Hi everyone! I used to own my 2012 Mini Cooper outright, and my monthly insurance cost was $105 for it. A few months ago, the automobile broke down, so I canceled it. Now, I’m getting insurance for a new vehicle. I’m financing a used 2013 Hyundai Sonata through a credit union. Why all the quotes are $250 is beyond me. That sounds really expensive, especially in comparison to the price I paid for my Mini Cooper. I’m not sure why I can’t seem to locate anything more affordable; is it because I’m paying for this one? It seems absurd that my insurance would cost more each month than my auto payments.
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Mine went up $10/mo. I have travelers right now but my agent shops around for me every year
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Hello, Beethoven. Yes, it is the case everywhere. Insurance racket. They’re trying to recoup their investment losses from selling everything during the COVID-19 slump.
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I experienced a similar shock when I had to switch insurance for a new car. I used to pay around $105 a month for my old Mini Cooper, but when I started financing a used 2013 Hyundai Sonata, the insurance quotes skyrocketed to $250. The increase seemed absurd compared to my old insurance costs, and I wondered if it was due to the financing or the new car’s profile. After looking into it, I found that several factors can drive up insurance rates, including the type of car, its safety features, and the financing arrangement. It might also help to shop around with different insurers, check for discounts, and review your coverage options to find a more affordable rate.
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It’s definitely surprising how much insurance rates can vary between different vehicles, even for used cars.
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Parts taking longer to arrive means longer with courtesy cars, and with the second-hand market as it is, courtesy cars are much more expensive.
In addition, car theft has increased dramatically.
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No. not really my insurance has not doubled.
It’s frustrating when insurance costs seem disproportionately high compared to what you previously paid. The higher premium for your Hyundai Sonata could be due to factors like the vehicle’s value, safety ratings, or insurance profile changes. It’s worth comparing quotes from multiple insurers and checking for discounts to find a better rate.