How much should i expect to pay for car insurance?

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Tbonerazor
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Joined: Tue Jan 02, 2018 2:50 pm

How much should i expect to pay for car insurance?

Post by Tbonerazor » Tue Jul 03, 2018 11:32 am

Hi bogleheads,

I am in the market for a car as might be evident from other posts of mine.
This is my first car. I am looking for a used car in 2014-16 makes and i hope to finish buying within 15k.
I cannot seem to get an insurance quote without divulging personal information. Can you guide me on a ballpark for an acceptable insurance premium?
What should i expect when shopping for insurance?
I don't have points on my license and my credit score is in the mid-700s.

Thanks

daheld
Posts: 157
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Re: How much should i expect to pay for car insurance?

Post by daheld » Tue Jul 03, 2018 11:37 am

Tbonerazor wrote:
Tue Jul 03, 2018 11:32 am
Hi bogleheads,

Can you guide me on a ballpark for an acceptable insurance premium?
What should i expect when shopping for insurance?
1. No. It depends on a lot of things, namely your geographical location. I'm not sure why you're resistant on providing your information to insurers--they have to have it in order to give you a quote.

2. To give an insurer your information, and then for them to supply you with a quote in about 2 minutes. Adjust coverages and deductibles based on your needs to save money.

delamer
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Re: How much should i expect to pay for car insurance?

Post by delamer » Tue Jul 03, 2018 11:39 am

Two people with the same vehicle, same driving record, and same credit score will pay wildly different premiums depending on their age and location.

So what you should expect when shopping for insurance is that you can’t get an accurate quote without divulging personal information.

To keep down premiums, increase your deductible.

Rupert
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Re: How much should i expect to pay for car insurance?

Post by Rupert » Tue Jul 03, 2018 11:40 am

There are too many variables involved for us to give you reliable quotes, e.g., your location, the number of miles you expect to drive each year, the precise car you buy, etc. You need to give the insurance companies that information to get reliable quotes out of them. Check out the lists of the most and least expensive cars to insure before making your car purchase.

chevca
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Re: How much should i expect to pay for car insurance?

Post by chevca » Tue Jul 03, 2018 11:46 am

Tbonerazor wrote:
Tue Jul 03, 2018 11:32 am
Can you guide me on a ballpark for an acceptable insurance premium?
No. How old are you? Are you male or female? What kind of car? Where do you live?

As mentioned, it depends on many things and we really can't give you any kind of estimate without you sharing a bunch of info.

What are you so worried about giving info to the different insurance agencies for a quote?

-buzz-
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Location: USA

Re: How much should i expect to pay for car insurance?

Post by -buzz- » Tue Jul 03, 2018 11:47 am

Too many variables to ball park a number.

Some personal information is going to be needed to get a quote - age, location, male/female, marital status, driving history, prior claims, coverage amounts, deductible amounts, eligible discounts, annual mileage, security of parking, etc. all factor into the cost of insurance.

If your are eligible due to family military service, USAA seems to have a lot of loyal customers and reasonable rates.

Otherwise, you can get quotes from any insurance broker or through a company website. You will need to know specifically what vehicle make and model you are covering, so if you haven't bought a car yet you might get quotes on your top 2-3 choices to see if there is any difference in insurance costs.

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jharkin
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Re: How much should i expect to pay for car insurance?

Post by jharkin » Tue Jul 03, 2018 12:28 pm

LIke everybody else says, we cant give you a number.

It depends on:
Your age
Your gender
Your marital status
Your driving history
The make /model of car
How many miles you drive
Whether you use the vehicle for business
Where you live
Where you work
What coverage and limits you select
What special discounts you might qualify for with the ins company (like multi-policy discounts, etc)
In some jurisdictions your credit score also factors

The formulas vary wildly. Some states tightly regulate insurance rates. Others dont. Some states allow insurance companies to base your rate on credit history, etc. Others only allow a fixed rate based on driving record.

I pay < $500 per year per car with very high coverage limits. However Im married, over 40, drive a boring Toyota and have a 20+ year near perfect driving record and live in a state that heavily regulates rates.

If you are a single, male, brand new driver under age 25 driving a Corvette in a state with high auto theft rates and little regulation on insurance premiums you might pay something extreme like $3000+ just for basic sate minimum coverage.

Or you might (probably) will be somewhere in between those extremes. Only way to know is get some actual quotes. Try Geico and Amica to start (and USAA if you qualify). or find a local ins agent.

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SeeMoe
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Location: Near Philly..

Re: How much should i expect to pay for car insurance?

Post by SeeMoe » Tue Jul 03, 2018 1:36 pm

jharkin wrote:
Tue Jul 03, 2018 12:28 pm
LIke everybody else says, we cant give you a number.

It depends on:
Your age
Your gender
Your marital status
Your driving history
The make /model of car
How many miles you drive
Whether you use the vehicle for business
Where you live
Where you work
What coverage and limits you select
What special discounts you might qualify for with the ins company (like multi-policy discounts, etc)
In some jurisdictions your credit score also factors

The formulas vary wildly. Some states tightly regulate insurance rates. Others dont. Some states allow insurance companies to base your rate on credit history, etc. Others only allow a fixed rate based on driving record.

I pay < $500 per year per car with very high coverage limits. However Im married, over 40, drive a boring Toyota and have a 20+ year near perfect driving record and live in a state that heavily regulates rates.

If you are a single, male, brand new driver under age 25 driving a Corvette in a state with high auto theft rates and little regulation on insurance premiums you might pay something extreme like $3000+ just for basic sate minimum coverage.

Or you might (probably) will be somewhere in between those extremes. Only way to know is get some actual quotes. Try Geico and Amica to start (and USAA if you qualify). or find a local ins agent.
We lived within Philadelphia proper 24 years ago and had two Dakota pickup trucks, 1993, 1995 with good driving records. Annual coverage was an astonishing $3,200.00 per year! Reason we were told was because of so many uninsured drivers, law suits...We moved soon after, with early retirement, to the countryside and our rates were about 1/3 as much!

SeeMoe.. :annoyed
"By gnawing through a dike, even a Rat can destroy a nation ." {Edmund Burke}

Tbonerazor
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Joined: Tue Jan 02, 2018 2:50 pm

Re: How much should i expect to pay for car insurance?

Post by Tbonerazor » Tue Jul 10, 2018 6:35 pm

Hi Bogleheads,

Apologies for missing out on some essential info. Here are the below points:
1) age: 26
2) marital status: single
3) driving history: this is my first car
4) make and model of car: honda accord 2015
5) state of residence: NJ
6) whether to be used for business: no
7) where i work: NY (will be taking public transportation)
8) i am just a little uncomfortable sharing my SSN on insurance sites. If this is okay, i ll go ahead
9) my credit score is in the high 700s.
10) i am also trying to see if i can get a bundle since i am on the market for a renters insurance. (Association requires 300k minimum liability)

golfCaddy
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Re: How much should i expect to pay for car insurance?

Post by golfCaddy » Tue Jul 10, 2018 7:15 pm

The only way to get realistic pricing is to get a quote. There's too many variables: age, marital status, zip code, driving history, bundling discounts, vehicles, driving frequency, deductibles, limits, ... for anyone else to give you a reasonable number, unless there's a NJ insurance agent lurking on here.

boglegirl
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Re: How much should i expect to pay for car insurance?

Post by boglegirl » Tue Jul 10, 2018 7:58 pm

Tbonerazor wrote:
Tue Jul 10, 2018 6:35 pm
Hi Bogleheads,

Apologies for missing out on some essential info. Here are the below points:
1) age: 26
2) marital status: single
3) driving history: this is my first car
4) make and model of car: honda accord 2015
5) state of residence: NJ
6) whether to be used for business: no
7) where i work: NY (will be taking public transportation)
8) i am just a little uncomfortable sharing my SSN on insurance sites. If this is okay, i ll go ahead
9) my credit score is in the high 700s.
10) i am also trying to see if i can get a bundle since i am on the market for a renters insurance. (Association requires 300k minimum liability)
I don't think you understood that this is all the info that the insurance company needs to provide you a quote...nobody here can do it. "where you live" isn't based only on state, but also refined to zip code (or even more detailed). Other factors are what coverage levels you want and your mileage. Seriously, just get a quote online.

Daryl
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Location: Malvern, PA (I like to sleep near my money!)

Re: How much should i expect to pay for car insurance?

Post by Daryl » Tue Jul 10, 2018 8:09 pm

I'm on the opposite side of the Delaware River (Philly suburbs). I could easily pay anywhere from $750 - $2,000 annually for premiums, with the same company! It depends on which coverages I selected, and associated limits.

daheld
Posts: 157
Joined: Wed Sep 13, 2017 8:14 am

Re: How much should i expect to pay for car insurance?

Post by daheld » Wed Jul 11, 2018 8:17 am

I do not understand why you won't just call an insurance company, give them your information, and get a quote. Nobody here can give you a quote. It could literally be $500/year or $5000 per year. There are so many unknowns and factors, and again, strangers on the internet cannot give you an accurate number.

Even if someone here could give you a reasonably accurate quote, you're going to have to purchase insurance, at which point you will have to give the insurer your personal information. You're wasting your time. Just call some insurers and start searching.

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dm200
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Location: Washington DC area

Re: How much should i expect to pay for car insurance?

Post by dm200 » Wed Jul 11, 2018 8:21 am

daheld wrote:
Wed Jul 11, 2018 8:17 am
I do not understand why you won't just call an insurance company, give them your information, and get a quote. Nobody here can give you a quote. It could literally be $500/year or $5000 per year. There are so many unknowns and factors, and again, strangers on the internet cannot give you an accurate number.
Even if someone here could give you a reasonably accurate quote, you're going to have to purchase insurance, at which point you will have to give the insurer your personal information. You're wasting your time. Just call some insurers and start searching.
Yes - you cannot get an accurate quote from an insurance company without disclosing personal information. Different companies are likely to quote different premiums.

mnnice
Posts: 317
Joined: Sat Aug 11, 2012 5:48 pm

Re: How much should i expect to pay for car insurance?

Post by mnnice » Wed Jul 11, 2018 8:36 am

Tbonerazor wrote:
Tue Jul 10, 2018 6:35 pm
Hi Bogleheads,

Apologies for missing out on some essential info. Here are the below points:
1) age: 26
2) marital status: single
3) driving history: this is my first car
4) make and model of car: honda accord 2015
5) state of residence: NJ
6) whether to be used for business: no
7) where i work: NY (will be taking public transportation)
8) i am just a little uncomfortable sharing my SSN on insurance sites. If this is okay, i ll go ahead
9) my credit score is in the high 700s.
10) i am also trying to see if i can get a bundle since i am on the market for a renters insurance. (Association requires 300k minimum liability)
I’m not sure what your rates are, but I suspect just your car insurance would equal a decent budget for rideshares or taxis or Zipcar?

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dm200
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Location: Washington DC area

Re: How much should i expect to pay for car insurance?

Post by dm200 » Wed Jul 11, 2018 8:53 am

mnnice wrote:
Wed Jul 11, 2018 8:36 am
Tbonerazor wrote:
Tue Jul 10, 2018 6:35 pm
Hi Bogleheads,
Apologies for missing out on some essential info. Here are the below points:
1) age: 26
2) marital status: single
3) driving history: this is my first car
4) make and model of car: honda accord 2015
5) state of residence: NJ
6) whether to be used for business: no
7) where i work: NY (will be taking public transportation)
8) i am just a little uncomfortable sharing my SSN on insurance sites. If this is okay, i ll go ahead
9) my credit score is in the high 700s.
10) i am also trying to see if i can get a bundle since i am on the market for a renters insurance. (Association requires 300k minimum liability)
I’m not sure what your rates are, but I suspect just your car insurance would equal a decent budget for rideshares or taxis or Zipcar?
Another possible factor is how long you have been driving. I think such young folks pay even more if you have not had a drivers license for very long. Yes - some companies offer a discount for other insurance.

Jordan4FI
Posts: 48
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Location: Honduras

Re: How much should i expect to pay for car insurance?

Post by Jordan4FI » Wed Jul 11, 2018 9:13 am

I used AIG when I was younger and living in San Diego.. I was a clean driver so i paid $850 every 6 months.. best rate I ever got in my 20's. So maybe look them up and get a quote.

PS, as you get older you realize you SS# is not as much of a secret as we are lead to believe, everyone gets to take it for use.. even overseas banks.

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dm200
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Location: Washington DC area

Re: How much should i expect to pay for car insurance?

Post by dm200 » Wed Jul 11, 2018 9:23 am

In my opinion, as well, I would not just choose car insurance by lowest price alone.

GT99
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Re: How much should i expect to pay for car insurance?

Post by GT99 » Wed Jul 11, 2018 9:38 am

Find an independent who can run quotes through multiple companies for you. Let them do the work. I resisted doing this for a long time, but finally did it about 5 years ago, and glad I did. When I first started I tried to find something to beat what he quoted as a test, and i couldn't. And he automatically checks every year to see if there are better deals with other companies.

Beyond that, the only thing I have to add to what's already been said is that every company calculates rates a bit differently. The last time I got quotes myself, they varied wildly for the same coverage - highest quote (Geico) was over 75% higher than the lowest quote (Esurance).

And to answer your question directly, based on what you've said, you're probably looking at anywhere from $1200-2400 per year, depending on coverage choices and car type.

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dm200
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Location: Washington DC area

Re: How much should i expect to pay for car insurance?

Post by dm200 » Wed Jul 11, 2018 9:55 am

GT99 wrote:
Wed Jul 11, 2018 9:38 am
Find an independent who can run quotes through multiple companies for you. Let them do the work. I resisted doing this for a long time, but finally did it about 5 years ago, and glad I did. When I first started I tried to find something to beat what he quoted as a test, and i couldn't. And he automatically checks every year to see if there are better deals with other companies.
Beyond that, the only thing I have to add to what's already been said is that every company calculates rates a bit differently. The last time I got quotes myself, they varied wildly for the same coverage - highest quote (Geico) was over 75% higher than the lowest quote (Esurance).
And to answer your question directly, based on what you've said, you're probably looking at anywhere from $1200-2400 per year, depending on coverage choices and car type.
Try to get a higher deductble collision and comprehensive policy. If the car is financed, the lender will have requirements as well.

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Toons
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Re: How much should i expect to pay for car insurance?

Post by Toons » Wed Jul 11, 2018 10:09 am

67 years of age here.Spouse 64
Good driving records.
2018 Honda Civic Touring 680.00 per annum
2018 Roadtrek Class B- 560.00 per annum
Full Coverage on Both /Roadside
Geico

:happy
"One does not accumulate but eliminate. It is not daily increase but daily decrease. The height of cultivation always runs to simplicity" –Bruce Lee

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jeffyscott
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Re: How much should i expect to pay for car insurance?

Post by jeffyscott » Wed Jul 11, 2018 4:45 pm

Tbonerazor wrote:
Tue Jul 10, 2018 6:35 pm
1) age: 26
2) marital status: single
3) driving history: this is my first car
5) state of residence: NJ
You will pay a lot.

https://www.valuepenguin.com/best-cheap ... ey#average

Quotes will vary so you are going to need to divulge information to a number of insurance companies at some point. Better to do it now, before buying the car.

Recently shopped 4 companies and one independent agent, quotes for the same coverage ranged from about $340 to $620 per year for our two cars. Since you will be paying much more, it certainly will be worthwhile to shop around, if rates might vary by nearly a factor of 2.
press on, regardless - John C. Bogle

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dm200
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Re: How much should i expect to pay for car insurance?

Post by dm200 » Wed Jul 11, 2018 4:49 pm

Advantage(s) of being "old", retired and older cars.

Two older (16-20 years respectively) Camrys - liability only, two drivers - $72 per month for BOTH cars.

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