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Car Insurance Increased

July 17th, 2020 at 12:18 am

So I did drop DS2 from our auto policy once he moved to his own place and bought himself a car as I planned in an earlier post. And our insurance price increased as a result! I guess the insurance company figures that with DS2 out of the picture, DS3 drives the vehicles more. And that’s true. One of the vehicles is in my name but is actually DS3’s – he paid for it. DS2 was 22 with a good student discount. DS3 is 18 without a good student discount. Ah, that’s what I get. I can only imagine how much it’ll be once DS4 and DS5 join the policy. They’ll be getting permits in the Fall and licenses sometime next year. Then I’ll have 3 teenaged boys on the policy. Eeek!

Our current 6-month premium is now $1070. That covers three drivers using two cars with liability coverage only. The liability coverage is 250-500-100.

Posted in Personal Finance, Kids | 4 Comments »

4 Responses to “Car Insurance Increased”

  1. Wink Says:
    July 17th, 2020 at 12:38 am 1594946303
    1594946303

    Car insurance has to be one of my biggest frustrations. I don't even know what more to say about it. Clean driving record? Oh lets raise your rate every year anyway.

  2. mumof2 Says:
    July 17th, 2020 at 12:59 pm 1594990773
    1594990773

    I like our system over here, kids are on a licence scale here, they have to have their learners for 12 months and have to have a certain amount of hours of day/night driving, then they go on p1 licence (which has to be displayed on the car) which has restrictions, you can drive a high powered car, can't use any mobile devices, phone/bluetooth or loud speakers..if aged under 25 you cn't drive between midnight and 5am (unless it is for work which you have to prove) and you can't have more than 1 passenger aged between 16-20yrs of age (unless immediate family), you cant have any alcohol or drugs in your system...you go up to p2 plates (which do not have to be displayed) when you have had your lince for at least a year or you have turned at least 18 years old...the insurances don't really go up much only the deductibles if they are in an accident..such as if they are under 25 the deductible is like $1000...and kids can get their own insurance from aged 18 (some places earlier) and males pay more than females...and once they turn 25 it starts to get much cheaper especially if they have no claims...does that make sense?

  3. LifeBalance Says:
    July 17th, 2020 at 01:29 pm 1594992547
    1594992547

    Mo2, it's similar here as far as the restrictions. It sounds like the difference is that insurance is expensive for drivers under 25 (especially boys). Not the deductible since that's an aspect of the policy you can choose, but the premiums. And it's true even if their driving records are clean. DS1 is 25 and just saw his insurance premiums decrease. He lives on his own and has his own policy.

    The things we do to keep our rates down: (1) Buy liability only coverage which is only possible if the cars are fully-owned. So we have no deductible since we'd be responsible for our own car if an accident is our fault. (2) Make our boys wait until 17 to get their driving permits. That puts them at 17 1/2 at the earliest to get their licenses. To be clear though, it's not just cost savings driving that rule. It's safety too. The more mature they are before driving the better.

  4. rob62521 Says:
    July 19th, 2020 at 08:35 pm 1595190922
    1595190922

    Wait until you get older, much older. Once you hit 70, it is an automatic increase, even with a clean driving record. That was a bit of a shock when we got the 6 month premium notice for DH a few years ago. And all that advertising about the big companies giving you a rebate due to not driving as much...we didn't see any decrease.

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