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My daughter's first vehicle too - insurance!

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My daughter's first vehicle too - insurance!

Old 06-26-2017, 01:05 PM
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Default My daughter's first vehicle too - insurance!

Didn't want to hijack the other member's thread but I'm in a similar situation.
Daughter just hit 16. Great kid, actually on pace to graduate HS 1 year early. I've been telling her since she was a little girl that if she did good in school, I'd buy her a car when she turned 16. Well she's more than done her part!
I got an insurance quote on her based on a $10K 4-runner and I about fell out of my chair. Our insurance would go up from $373 every 6 months to over $1400 every 6 months! What in the hell?!?
Are there any teenager friendly insurance companies out there? I'm going to have to whack the vehicle budget down to a few thousand, pay cash for it and just have the absolute minimum coverage on it to be able to afford anything.
Old 06-26-2017, 01:50 PM
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i dont think its so much the cost of the vehicle in your case but more of the age of the driver. teenagers tend to get into more accidents and more tickets on average than a more mature adult.

please do not skip and go with the minimum coverage! the savings is not really that much more and when something happens it sucks for everyone regardless of who's at fault
Old 06-26-2017, 02:00 PM
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That's only about $2,000 per year........sucks but that's what we have been seeing.

FWIW: I have 3 boys aged 15-20. Already have 2 driving and the 3rd gets his license in a few months. My insurance agent LOVES us!!!!
Old 06-26-2017, 02:19 PM
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Price seems about right....just the way it goes...kids wreck em....somebody's gotta pay for it....Not being a smart*ss, but, being in the business, and having 4 kids, my kids wrecked every vehicle....none too serious, but, they all wrecked em....rates are there for a reason....Best of luck....
Old 06-26-2017, 03:21 PM
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Originally Posted by Lunchmoney View Post
Didn't want to hijack the other member's thread but I'm in a similar situation.
Daughter just hit 16. Great kid, actually on pace to graduate HS 1 year early. I've been telling her since she was a little girl that if she did good in school, I'd buy her a car when she turned 16. Well she's more than done her part!
I got an insurance quote on her based on a $10K 4-runner and I about fell out of my chair. Our insurance would go up from $373 every 6 months to over $1400 every 6 months! What in the hell?!?
Are there any teenager friendly insurance companies out there? I'm going to have to whack the vehicle budget down to a few thousand, pay cash for it and just have the absolute minimum coverage on it to be able to afford anything.
Teen drivers are expensive to insure. Even more so when you purchase a dedicated vehicle for them.

If you just added her to your existing policy as an occasional driver of the vehicles you already have, it would not be as expensive.

Also, it won't make much difference if you purchase a less expensive vehicle and forego collision on it. The problem is that in the eyes of the insurance company she has unlimited access to her own vehicle. As an inexperienced driver with unlimited vehicle access, they need to charge you for the damage she might cause to other vehicles or parties. So the cost savings will only be on the vehicle, not on the insurance.
Old 06-26-2017, 03:28 PM
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Originally Posted by Lunchmoney View Post
Didn't want to hijack the other member's thread but I'm in a similar situation.
Daughter just hit 16. Great kid, actually on pace to graduate HS 1 year early. I've been telling her since she was a little girl that if she did good in school, I'd buy her a car when she turned 16. Well she's more than done her part!
I got an insurance quote on her based on a $10K 4-runner and I about fell out of my chair. Our insurance would go up from $373 every 6 months to over $1400 every 6 months! What in the hell?!?
Are there any teenager friendly insurance companies out there? I'm going to have to whack the vehicle budget down to a few thousand, pay cash for it and just have the absolute minimum coverage on it to be able to afford anything.

Only $2k extra per year? Send in the check quickly and hope that they don't bill you more when they find out they made a mistake.
Old 06-26-2017, 03:36 PM
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I would also echo others about minimum coverage. I don't know what the minimum coverage for your state is, but cars kill and maim every day, even with careful drivers driving them. If she badly injures someone and the jury decides the injured party needs $2 to cover a lifetime of assisted care for daily living, the plaintiff will take the minimum payout from the insurance company, and then see what nice things of yours they can execute on if you negligently entrusted the car to her. Have any equity in your house, your cars, your boat, any money in savings account?. Now that is all the plaintiff's. On the other hand, if you are judgment proof, then it is just a moral question for you to answer. Good luck.
Old 06-26-2017, 03:38 PM
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2K per year... run with it! We have 5 cars, 4 drivers, 2 are boys under 21. About 1K/month now...

I did up the umbrella to $5M as well. That cost is on top of the above...
Old 06-26-2017, 04:15 PM
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Might consider different vehicles. 4x4 SUV's are expensive to insure for a teen driver. Maybe ask your agent for a quote on a Subaru, Mazda, Kia, crossover type of vehicle?
Old 06-26-2017, 04:33 PM
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congrats on your daughter doing well in school. We desperately need some education back into the economy.

On a second note. This being her first car and I having gone through this 5 times....go to car guru...put a search in for the vehicle you are wanting. My suggestion.. and I know I'm stricter than most...but look for a vehicle that has a 4 or 5 star crash rating and something that will be good all around on gas for her, insure cheaper for you and still get her around in style...Full coverage is a must and If you add it to your policy it will be decisively less expensive. I just bought a 2014 VW Passat. I pay just over 1300.00 per year. It was a base model but at $9,600.00 w 48,000 on the odometer I couldn't pass it up. This will get her through college. Remember this is their first car..chances are it will be in a few fender benders. 2 weeks after she got her license my daughter backed up into the Audi and 6 months after that she rear ended a Ford Expedition at about 3mph..she is now also working to pay for her repairs..no repairs were needed on the Ford....ahhhhhh kids..lol.....Good Luck..
Old 06-26-2017, 06:03 PM
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Sounds about right. I have twin boys who are 20 and 4 vehicles, my total car insurance bill is around $3500 per year.
Old 06-26-2017, 06:28 PM
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Reality smacks you in the wallet. Lightly.
Old 06-26-2017, 06:33 PM
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Holy increase, I can't imagine what insurance rates are today on teen drivers. I paid 1300 a year in 1977 on a 75 monty Carlo, damn insurance was more than the payment,
Old 06-26-2017, 07:34 PM
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Originally Posted by AZ210 View Post
Only $2k extra per year? Send in the check quickly and hope that they don't bill you more when they find out they made a mistake.
X2!!!!!! Cut the check and be happy.
Old 06-26-2017, 07:50 PM
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If you think that's expensive, just wait for the increase after her first fender bender....

I recall my insurance skyrocketing from an already high rate when I had my first accident. Don't ask me details as I'm 42 and don't recall the exact figures.

I empathize tho. I'll have two new drivers soon. No good choices out there.
Old 06-26-2017, 08:43 PM
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Originally Posted by Lunchmoney View Post
Didn't want to hijack the other member's thread but I'm in a similar situation.
Daughter just hit 16. Great kid, actually on pace to graduate HS 1 year early. I've been telling her since she was a little girl that if she did good in school, I'd buy her a car when she turned 16. Well she's more than done her part!
I got an insurance quote on her based on a $10K 4-runner and I about fell out of my chair. Our insurance would go up from $373 every 6 months to over $1400 every 6 months! What in the hell?!?
Are there any teenager friendly insurance companies out there? I'm going to have to whack the vehicle budget down to a few thousand, pay cash for it and just have the absolute minimum coverage on it to be able to afford anything.
What kind of coverage did you have for $373 every 6 months?
Old 06-27-2017, 09:14 PM
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You can ask your agent to raise the deductible to the max allowable and accept the risk. I do it on cars and homes, have $5k deductible on two separate homeowner's policies and pay about 50% standard deductible. Invest the difference and you are way ahead in short order.
Old 06-28-2017, 06:44 AM
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Not sure of the details, but buddy of mine put the car in his sons name, and insured it completely separately through a different company than his house and other vehicles. It was still expensive, but not as bad doing it that way.

If it hasn't been mentioned yet, if you have any assets/net worth at all, time for an umbrella policy.
Old 06-28-2017, 10:00 AM
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It has been my experience that 4WD is more expensive with teenagers as well.
Old 06-28-2017, 10:02 AM
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Originally Posted by Welshtrustee View Post
If you think that's expensive, just wait for the increase after her first fender bender....

I recall my insurance skyrocketing from an already high rate when I had my first accident. Don't ask me details as I'm 42 and don't recall the exact figures.

I empathize tho. I'll have two new drivers soon. No good choices out there.
I told both my daughters get a ticket or a at fault accident and you pay the insurance.

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