Shopping Vehicles Vs. Insurance

[Diggin It]

I don't really understand how people can afford to have multiple newer vehicles. In many urban places around the country insurance can almost double your monthly payments, sometimes running close to $4,000/year.

I have two 20+ year old passengers cars (BlueBook under $1500), live in a rural area, drive so little I'm on ultra low mileage discount programs, no citations or accidents, better than average credit and several other advantages, Liability and other required coverages only, no collision yet still play close to $100/month. Yes, that's very low, I understand. But I can't even begin to imagine what a newer $20,000 truck would cost me even with all of those other discounts. If you have any kind of loan, collision is required which can nearly double the premium, even with a high deductible.

I'm becoming concerned about the continued reliability of these older cars and potential repair costs, but I'm at a point where I can't even shop for a 10 year old vehicle without getting new insurance quotes first. I've seen decent cars and some pickup trucks in the $3-4,000 range, but they would still hike my premium considerably.

Just rambling ....

 

[George2615]

I'd start shopping around for a new Ins Co. $1200 a year (600 each) for just liability seems high. Question your Ins. Co. and ask why. Maybe they have something in their records claiming you're a high risk.
Anyone under age 25 on your policy?
In 2016 I bought a new 2500 4X4 CC ($52K) and a new AWD Equinox ($31K). I have full coverage on each which costs me around $800 every 6 mos.

 

[Bigkrank]

Your location can make a difference also. I have a 2012 car and a 2017 truck and have a top of the line full coverage policy with low deductible and am at $1200 a year. Traded a 2012 truck in on the 2017 and it went down $120 a year because I bought a newer vehicle, so the policy said.

 

[4570Man]

I have a commercial policy on both my dump trucks with full coverage on both trucks which only cost me $70 per truck more a year with an estimated value of $7,000 each. The total policy is about $1900 a year.

 

[oosik]

In my case - location is a BIG factor. Like Diggin It - I live very rural, no tickets, no claims, low annual mileage, no accidents, excellent credit. My six month premium for MAX coverage on the new Taco Wagon with State Farm - less than $500. It also helps that I've been with State Farm for 50+ years. If I were to live within the city limits of Spokane - the six month premium would be more than double.

 

[Ford850]

I have 3 vehicles (2007 Edge, 2013 F150, 2017 Escape) which are all in the upper trim limits. 3 drivers covered including a 20 year old male with a recent accident. Full coverage costs me $1800 for the year.

 

[Shaneard]

My wife and I have 4 vehicles, a new 2019 Suburban, a 2003 4 door GMC 2500HD Duramax, a 2003 Toyota Tacoma 4 door, and a 1993 GMC Sonoma. The Sonoma will come off as soon as we sell it. We have collision, comprehensive and liability on all 3 of the newer vehicles and we pay less than $1,300 a year. I think location and companies have a lot to do with it. We have shopped around and have the best deal we can get right now.

 

[Streetcar]

Switching from gieco saved me over$1000 a year. When I called to cancel they knocked $700 off their wrote. Wife had a couple of at fault accidents in last 5 yesrs

 

[4get gto]

Unaware where the OP is from I think 1200 a year for two 20 year old passenger cars is horrible. He definitely has to find different ins. companies to deal with.

 

[Reb954]

Something I did a few years ago that dropped my insurance cost a lot was to carry a umbrella liability policy. With that you can lower the liability insurance on each vehicle and your house due to them being covered by the umbrella policy. I don't remember the numbers now but overall I ended up with more insurance coverage at less cost.