The cost of motor insurance
#16
Re: The cost of motor insurance
Good point! Some states have some ridiculously low minimum coverage levels, which as far as I can tell are designed for students, rednecks, and habitual drunks, because nobody with any sense would drive with $25,000 of personal injury liability coverage and no coverage for property damage liability, yet such policies exist!
#17
Re: The cost of motor insurance
I'm paying just under $600 per car per year with a 16yo on the policy. $500 deductible. Two of the cars are brand new.
Good credit record definitely helps, and being in Maine.
Good credit record definitely helps, and being in Maine.
#18
Forum Regular
Joined: Jan 2017
Location: Connecticut
Posts: 107
Re: The cost of motor insurance
Definitely agree with trying AIG Travelguard. It was significantly cheaper for us and we are still with them 5 years later as even after shopping around we havent been able to find cheaper.
#19
BE Enthusiast
Joined: Jul 2013
Posts: 417
Re: The cost of motor insurance
And shop around a lot. In my case when I started, one insurer quoted me less than half of any of the others when I had almost given up trying to find something reasonable. In the end, the most expensive quote was six times the least. But do make sure they're all offering appropriate coverage levels.
#20
Re: The cost of motor insurance
Which is probably fraud and would invalidate your insurance in the event that you need to claim on it.
If you seriously injured or killed a third party you would be heading straight for bankruptcy. Is that worth saving a $1,000 for?
If you seriously injured or killed a third party you would be heading straight for bankruptcy. Is that worth saving a $1,000 for?
#22
Just Joined
Joined: Jul 2017
Posts: 8
Re: The cost of motor insurance
Thanks!
#23
Re: The cost of motor insurance
#24
Re: The cost of motor insurance
Also if you are making a reasonable salary or have assets, very worthwhile looking at umbrella insurance.
#25
Re: The cost of motor insurance
Good point! Some states have some ridiculously low minimum coverage levels, which as far as I can tell are designed for students, rednecks, and habitual drunks, because nobody with any sense would drive with $25,000 of personal injury liability coverage and no coverage for property damage liability, yet such policies exist!
TL;DR -
* Get the maximum coverage and/or opt for an umbrella policy - you should have coverage for at least as much as you're worth.
* YOU are liable for getting sued for anything more than that amount you're insured for.
* Peace of mind is worth more than the few bucks it costs.
* State Farm were excellent for me.
Take your NCB and importantly the Policyholder info to insurer - point the to the liability coverage in the small print and they should be able to lower it. But credit rating is still king.
My [now ex] wife got into an accident which was only partly her fault, got sued for more than the insurance covered. They insurance company got them to settle out of court for the $100k (because we were able to prove partial fault on the other party) but opened my eyes to how exposed you can be.
State Farm were excellent, paid out instantly, appointed attorney and sorted everything for us. Cannot fault them personally.
Once I found this out, I upped my coverage to the max and included an "Umbrella" policy - it's a pretty cheap add-on.
Also, advice for those not chosen their vehicles, it's worth doing your research and checking insurance rates before committing to a specific car.
I found insuring a Subaru was one of the cheapest, Infiniti & Lexus were also less expensive, at around half the cost of insuring a similar sized & priced Cadillac.
When you're paying $100-$200/month on insurance, it's worth factoring in along with the lease/repayment price to get a total cost.
(Memories of paying just 70 pounds a month to insure a Volvo S80, a Jaguar XKR, and a VW T5 camper van.....the coast & countryside.....the historic buildings....the crappy weather......I do miss plenty about the UK!!!!)
#26
Sad old Crinkly Member
Joined: Oct 2003
Location: Tallahassee, Florida
Posts: 807
Re: The cost of motor insurance
I also got quoted ridiculous amounts to start with.
Signed up with AIG travelguard (I think that is the name of it).
Premiums were significantly reduced. If I recall correctly it is in the region of $450 to sign up, but the saving on my car insurance alone more than covered that cost. They also offer additional services included within that fee. Worth a look in my opinion.
Signed up with AIG travelguard (I think that is the name of it).
Premiums were significantly reduced. If I recall correctly it is in the region of $450 to sign up, but the saving on my car insurance alone more than covered that cost. They also offer additional services included within that fee. Worth a look in my opinion.
Why would a travel insurance policy effect your car insurance?
Can't see the link there at all.
#27
Re: The cost of motor insurance
https://mvp.travelguard.com/plans
Why would a travel insurance policy effect your car insurance?
Can't see the link there at all.
Why would a travel insurance policy effect your car insurance?
Can't see the link there at all.
Travel Guard® Global Expatriate Assistance Program - It is not a travel insurance policy, but a relocation service.
#28
Re: The cost of motor insurance
There's no legal requirement to have a US DL to get US car insurance, plenty of Canadians own cars in the US.
#29
BE Forum Addict
Joined: Aug 2013
Location: Athens GA
Posts: 2,134
Re: The cost of motor insurance
There is a requirement to have a US licence when a permanent US resident.
The issue is making a truthful declaration in the insurance application. Make it truthful and you are covered. Make it less than the truth and you run the risk of having a claim denied. Simple really.