insurance due to multiple-car discount and (likely) the car & homeowners' insurance discount.
If you have a clean record, that is extremely important. You will qualify for a good driver discount ranging from 20-25% with most carriers. Its the age NOT the sex that makes the difference. That is an old fact regarding males getting charged that much higher than women, its pretty even now.
Heres a list of other important things to consider
- What kind of car is it?
2 doors will cost more to insure.
Luxury brands will cost more no matter if its a beater. Meaning, a 93 Lexus will cost more than a 93 Toyota. They consider if you are willing to pay more for a high end brand, you will pay more for insurance.
How many cylinders does it have? The faster it goes, the more it cost.
Is it a convertible? This is a big difference. There is alot of liability exposure with a convertible regardless of your age.
My advice? Add the car onto your parents policy IF they already currently have high liability limits. I mean 250k+ for property damage and 150+ for bodily injury. Most people think that should be the other way around but injury claims are often settled for much less than the actual bill. That does not happen with property damage at all.
If they do, just pay your parents the difference per month, 3 months, 6 months etc. When I was your age, I was paying like 90 a month for a crap low limit carrier liability only policy. It was garbage and thinking back, really not enough.
Some states and carriers offer a drivers class. Its more of a refresher classroom class not behind the wheel. However, they only give you like 2% off for it.
More importantly, most carriers will tell you your mom or dad have to be on the vehicle registration so you can add the vehicle onto their policy. Just because you live under the same roof doesn't mean much. When I purchased my new car, I made sure to call my carrier and ask what I had to do.
I purchased a 2008 GT Mustang when I was only 22. I called around every decent carrier you can think off, all quoted $300+ a month. Thats like another car payment!!! I got onto my parents policy, paid only $100 a month. They put my dad as the primary driver on this car and I went onto the cheapest car on the policy. Insurance companies want your business so they will find ways to be competitive.
Nah not bad blood, I'm just hesitant because I don't know how much it would cost them. I'm gonna try doing a quote on my mother's account and see what it gets me... this is for an '04 Focus, 3 door.
Its the age NOT the sex that makes the difference. That is an old fact regarding males getting charged that much higher than women, its pretty even now.
Not even close to being true. With identical driving records, under-25 males pay significantly more than under-25 females.
That's not true. More under-25 males have citations and accidents compared to under-25 females. They are using averages to base their surveys. If you get a point on your record, it raises the rates regardless of the sex.
That's not true. More under-25 males have citations and accidents compared to under-25 females. They are using averages to base their surveys. If you get a point on your record, it raises the rates regardless of the sex.
I'll repeat what I said, which you completely ignored.
If a man and a woman have identical, clean driving records, and are under 25, the man will pay significantly more than the woman.
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