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Old 09-28-2017, 04:41 PM   #1
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Default How much do you spend on insurance every month?

Hi, Just want to do a survey how much do you spend on Sonic insurance every month? I am a relatively new driver (three years). I use Geico and I brought full insurance. All of the coverages such as Bodily Injury Liability I choose the highest, for example, $300,000 per person / $500,000 per occurence, so on an so forth. I pay it by 6 month, so they will give me a little cheaper price. Still, it's about ~ 106 months. After three years, I almost could buy a half of new Sonic.

I am wondering how much do you guys pay for your insurance every month. If my car gets older, should I adjust some of my insurance coverages?

Thank you,
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Old 09-28-2017, 08:56 PM   #2
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I would assume insurance varies a lot state to state and country to country. I'm in Canada, and I pay:

31 years old, no accidents, no tickets.

chevy sonic
$60 per month
1,000,000 liabiltiy
1000 collision
1000 comprehensive

chevy corvette
$60 per month
1,000,000 liabiltiy
1000 collision
1000 comprehensive

Because you're a new driver it will be expensive for a while. When I had 4 years driving experience I was still paying $300 a month for my corvette with no collision. As you get older and the car gets older it will come down.
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Old 09-29-2017, 12:28 AM   #3
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Where the big difference comes is whether you have full coverage or minimum liability. I'm 58, clean record, and pay $218 every 6 months for minimum liability only on my 2013 1.4 auto LT hatchback. I got this car from a family member, and paid quite a bit under KBB and NADA, but those places often list value quite a bit above actual street value. As a general rule of thumb, the 5 year point is when to drop everything but minimum liability. The car is no longer worth insuring, and in most cases you will lose money if you keep paying for full coverage and have an accident. Modern cars depreciate like crazy. I could have bought a really nice C5 Corvette for what the original owner of my car paid for it.
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Old 09-29-2017, 12:26 PM   #4
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Originally Posted by suitcasejefferson View Post
As a general rule of thumb, the 5 year point is when to drop everything but minimum liability.
Your theory is half right.

At 5 years old, the value of a compact car has depreciated significantly - and if you can afford to right a check for a replacement car - dropping comp and collision makes sense.

As to only having "minimum liability" - I disagree.

Liability is what protects you from a much greater loss that the loss of your vehicle. In my state (MN), minimum liability limits are 10,000 per individual, 25,000 per accident and 10,000 for property damage.

So if you injure someone in an accident, your insurance company will cover the first $10,000 of the medical bills and you are personally responsible for everything else.

I recently had a 6 day stay at the hospital - total bill was nearly $100,000. If you had put me there - you would be sending me most of your paycheck for the rest of your life.

To answer the OP's question, as 5.0 points out, insurance will vary widely from state to state, driver history and miles driven.

My rates:

2014 Chevy Sonic LT and 2014 Cadillac ATS4

300/500/100 liaibility with same limits for uninsured (to protect me from those who don't have insurance) and underinsured motorists (to protect me from those with minimum liability insurance) with the same limits - $500 ded comp and collision (full glass) - towing

$492.85 or just over $80.00 per month total.
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Old 09-29-2017, 07:25 PM   #5
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I am living in US and a college town. Well, I don't drive a lot. Most of time in the town and go to groceries. My car is Sonic 2013 LT, till now the mileage is only 30K. I wouldn't expect it will have a large mileage number at the 5th year. Although I could sell it and replace a new car. I don't think I could sell it in a good price. I decide to drive this car until it is not worth repairing. I am not sure if this is a good idea. I don't know how much this car worth now.

Quote:
Originally Posted by The Champ View Post
Your theory is half right.

At 5 years old, the value of a compact car has depreciated significantly - and if you can afford to right a check for a replacement car - dropping comp and collision makes sense.

As to only having "minimum liability" - I disagree.

Liability is what protects you from a much greater loss that the loss of your vehicle. In my state (MN), minimum liability limits are 10,000 per individual, 25,000 per accident and 10,000 for property damage.

So if you injure someone in an accident, your insurance company will cover the first $10,000 of the medical bills and you are personally responsible for everything else.

I recently had a 6 day stay at the hospital - total bill was nearly $100,000. If you had put me there - you would be sending me most of your paycheck for the rest of your life.

To answer the OP's question, as 5.0 points out, insurance will vary widely from state to state, driver history and miles driven.

My rates:

2014 Chevy Sonic LT and 2014 Cadillac ATS4

300/500/100 liaibility with same limits for uninsured (to protect me from those who don't have insurance) and underinsured motorists (to protect me from those with minimum liability insurance) with the same limits - $500 ded comp and collision (full glass) - towing

$492.85 or just over $80.00 per month total.
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Old 09-29-2017, 09:27 PM   #6
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368.00 monthly here(progressive)

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Old 09-30-2017, 04:17 PM   #7
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Quote:
Originally Posted by 5.0 View Post
I would assume insurance varies a lot state to state and country to country. I'm in Canada, and I pay:

31 years old, no accidents, no tickets.

chevy sonic
$60 per month
1,000,000 liabiltiy
1000 collision
1000 comprehensive

chevy corvette
$60 per month
1,000,000 liabiltiy
1000 collision
1000 comprehensive

.
Same two cars, same province, but double the liability, I'm paying about the same as you, but I'm almost double the age too
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Old 10-01-2017, 05:58 PM   #8
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What is your guys annual mileages? Considering I don't drive my car a lot, that's why sometimes I think my insurance is kind of high. You know, I pay a lot but I don't drive every day.
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Old 10-02-2017, 02:31 AM   #9
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If you cause an accident, say, with a BMW, $25,000 won't begin to cover it. And trucking companies have stopped rolling over for anyone who threatens to sue them, because so many trucks now have video recorders. Wreck a truck, trailer, load, and injure the driver, and you could easily be looking at a bill for $500,000 plus. And, yes, they WILL garnish your paycheck, file a lien against your car, against your house, against a possible inheritance, against anything you may own in the future. An agent will check you every year to find out what you own, or may own. This is not an outcome I would recommend for a young person.
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Old 12-05-2017, 09:36 PM   #10
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$68 a month for the Sonic. Full coverage.

$500 comprehensive
$500 collision


I have a couple tickets on my record, no accidents.
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