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Discussion Starter #1
i went insurance shopping this weekend to see how much it would cost me per month in insurance to own a mustang with full coverage at a price of about $5000<==(getting a lone from bank requires full coverage) the cheapest i could find the insurance for was $340 per month. well as you can immagine, by the time im done paying off the mustang, i could have bought it twice in insurance! so i was wondering if i could get some information on where i could find cheaper insurance. part of my problem is that i am 19 and i have 1 accident on my record, and one ticket for a broken mirror, which in washington counts as defective equipment and goes against my driving record.
 

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The value of the car is not the biggest factor for you since you are 19, accident, and an offense.

What company did you price? There is quite a difference in pricing between companies at that age from what I remember. Can you be on your parents' policy?
 

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Unfortunately, due to your circumstances, you may be stuck with the high rates. I assume that you drive your car as your only means of transportation, too. There are a variety of classic car insurance companies out there, but their rates are based upon the fact that most classic car owners have other cars to drive, park their classic car in a locked garage, and drive their cars alot less than their daily driver. Some even restrict driving to car club shows and the like. I pay $100 for the entire year, but I meet the risk criteria as well. Maybe someone else can shed some advice? ::
 

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I am betting it mostly has to do with your age and driving record and not the value of the car. I am sure the size, type and engine are more of factors figured for risk.
Your Insurance protects your car as well as the other driver if you have an accident. For instance, if you get into an accident and total yours, and the other car (say a new $50,000 BMW) the insurance company is in a loss of $55,000 not just $5,000.
 
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Discussion Starter #6
I pay $33/month for my 66... I think it's just liability or whatever, but still... much cheaper than $400 a month :: and I'm a 17 year old male.
 

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I have a speeding ticket. My insurance is $60 a month for full coverage on a $6000 loan. Allstate.
 
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Discussion Starter #9
i checked progressive, gaiko, pemco, and a private dealer that checked about 10 different insurance companies for me... the lowest price i got was $340 per month. i cant be under my parents insurance cause i got a auto loan myself. maybe i could though if they were co signers, but they wont cosighn
 

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aaaaaah...been there. It is what it is. Until your 25, thats what you are going to run into. I was 21, owned a 72 Corvette, and had a good driving record. Nobody would even talk to me. So I had to heep it in my Dad's name until I was 25. I had a good job, was out of college, but could not get insurance. But I had a good record, and my dad trusted me not to tarnish his insurance policy with tickets etc..

I turned 25, and it was like a light went on ! All of a sudden I was welcome at good ole State Farm with my Vette LOL
 

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are you sure thats per month?? thats sounds a lot even for me, and even for jersey... i just went through looking for insurance and came up empty handed, i'm 20, MALE, and with one speeding ticket ( 4 points) I gave up and put the car in my parents name, and I guess since this is my second car in their name I drive, I only pay them $500 a year... good luck man, i was really gettin pissed off about a month ago tryin to get insured...
 

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It does not matter that your paying for the car. You can get on your parents insurance... that is, if they will let you. :eek:
 
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Discussion Starter #14
If your car isn't a daily driver you could try classic car insurance. I believe there is a limit to the miles you can drive though. I'm under my parents insurance and pay $100/month for regular insurance with one speeding ticket. If they let you, I'd suggest going under their insurance until your 25.
-Scott
 

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As someone posted earlier...it isn't all about the value of the car....not entirely at least...but the main thing is your driving record and habits...

the accident and citations say alot about your luck and the amount of damage you can cause in a mere 3 seconds with a car.......and insurance is a business.....it wasn't built on losing money....
 

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i pay 74 bucks a month for my car, but, i dont have any tickets or anything like that either. and , i have state farm
 

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I agree with avj97. When I bought my convertible at 24 with a perfect driving record, my agent would not add the car to my policy. "Under 25 in a muscle car" was the excuse. Dropped them (Allstate), went with Nationwide. Your parents insurance would be your best bet.
 

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Look into other sources of financing such as a cash advance from a credit card. Interest rates will be higher, but then u can choose any insurance coverage you want, which will probably save you a lot of money.

Michael
 

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You either like hitting things with your car or that price includes the cocaine in the trunk.

Scott
 
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Discussion Starter #20
My son (18) is insured under my policy (AAA)...he pays just under $1100. a year for full coverage (100/300 limits) for '67 Coupe (declared value $6500.) I wanted him to have a newer car, i.e. 199X Mustang, Honda or Acura...insurance would have been almost $3000. per year...
 
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