Hey guys, I am 22 with 4 years of driving experience, living in MA. I have no speeding tickets and just one not-at-fault accident. Currently, I pay $200 a month for basic coverage on my 2006 Honda Civic. However, Geico quoted me $3,600 for 6 months on a 2017 Infiniti Q60. I have heard that insurance rates should drop after 5 years of good driving or after turning 25. Am I being overcharged, or is this quote typical?
Options to lower your rates:
Get married for a big rate drop.
Wait until you turn 25.
Choose a sensible sedan over a sporty car.
Ensure you receive all available discounts.
Use an independent insurance broker to compare rates.
Bundle renters/homeowners insurance for a discount.
Good luck.
It’s likely high, but let’s break it down.
Factors Affecting Your Insurance Rate
Several factors contribute to insurance premiums:
- Age and Driving Experience: Rates generally decrease with age and experience.
- Vehicle Type: Sports cars like the Infiniti Q60 are often more expensive to insure due to higher risk factors.
- Location: Massachusetts has its own insurance market dynamics.
- Coverage Level: The type and amount of coverage you’re purchasing will impact the price.
- Driving Record: Your clean record is a positive factor.
- Credit Score: In some states, credit score can influence premiums.
Possible Reasons for the High Quote
- Vehicle Type: The Infiniti Q60 is considered a higher-risk vehicle due to its performance capabilities.
- Age and Experience: While you have driving experience, you’re still relatively young compared to the average driver.
- Coverage Level: You might be getting more coverage than necessary.
- Other Factors: Geico might be considering other factors like your ZIP code or occupation.
What You Can Do
- Shop Around: Get quotes from multiple insurers to compare prices.
- Adjust Coverage: Consider reducing coverage if you have sufficient assets to cover potential losses.
- Increase Deductible: A higher deductible can lower your premium.
- Explore Discounts: Ask about available discounts (good student, multi-car, etc.).
- Consider Alternative Insurance: Explore options like pay-per-mile or usage-based insurance.
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Given your driving history and current insurance details, the $3,600 for 6 months on a 2017 Infiniti Q60 does seem high. Insurance rates often decrease with a clean driving record and age, especially after 5 years of good driving or turning 25. The high quote may be due to the higher risk associated with a newer, more expensive car like the Infiniti Q60 compared to your current Honda Civic. It’s worth shopping around for quotes from different insurers and checking if any discounts apply to you. Additionally, reviewing the coverage levels and considering raising deductibles or adjusting coverage limits might help lower the premium.
Insurance rates drop when you turn 25 or get married. My husband and I eloped to save on car insurance; at 22/23, we found married rates were under $100/month compared to $400-500 for unmarried rates. If marriage isn’t an option for you, avoid buying the Infiniti—it’s expensive to insure. I’ve experienced this with my husband’s Infiniti G37S.
Remember, owning a car involves more than just the monthly payment. Consider insurance, gas, maintenance, and taxes. A 2017 Infiniti will be much costlier than a 2006 Honda. If you can’t afford the insurance, you can’t afford the car. Always account for all costs, not just the loan payment.
Only in the early years (16-30), but not every year. It goes down strictly by age for men at 21, 25, and 30 (if not married), and for women at 21 and 25 (if not already married). It will also decrease when you have been licensed for three years (or three years in the United States), at any age. It will decrease for women under the age of 25 and men under the age of 30 if they marry.