Hey guys, like the title says I was just quoted at $1000 a month for a car I’m interested in financing.
For some context, I’ve been driving for 4 years, I’m 21M, and live in Long Island, NY. I have 1 reported accident that wasn’t my fault, I was hit by a drunk driver at 100+ mph. When I was 18 I got a speeding ticket for going 90 in a 55. This resulted in me getting my license suspended, and due to an issue with the DMV I didn’t properly reinstate my license for 2 years, so I was driving around with a suspended license and didn’t even know it.
Now that my driving history is out of the way, let’s get to the important part. I’m about to come into a significant sum of money from a lawsuit due to the previously mentioned car accident. I wanted to get myself a reliable truck and have been looking at a certified preowned Toyota Tacoma, 2020-2023 model years.
I called my insurance company to see what a full coverage policy would be on this truck if I financed it, and they quoted me at 1K a month. I feel like this is absolutely ridiculous. I can more than afford the down payment and monthly payments on the car, yet I can’t afford to put it on the road? I’m on my own insurance and currently pay $500 a month through Progressive for a bare bones liability only policy on my 24 year old Jeep Cherokee. I’m at a loss and don’t know what to do at this point. I really would love to get a reliable truck but now I’m just considering sinking some money into the Jeep and fixing it as best as I can. Any advice on what I should do?
Quoted $1,000 A Month For Car Insurance?!
byu/Human_Menu7741 inInsurance
Posted by Human_Menu7741
8 Comments
There’s another sub that was posted within the past hour and he was paying $1800 a month, 2020 Benz, Queens NY.
Defensive driving classes. Shop around with other insurance companies. Otherwise, not much you can do. You’re young, have had a crazy ticket for speeding at nearly double the speed limit, and drove on a suspended license for years. None of these things add up to cheap insurance. You really just need to suck it up for a few years and drive safely without incident.
My best advice would be to ignore getting a new car until you’re 25. You’ll get a natural insurance decrease by then for being an older and more mature driver. If you can make it that long without accidents or incidents then you’ll be in good shape. In the meantime, invest the money that you were going to spend and keep the Jeep.
Your driving history is still a *very* important part. Whatever happened with the DMV aside, you just got your license reinstated a year ago. If you’re already paying a whopping $500/mo for just liability, $1,000/mo shouldn’t be the biggest shock in the world when you add on collision and comprehensive coverage for someone with your history. Plus your address matters, and it’s possible Tacomas are more costly to repair.
Time to buy a more economical vehicle my friend bc that rate sounds about right.
Let’s see…..
21 years old? Check.
Male? Check
Speeding ticket for going 90 in a 55? Check
Lives in a very expensive city with high insurance rates? Check.
So yeah. Your rates are gonna be ridiculous.
Just pay cash for the car. Get liability only with a high deductible. Don’t drive 90 in a 55…😆
Renting a car, wouldn’t be cheaper, possibly in a cheaper state. 🤔
Got all that money, looks like you get what you deserve bud