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Additional Details
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Jose S | Full COVERAGE!!!? |
i need help! real bad! first off i wanna say i got a 94 honda prelude by a auto loan of 2,500 dollars but the car cost 4,000. Now.... the banks policy like all other banks is to fully insure the vehicle. I went to the insurance agency and got a quote under my parents names and the car will cost me $4,000 A YEAR! I ONLY GOT A 2,500 FOR FUKZ SAKE. thas 333 dollars a month. WUT SHOULD I DO???
Additional Details
the car loan itself is only $125 a month for two years |
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mbrcatz
 |
OK, well, "full coverage" means different things to different people, I'm assuming YOU mean, "collision, comprehensive, and liability" coverages. It may or may not include medical coverages, and uninsured/underinsured motorist.
Get a quote under YOUR name, with minimum liability. That way, you don't have to carry all the "extra" coverages that your parents have. Also, if the car is titled in your name, you have to INSURE it in your name, anyway. Of course, if it's titled to your parents, they'll have to insure it in THEIR name.
As to what you should do: Sell the car, and pay $500 cash for one, then you don't need to carry "full coverage". If you can't afford the insurance, you can't afford the car . . .so don't borrow the money. |
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rlvanhazel
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Most banks and credit unions have a minimum value where the loan balance is where they require property damage (comprehensive and collision) coverage. Generally it was $2500 on the nose for a few places. I know this because I was in the same boat as you years ago when I was young and was raped by insurance premiums. I never bought a car that i had to finance more than $2500 on until I was 25 years old
Which bank did you finance it with? You can probably find out from someone there if you actually do need insurance. You can probably also check their website too. |
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looking4answers
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If you don't want to sell the car & get a cheaper car like others suggest. Here is what you can do:
1) call the bank and ask if you can change the $500 deductible to $1,000. many banks now allow you to do this.
2) Take the accident prevention course AKA the defensive driving class. In many states this will lower the premium on many of the coverages by 10%.
3(I don't know what state you are in but in NY their is a coverage called PIP ( personal injury protection) that you can have a $200 deductible added to the policy. This will lower the premium on all the cars in the house. This coverage only comes into play when some in your car is injuryed. Ask your agent for details.
4) Be sure to tell your agent/broker when you turn age 21, 25, 30 these ages will lower you premium but insurance companies don't tell you that they don't change the price till the next renewal period and you could lose months worth of credit for being a older driver.
Good Luck and wear your seatbelt |
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tiered
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First of all you dont insure a vehicle such as yours for a stated value. You insure it for the ACV, if you live with your parents that will be the cheapest route to go but make sure you call the agent and tell them you just want to add the honda onto the policy with min limits and comp and collision NO MORE@@@@@thats it and I am sure you will see it does not cost 4k a year. |
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Kat G
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The car is 13 years old. In cases like this you need to speak to the bank what you are going to spend on insurance you might as well just pay off the car. |
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Queen B
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i'm not sure i understand what you're saying. you bought a car that cost 4000 but you only paid 2500 for it? if you are wanting to know about the auto insurance this is the situation. to insure it to value so the bank stays happy, you have to value it at 4000 if thats the value. its more than likely the reason its costing you so much is becuase of your age. you say you went to put it on your parents policy, so therefore i get the feeling you are young. most states surcharge insurance policies for "inexperienced drivers" which usually means anyone licensed under 3 years. that may be why its so high for you. |
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