Insurance Rates for New Drivers

[hemi_fan]

I posted this in the Muscle Car thread (http://www.motorworld.net/forum/showthread.php?t=3433), but it didnt get many replies, so I'll try here;

For my first car I really wanted to buy a 87-89 5.0L Mustang. They sound so amazing, they can be super fast very easily, and they are cheap. The only catch is that my friend tells me they will cost me $900/month in insurrance. I deffinitely cannot afford $10,000+ a year to insure a car, but I really want to get something with some performance thats under $5000, and affordable to insure. Does anyone know anything about insurance rates on these cars? At www.kanetix.com I got some quotes and it seemed to be affordable if I put the stang under my dads name and put his 92' Accord under mine instead, but I dont know how reliable either of my sources are because the site said $6500/year for me to insure the car (as oppose to $10k). If you know anything about rates Id really appreciate it, or if you have advice that would be awesome. thanx

[Johns]

holy fuck!! just put that shit under ur parents name for insurance. thats way tooo much money a year if its under urs!! also make sure u do ur info on insurance companies cus they have their way of schemin :twisted:

[gis]

also make sure u do ur info on insurance companies cus they have their way of schemin :twisted:

like every single company in the UK,lol

[robruf]

The reason why it is so much is because you are male, and 16 years old and probably you don't have any idea how to drive a car yet, while although we think we know how to drive at 16 but we don't, not even close. You are in the highest accident rated category that there is, why do you want a Mustang anyway? Even if your dad buys you a Kia, it is still going to be over $2000 per year as you are a new driver and we all know why you want a fast car is to race and modify it to go faster and although I understand it, the insurance companies want money so when you crash or someone crashes into you, they will have the money necessary to fix your car, plus you will more than likely be playing your music loud and not paying attention to the road anyway and will hit something. Yes, this seems pessimistic, but out of everyone that I know, they have been in an accident, both minor and major ones. Myself, I have been in two accidents, one almost fatal, and both involved guys running through red lights about 10 seconds late. So that is why your insurance is going to be so high. Your insurance is not going to be going down until after you hit 25 years of age, so get used to the high prices until then, that is if you are accident free. Good luck, but your father will be paying lots of money for your insurance for numerous years to come if you are not willing to drive a fast car.

[jon_s]

Well, robruf is right, although, if you start an insurance policy under your own name now, and don't crash, then in a few years you will have a nice no claims bonus built up, then you will be able to afford a nice car.

[hemi_fan]

I know its going to be expensive to buy a fast car now, I just want to know if it will be affordable. 2k I can swing no prob, as long as its under say 4k then id be able to afford it cuz all of my income is expendable, and i can build up enough in the summers to pay for repairs/gas if its in the 4k/year range. Im starting to see why kids drive rice burners, hopefully I wont have to resort to that. I want a mustang because im a real car nut, and I really need something going for me. If I get one, im gunna drop a bunch of cash into it, and hopefully make scoring chicks that much easier. lol Id rice up my dads accord, but id rather have some power to back up the looks, and I really dont want to fall into the "ricer" category. Regardless what I get, im dropping all my cash into the car so why not start with a relatively fast platform.

[hemi_fan]

To clarify; I understand exactly why the prices are so high. (Almost everyone I know who recently got their liscence has already been in an accident, lol. and ive drivin with my one friend only two times and we almost crashed both times. I also know im a terrible driver because I crashed my dads car into my moms van LoL -- Dont worry, I fixed them both :D ) I dont like it, but I cant change it. My question is simply "How high are they!?!" specifically for a stang. Obviously more than a Honda, but its really not that fast of a car, and its a cheap car so the numbers my friend quoted me are probably ridiculous. There wouldnt happen to be any insurance brokers browsing this site would there? lol If so that would be awesome! If not, I'll just start calling and getting quotes when the companies are open on Monday. Maybe I'll hafta go with a monte carlo or buick. (Ex-Police cruiser maybe) thanx all

[SDK2003]

If you can't afford the Insurance then you can't afford the car – simple
We’d all like to driving around in better cars and would be able to if the Insurance costs wasn’t holding us back. Get something basic and build up your no claims discount like the rest of us had to do

[SilviaS15Cwest]

Insurance isnt that expensive if your under your parents name. Well not here in Colorado anyway.

'96 Honda Civic LX worth about $5500 (full coverage)
$155/month

'89 Chevy Beretta GT worth about $800 (liability only)
$78/month

Im 16 and 9 months. I have no tickets or accidents. Here is my brothers:
2002 Daewoo Lanos worth about $6000 (full coverage)
$220/month
He has 2 tickets (one for 9 over, and another for careless driving) and two accidents (totaling a 1995 Geo Metro LSI, and totaling a 2001 Daewoo Lanos) one of the accidents that he was in wasnt his fault, but his insurance still went up $150/every 6 months.

The way my insurance is set up I could be driving a Lambo and it would still be $155/month for full coverage. The second I get a ticket or accident it would skyrocket though...

[speedingpenguin]

i doubt it would be 10k/yr
around here i mean you could drive a Geo Metro and insurance would be 1800/yr for a male,16y/o driver....or ya could hop behind the wheel of a Viper GTS (any year) and pay around 3000 a year for insurance....a 5.0 'Stang would probably be around 2,200 a year around here, TOPS.
depends on where ya live though...

[hemi_fan]

I recently talked to a different friend of mine. The guy just bought an 81 Camaro Z28. I asked him how much hes paying for insurrance, and he told me $1200 but hes on secondary driver. He said it was $9200 if he was primary. That is fucking insane. The company knows hes gunna drive it a lot, but its still 8x more expensive if he puts it under his name. My problem: We will have 3 vehicles so at least 1 will be under my name for full time. As long as the Accord is not too bad, I should be fine with pretty much any car I want :D Or maybe I'll hafta start looking for something that pays a little more than $6.40/hour. lol we'll see

[deth]

dunno if its an option..but get it insured in another province? i know a buch of my friends from bc that go to uni in ontario have bc plates and insurance solely for teh price difference....i think its about 4k for a 'performance car'..i think...thats just off the top of my head so no guarentees :D hope it helps