It’s funny you mention that because I was just about to relocate since Tennessee doesn’t offer much for me, haha. I took a trip out west and discovered how much more enjoyable life can be there without just focusing on buying cars and things like that.
As for the insurance, I pretty much accepted the loss. The silver lining is that I’ll make a bit of profit from this car, so it’s not a total loss.
And thanks! I don’t mean to brag, but I genuinely feel like I’m one of the most motivated people I know.
Years ago, when I was still under 25, USAA published a quarterly magazine called “Under 25.” Drivers younger than 25, especially males, are considered the highest risk for insurance, which is why car insurance tends to be pricey until you reach that age. Insuring a BMW, for example, can be quite expensive.
A coworker of mine, who was around 19 or 20 a couple of years back, bought a Dodge Charger and had a monthly payment of about $600.
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That makes sense. Most of my friends either drive older cars or are older themselves, so I couldn’t compare much. I didn’t realize this was the usual amount for it, but it does make sense.
A lapse will increase your rates further.
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I didn’t say that you did.
Having one will.
The reason for this is that BMW repair costs are quite high, and your limited driving experience contributes to the elevated premium. It might be helpful to consult an insurance broker who can compare options and find you the lowest premium available.
Insurance rates are determined by various factors, primarily related to risk. You’ve already mentioned several aspects that could lead to higher rates for years to come.
Your rates will remain elevated until you turn 25. As a younger male, you are automatically considered a higher risk, and owning a sports or luxury vehicle further increases that risk. Additionally, you didn’t specify your city or state, but living in larger cities or more populated areas typically results in higher risk assessments as well.
Consider shopping for insurance with an older model Civic or another average vehicle. Many people experience price shock with insurance because they purchase the car before comparing insurance rates.