Insurance

[Parsi022]

Hi there, Firstly I'm new here so hello! I'm Jack It was my 18th birthday 2days ago and I got a brand new c63 compleat with PP, I've been going on about this car to my dad for awhile trying to get him to get one. Anyways to my surprise they seemed to have got me one instead But as you can guess the one word we all dread INSURANCE and I'm struggling with it -_- any ideas Jack

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[natman316]

Put it in daddy's name so it won't be too much. Most daddy aged guys in here seem to not pay too much for insurance

[drawde]

Originally Posted by natman316

Put it in daddy's name so it won't be too much. Most daddy aged guys in here seem to not pay too much for insurance

^ This.

Your insurance will still be pretty high until around 25, at least here in the US.

[jvanbrecht]

First off, congrats on the new car.. second, you are 18.. face it, no matter what you get as a young male, you are going to get screwed, whether or not you use your parents insurance policy or get your own.

If you are on your parents policy, they will need to list you as the regular driver, otherwise, later on down the line if you get into an accident, they may not only deny your insurance claim, but also drop your parents policy (you would not want that). Doing so will significantly increase your parents premiums.


Also.. I recommend you taking some performance driver training, not only will this help your driving skills (lets face it, your 18, you have a lot to learn and need more experience), but insurance companies tend to give discounts to drivers who have taken driver safety training in addition to the regular learning to drive classes.

[- Guilty -]

I'm paying $560/Month with State Farm with $2K deductible and the good student discount. I'm 20 have all my points and claims free. I'm getting raped.
Welcome to the club buddy

[jvanbrecht]

Originally Posted by - Guilty -

I'm paying $560/Month with State Farm with $2K deductible and the good student discount. I'm 20 have all my points and claims free. I'm getting raped.
Welcome to the club buddy

Holy **** man...

[- Guilty -]

Sorry I'm actually paying $538.64 lol double checked

[jvanbrecht]

I pay 238 per month, for myself, my wife, my C63 and her 2012 Grand Cherokee..

[- Guilty -]

That's better than me but still a little high IMO. My ex-gf family paid $120 for 4 cars and 3 people!

sometimes I wish I had family here to help me out (like my credit, insurance etc)

[jvanbrecht]

Our premiums are high more due to location and distance driven, then drivers/vehicles.

We live just outside of DC in Prince Georges county. It has a high rate of theft and high accident rate, which significantly increases the rates.

That is one thing to note to the OP, location, miles you put on your vehicle yearly, and other aspects also play heavily into insurance rates, not just the drivers age and record.

[- Guilty -]

He can always lie about the miles he put on his car.

[VaclavSV]

Im 21 and pay $420 CAD/ Month .. Full coverage. My rates should come down next month as I age and it would have been 1 year with the car.

[jvanbrecht]

He could, but I highly recommend against doing that.
As long as the OP gets into no accidents, never has to make a claim, then he is fine, but if you lie about the mileage, get into an accident and have to make a claim, if he has double the mileage expected, they may deny the claim.

[VaclavSV]

Originally Posted by - Guilty -

I'm paying $560/Month with State Farm with $2K deductible and the good student discount. I'm 20 have all my points and claims free. I'm getting raped.
Welcome to the club buddy

State farm isnt competative with people under 25. Shop around.. Im sure you can do better! If nothing else its party money!

[- Guilty -]

I did. State Farm are the cheapest in my case (I don't know why). + I want to have some peace of mind and not deal with a shady company that won't pay for my claims

[natman316]

Originally Posted by - Guilty -

I'm paying $560/Month with State Farm with $2K deductible and the good student discount. I'm 20 have all my points and claims free. I'm getting raped.
Welcome to the club buddy

damn, i pay only ~2k premium and i have 500usd deductable and have had an accident. i am using state farm also.

but my car is a c63, yours is a cl thats probably got something to do with it. plus I have in the middle of nowhere.

[Illusive]

I paid $210/mth when I was 18 with State Farm with their Good Student Discount. Then again, it was a smart car so it would definitely be cheaper than a C63 or any other high performance car. They were the cheapest I could find as everyone else was quoting me above $4,000 a year. Best way to save on insurance is exactly what natman said, put the car under your parents and then yourself as a part time driver on their plan. You'll save a bundle going that route.

Not sure if this is available in the US, but if you're going to college/university, depending on what you take, there could be deals with the school you go to and/or the profession you are studying. After my first year in university, I was able to become a student member of my professional association which allowed me access to their insurance discounts. Dropped my monthly rate to about $180/mth (with a Honda Fit) and decreased each year since then. The big hurdle is reaching 25, you'll see a significant discount. I went from $150/mth to $120/mth. All of my plans were full coverage with $500 deductible, no tickets, accidents or any claims.

[_timothy]

Originally Posted by - Guilty -

I did. State Farm are the cheapest in my case (I don't know why). + I want to have some peace of mind and not deal with a shady company that won't pay for my claims

its because youre in south florida. i also have state farm mine is similar but not as bad since im over 25 and in palm beach vs dade. after extensive calculation, i realized the state farm equation is the following:

high value vehicle + under 25 + miami = second mortgage

grats OP! don't wrap it around a tree. i probably would have at your age

[andrew c230k]

Shop around if your in Canada I have found that RBC insurance its the cheapest.

I'm 26 with a 2008 C63 in my name and the owner of it I am paying $139 a month, I am getting several discounts... because I still live at home my parents have car and home insurance with RBC so that helps alot on discounts, we also have another property that my dad is part owner with another family member funny enough RBC wont give any discounts on other policy items because its not our primary residence.

Even when I was younger with some tickets I didn't pay anywhere near what you guys are paying... I always had Mercedes interesting fact I am paying less a month for a C63 then I was for a 2004 C230K.

When I had the W202 C280 sport and some issues I was paying I think at most $379 a month.

My best advice is to drive that car carefully. If you want to be a hooligan do it somewhere off road... or else your going to get screwed by insurance even more. With such power in 2 seconds you can stray way over the speedlimit and then get busted to if your not careful.

[CoolBDPhenom03]

I'm paying about $1500/6 mos.

[OCJeff]

I'm paying $1600/Yr for 2 cars and 2 drivers, but I guess I'm old . It went up about $250/yr when I moved out of the 2003 C32 to the 2009 C63.

Clean driving record last 10 years (both wife and I), second car is 2010 Nissan Murano.

[VaclavSV]

Originally Posted by OCJeff

I'm paying $1600/Yr for 2 cars and 2 drivers, but I guess I'm old . It went up about $250/yr when I moved out of the 2003 C32 to the 2009 C63.

Clean driving record last 10 years (both wife and I), second car is 2010 Nissan Murano.

Im really jealous! My Dad has a perfect driving record one speeding ticket in '89 and no accidents. He pays $900/yr for an ML500. Your rate is very good!!!

[gthal]

I'm paying $2,200 per year for the C63, a 2012 Toyota Highlander, my BMW M3 and my house. Zero deductible on all policies. Insurance sucks when you are young and own an expensive car.

[Fung63]

gthal,

who do you use? I have TD meloche and get a sweet discount due to my professional designation but it's still higher than yours by quite a bit.

Originally Posted by gthal

I'm paying $2,200 per year for the C63, a 2012 Toyota Highlander, my BMW M3 and my house. Zero deductible on all policies. Insurance sucks when you are young and own an expensive car.

[gthal]

Originally Posted by Fung63

gthal,

who do you use? I have TD meloche and get a sweet discount due to my professional designation but it's still higher than yours by quite a bit.

I use TD Meloche Monnex too... and also have a professional designation. Not sure why mine is less than yours though. I have been driving 24 years, no accidents, no claims, nothing (well, one speeding ticket 8 years ago). I've been with TD for the last 10 years. I think where you live in Canada makes a difference too... we have limits to how much someone can sue for in a car accident which keeps premiums lower.