My son turns 16 next month. I called today to find out what that will do to our premiums. Once the initial shock wore off, I came up with some different options that doesn't make the increase too bad. My son is going to be paying the insurance, but he needs a number he can handle!
So...if I reduce the coverage on my vehicle which is paid off to liability only, but raise the rate of liability coverage(due to a young driver), there is only a $40 increase per month. This is probably the best option. However, I lose my roadside assistance and comprehensive. I haven't reduced the coverage simply because I was worried about something happening to the car. If the car was totaled and it was my fault, than I would need the money that the insurance would pay under full coverage to replace the vehicle. Make sense?
I just spent an hour on the phone with the insuance agency going over all the different options. I don't know if I absorbed it all. My head is swimming trying to figure it all out!
Car Insurance Hell
January 5th, 2009 at 03:28 pm
January 5th, 2009 at 04:13 pm 1231172014
When DH was a new driver, his insurance was over $400 A MONTH!
And that was with great credit score, clean record and an old paid for sedan. And he was 24, not 16.
The problem was he had to get insurance right after he got his license - we had to get a car because he got a new job in NJ (we lived in NYC and viewed cars as a convenience and a luxury, not a necessity).
January 5th, 2009 at 04:52 pm 1231174343
January 5th, 2009 at 05:51 pm 1231177900
January 5th, 2009 at 08:09 pm 1231186140