by Guest » Mon Jun 03, 2013 11:21 am
I’m just 18 and recently purchased a 2002 Mini-Cooper and I put it on full coverage since it’s my first car. For this, I’ve been paying $235 each month. Is this something reasonable or am overpaying? By the way, I’m with Geico and live in TX.
Posted: Mon Jun 03, 2013 04:11 pm Post Subject:
I put it on full coverage
And what exactly do you believe "full coverage" means, since there is no coverage called "full coverage"? What you really need is "proper coverage" -- which you may or may not have. Far too many people obtain what they believe is "full coverage" only to discover following a collision that they do not have adequate coverage, but only minimum limits of coverage. Adequate coverage = proper coverage.You are an inexperienced driver (less than three years of licensed driving experience), and you are under age 26, which are two of the "strikes" against you when it comes to underwriting auto insurance. Despite the fact that your Mini Cooper is more than 10 years old, it is still considered a type of "sports car" by many insurance companies which can also increase the cost of your insurance. If your Mini could be included under your parents' auto policy, you could also benefit by receiving a 10% - 20% "multi-car" discount.
At $2800 per year, your cost of insurance does not seem unusually high, but to find out for sure, you simply need to obtain "Apples-to-Apples" comparison quotes from other insurance companies. That is, exactly the same coverages and limits of liability that your GEICO policy currently provides.
You can do this on your own or, preferably, with the assistance of a licensed insurance agent who can search rates with multiple companies more quickly. You will not pay more for your insurance with the assistance of an agent than you would pay by obtaining insurance on your own.
An agent would also make sure that you have proper coverage, which is possibly something other than the "full coverage" you believe you have..
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