Well bad news, I was supposed to go pick up my black msp today when I got a call from my dad and told me that my car insurance would be $6500 a year for me under my own. So I need some help guys, I live in New Jersey, just turned 18, clean driving record, and am planning on either financing or taking out a loan to buy the car, but I need a good insurance company if anyone can help please PLEASE help!!!
Car Insurance
- Thread starter chrisjw85
- Start date
chrisjw85 said:
Sorry I can't give good info on what a real price would be, but $6500 is absolutely rediculous - I would imagine you could get something like $1500/year at least.
Patrick
edit: I just re-read and realized you're talking about msp - that I'm sure would be more... but $6500 is absolutely rediculous.
go check quotes from www.insure.com my friend!
JDM Sam said:
Already did that, no quotes for new jersey. Thanks anyway. For those that dont know New Jersey if very very difficult to get good car insurance in so this was kinda more aimed at people living in New jersey or knew that already. We dont have many insurance companies.
Well, when I bought my P5 (yeah, not an MSP, but still...) in January, I was told by the guy "Look. You're 22 years old buying a brand new car in San Diego." Being located about half an hour from such a convenient place as Mexico to bring a stolen car, my insurance is a little more expensive. Anyway, I'm paying about $730 per 6-months. I guess if you're a "new driver" - I don't know how old you are and you're getting a brand new MSP, that doesn't help your cause. I for sure as hell can't see 1/3 of the car's purchase price being paid out in insurance every year - that's just crazy.
Patrick
Patrick
One more thing... maybe something useful this time:
Check out www.carbuyingtips.com - it's a great all-around site for buying cars - has everything from how to get a fair price to warrantees and insurance.
Patrick
Check out www.carbuyingtips.com - it's a great all-around site for buying cars - has everything from how to get a fair price to warrantees and insurance.
Patrick
My advice? - just go without insurance. I almost was going to do the same thing when I was quoted $1800 a year for my MSP, but I found a different company and got higher deductibles, so I'm now down to about $700 a year.
But if you can't get it for under $1800 I'd just say screw it. I mean, lets face the facts:
1. Chances are in your favor that you'll only have a claim once every 5 years. Chances are good that that claim will be under $9000, so you'd be better off just "taking your chances" and pocketing the $1800 a year that the insurance would be costing you.
2. Even if you total the car and lose the whole thing, it's still one of the cheapest cars you can get. It's not like a Mercedes or anything that cost you an arm and a leg. You bite the bullet, say "that sucks arse," and move on.
3. If you get in an accident and injure someone, many people have "uninsured motorist" coverage anyway to cover injuries that you caused. Plus, you're only 18, so you can't possibly have much that lawyers can take away from you as compensation. At that age I'd just tell the lawyers "take everything I have," because I didn't have anything for them to take anyway!! You'll have many more toys they could take when you're 40, so save the insurance coverage for that age. Liability coverage = Lawyer bait if you ask me.
Just my 2 cents.
But if you can't get it for under $1800 I'd just say screw it. I mean, lets face the facts:
1. Chances are in your favor that you'll only have a claim once every 5 years. Chances are good that that claim will be under $9000, so you'd be better off just "taking your chances" and pocketing the $1800 a year that the insurance would be costing you.
2. Even if you total the car and lose the whole thing, it's still one of the cheapest cars you can get. It's not like a Mercedes or anything that cost you an arm and a leg. You bite the bullet, say "that sucks arse," and move on.
3. If you get in an accident and injure someone, many people have "uninsured motorist" coverage anyway to cover injuries that you caused. Plus, you're only 18, so you can't possibly have much that lawyers can take away from you as compensation. At that age I'd just tell the lawyers "take everything I have," because I didn't have anything for them to take anyway!! You'll have many more toys they could take when you're 40, so save the insurance coverage for that age. Liability coverage = Lawyer bait if you ask me.
Just my 2 cents.
.AHH I need to find a way to get the car now, just got off the phone with the dealership they got me the best finacing rate too! It's way better than I expected but the insurance is still way too high to put up with for the next 5 years of owning the car. I'm going to check on allstate tommarow, but if anyone else especially NJ OWNERS (where are you!?!?) that have msp's with full coverage lower than $6500 please tell me.
girth said:My advice? - just go without insurance......
3. If you get in an accident and injure someone, many people have "uninsured motorist" coverage anyway to cover injuries that you caused. Plus, you're only 18, so you can't possibly have much that lawyers can take away from you as compensation. At that age I'd just tell the lawyers "take everything I have," because I didn't have anything for them to take anyway!! You'll have many more toys they could take when you're 40, so save the insurance coverage for that age. Liability coverage = Lawyer bait if you ask me.
Just my 2 cents.
I'm not a law expert, but the problem is if the people sueing are smart or have a smart lawyer, they can set the judgment so that the claimant can claim for future earnings or winnings [like a lottery]. I'm sorry, I can't remember what this is called.
It is a form of wage garnishment [but I thought this applied to the present, not future].
So no one can really get away with something just b/c they don't have anything NOW.
sundevilMP5
Member
the reason that the insurance is so much higher is because the msp comes with factory turbo...that's a big red flag for insurance companies...will the turbo affect your engine reliability?? maybe at least more so then a NA car...also a turbo usually means faster acceleration and faster driving at least to the insurance company it does...a friend that works for farmers was explaining this to me why turboed cars a more expensive to insure...not to mention that it is a brand new car and a new driver...
sundevilMP5 said:
Right, very good points, and that would make a lot more sense too. Any ideas on insurance companies? Anyone have allstate? Geico would be good except they dont service NJ haha figures. Well I can get a huge discount on my car insurance if I also get life, home owners, and all that good stuff. probably bring it down to about 2 grand. Still why would I want/need that at my age? The dealership said they would check on insurance rates for me tommarow too, but just trying to get those who actually know what the rates would be.
Look into New Jersey Manufacturers (NJM) insurance. They are supposed to have really good rates but have very strict eligibility requirements, the first of which is that you must be employed by a member of the New Jersey Business and Industry Association (NJBIA). Most companies in New Jersey are members of this and at present I'm getting my company to enroll. BTW, I'm going through the same thing with my insurance. My first quote was $3400/year in Bergen county. I'm 24 and I have a practically flawless driving record. At this price I will never buy a MSP. We'll see what happens. Hopefully I will be one of you soon but now I'm still an outsider.
goonsquad said:
Yeah I know about NJM and yeah my company I work out has it, so I just got the information this morning. They told me it would be a 2 week waiting period for them and that they take forever to reply to you. So just for now I'm just getting different quotes from other insurance companies but am going to apply for that too. Thanks for the info.
- :
- 2001 Mazda MP3
i saved myself $2000 a year by easing my decuctibles....!
One of my clients owns several insurance agencies... How you structure the policy can make a HUGE difference. I have a crap load of tickets and they wanted like $2500/yr so I cut bodily injury and raised the deductable to $2k (yeah you need to be able to afford the loss if it happens) The only things you absolutly NEED for finance purposes are comp/colission/ and liability equal to teh cost of the car ($20k). Doing this cut the price in a little more then half.
Its a little more risky without the BI, but the reality is that if you injure/kill someone the $20k coverage isn't gonna cover the lawer fees never-the-less the medical...
Its a little more risky without the BI, but the reality is that if you injure/kill someone the $20k coverage isn't gonna cover the lawer fees never-the-less the medical...
Similar Threads and Articles
New Threads and Articles
-
-
New 2025 CX-5 with highway vibration problem; tires?- By DarkskiesIL
- Replies: 9
-