About to start paying for my own insurance, need advice

[Matt V]

I'm about to start paying for my own insurance and need advice on what coverage to get. This is for the P5, so full coverage isn't needed but would be nice. Progressive looks to be the cheapest which is what I need considering that I'm a full time college student and just need proof of insurance basically. Their "recommended" package is $92.45 per month or $510.50 for 6 months. Here is the coverage provided under that package:

Bodily injury - $379
- $50,000 per person
- $100,000 per accident
- $50,000 property damage

Uninsured/underinsured motorist bodily injury - $19
- $50,000 per person
- $100,000 per accident

Uninsured/underinsured motorist property damage - $81
- $50,000 ($250 deductible)

Personal Injury Protection - $31
- $5,000 limit

Comprehensive - $0
- No coverage

Collision - $0
- No coverage

Rental Car Reimbursement - $0
- No coverage

Roadside Assistance - $0
- No coverage

MyRate Program - $0
- Not enrolled

Total: $510 or $92.45 per month.

How does this plan sound? Sounds like it's basic liability to me.

 

[ScratchNSniff]

Who all have you looked at...we just insured the Miata through USAA for $27 a month...for me on the P5 is about $900 a year through Travelers with full coverage...

 

[Matt V]

I can't do USAA because I don't have any family in the military, or am I thinking of someone else?

I just checked Geico and they have a plan for $77/month that is one step above basic coverage.

 

[njaremka]

my suggestion is to shop around, call as many local agents as you can. if you own a house, check for multi-policy discounts. sometimes, geico / progressive/ etc. isnt the cheapest.

 

[Matt V]

I'm 20 years old and live at home, just to give you an idea.

 

[ScratchNSniff]

Shop around is what we did...what is your driving record like...anything that you may be able to add as discounts...

 

[Matt V]

Basically I have had no tickets, wrecks, or etc. My record is completely clean. I got my license when I was 16. I've never paid for insurance on my own so I want the most coverage possible for the money.

 

[ScratchNSniff]

Will your parents not let you get on theirs and just pay it...or even a relative...

 

[Matt V]

Nah, there has been some issues with my being productive lately so I'm just gonna get one on my own. Also a statement of independence and that I can afford paying something monthly.

 

[jred321]

i recommend talking to an independent agent. they will help make sure your coverages match your assets. independent agents will also be able to shop you around to multiple insurance carriers to get the best price for you. agents work off commission from the insurance companies so you don't pay them anything. AAA would be a good one to start with

to learn more about coverages and do an estimate on what you should have: http://www.travelers.com/personal-insurance/auto-insurance/index/learnaboutcoverages.html

 

[Matt V]

Here is the Geico plan that's $77 per month:

Bodily Injury Liability - $142.20
- $25,000/$50,000

Property Damage Liability - $250.00
- $25,000

Medical Payments - N/A

Personal Injury Protection - N/A

Uninsured motorist bodily injury - $18.40
- $25,000/$50,000

Uninsured motorist property damage - $22.40
- 2002 Mazda Protege5

Comprehensive - N/A

Collision - N/A

Emergency Road Service - N/A

Rental Reimbursement - N/A

$433.50 total or $77/month.

 

[JamesCH]

I've had the best luck going to a 3rd party insurer who can look at multiple insurance companies at once and find the best possible deal because they want you to buy through them, not directly through the insurance provider. For example, my Insurance company selected a Nationwide policy that was about 500/6mo for complete coverage on my MS3, direct from nationwide it was closer to 600/6mo. I got discounts for being within xx miles of work, graduating with honors (or being in good academic standing), etc, that the Nationwide Rep didn't mention, but my 3rd party company got for me.

If the insurance agent asks a lot of questions then they are probably doing their job right. If all they want in a VIN and your license number you'll probably wind up paying more than you have to.

 

[fateexceeds]

How close are you to graduation? If you're pretty close, you may want to go with a company that will offer you a discount in conjunction with your school's alumni association. I don't remember the exact amount, but I believe I saved close to $200/yr. on my plan with Liberty Mutual upon graduation.