Insurance screwed me on my 3IS!! HELP!
#16
Lexus Test Driver
Yeah, I agree that it might be wise to move to something more economical until either A) your income increases or B) your driving history starts to improve.
I would like to be in an IS or GS right now, but realized I can only afford old Lexuses, but wanted a newer car...so I'm in a Ford Fusion(which I do love). It's probably saving me a good deal of money, which I'm hoarding away. My insurance is $120 per month with a perfectly clean record(I'm a 24 y/o male). I can't imagine what a new Lexus would cost....or the 02 Trans Am I almost bought.....
I would like to be in an IS or GS right now, but realized I can only afford old Lexuses, but wanted a newer car...so I'm in a Ford Fusion(which I do love). It's probably saving me a good deal of money, which I'm hoarding away. My insurance is $120 per month with a perfectly clean record(I'm a 24 y/o male). I can't imagine what a new Lexus would cost....or the 02 Trans Am I almost bought.....
#19
Lexus Test Driver
And if you have a loan on your car, you're generally required to carry full coverage.
#20
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Join Date: Jul 2013
Location: NSW
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Insurance companies in my opinion are class 1 criminals.
#21
Super Moderator
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if you hit someone's car (and it's your fualt) your liable for the repairs. If you have third-party insurance they will fix the car you smashed. But then then your insurance rate and the other associated fees will blast through the roof.
Insurance companies in my opinion are class 1 criminals.
Insurance companies in my opinion are class 1 criminals.
#22
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The required liability is not to fix the cars damage. That is collision coverage. Liability is to cover medical bills, hospital bills, and lawsuits if it gets that far. If you ever hit a pedestrian or get into a serious accident that is deemed your fault, will you actually be willing to pay all that money out of pocket? That could be tens of thousands and even hundreds of thousands or more.
The insurance here is almost exclusively for property damage.
#24
The required liability is not to fix the cars damage. That is collision coverage. Liability is to cover medical bills, hospital bills, and lawsuits if it gets that far. If you ever hit a pedestrian or get into a serious accident that is deemed your fault, will you actually be willing to pay all that money out of pocket? That could be tens of thousands and even hundreds of thousands or more.
Liability insurance is the coverage that is required by law to cover damage caused to others. The requirements vary by state but are typically $10,000 to $25,000 of coverage. Some states (FL is an example) additionally require Personal Injury Protection (PIP) which pays medical costs regardless of who is at fault. Often however the individual with minimal coverage causes damage in excess of their policy limits and the Uninsured/Underinsured coverage of your own policy pays.
Last edited by wasjr; 04-25-14 at 09:56 AM.
#25
Lexus Test Driver
iTrader: (1)
Wow, $6K/year?? In many cases, getting older isn't necessarily a good thing, but this is definitely one area where it can be a plus! I pay just over $1600/year for full coverage on my IS-F and a '12 Highlander. Good luck to OP. Drive safe and hopefully insurance costs will improve over time.
-Mike
-Mike
Last edited by mikersoft; 04-25-14 at 07:29 PM.
#26
Lexus Fanatic
iTrader: (20)
ok folks, enough 'judgements' about whether OP is paying too much or not making the best choices. he's looking for advice about the particular situation.
OP - you had asked for it to start earlier on the 6th and when you didn't like the price increase (vs the 15th) you thought it would revert to the lower price if you just waited, is that correct? if so, i don't see how the insurance co. was supposed to know this and so they BEGAN the policy coverage on the 6th at the higher rate. i don't know whether it matters if you signed anything or not.
OP - you had asked for it to start earlier on the 6th and when you didn't like the price increase (vs the 15th) you thought it would revert to the lower price if you just waited, is that correct? if so, i don't see how the insurance co. was supposed to know this and so they BEGAN the policy coverage on the 6th at the higher rate. i don't know whether it matters if you signed anything or not.
#27
Lexus Fanatic
#28
Lexus Test Driver
#29
Lexus Fanatic
I can't imagine paying 5k-6k a year for insurance.
Not to make you feel any worse, but if I were you, I would get a quote from my agent before I proceed to buy