OK, I think this is my first post here. I've been lurking for a couple of months now. Anyway, I'm 16 and will be getting my license in a few months. Anyway, I've been narrowing down possible vehicle options, be it pickup, AWD, rice, etc. Needless to say, my heart is set on a Z. I've been saving money for a couple of years, and recently started working. I am saving just about all my money for the car. Now, I am going to be buying used, probably an 04 with around 20k miles? All that is fine and dandy, but my parents and I share one mutual concern, insurance. We are going to go for solely liability. How much can i expect my payments to be? A buddy of mine has a 350z. Whether or not the following statement is true, IDK, but its what he told me. It was going to cost him $22,000 a year to insure the car. Granted, his driving record isn't spotless. He had his provisional license suspended, then got caught driving on a suspended license, not to mention about a half a dozen seatbelt tickets. Also, apparently, the insurance company found out the Z was insured under his father's name. Could all these things add up to the astronomical cost to insure his car? What can my payments be estimated to be?

 

If you go to www.geico.com you can get a quote after putting in a little bit of personal information. Or just talk to your insurance agent now. That would probably be the best way to get a baseline reading on insurance costs.

 

wow, get back to us on how much they say...

im guessing you'll pay $2,000-5,000 a year assuming it'll be under your name

im 20 and im paying about $1,700 a year to insure the Z

 

I am 23 and married. I got a quote last night from Geico for 1,800/yr
My driving record is perfect BTW.
Its not cheap to insure a Z

 

NJ has the worst insurance rates of any state in the country. At your age w/ that car, I would expect to pay between $4000-7000/year. I'm now 24, but last year I tempted fate and asked what my insurance would be w/ State Farm in Bayonne, where I currently live. They wanted $5k/year with no points or accidents, whereas I am currently paying ~$2k/year. BTW, thats full coverage on both comprehensive and collision.

Granted, a lot depends on location, even within one state (Bayonne is in Hudson county near Jersey City, Newark, and Elizabeth... the Jersey Triangle of stolen cars) so I hope when I move to a more central area in a couple months I might find a better rate.

Good luck.

 

I would think that an insurance company would have just cancelled someone before it got to the point of $22k a year.

I would think that number is a bit far fetched.

 

by the way...I am 27, no tix, no claims...$1180/yr

Brazoria County, TX gets some CHEAP ins.

 

Um.. maybe I am wrong, but last time I'm pretty sure you cannot finance a car and only have liability insurance? The banks usually require full coverage, so their assets are protected.

I really wouldn't expect your insurance rates to be TOO high, assuming your parents dont have a bunch of tickets/wrecks. Its really going to be based more on them than you, since the car should be insured for your parents, and you added as a secondary driver or whatever.

The only way your insurance would be astronomical is if you were being insured by yourself, which at 16, no insurance company will do. Legally you cant even be bound to a contract untill you're 18 anyhow.

Best to just have your parents call up their agent and see what the price would be

 

Excellent points. You cannot have liabilty only on a financed car. And you woudn't want to either... something happens to the Z and its gonna come straight out of pocket to fix.

And I would agree w/ what Alonjar said; have yourself put on as a secondary driver w/ your parents.

If you want your insurance to stay low, obey the traffic laws at ALL TIMES.

 

the car wont be financed. i have about $10k now saved. add to that what ill make at work in the next 1-1.5 years and i should have a large portion. whatever money im short, my parents will loan me. they arent too excited about me taking out a loan or financing something so young. so, im going to entrust in the bank of mom and dad.

 

Wouldn't be a bad idea to get a loan to start building good credit. I live in Pa and I pay under $1k for my insurance (full coverage) and I consider that extremely lucky.

 

You guys pay nothing in the US.

Im in the UK and for a z at 20 it will be £3400 thats $6530.

So i am waiting till im 21.

 

Hehe, ya it sucks to be young when it comes to owning a sports car... Insurance will run you more then the cost of the car over 5 years..

 

Yeah, it's impossible for anyone to give you accurate #s. It is dependent on where you live and what your driving record is like, etc. Needless to say, at your age, expect to get raped. Not that it's worth anything, but I am 30 years old and pay $850/year for the Z thru State Farm. Thats for 100/300k coverage and full comprehensive, etc. I have a second vehicle which is an '04 Xterra and I own a home which is also insured thru State Farm so my auto rates have a couple of deductions for multiline as well as multivehicle coverage. All told, I pay $150/month to insure both cars and my home... clean driving record.

 

sucks being young and having to pay insurance period. My rates are expensive for the coverage on damage I may do to other not to my car. When I went from my 1996 626 to the Z my rates went up like $40 a month. It really pisses me off b/c I feel like if I wasn't getting hosed so bad by the insurance company I could be closer to buying a house. And my rates are only high b/c I am male and under 25. The Z is actually not that bad in rates, before I bought my Z I was thinking about an IS300 and it was ALOT more than the Z. I had my insurance company run a bunch of quotes on different cars. Here is the list from highest to lowest

Dodge Viper SRT 10
Lexus IS300
05 Vette
EVO
G35c
350z
05 Mustang GT
WRX STI
Neon SRT4
Crossfire SRT6
Crystler 300c SRT8

When I saw the is300 was more than the vette I decided not to get it and got a Z instead... no regrets.

 

All I can say is shop around for insurance, you won't beleive how different the quotes you will get from the various insurance companies...

I pay $800 a year for my 350z, When I checked with AAA i got a quote from them for $1800 a year... Just stay away from the fly by night insurance companies, sure you could save money but will they be there for you when u get in a accident..