ins a month on my 05 sti: 113 a month
ins a month on the evo ix which I traded the sti for: 103 a month

dont know why, but Ill take it.

 

Ok, Let me explain.
Many people assume that Full Coverage Insureance will pay off their new car if their car is totalled in an collision (I don't like the term 'accidents'). That, assumption is WRONG!

Understand that the moment you drive your new car off the lot, it will immediately depreciate in value! So, essentially your car loan is at that point MORE than the value of your car. If your car should be totalled, the insurance company will only pay out the current WHOLESALE value. NOT what you paid for it! Care to guess who's going to pay the difference?

When I singed my loan papers, the loan officer was telling me and my wife about a client who secured a loan for a BMW 740. That person declined G.A.P. insurance.
Two weeks later, that person's BMW was totaled. That person had to pay $20,000 out of their pocket!

 

or just dont be stupid and hit anyone.. until you pay it off.

 

i'm 19 and mines 5k a year under my moms name.

 

Here's a better way to explain GAP insurance:

You take out a $30,000 for your evo lets say. Then 6months down the road your evo is valued at $22,000. You get into an accident and your car is totaled.

30
22
---
$8,000 in difference right there.

That 8k difference is what you would have to pay, because the insurance company only gives you value for the car, but you still owe the 30k on your car.

GAP insurance would then pay that $8,000.

I'm 20. I've owned 3 evo's and my insurance under my name is $1,400 a year/6months.

Full coverage etc... I don't know how but thanks Geico.

 

I sell cars for a honda dealership, in your case i would stongly remcommend gap, its alittle more money a month, but worth it overall, and if you never use it its usually refundable. Same thing with an extended warrenty.

Insurance is different per area. Do yourself and us a Favor get on the phone and CALL YOUR INSURANCE COMPANY, ask them for a quote on the car you wish to buy. and they'll give you an idea of what to expect come your first insurance bill

 

9xfaster: did u have insurance by yourself for all 3 evos?

 

There is this new clause in the financing documentation here in CA that says your deductible has to be at a certain dollar amount or the financing company or credit union can purchase additional coverage for you at a really high rate and add that premium to your monthly payments.

 

I apreciate all the help from everyone. I didnt know anything about GAP before, thanks for explaining. Definately seems like it would be worth the extra money. Im going to see if my mom in her very little spare time can try to get some exact quotes for me. It seems like everyone is getting different rates, maybe I will get lucky and it will be cheaper then expected And for the hell of it I might go look at a cheap low miles 1G GSX this weekend.

Thanks again
Rob

 

i pay about a 100 a month for my Evo MR... Thank you ESURANCE!

 

Also, when do you turn 18? Because there is no way you'll be able to buy a car without your dad being only 17. No dealership or bank will go into a binding contract with someone underage.

Not to sound preachy, but maybe you need to set pride aside for a moment and let your dad help you out with co-signing. It'll be cheaper insurance and you wont get raped by a first time buyer's rate on financing. I'm the Business Development Manager at a Chrysler, Jeep, Dodge dealership here in Vegas, all I do all day is try to get people into cars and make sure my salespeople are working.

The 10k down is going to help, a lot. But having ZERO car credit is going to hurt. Think it over. And to reiterate what a couple others have said, definitely get GAP insurance and skip any extended warranty they offer you. You can find better deals on-line.

Good luck man!