I’m an international student that’s not at all versed in car insurance. I make 72k a year and have some controlled debt ($6k in credit to be paid off in a few months)
With these factors in mind I budgeted 10% of my gross($600) for all things transportation but wanted to still keep it under $500.
Long story short – for any kind of good insurance (comprehensive+collision) I have to shell out like $300+/mo. I’m aiming for a car note of $260 or less.($13k loan over 72 months).
Is there any way to reduce the car insurance rate? Is there some cheaper alternative that’s still somewhat sufficient? Or do I just have to get a cheaper car?
The $4k used EV tax credit looks very attractive. This way I’d save money on the car note and fuel costs compared to ICE’s from the same year.
Looking at cars like Kona electric (2021 and older, <$20k) ioniq EV(2021 and older,<$18k)
Would appreciate any advice.
Surprised at the cost of car insurance
byu/CooriousGuy inInsurance
Posted by CooriousGuy
2 Comments
Cheaper car or less coverage are your options
Insurance Is essentially a game of risk, every major factor such as maintenance cost, replacement costs, labor, vehicle location as-well as driver age and record help influence the price. Things to reduce your premium would be if you have a spouse, multi car or automatic payments. Each carrier is different so if I were you I’d locate a broker who could compare quotes with multiple companies. Your IT license may play a roll in price as-well as non US licenses can’t be verified 100% of the time. I’d recommend something more affordable that you wouldn’t stress over if insurance didn’t cover it for whatever reason. Having a new vehicle is a beautiful experience but saving as much as you can while having a paid off vehicle is debatably a better option in the long run.