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  • The cost of car insurance

    I am kind of curious roughly how much would one pay for car insurance? Is it something you have to pay on a monthly basis or some other kind of regular basis?

    I am just looking for a ball park estimate on what to expect not that I am going to buy a car soon.

  • #2
    Re: The cost of car insurance

    Originally posted by helen View Post
    I am kind of curious roughly how much would one pay for car insurance? Is it something you have to pay on a monthly basis or some other kind of regular basis?

    I am just looking for a ball park estimate on what to expect not that I am going to buy a car soon.
    The cost of the insurance depends on MANY factors. Full coverage or just no-fault liability. Value of the car. Your driving record. Age. It's best to shop around.

    I know of at least one person on HT who works in the insurance industry. I don't want to say who it is, but hopefully, if he's reading this, then maybe he might help provide you with a more educated answer.

    Typically, most auto insurance policies are 6 months in length. (Not too many companies offer 1 year policies any more.) Of course, you can pay for the entire premium upfront. Some companies allow you to pay in monthly installments, but they're gonna tag you with an additional "service charge" with each payment. About $5 or so.
    This post may contain an opinion that may conflict with your opinion. Do not take it personal. Polite discussion of difference of opinion is welcome.

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    • #3
      Re: The cost of car insurance

      One general (but not universal) rule is that the newer the car, the more it costs to insure. But even at that, there's are exceptions in our "fleet" - the newest car is cheapest insuance probably because it has a five-star safety rating. The oldest is the most expensive, but that may have to do with a driver under 25 who keeps getting speeding tickets.

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      • #4
        Re: The cost of car insurance

        ...not to mention that the higher the deductible, the lower the price of the policy.

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        • #5
          Re: The cost of car insurance

          Originally posted by helen View Post
          I am kind of curious roughly how much would one pay for car insurance? Is it something you have to pay on a monthly basis or some other kind of regular basis?
          I am just looking for a ball park estimate on what to expect not that I am going to buy a car soon.
          Ballpark? $400-$800 every six months. Several companies will set up monthly EFT deductions from a checking account.

          http://geico.com/ has a calculator that lets you tweak the various options. If you qualify for USAA membership their reps are happy to provide "What if?" estimates over the phone.

          You can get a bare-bones policy (state requirements with high deductibles plus liability) or go whole-hog (comprehensive, collision, theft, towing, rental replacement). Your premiums can also depend on your driving record, how many miles/year you drive, whether you're working or retired, and possibly your credit rating.
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          • #6
            Re: The cost of car insurance

            I pay the lower figure for 12 months with 10 times the minimum coverage, including uninsured and under-insured protection, liability only (I prefer paying for any loss I self-inflict through action or inaction to my own vehicle), but I get a partial rebate nearly every year, too. It pays to shop around.
            Last edited by salmoned; July 10, 2008, 10:03 AM.
            May I always be found beneath your contempt.

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            • #7
              Re: The cost of car insurance

              Originally posted by Nords View Post
              Ballpark? $400-$800 every six months.
              That sounds way too high. I pay $900 every 6 months for 3 cars, and one of them is a Ferrari. It's "whole-hog" insurance with high limits too. I do, however, always take the highest deductible available (which, I think, is only about $2K). I guess it makes a big difference.

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              • #8
                Re: The cost of car insurance

                I pay close to $800/year for one car with a $500 deductible.

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                • #9
                  Re: The cost of car insurance

                  I pay 345.00 every six months on my 2005 Ford Ranger (With full coverage).I also get a multi-car discount because my dad also have auto insurance coverage through State Farm also.My deductible is 250.00
                  Check out my blog on Kona issues :
                  The Kona Blog

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                  • #10
                    Re: The cost of car insurance

                    Let's not forget that not all insurance companies are equal. If you shop for simply the cheapest premium you can get, you might end up with a firm that provides poor customer service when you make a claim. That was certainly the case with the first company (which shall remain nameless) I had a policy with.

                    I've been with AIG for the past 15 years now and very happy with the service I have been getting from them.
                    This post may contain an opinion that may conflict with your opinion. Do not take it personal. Polite discussion of difference of opinion is welcome.

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                    • #11
                      Re: The cost of car insurance

                      Originally posted by Frankie's Market View Post
                      Let's not forget that not all insurance companies are equal. If you shop for simply the cheapest premium you can get, you might end up with a firm that provides poor customer service when you make a claim.
                      Frankie makes a good point here. Insurance can be such a dirty racket. It's one of the few products people pay lots of money for, years before they receive it (i.e. making a claim and getting a check). When you finally do need it you could be in for a rude surprise. Of course this happens during a stressful time in your life.

                      Your car gets totaled; you can't get to work; you haven't seen a check in months. Your home is ruined by a natural disaster; your agent points out you didn't opt for flood insurance; agent conveniently forgets he assured you you wouldn't need it. You have cancer; the doctors say they need to operate immediately; the bill arrives and you have to pay the entire $35K because you "failed to disclose" the fact you caught malaria 20 years ago.

                      Think Michael Moore's movie "Sicko".

                      (sorry, quite a bit off topic. health insurance isn't the same as car insurance, where you tend to use the product often and the expenses aren't as high)
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