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Unread 04-04-2012, 05:30 PM   #1
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Default Q about insurance deductible

So I got a quote from the cheapest insurance place here and it was 4k a year for just public liability. That is without any deductible though. It will be my first time on insurance as I only now decided to get my license, so they can't really give me a completely accurate quote until I actually get my license the beginning of next month and a car.

Would getting something like a $1000 deductible drop the rate a lot? How much do you think?
4k a year is a lot for me right now for just car insurance, I was hoping to be closer to 2k but I am not so sure that will happen. As long as keep $1000(or $500 ,depending on the rate they give me)put away to the side as a safety I should be fine as long as it makes my monthly premium drop.

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Unread 04-04-2012, 05:46 PM   #2
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How much it drops depends a lot on the risk of a claim on the vehicle you are considering.

For example, a high deductible on a vehicle that often gets into a collision, like a motorcycle or a Mustang for example, will drop the premium a lot. A vehicle like an old Dodge Caravan, will not drop it that much because not many will claim to fix a small ding.

Just the basic coverage here for a new driver with an older family type car is about 2000-2500. Collision coverage for a new driver is high because new drivers get into a collision more often than experienced drivers so you have to wait that one out.

For a first car I'd find something that you could replace for under $2000 and not get collision. Just get basic liability, drive careful for the few few years and then you can get a nicer car and not have to pay nearly as much in premiums.
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Unread 04-04-2012, 05:53 PM   #3
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How much it drops depends a lot on the risk of a claim on the vehicle you are considering.

For example, a high deductible on a vehicle that often gets into a collision, like a motorcycle or a Mustang for example, will drop the premium a lot. A vehicle like an old Dodge Caravan, will not drop it that much because not many will claim to fix a small ding.

Just the basic coverage here for a new driver with an older family type car is about 2000-2500. Collision coverage for a new driver is high because new drivers get into a collision more often than experienced drivers so you have to wait that one out.

For a first car I'd find something that you could replace for under $2000 and not get collision. Just get basic liability, drive careful for the few few years and then you can get a nicer car and not have to pay nearly as much in premiums.
I plan to spend 3-5k on a used car, the 4000 a year quote was for public liability on a 2003 VW golf without a deductible(used it as a base point because it was a car I was considering). I may go for a kia spectra or similar but it all depends on what is available when I get my license. I a have no intention of getting full coverage at this point.

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Unread 04-04-2012, 06:51 PM   #4
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4000 a year, and I thought we had it bad!
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Unread 04-04-2012, 07:16 PM   #5
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4000 a year, and I thought we had it bad!
My parents pay 200$ a month for a 2012 Mitsibishi RVR and a 2007 GMC Canyon combined with full coverage. Even with their history they still quoted me the 4k. I would say it will be less once I actually meet with them though.

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Unread 04-04-2012, 07:35 PM   #6
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My wife pays $1200 a year for her 2006 Outlander, full coverage.
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Unread 04-05-2012, 11:02 AM   #7
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I paid $500 a month for my Focus, 1,000 deductable, and my medical limits were sky high.
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Unread 04-05-2012, 09:37 PM   #8
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May be a stupid question, but you can get a deductible on public liability right?
I would think that it would work to where if you had a 1000$ deductible and caused 1000$ damage to another car, you would pay 1000$ from your pocket?

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