HuKaShI

I want to buy my TSX in june.

I want to know a ball park figure for what my insurance will look like...

I have just turned 25 a week ago.

I have never had insurance but have had my license since I was 16. I have been driving for quite some time now... My car is under my parents names but my name is not included in the policy. I have never been in an accident. I have had some speeding tickets in the past but the points have cleared and I haven't gotten any tickets in the past 2 and a half years...

I just want to know an estimate...

I also live in westchester county (town of Eastchester) of New York...My parents pay a combined $3000 for the 98' Honda Accord EX, 98'Acura Integra LS and 2002 Dogde Caravan.

I know my area has really low insurance rates. When I get the new TSX, I want everything under my name so I can get my Credit started in good shape.

Thanks...

leftride

iTrader: (1)

you can get online quotes at places like www.statefarm.com and others. I pay about $160/month with a perfect driving record, but am only 22.

Bass Mechanic

im 33 and i pay70 a month for 250/500 coverage with 100,000 property damage.

with American National insurance.
im an agent but i dont get any discounts.

duugk

Call around and compare. I have heard great things about Geico, and my parents have always used State Farm. I'd just break out a phone book and start calling around.

It is wise of you to be thinking about this before your purchase because it may make this car unaffordable for you. Speeding tickets and a young male are strikes against you from the start.

Let us know how it works out for you, good luck.

KC 2004 TSX

Somebody help out here... Isn't this going to be a problem.

duugk

Yeah, if he had the misfortune of getting into a claims situation, and the price would be paid not only by him but his parents. No one takes insurance fraud lightly, if I understand what he was saying correctly.

KC 2004 TSX

I certainly agree. I should have been more clear. Don't you have to go into a high risk insurance group when you drive without insurance. Bass Mechanic help me out here. Do you know what I'm referring too.

HuKaShI

I don't understand what would be a problem here.

I am going to get insurance for myself when I purchase the TSX...

Shouldn't that be the only thing that matters...

My parents and their agent tell me that I would be covered for any claims situation for the first time. After that, my name would have to be added to their policy for drivers.

Its like, if someone borrows your car and gets into an accident, you are still covered...no?

RSLand

No, the driver whose name is on the policy is insured. It is not the car that's insured. You loan your car to an uninsured driver, and the driver wrecks your car, you are screwed. The only question the insurance company will ask is if the car was stolen. If the answer is no, then you are up sh*t creek without a paddle. Of course if you answer yes, your friend will be needing a paddle.

DjElucid

I'm 22, had my license since I was 17 and was just added to my parents' policy with the TSX, $1800 annual. Not bad IMO, I live right outside of philly. I have heard from some of my friends that it'll cost up to $6000/year for them alone for insurance on a RSX.

JaTe

it may be different in NY...cause my insurance agent told me (back in the days when i was 16 and living in NY) that i would be covered for the first incident and after that i would have to be added onto the policy.

Bass Mechanic

i think what HuKaShI may have been missinformed about is this.

because of the way insurance laws are written at least in the state of colorado but most states are the same is that.
any person living in the household is automatically insured to drive a vehicle.
even if a 6 year old steals the keys and drives and wrecks the car they will be covered, however when you become driving age you must be listed on the policy.
if your not listed on anyones policy as a driver and your agent knows about it he is asking for some kind of action from home office. if he knowingly tells your parents it's ok to let you drive their cars without rating their policy for your added risk. he would be asking for it because of your age, and the fact that he would not be collecting enough premium for tha added risk he would have his contract with state farm revoked.

if you drive a vehicle and have a license you MUST be listed on your parents policy. if you have a bad driving record and they dont want you to drive you STILL have to be listed on the policy but EXCLUDED from coverage. because if you wreck the car the insurance company will NOT pay the claim if your excluded. but if you arent excluded they HAVE to pay the claim. and if this were the case i gaurentee you your parents policy will be cancelled right after they pay the claim. the claim will also go against your parents policy for the next insurance company to see and their rates will go up substantially as a result.

let me just let you know in advance, any finance company will require you to carry minimum of 100K/300K coverage for liability and 100K for property damages. i carry 250/500 and an additional 1 million dollar liability. many people get sued in this country after a car accident for easily 500,000 or more. if your coverage is only 100/300 your sure to get sued for the additional amount your policy doesnt cover.

point being even with the low coverage which is not adequet for anyone IMO you will easily pay well more for the insurance at 16 than you will for the car payment. at least in colorado ( our rates are high)
add that to the fact you do not currently carry insurance your rate will be significantly higher comming to an insurance carrier with no prior insurance.

KC 2004 TSX

Thank you Bass Mechanic. This is what I was referring too. He's been driving for nearly 10 years without insurance.

HuKaShI

So what am I looking at...

$2400 a year or so?...Thats a quote that I got from progressive...

I can afford $200-300 a month... I'm sure the rate will start to drop. I am not a wild youngster when I'm behind the wheel anymore. I was that kid 5 years ago... I am slowly getting to the point of "I don't want to drive if at all possible, its more of a pain in the neck than anything."

So does my $2400 a year seem like what I'm gonna get stuck with?

Bass Mechanic

i dont know, what levels of coverage does that price include?
if it's 25/50/15 coverage i would say your getting raped and a fool for getting a quote with thoes coverages

if it is 250/500/100 and a 1 million dollar additional liability limit then i would say your getting a hell of a deal.

one thing i would like to say to everyone here with reguards to insurance as well as you.
do yourselvs a favor, dont try to see how cheap you can buy insurance, look at the coverage. lets talk about how much coverage you carry rather than how little you can skip by paying for it.
afterall, what are you buying insurance for anyway? are you buying it to have a little card in the glove box in case you get pulled over? or are you buying it to protect yourself from a potential lawsuit from your accidental negligence, coverage for your personal injuries incase the other guy is too cheap to carry insurance.
there are a ton of reasons to carry insurance and no reasons not to. if your going to buy it then make sure you buy enough. because it will be that big accidnet you werent planning on that you will be needing it most and you will be glad you read this message.
in the US the average cost of a serious accident survivor is approximatly 706,000 in medical, pain and suffering, and medical rehabilitation. there are also a line of attorneys waiting to find their next victom of an accident you caused to sue the pants off of you.
for the extra 10,20, hell even 30 bucks a month make sure you have the highest limits you can buy. you will thank me later!

and if any of you live in colorado hit me up i would be happy to make sure you have the right coverage
719-572-0900
Kevin Campbell
American national insurance.

duugk

Good info thanks Bass. Yeah, you have to compare the same coverages between companies but, I must say, there is a huge difference between companies. "The Good Hands" people should be renamed "Butterfingers" because of how quickly you get dropped after a claim and the only thing progressive about progressive is their price gouging audacity. You really do need to shop around.

jonredraider

I dont have a TSX yet but I got a quote from State Farm (who I am with now for my Civic). They said it would go from about $82 a month to about $105 a month with the same coverages. They are trying to get me to raise them. Anyway, thats about a 30% increase. Hope that helps and is consistent!

Bass Mechanic

ha ha the good hands people. interesting thing about progressive and gieco, first of all i dont know where gieco comes off by saying you could save 15% or more in car insurance. i guess the key word being "could" more often than not i usually offer 10 times the coverage of their company at 1/2 the price. this is usually mostly the case when someones driving record cleaned up over a period of time while still a geico customer.
gieco for the most part handels high risk insurance like teenager drivers but for low risk people its very expensive.
progressive on the other hand i have seen both , i think they have 2 divisions, one is high risk and the other is low risk. i have only come across 2 people with similar coverage as me for less premium than i can sell the same coverage for.
the funny thing about insurance companies is i have seen some ( i cant mention) that offer really low prices but the thing the poor unsuspecting customer doesnt realise is that in many cases these companies will likely drop your coverage after you actually have a claim.
the bad news is if you go elsewhere and have a recent claim your going to get a double whammy because now with a claim your rates going to the new company will be significantly higher untill you have been with them for another 3 years.

HuKaShI

What if I were to put my name into my parents policy right now until I get the TSX...

And then I'll get my TSX with insurance under my own name...

Will that at least give me a chance to bring down my premium?

ortiz

You guy pay up the azz for insurance.

I am 30, married, no tickets, no accidents, and
I pay $628.00 a year for full coverage
I go through Horace Mann insurance.

Bass Mechanic

yea you need to have it for at least 90 days to be considered previously insured with most companies.

Bass Mechanic

as i said now tell us what are your limits. just because you pay 50.00 a month for insurance doesnt mean you have proper coverage. what do you do when you cause an accident and dont have the coverage to buy you a new car?
what do you do if someone sues you for more than your policy pays?
what do you do if someone hits you and leaves the scene, how is your uninsurance limts?

please post your limits for us then we can all cheer for you
what is your personal liability limit per person / per occurance
what is your property damage limit
what are your uninsured limits per person / per occurance

leftride

iTrader: (1)

Bass Mechanic, what are the new guidelines for uninsured motorists in CO, I though we did have to worry about that coverage?

EDIT: Just cause I am young I shouldnt be ignorant. I think I am very wrong in this matter, could you clear it up Bass?

ortiz

Each person Each Occurrence
Bodily Injury Liability $100,000 $300,000
Property Damage Liability $100,000
Comprehensive Actual Cash Value/$500 Dedutible
With radio, tape recorder
or playback device coverage Each loss $500
Emergency Road Service $100
Unisured Motor Vehicle
Bodily injury $100,000 $300,000
Property Damage $30,000
Rental Reimbursement up to one week

I pay $314 every 6 months.

ortiz

Bass Mechanic you say you are an insurance agent. From where? Maybe you can get me better insurance.

I am always looking for cheaper, better insurance.

HuKaShI

Ok

Last night I asked my mom to add me to their list of drivers on their policy. She said she would find out how much more her premium would be. She called Allstate today and found out that it was only $220 more per year to add me in.

She said that since I was 25 and over it was alot lower. She said, had I been under 25, it would have been $780 more per year.

Also a question for you guys...When I do buy my TSX next year, and register it under my name, can I add that car under my parents policy? resulting in a simliar (probably more than $220/yr) situation?

Bass Mechanic

exactly as i suspected, you clearly dont have enough insurance. you may be paying a low premium but you certainly have too little coverage.
just FYI the AVERAGE serious accident survivor in the US is $706,000 in medical , pain and suffering , medical rehabilitation and loss of wages.

in todays sue happy society and your coverage you better hope your not the cause of an accident. if you do find yourself in that situation i hope you dont hit anyone i know because after you exceed your limits of liability of 100/300 coverage you can bet the injured party will retain whats commonly known as an Ambulance chaser. these are attorneys that specialise in defending the injured party.
they dont charge any fee if they dont win a case against you for your neglegence but if they win the case say for a cool $500,000 they take a cut of the winnings from the defendant.
people who are injured by you in this case have everything to win and nothing to loose.
unfortunatly you would be the victom in this case from a liability aspect and you will be expected to pay the additional $400,000 in damages your policy doesnt cover.
i dont know about you but most of us dont have that kind of cash laying around but make no mistake if they win a case against you they can and will garnish your wages and attach a judgement to anything of value including a house or other property untill the judgement is satisfied.

now having said all that wouldnt you rather pay say umm 20, 30 even 40 bucks a month in additioal premium by raising your limits so that you have at least 1,000,000 coverage?
belive me its a small price to pay considering what could happen.

EDIT:: EEK i just noticed your uninsured limits are only going to cover 30,000 in property damage. i guess that is enough to cover your TSX but just barely
and if you need any extensive damage repaired 1 week of rental car reimbursement may not be enough. you will end up paying for a rental if you need it beyond that of your car is in the shop for any length of time.
also do you carry GAP coverage? GAP coverage covers the difference between what you actually OWE verses what your car is actually WORTH. for most people these numbers are not usually in your favor.
with GAP coverage if they total the car you get the amount to pay off the loan not just what they say the car is worth.

once again ill point out, i take my job seriuosly. and by doing so i make sure each and every person i insure had the total coverage they need. you never want any holes in your coverage. you expect the insurance company to take care of you in the case of an accident so why buy 1/2 the coverage and expect them to cover you for everything?
in this business you largely get what you pay for. some companies like mine is a little more affordable. but ultimatly the agent you have should be asking these questions or he isnt doing his job. he is most likely sitting on his fat ass collecting your money with no concern for his insurance package taking care of you when you need it. this is one reason people have bad experiences with insurance companies because they never had an agent explain why and how much coverage they should buy.

Bass Mechanic

oops didnt see this post, yes i sell insurance but i am only licensed in colorado. i do have a friend that works for American national in CA. i dont know much about CA but if you live near magic mountain i forget the city near there he is an american national agent in that area.

but as i explained before sometimes cheaper isnt always a good thing. first and foremost get the coverage you need to protect yourself. if you end up saving money in the process then great! and i can tell you that American National has some of the best rates anywhere considering the coverage.
if you cant already tell i take my job quite seriously. my job is not to just sell insurance but more importantly i do what i do to protect families.
you might consider getting a life insurance policy if you don't already have one. and dont tell me you have a work policy! work policies arent worth the powder ro blow them up with!
many many reasons why if your interested ill elaborate in another post.

Bass Mechanic

good boy im proud of you. glad you did the right thing.
and your right probly due to your age its lower. but read the above posts. does your family have the right limits?
what will they do if you get sued for 500,000 or more. how will they be protected? or will they?

Bass Mechanic

i dont know of any NEW guidelines in colorado, we just became a Tort state in July.
what this means is simply this. before when we had PIP coverage the guy you hit had his own medical coverage.
example you hit a guy and caused 250,000 in bodily injury.
this coverage included 50,000 in medical, 50,000 in medical rehab, and 30,000 in lost wages.
in this case your insurance coveres the remaining amount above the limits of his PIP coverage ($120,000)

now with this coverage and the same accident occurs and no PIP coverage for the other guy you now have to pay ALL his medical needs as well as the loss of wages.

as i stated in the other guys example the average is 706,000 in this case even 100/300 coverage is not enough even with PIP coverage because your still 20,000 short after you use up your 100k limit per person (dont even get me going on the per occurance coverage but same scenerio x 3 people or 300K)

as for uninsured / underinsured coverage this is coverage you buy in addition to your regular liability limits. it is not mandatory by the state. without it any uninsured motorest or underinsured motorest that hits you, or someone that hits you and leaves the scene (hit and run) leaves you with no coverage for yourself and passengers.
in the state of colorado approximatly 1/3 of all drivers are uninsured. that is 1 of every 3 cars you pass on the roads each day.
this is exaclty why you need this coverage. and somthing to consider here.. people who cant afford insurance and therefore dont have any or buy the state minimum requirements are 3 times more likely to have an accident than others.
the reason is the same reason any insurance company runs your credit report when writing insurance on you. they have done in depth research and found that a person is 3 times more likely to have an accident or make an insurance claim when they have bad credit. i can only assume its because people who are irresponcible with their money generally make irresponcible choices when driving a car. they are less likely to obey traffic rules and as a result more likely to have accidents.

so do you need it? i think so,
is it required no but it should be.

if you have questions or would like a quote call my office anytime my number is 719-572-0900 im there all day and when im not there after the 3rd ring i get the call on my cell.
Kevin

ortiz

The company I have has good customer service and my agent did try to get me more coverage. But I am not worth much right now. Even if someone did sue me for more than My insurance covers that debt would probalbly put me into bankruptsy. (Not getting a dime from me.)

I will however look into rasing my coverage upon your advise.

And yes I do have whole life insurance both me and my wife. She gets $500k and I get $750k if the other dies.
Doesn't sound fair but we still pay more for my policy for less coverage. Something about the age difference.

Gap insurance? I had to look up my sales invoice, but The dealership payed the gap insurance for me. One of the conditions when I bought the car.

Bass Mechanic

well i understand your situation but if you own a home that will be the first thing they come after. i hear your argument all the time " i dont have anything to take" but truth be told there are a lot of assetts you have they can seize if they want to be nasty enough.

any way props on the life insurance and the policy difference has a lot to do with you being male and her female, they live longer than we do on average. (she is less of a risk of checking out) also women are less likely to drive their car into a pole in a street race lol.

as for the gap insurance if you bought it from a dealer i bet you payed too much for example for me to add it to a auto policy added about 15 bucks per car to a 6 month premium or about 3 bucks a month

anyway good chatting with you.

HuKaShI

So Bass...

Since I'm now on my parents policy, what are my options for when I get the new TSX...you didn't answer that part of my question...

When I get the car, I plan to purchase it under my name and register under my name...Is it possible that I can put that car under my parents policy? Or will I have to insure it by myself, causing my premium to skyrocket.

Thanks!!!

Bass Mechanic

if your under their policy you can get you own when you get the TSX you just need to sho that you have been covered by some insurance policy. your rates will be decent because of your age. 25 is the magic number to see rates get lower

HuKaShI

Can I put the car under my parents policy?

ortiz

You must of missed when I said the dealer payed the gap insurance. It was a one time fee that they payed. I kept telling them about my cousin who bought an expensive bimmer and wrecked it two weeks later and is still paying on it. To get me to buy the car the sales manager offered tobuy the gap insurance for me.

I was waiting for a G35 coupe from infinity that took too long to get. Acura kept pestering me until they won me over. I am so happy to have persistant sales reps.

Bass Mechanic

of course, but i dont know how statefarm does their ratings. adding you to their policy only raised their premium up a little because you are probly listed as an occasional driver on one of their cars.
but if you add a 3rd car to the policy and you are on that policy even if you were to say you were occasional driver for the TSX you will still get assigned as primary driver on that car.
so the rate will go up quite a bit because now your rated to that car and its a new car.
it may still be cheaper than doing the policy on the TSX by yourself though. unless your credit rating is perfect

calbear2k1

When I left for college, my parents took someone's advice and had me listed under a separate policy and re titled the for the reason of liability in an accident. If you crash and are listed your parent's policy, that leaves them open to liability suits, where as listed separately, only you are open for liabliity. As being somewhat young, a 25 year old or a 20 year old will have far less wealth accumulated. Plus that would be a shitty way for parents to get sued out of a nice house..... Maybe it was more the re-title of the car that did most of the liability insulation, but it is something to think about.

It seems to have worked out well for me, as the transition left me with my parents 10+ years accident free record and discount (I've had the drivers lis for only 9 years!). However, most companies give a discount for multiple policies, which I lost being by myself (~50/ 6 mo).

Hey Bass, did you get your TSX at Pikes Peak? I trekked down there from Boulder since they were the only dealer in the state to have a 6mt on the day I decided to buy.

Bass Mechanic

your absolutly correct about your example, and yes i did buy ay PP acura but my car was shipped here from texas, the only 6 MT with nav for 500 miles when i bought it.