$360/month for car insurance?
I'm trying to finance my *first* vehicle, but between a $200/month car payment, and $360/month insurance, I doubt that I'll be able to afford it. The car payments I could handle, but the insurance seems a bit ridiculous, seeing as how I'm trying to get an 8 year old, 4 cylinder, manual transmission, Ford Ranger with 150k miles. Any ideas as to why my insurance is going to be so much?
I'm 21 and I've never had my own vehicle or my own insurance policy, nor have I ever been on anybody elses insurance. I've been driving my uncle's truck that has everything in his name, and just giving him $60/month for insurance. I have no tickets at all, or anything else against my record. My uncle only pays $130/month for two vehicles with full coverage, and he has multiple tickets against him.
Shop around, you should be able to do better. As a 21 year old it will inevitably be expensive, but $360/mo for a old truck is pretty ridiculous. Perhaps look at the coverage that entails. Given the age and resale value of the truck you probably shouldn't bother going comprehensive coverage if you can avoid it.
What city & state are you in? What is the coverage amounts? Try the state minimums to start. Do you have comp & collison? If so drop that, you don't need it for a car that old,
Finance? A car with that many miles. Is this a buy-here pay-here lot? Did they give you that quote? What insurance company? Try safe auto or progressive.
Try State Farm Insurance. I'm paying $12.00 a month. Really I'm.
Have you asked your insurance company?
Simply get some (as many as you can stand) more quotes. $360. Per month is ridiculous.
I just got (minimum) liability and uninsured motorists insurance yesterday on a 2000 S-10 truck for $150. For 6 months (the same as $25.00 per month)
Also… I would NEVER, NEVER pay insurance monthly. It is always more expensive that way. If you have to pay insurance monthly, IMHO, you can;t afford to drive at all.
http://www.edmunds.com/ford/ranger/2006/tmv-appraise-results.html
Look up your vehicle and add options etc to see about what you should pay for this ford ranger.
Before, you think about buying the vehicle, please, please make sure you find out exactly how much you are paying. So many dealers get you into the $200 a month payment, that you do not realize how much you paid for this vehicle.
My daughter, at age 19, back in 1994 went to a buy here/pay here place, to "build" up credit, and ended up buying a 5 year old vehicle for $7,000 and the "book" value was only $3,500. So not only did they rip her off by selling it double it was worth, but, they also charged her 21% interest.
One of the reasons the insurance is high, is that you need to buy full coverage on this vehicle till paid off. If, you paid cash, then you could buy liability only, which might lower the insurance in half.
Get on the phone and talk to an agent that can give you quotes with many companies for the lowest price. The agent may explain why it is this high, or the reasons for it.
One last thing you need to think about. You will need GAP insurance. If in an accident and if your vehicle is totaled, then they only pay fair market value, NOT the loan payoff. So, could end up paying off a loan on a vehicle you do not own anymore.
Buy here/pay here, are predators, and if you miss just 1 payment, they will repo it so fast, your head will spin.
See if you can get someone to co sign for you and go to a reputable dealer vs a buy here/pay here place.
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