JUSTINC2001

Ok so I am 18 right now but in about a year and a half I want to buy a Z so I will be Either 19 or 20 bc I turn 19 in May but I have 0 accidents, 0 tickets, I have I think a 15% discount on my insurance from drivers ed and I’m on my parents insurance plan as liability I’m pretty sure we have farmers or maybe State Farm I think about how much do you think it would be for at 19yo or 20yo for insurance e on a z also I live in Tennessee if that means anything

813_350Z

This question is better answered by your insurance agent. Short answer.. it's most likely going to be expensive. Insurance on a car such as the Z for a male under 24 is not cheap.

For reference, I was paying $210 a month when I insured my Z at 21. 0 accidents, 0 tickets, in Florida, with full coverage. Your cost will vary (most likely cheaper) since you live in TN (not sure how they drive there so don't quote me). It will be also be cheaper if you buy the Z outright and don't finance which means you won't have to run full coverage. However, bear in mind that given your younger age these factors may be negated and you may end up paying around the same as I did, or more.

Again, have your parents get a quote from their insurance agent as well as from other agencies.

terrasmak

iTrader: (8)

I always talked to my insurance agent on things like this

JUSTINC2001

thankyou for your reply reading this helped me but I should be 20 around the time I buy it I was just wondering if I should save for a year and a half for way too high of insurance and your response actually helped me

813_350Z

I'd set a budget for how much you can REASONABLY afford for insurance per month, and then set aside a grand at the minimum. Whatever you payments come out to be, pull the difference between what your actual payment is and what you expected to pay, then pull that difference from the grand. You can make it work if you really want to.

JUSTINC2001

I think I will be able to afford it because by then I would have my full time job it’s just hard to grasp it and think about it right now

813_350Z

Just be methodical and reasonable about it. I was spending 500 a month between insurance and the payments on the Z when I first got it. I had a full and a part time job to make it happen. It is possible.

bealljk

iTrader: (13)

I bet insurance will be $400 to $500 per month...but just online and get a quote.

Buy the car with cash and you dont have to worry about a car payment. Between now and then save & scratch up $5k and you'll have plenty of options.

I'd look for an insurance company that will base your rate on your driving habits - where they track your driving habits by a OBDII plug-in or by your phone.

and as best you can do not speed, do not race, drive very respectably, and your rates will drop little by little.

travlee

iTrader: (8)

So glad I am older...

whoknowsjimbo

As a licensed insurance agent I have to agree with the previous statements. Call or have your parents call your agent and get a ballpark idea of the cost because you don’t have the specific car picked out the premium will vary depending on year and package(touring, enthusiast etc)

also mentioned was get a quote online. You can just go to Progressive or Geico and get an online quote.

Being on your parents plan will help greatly when you go to get a policy on your own. Continuous liability is a huge factor for premiums. Stay on your parents plan as long as possible. That will always be the cheapest option because you have an older driver as the primary and you will have multi car discounts in addition to any multi policy discounts if your parents have homeowners etc.

If you’re in school make sure to get at least a 3.0 GPA.

Buying a car for cash helps in a couple of ways.
First you won’t be required to have comprehensive and collision. (Aka “full coverage”)
Second your cars lien status is a rating factor. If you have a loan or lease on your car you insurance premium will be a little higher than if it is owned out right.

Pay attention to your credit score this is used in your rating as well.

One last thing. If you pay cash for a car do not instantly think you do not need “full coverage”. If you save let’s say 5k and drop it all to buy a car and have no loan what happens when you have an accident?

More and more often cars are being totaled due to the rising repair costs. Especially with lower value vehicles.

if your 5k car gets totaled will you have the money to turn around and buy another at that moment? No? Then get comprehensive and collision. Yes? Then only get it depending on the cost of those coverages. And remember that higher deductible does lower your premium but look at the difference of premium for lower deductibles you would be surprised how little of difference it makes.

JUSTINC2001

thankyou for your guidance on insurance stuff all the stuff being told to me on this forum is being helpful in ways I didn’t even think of

bealljk

iTrader: (13)

Some solid information Jimbo ...

I would tell the OP (and OP's parents) to consider to put him on his own policy but have the parents financially help out. It will cost more money but he will likely be the highest-risk driver and when he spills-it he only forks his own policy ... not the entire family policy.

I agree with keeping full coverage on a vehicle even when it's paid off...I kept full coverage on my 2004 F150 through it's entire life with a $2k deductible and the monthly cost was about the same as just liability - but as mentioned before - if the truck gets stolen at least I'm provided it's value (+/- $6k minus a $2k deductible) to get me into something.

and (most importantly) have we thanked the OP (who is 18 / 19 / 20) for not being a D-bag on his first few posts? so it can be done? DK started the declining expectations thread...I'm gonna start the inclining expectations thread...

813_350Z

+1 on what Jimbo said about longer coverage and multi cars.

I was extremely fortunate when I picked up my Z. My grandma had placed me on her insurance when I got it and I would pay 70 percent of the monthly bill. When I had an employee at work slam in to my Z while coming around a corner i found out how good that insurance was. My grandma had her policy for close to 30 years with Allstate. I had 7k in damages to the car. I paid $100 for a deductible. It wasn't until she passed and I was speaking with our agent that i really realized that. The policy is grandfathered in, so as long as i never let that coverage lap i can continue to add vehicles and that $100 deductible will never changed. I currently pay $115 for the Z for full coverage with that deductible. Not bad considering you can find any where it is less than $500 anymore.

bealljk

iTrader: (13)

I've always exchanged a higher deductible for a lower premiums ... I understand that due to the longevity of that policy you got a perk(which is badass).

I insure my pickup with Progressive and the nissan with Hagerty.

zwei_the_c

Aged 21. Male, SoCal, clean record, alone on my own insurance. Payed $473 a month for insurance alone.


Quickly got on a big brother account, saved a ton. You have to get on someone’s plan to save. Otherwise, you can’t afford it. I was upset about it but thankfully I thought quick on my feet and got my money returned since I left less then 30 days of opening.

whoknowsjimbo

Careful with getting onto someone else’s policy. It may seem like a good idea at the time but there’s a risk.

Only drivers and vehicles that reside within the household should be on the same policy.

If you have an accident and the insurance company finds out that you do not live in the household they can deny the claim and cancel your coverage.

If they deny your claim then not only do you have to foot the bill for your damages and medical bills but also the property damage and medical bills of those that your are liable for causing.

zwei_the_c

Not to worry, we are in the same household. I appreciate your concerns greatly!

Holy

Outta curiousity what kind of driving are you using it for? I was 20 when i bought my Z (23 now) and intended on using it for daily driving until the insurance and gas expenses caught up. Yes accident and ticket free also. Now i cheat the system a bit and keep my Z on storage until i want to go for a drive.

Personally id take the ego hit, save up another month, and buy a cheap beater to use rather than stress all the payments if this is just a car for transportation. Take it from experience

khnitz

I tried to counsel my nephews and nieces about something similar when they reached that age (18-ish). I'd tell them they were better off expanding their repair knowledge with keeping 2 inexpensive used cars to have that were paid off and run liability-only on them until they turn 25 (when insurance rates drop significantly). The reason for 2 vehicles is so that if one breaks down, you can always hop in the other and get to work/school/what-have-you. Then, you can take some time to get the best deal on parts, research the fix, and then make the repair.

When you only have 1 car and you don't know how to repair it, if it breaks down you are in a pinch...if it's your only way to get around, you're at the mercy of the shop (cost and timing) to get you back on the road.

Just sharing some more experience.

JCat

iTrader: (4)

I pay $18.07 per month to Geico.

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