Insurance Question!
Thread Starter
Intermediate
Joined: Feb 2016
Posts: 49
Likes: 0
From: California
Insurance Question!
Hello all, I have a question regarding insurance after 6 months. I've never paid for my own insurance long enough with one car, so I've only had to pay for those generic quotes given to me from the Geico auto quote section. If I buy a C6, Geico says that the rate will be $92/mo. I am male and 20. Will this rate skyrocket after the first 6 months? Thanks all.
Edit: This is under the assumption that I receive no tickets/citation, don't go outside my mileage limits, or get into any accident.
Edit: This is under the assumption that I receive no tickets/citation, don't go outside my mileage limits, or get into any accident.
Last edited by carboyanno; Sep 1, 2016 at 08:26 PM.
Le Mans Master
Joined: Sep 2004
Posts: 5,118
Likes: 122
From: Madison (Huntsville) Alabama
CI 6-7-8 Veteran
St. Jude Donor '09
A lot of the cost depends on where you live, but I'd say that's a pretty good rate for a 20-year old male regardless of where you live. Married? That cuts your rates about in half ... or at least it did when I was your age.
Melting Slicks
Joined: Jul 2015
Posts: 2,800
Likes: 565
From: Mesquite NV
Have been with GEICO for over 20 years now. The only time my rates have changed on a given vehicle has been when I've moved; sometimes the rates have gone up, other's down. Other then that, the rates have gone down over time with good driver, age and other discounts. Regardless of the company you go with, if you're a good driver, don't get tickets and don't get into accidents, the rates you start with should stay the same and possibly go down over time.
There are a lot of good companies out there and I advise anyone to shop around to get the best rate possible, just insure you are comparing apples to apples in regards to coverage (the same amounts and types of coverage, deductibles, etc.).
In regards to GEICO, I've been very happy with them. I've had to make three claims with them over the years, all not-at-fault accidents; repairs were quality work and done in a timely manner, in all cases the deductible was waived (I didn't have to pay it up front until they settled the case with the other party like some insurance companies require) and, most importantly, my rates never increased.
There are a lot of good companies out there and I advise anyone to shop around to get the best rate possible, just insure you are comparing apples to apples in regards to coverage (the same amounts and types of coverage, deductibles, etc.).
In regards to GEICO, I've been very happy with them. I've had to make three claims with them over the years, all not-at-fault accidents; repairs were quality work and done in a timely manner, in all cases the deductible was waived (I didn't have to pay it up front until they settled the case with the other party like some insurance companies require) and, most importantly, my rates never increased.
Last edited by Welker1; Sep 1, 2016 at 10:08 PM.
Instructor
Joined: Apr 2015
Posts: 126
Likes: 4
From: columbia missouri
I used to jump between companies when I was your age (I'm 30 now). They all seem to give a special discount for switching from another company for the first 6 months and then it would go up on me. I don't know if they still do this. I have state farm insurance now which is the cheapest for me, as long as I don't have a bunch of tickets on my record.
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Le Mans Master
Joined: Oct 2000
Posts: 6,507
Likes: 723
From: Sausalito CA
Using the internet for insurance quotes is not an exact science IMO.
20 years old, C6, $92 a month seems like an extremely low quote...at least in my area of Calif.
To answer your question, again IMO, with established policies, increases usually don't occur without some type of incident...tickets, claims etc. or group incidents, flooding, excess losses etc.
Enjoy your Vette.
20 years old, C6, $92 a month seems like an extremely low quote...at least in my area of Calif.
To answer your question, again IMO, with established policies, increases usually don't occur without some type of incident...tickets, claims etc. or group incidents, flooding, excess losses etc.
Enjoy your Vette.
Le Mans Master
Joined: Jun 2013
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From: Colorado
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I feel that is a good rate for what info you have provided. However, you can expect rates to increase due to "adjustments" from losses the company experienced during the previous year. These adjustments are applied to all of the company's policy holders, and are not a reflection of you. If they had a good year, there may not be any adjustments. If you get reportable traffic citations, or at fault accidents, you can count on your rates going up at renewal time. There is also what is called the honeymoon period, where a company will entice you with lower rates the first couple of years, and then start to increase them. I had GEICO for my Harleys. Dropped them when they began raising my rates after 2 years. You should always shop rates every 2-3 years. I had USAA on my cars and trucks for over 25 years. Dropped them when their rates began to climb and USAA was no longer competitive. On my Corvettes, I went with insurance through the Corvette Museum. It was less than half of what USAA wanted.
Anybody who says they have been with a company a long time and their rates have "never" gone up; well I would have to say
.
Anybody who says they have been with a company a long time and their rates have "never" gone up; well I would have to say
.
Safety Car
Joined: Feb 2016
Posts: 4,457
Likes: 1,391
From: SC
Most insurance companies pull annual rate increases on you as standard practice, forcing you to shop around for a new company. State Farm does not do that. In fact, I get a rate decrease nearly every year if I have collision coverage because the value of the car goes down. I've frequently checked rates on other insurance companies online and they have always been more or only a few dollars cheaper. Never saved 15% in 15 minutes.
Impossible to say if $92 a month is a good deal or not without knowing the insurance limits of coverage, deductibles, where you live, etc. but it doesn't sound too bad for a 20 year old. I wouldn't offer you coverage for that!
Impossible to say if $92 a month is a good deal or not without knowing the insurance limits of coverage, deductibles, where you live, etc. but it doesn't sound too bad for a 20 year old. I wouldn't offer you coverage for that!
Southern Piedmont Area
Joined: Mar 2007
Posts: 573
Likes: 19
From: North Carolina
Originally Posted by CarboyAnno
If I buy a C6, Geico says that the rate will be $92/mo.
I am male and 20.
Even if you have a pristine driving record, I am extremely surprised that at the age of 20 you'd be able to get full coverage insurance on a C6 Corvette for $552 every 6 months ($92/month).
My advice to you is to jump on that quote like a duck on a June bug.
Regards,
-Ward
Racer
Joined: Jan 2014
Posts: 400
Likes: 37
From: Lone Star State
See if your parents will help with a Geico policy for your car.
My son was able to get my rate with Geico when I added him to my policy, he was 19 at the time.
His truck added $60 a month to my policy. I have a Vette, Audi S4 and a truck which cost about $60 a month each for insurance. Now he is insured to drive any of them.
My son was able to get my rate with Geico when I added him to my policy, he was 19 at the time.
His truck added $60 a month to my policy. I have a Vette, Audi S4 and a truck which cost about $60 a month each for insurance. Now he is insured to drive any of them.
Melting Slicks
Joined: Aug 2006
Posts: 2,409
Likes: 129
From: Fairview Heights IL
I'm single, almost 68 and haven't had a ticket in 40 years. My [very] full coverage costs me just about $1K per year when bundled with my homeowner's insurance. As I recall, getting married was one break, but the first big one came at age 25. After that the presumed risk stayed flat until you reach about 55. Moving violations and at-fault claims are poison.
