Wow, car insurance is like 3-4 times more expensive than car payments.?

Question

I was looking to lease a new lexus is 250 which would cost me 369 a month but i went to get a quote from geico, it said that the insurance would cost about 1600 a month. I think that is pretty insane considering you could finance a porshe 911 for that much money.

I am 20 and got my license last summer. is there a time period when the cost of insurance goes down?

Its 1600 per MONTH, not 6 months

Answer 1

I don't pay that much in a year for 4 cars, 3 with full coverage. Now I know the kind of car and your age makes a difference, but $1600 a month does not make sense. Check with other insurance company's and get their quote. Try State Farm, Farm Bureau, and there are a lot of independent agents who can give you a quote. Good luck as I am sure you can get insurance for a lot less.

Answer 2

I suggest one to visit this website where you can get rates from the best companies: http://insure-cheap.info/index.html?src=3YApksmfFS04

RE :Wow, car insurance is like 3-4 times more expensive than car payments.?
I was looking to lease a new lexus is 250 which would cost me 369 a month but i went to get a quote from geico, it said that the insurance would cost about 1600 a month. I think that is pretty insane considering you could finance a porshe 911 for that much money.

I am 20 and got my license last summer. is there a time period when the cost of insurance goes down?
Update: Its 1600 per MONTH, not 6 months
Follow 14 answers

Answer 3

I might suggest you to visit this internet site where onel can compare rates from different companies: http://INSUREQUOTE.US/index.html?src=2YAPMd1iqP8iYo

RE :Wow, car insurance is like 3-4 times more expensive than car payments.?
I was looking to lease a new lexus is 250 which would cost me 369 a month but i went to get a quote from geico, it said that the insurance would cost about 1600 a month. I think that is pretty insane considering you could finance a porshe 911 for that much money.

I am 20 and got my license last summer. is there a time period when the cost of insurance goes down?
Update: Its 1600 per MONTH, not 6 months
Follow 13 answers

Answer 4

You can save on your insurance by compare quotes at http://help.insuranceforcheap.info/-rpzcyOA184

RE Wow, car insurance is like 3-4 times more expensive than car payments.?

I was looking to lease a new lexus is 250 which would cost me 369 a month but i went to get a quote from geico, it said that the insurance would cost about 1600 a month. I think that is pretty insane considering you could finance a porshe 911 for that much money.

I am 20 and got my license last summer. is there a time period when the cost of insurance goes down?

Answer 5

Compare quotes from the best companies at - INSURECOMPARE.INFO-

RE Wow, car insurance is like 3-4 times more expensive than car payments.?

I was looking to lease a new lexus is 250 which would cost me 369 a month but i went to get a quote from geico, it said that the insurance would cost about 1600 a month. I think that is pretty insane considering you could finance a porshe 911 for that much money.

I am 20 and got my license last summer. is there a time period when the cost of insurance goes down?

Answer 6

It would be very unusual for financial aid, grants, and scholarships to cover most of your college costs, especially going out of state. Merit scholarships are very competitive, many top students, national merit finalists, etc, won't even get enough to cover their books. Your needs based aid will be less attending college out of state. Tuition cost at SMC for full time (12 units x 2) will be $7000+ an academic year, $295 a unit non-resident cost. But if you were to do 19 units a semester, it would cost over $11,000 your first academic year. You will not gain CA residency for the UCs, so the cost of attendance will be $53,000+ an academic year, on a starving student budget, you'll likely need at least $2000 a year more, plus summer expenses of $4000+, and/or travel home. Would your parents be willing to pay that much? You will likely not get all/most of the classes you want as a freshman at SMC or other popular LA area community college. Priority for class registration is based mostly on completed units at that CC, you will be of the lowest priority, except for current high school students. You won't know until you register what your schedule will be. You have wrong times for classes, the 5 unit / 2x a week classes are about 2.5 hours each, and you can't take the Maths in the same semester. French has an hour a week lab, plus the 2.5 hours x 2 days. You meant rent, not a mortgage, correct? A roommate usually won't save you much, and may make you liable for their share of the rent, too many hassles. You can expect to pay $1000 for a low end studio on the Westside. If you're not 21, your rental options will be limited, and most landlords want you to have income of at least 3x rent, and good rental and credit history. (None is not good.) $100 on food is unrealistic, especially for a student who might have to eat out on the run. $100 gas, especially if you lived in the valley or Orange county or Ventura is way way low! Driving that far would be ridiculous anyway. $500 for car might be a bit low, depending on car payment, insurance, maintenance. Where did you get 11am to 6:30pm working hours? Most full time hours are 8am to 5pm for day shift, and it's unlikely that you'd find a full time job. The railroads, like Union Pacific, recruit union, military, and college grads, even interns must be college students. The jobs are very competitive. Minimum wage is $8 an hour, and you'd be lucky to get 30 hours a week (so no benefits), which won't cover the $1000 rent, there are taxes and deductions. The transfer rate from CA CCs to UCLA is 30%, no CC has a significantly higher rate, so 70% are not successful. (Look at the percentage of successful transfers, not the total number.) UC Berkeley's rate is likely similar, or less. You should consider attending a state 4 year college in your area, it will likely cost you less in tuition than SMC, and you may qualify for financial aid that may cover some of your room and board, in addition to tuition, etc. Sorry this is blunt, but as the mom of a teen, I wouldn't want to lead you astray. You are on the right track trying to figure things out, but you have to do some adjusting. Good luck!

Answer 7

When you have had your license for 3 years, some companies will give you a discount. Also, if you have had insurance continuously for 3 years. Just to get an idea, put in the same information but, make yourself 3-5 years older and have had insurance and license for 3 years. Also check with Progressive.

Answer 8

The problem is the insurance company does not want to insure you or your lexus. They think that if they price the insurance so insanely high you won't go for it. Try another insurance company...rates fluctuate all over the place. Another thing to do before deciding on a car is to check how much the insurance is on that model. I can understand the insurance company's point of view...NEW DRIVER...NEW LEXUS...OH NO!!! Insurance goes down when you reach 25 or get married and have kids...not a good reason to do that.

Answer 9

I work for an insurance agency in California and in this state your insurance premium goes down as you attain more driving experience. It usually goes down after 5 years of driving and it goes down significantly after 9 years of driving. They base it off of when you become of age to obtain a drivers license which is 16 in California.

Answer 10

You need to find a vehicle that is less costly to insure or you can move to where the insurance rates aren't so high until you get older.