I know that lying to my automobile insurance provider is both pointless and illegal, but i still want to save money. Here is my situation...

I have 2 cars...my 2010 Ford Fusion for whatever, and my 2003 Evo GSR for fun =). However, my Evo was recently purchased and I have been shopping around for auto insurance for it. I am 18 years old, and since the Evo's title is in my name, the policy will list me as the primary driver (from what i understand, this is required). I have gotten quotes from 3 providers at the moment...Geico's quote was astronomical ($900+ a month), Farmer's was quite high ($350), and my family's current policy holder American Family was still high. But this is to be expected since the car is, after all, a Mitsubishi Lancer Evolution. At the moment, since i just got a new part time job and have started to generate some income, I opted for simply the comprehensive coverage...basically anything that happens to it in my garage, like theft or natural disasters, is covered. Plus for some reason if i hit an animal too (i have no idea why). This is costing me around $75 a month. Since i have a lean on the car from my bank, they said they would need comp and collision for the car when i start driving it...but my state also requires liability. This coverage would all cost a grand total of $290 a month from AFI. This is in addition to my $170 a month car payments from the bank.

I cannot afford $290 a month!! I have talked to a friend of mine...her father owns an S2000 and a 2006 Evo, and he was saying that somewhere around $200 to $250 a month tops would be ok for me. What should i dooooooo? I really wanna drive it in the summer (or when the weather permits in general), but i cannot afford to give my entire paycheck for my insurance & car payments...if i can get insurance for my fun car for around $200, that will leave me some room for food, gas, etc.

AFI has discounts for policies, like good student (which i am), and if the car has 1 (driver) airbag...but Evos are safe in other ways too - 4 wheel drive, anti lock brakes, 4 doors....and I have a totally clean driving record, no tickets or anything. Unfortunately the guy said that the car isn't in the "preferred vehicle" catagory, and that they could make an exception if i had another 1-3 years of driving experience...that by itself would save me 50 bucks, but alas, nope. The number that the computer was spitting out at him was a "40" which he said was equivalent to a kid like me getting a new corvette or something.

Ideas?

 

I don't know about you but I have a 1998 honda civic (daily driver) with just liability and 06 gsr with full coverage and I pay 400 a month. I have Allstate and im 24. I know this is high so I contacted my Insurance agent and told him that this was outrageous and he told me that the Evo was a " high rate" car whatever that means. He told to take the 5 hour class with would lower it 10% and once I turn 25 it drop as well. But that's in 9 months. So im kind of stuck with this payment. I have a completely clean record also. Nko tickets and no accidents. (Knock on wood) . When I had just the civic on there while I was looking for the Evo I was paying around 180 a month. So im basically paying like 320 a month for the Evo.

 

Geico's quote was astronomical ($900+ a month), Farmer's was quite high ($350), and my family's current policy holder American Family was still high. But this is to be expected since the car is, after all, a Mitsubishi Lancer Evolution.


What about your age? isnt that expected in your high rates?

 

Oh wow. I was going to come here and ***** about my insurance. I currently pay 1100/6 months. (Just under)

26/3 tickets, 1 accident/NC

 

you need to try other auto insurance comps that are more for younger (high risk) drivers...esurance, the general, the hartford, are just a few. keep trying different ins comps because you will be suprised at the amount of $$ one can save u over the next.

 

sounds to me like you can't afford 2 cars. it shouldn't be to hard to find an evo later on, is it really worth getting in debt for 2 cars?

a full time job or another 2nd part time job should help you out. when i was saving up for my down payment on my house, i was working 1 full time and 2 part time jobs at the same time to save up $, i wouldn't recommend 2 or more jobs for more than ~6 mos or so tho as your body and mind start to break down from no rest

 

is that full coverage ? ur lookin 4

 

<grin> Well..yea...what did you expect? This is an automobile with an extreme performance envelope, assuming you have a good Evo. In 06, the Evo was one of the most expensive cars to insure, period. Be grateful it went down some.

I'd love to give you some advice, but there's nothing much to say. I'm 47 years old, been driving for 30+ years, live in NY where insurance rates are very high, and the car costs me almost as little as my minivan. If I were 18, I wouldn't have bought this car, because there would be no way to afford it.

You sound like a very bright young man. Consider your options and your future. If you stay in school, do well, don't accumulate a lot of debt along the way and don't waste yourself working on end for a beat 8 year old car, by the time you're 30 you could be in your own house with a garage, and you could have almost any car you choose. Good luck.

 

I was paying 385 a month, then i moved out of the city and now i pay 320. Welcome to the evo insurance world. hehe

Did you tell them the evo is going 2 be for "pleasure" and the ford is your DD?

 

put it in your parents name

 

When I purchased my evo a few months back I knew my insurance would be a lot. The insurance company said the Evo was in the second most expensive category. They also mentioned that the Evo is a high risk for theft and risky behavior. Cops are on a first name basis with the car as well. They see that wing and pick you out of a crowd.

I know is doesn't help but like others said, perhaps this isn't the best time in your life to own such a car.

 

I remember being young hahahh. My loan for my integra gsr was like 200 something insurance was 385 lame. I now have 4 cars including my evo insured for 300 a month plus life insurance i guess being 34 has some perks.

 

You should've known better. Why do you own TWO cars?

That aside, there isn't much you can do besides shop around. Some companies allow you to get multi-policy discounts, which can be huge. For example, you can combine auto and renters insurance and get a discount that, when combined, end up being cheaper for both policies than the auto insurance by itself.

More than likely, you'll have to get comprehensive and collision coverage, as your LIENholder (not "lean") will require you to do so. Failure to comply will require them to force you to buy their insurance coverage (which costs even more) which they bundle into your monthly payments, so it's best to get things rolling.

About the car rating, I believe that most CT9A Evos are rated as a 26h across the board, which is pretty high. Basically the cars are on a scale of 1-30, and obviously the higher the number, the more expensive the insurance will be due to the car being viewed as a higher risk, which takes into account the car's cost, statistics (i.e. previous losses of drivers operating that vehicle), safety ratings, performance capabilities, etc. I've only seen a few cars that are 27s, and I've never seen anything higher than that out of more common cars (which excludes exotics like Ferraris and Porsches). (However, for the 2011 model year, the scale has gone up, either to 50 or 60.) It's not going to be cheap.

By the way, how old are you and what state do you live in?

 

Yeah, this is your only cost viable option.

The "LIEN" from the bank requires full coverage, collision + comp -- "liability", that which the state requires, is minimum for any car insurance policy, to ensure if you hit someone, you can pay damage claims. (There is other property insurance for cars that aren't driven, but it isn't normally called "automobile coverage" by us shoppers, its a specialty policy akin to the riders for wedding rings, etc.)

By keeping the car insured with your parents policy, you get to keep good student discount -- better go to college and study hard -- and you'll get better multi-car and probably a discount for multiple types of coverage typically offered, e.g., Home + Auto. Also, most carriers are using at least a little bit of credit rating in the pricing, so your parents can probably beat your credit score, resulting in lower premium prices.

The way insurance works is the company "Insures" the car -- they "rate" (aka "price") the driver. The name on the insurance premium means nothing other than who the insurance company is doing business with, and kids are allowed to be insured if they are dependents OR if they live in the household. Yes, householding is allowed, even if non-dependent. Insurance companies will let your mother-in-law be on your policy; it's good for them because that way they are not just insuring all the cars (revenue!) but also getting to PRICE all the drivers in the household. They just require that the most expensive driver gets a car somewhere in the mix.

 

I go through Progressive and am only paying $695/6mo with good coverage. Granted, I'm 29 with no tickets for about 8 years and no accidents...