Once it goes over $30,000 your insurance company will stop paying and you are responsible for the rest. It is of much more value when used on major accidents. Imagine you hit two highly-paid people who can't work for 6 months and have medical expenses. following this strategy you'll build a self insurance 'nest egg' over time. I cover only myself as my state does not recognize my domestic partner when it comes to insurance. just got quoted on esurance for around $50 a month, i may switch thanks to this thread. I'm in Chicago, 23 years old, clean driving record, big '98 SUV. Basically, you're self-insuring. That may be $500, maybe it's $1000, or $2000, some insurance companies even offer $5000 deductibles, and if you can afford that number that's what you should pick. Call Us Toll Free: 1-855-430-7753 . Having a good-sized emergency fund ready to go can save you so much money in the long run. Collision? It should be paid in after tax dollars. New comments cannot be posted and votes cannot be cast. They also had children in the car who got injured, and will have expenses for a very long time, if not the rest of their life. The bottom line is your liability coverage should be roughly equal to your net worth, or the maximum amount you may be sued for in an auto accident, whichever is larger. I do not have my license for 3 years yet so no good driver discount. I pay $620 every 6 months for my wife(primary) and I(secondary) to be insured on her 2001 mdx. Your best bet is to just get quotes from as many insurance companies as you can, and pick the best from that result. $10 a month less for 445 more horsepower! 500 Deductible for collision/comprehensive. The difference between state minimum coverage and a $1million umbrella is probably like $100-200 more per month and you're protecting yourself in the event you ever have a $1million lawsuit against you. However, they may not cost as much as at-fault accidents. For example, if you’ve never had any accidents and speeding tickets, and your DUI is the only hit on your record, your rate likely won’t go up as much. For example, let’s say your deductible is $1,000. What do you reccomend looking for when I go to switch insurance carriers? That covers collision and a few extra things like roadside assistance. What you pay to cover the car itself should depend on what the car is worth. TL/DR: Liability Coverage should be at least equal to your net worth, or the maximum amount you can afford. This advice has the right idea, but I'd like to add to it, to help you tailor your insurance for your own needs. The average quote we found for 16-year-olds was $5,948 for a six-month policy—nearly five times as much as a 30-year-old can expect to pay. The tradeoff is that you’ll initially pay more out of pocket. No damage to my car. Insurance for Mustangs is much more expensive for younger, less-experienced drivers. We are both 26 and this is through state farm. What kind of car do you own? In Minnesota, state minimum limits are 30/60/10. The cost of car insurance is usually lower once you own your car. Expect your rate to drop a bit when you turn 24 or 25. If someone else hits you and damages your vehicle/injures you, then their liability insurance will cover it. In your case, the two massive problems you have is your age and your location. So 1600 isnt too bad for full coverage. wow. That said, if you park outside in an area prone to, say, hail storms, it's probably worth having coverage. When it comes to life insurance, there’s a variety of metrics used to determine how much you will need.And which metrics will be used can depend largely on who’s asking the question. why would someone not get some really cheap insurance? By raising the deductible, you can often lower your monthly insurance payments, or premiums. Up here the Yaris is stupidly expensive to insure. Asking what other people pay doesn't really help, since insurance rates wildly vary depending on many many factors. If you can afford a higher deductible, as in have savings, then you can save money there. Geico quoted me a bit high so I went with Lincoln Insurance.. 19 Y/O, Fairfield County CT. 170/month with GEICO, comprehensive coverage on a 2000 Ford Taurus. If you have $1million coverage their lawyers are going to fight for you because they're protecting their assets as well as yours at that point. I pay $115 a month for my '08 Yaris and an '08 Camaro would be $105. I'll give it a shot and see what I can do. I'm curious how other frugal minded folks landed on their choices. Not your insurance. You need disability insurance as well. Under $2000 damage to the other guys car. This idea seems great (at 20,000 feet) and has been long over-do in many Michigan areas… however, with cost reduction comes limitations on your coverage. Not-at-fault accidents. if you don't have an accident up your deductible to $2000, now you're saving about $30 per month from where you started. It's really about how much it would cost you to replace your vehicle. Thats probably what i would expect to pay next year without accidents when i will turn 21. Hopefully you are never at fault in a major accident that involves injury or death, but if you are six figure settlements are likely, and million dollar settlements are becoming increasingly more common. The national average cost of car insurance is $1,427 per year, according to NerdWallet’s 2020 rate analysis. chicago male here as well ... 27 years old, no accidents, full coverage with $500 deductibles on most things and pretty nice limits . Do you own it outright or are you making payments on it? Just note that any damage up to the amount of the deductible will not be covered. How much your car insurance costs depends on a variety of factors, including your vehicle, age, driving record, insurance company, and location . A 20-year-old can expect to pay around $3,000 per year for full coverage if they have a good driving record. Always notify your car insurance provider. I pay 50$ a month and I have a fantastic deals. I'd say the comprehensive is worth it if you have a particularly valuable car, or one on which repairs or body work would be expensive. The amount you're paying for collision specifically is figuring they will make more off you in 12 years than they will pay out when you have your 1 accident. That's an extra 80 dollars. Sure, cutting your auto insurance coverage may save you some money, but it could also cost you much more if you're in an accident. It would definitely sting if my car were totalled, but I could certainly buy another. Your coverage need may be higher if you want to provide funds for your beneficiaries to pay estate taxes. I guess there are too many variables for anyone else to give me a great answer. Press question mark to learn the rest of the keyboard shortcuts. 23, 2013 BRZ, USAA, Central PA, ~$70 per month. Liability insurance coverage can protect you from financial ruin. I have state-minimum required insurance; but I bought my car on craigslist for 1200. Reddit is an online hub for all sorts of information, advice and pictures that make you go aww. $500 deductible is gonna be expensive. New comments cannot be posted and votes cannot be cast. That's one of the basic statistics the insurance company is using to make money. How much car insurance do you carry? Insurance companies point to numerous studies that correlate poor credit scores with higher numbers of claims. Bumping state minimum up to 50/100/50 costs just $70, so it’s just about $6 a month -- … Collision/Comprehensive: Your collision and comprehensive coverage on the other hand should be the maximum amount you are able to pay out of pocket if you had an accident today. We'll see what that does to our rates, if anything. Here's what to know about each. Learn which companies have the best DUI car insurance rates, how much your insurance goes up after a DUI and how you can still save on car insurance after a DUI. This thread scores in setting insurance rates rise after a hit-and-run conviction per person $. It really depends how much it would be cheaper for me to like 130 a month less for 445 horsepower! Around $ 3,000 per year, according to NerdWallet ’ s say your deductible time... Can often lower your monthly insurance payments by between 20 % and 40 % depending on your vehicle! Nobody questioned the gap in coverage. once it goes over $ your. 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