That's minimum coverage allowed by law. I'm sure your liability coverage is much higher under your dad's policy, especially if he's a home owner.

 

But yeah, most likely if theirs dents or whatever, i'll be fixing it my self instead of the insurance.

hey mc350z, do u have AIM? AOL? or something chatt with u on there.

 

Yeah, he's a home owner. Damn didn't know that'll effect that.

Thanks bixby

 

My first post and it's not "Happy happy joy joy" I just felt I needed to put my 2 cents in on the insurance thing.

Not to play devil's advocate, but let's take for instance, you hit a bus or van full of children. Now this is not saying you were street racing, but just by chance, something happened to cause you to hit this other vehicle.
Do you thing that you will get by with only $20k for the whole thing?
Do you think that even $10K will pay for one person's medical bills?
Have you ever seen a hospital bill after an accident?

Let's now take for instance, that the roads were wet and for some reason you slid sideways into.....hell, anything! Hitting a house, car, building of some sort, etc., will put you over that limit and leave you having to pay for the rest out of you pocket.

I'm not trying to be an ***, but that agent is trying to sell you something cheap so he will get your business. Most reasonable policies are in the $100K-200K range for injury and property damage.

Lets not forget about uninsured motorists. Someone without insurance hits you and your car is totaled. Is there going to be enough to pay your medical bills, your passenger bills AND get you an new Z?

These are really things you need to consider when purchasing an insurance policy.

I have to admit, I'm a bit envious of you being able to purchase such a vehicle at 15 yrs my younger (I had a 72 340 Duster ) and I wish you the best of luck. I also have to say, that if you are able to make the money you claim to be able to make, put buying this thing off for a few more months, work full time and SAVE LIKE MAD. This will put you in SUCH a better possition to buy this car and be able to pay for it easily. Hell, you will be able to take that girlfriend out a few more times as well!

Ok, I'm off my soapbox. Thanks for the opportunity to say my piece.

Sam

 

Well I say good luck. Quite a bit of car for someone your age. Just be careful and be SMART.

 

I agree. You should leave the deductable @ 500 or 1000 (I'd do 500). Absolutely go with the higher liability coverage though.

 

Most lenders will not allow you to go higher than $500 deductible. They fear that if you have to dish out more, you may not pay your loan on time. Can't say as I blame them.

Yeah, until you don't have money and they are taking things that make you happy from you.

Hey, good luck with whatever you do, kid. I do wish you the best of luck. Just keep a very open mind about things and sometimes it doesn't hurt to look at things from a pesemistic (sp?) point of view.

Sam

 

ya i understand ur concerns.

And believe me, i will be smart. I took much care of the Accord, which was my first car. And i'll treat the Z with the same respect. And no no to racing on the streets.

 

but to tell u the truth, my dad wanted me to get the m3...instead of the z.

now that would be killer on my payments but he was willing to help out. But i said nah, better pick a car that i liked more then the one that i want but killer on payments.

 

Since this has turned into an insurance issue, thought I'd chime in - 22, no accidents or tickets, paying $150 mo. with GEICO (just me, no parents involved).

Check with your ins. company to see if they offer discounts for any classes. I know mine offers a pretty decent one for defensive driving and alcohol awareness.

On the other random topics, I recommend (in no paticular order):
school, doing what you want about the car, beware of high interest rates, never say you have your future planned out at 18 because things always change, finding a girl that can take you out, and I would like to point out that there's nothing wrong with automatics.

Good luck.

 

I totally believe you when you say the above, but remember...nobody ever says "believe me, I plan to get into an accident and total my brand new car within a week of getting it".

Insurance and common sense planning for the future are for the uncertainties in life that you DON'T expect.

 

My $0.02. Most likely the guy is living at home, so he probably doesn't have to worry too much about bills, just gas/insurance/cell phone/etc... given $1500/mo, I'd subtract all known monthly bills, then subtract the insurance quote, now the car payment estimates. How much do you have left? If possible, figure out how much you spend monthly on entertainment (food, movies, etc...) and subtract those to see if you have a buffer left over or if you'll need to cut back on these expenses.

Personally, I wouldn't take out such a large loan, especially at your age and income. I'd save for another 3 months to increase my down payment.

As for school, it doesn't guarantee you'll make any more money but at least for me it was fun and that's how I met my best friends.

 

What happens when you get a speeding ticket (and you will) and say for example it is a major violation, like 25 mph over the speed limit. Your insurance will almost triple. Happened to my son. A $1,060 policy became a $2800 policy overnight on a 2003 RSX Type S. Solution? He's buying a 1993 300Z, liability only, his combined insurance and car payment (I'm financing it for him) will be less than his insurance payment alone would have been on the RSX. I thought I was doing the right thing for him by helping him to get into a new car last year, and I don't regret it. But, he blew it, and now he's covering all his costs. But, he's in school AND working a job that today pays him more than you make. And he can look to a future where this 300Z or an Acura or whatever won't be all he'll ever aspire to because he's going to have a degree in a field where the demand is high. You may think $1500 a month and a new Z is all there is to life right now, but the honeymoon wears off quickly and then what do you have? You better be thinking about your future...there is more to life than Z cars and poverty level income, and you are young enough now to do something about it!

 

Amen, zmann!

 

This doesn't seem like enough coverage. $10K for property damage? If you hit a half way decent car you can go over $10K even if you were going slow. You would only have to TAP a Benz or BMW to do $10K of damage.

Also, if you finance the car you will be required by the lender to insure the car for collision and comprehensive for at least the amount owed on the car.

I hate to sound like an old fart, but I am an old fart I guess. I think maybe you are reaching a little too far a little too soon. Do what you want, but I personally think you would be making a mistake to over extend like this.

There are some awesome deals on used car that are plenty fast. They are fast, but less to buy and less to insure. (like maybe a 300ZX, or a Supra, or something like that) . That would be my recomendation.

My first sport car was an very used Camaro. It was cheap and quick. I never felt deprived driving it. Was it as good as a brand new sports car? Nope. But I enjoyed it and managed to save enough to buy a house, get married, and eventually buy a Z Roadster with cash.

Money is sort of a cumulative thing over your life time. If you start out in a hole you play catch up for a long time. A little restraint early in the game will put you far ahead in the long run.

Just my $0.02. Do whatever you want. If you do buy the Z, I wish you the best of luck with it.

 

Every person I have ever met who has had an accident considers him/her self to be a safe/smart/good driver.

Respect and brains can't prevent accidents. I believe the exact scientific theory "**** Happens" .

 

i know im a safe driver, i dont act half as dumb as these dumb@ss with a brand new car.


"oh ur gonna get into an accident within a week or two with this Z" oh i know ur going to get a ticket" u think all teenagers speed or get into accidents, think again.

 

[QUOTE]Originally posted by Azn03Z
[B]
With Full Coverage as well they qouted me at $1,165 every 6month's, i know that's still too high for most of you but hey it'll go down when i become 21 and oder...=P

This is what's on the coverage

Bodily injurey $10,000 Per person
Per accident $20,000
-------------------------------------
Property damage $10,000
-------------------------------------
Uninsure Motoris $10,000
$20,000 accident
--------------------------------
personal injurey $10,000
-------------------------------------
deductible @ $500

QUOTE]

Bud, I don't want to belabor the insurance issue. You've had several tell you already, but I'll repeat for emphasis. Don't get Mickey Mouse limits like the above! You, or your dad will wind up paying out the wazoo if you have an accident of consequence when you are at fault. Total somebody's LS430 and you're looking at Property Damage well beyond the $10,000 or $25,000 limit. It goes on and on. Trust me a little bit. I retired after nearly 33 years in that business.

Sounds like your dad is able to help you in a serious fashion. Enjoy but be smart (is that a contradiction?).