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Old 02-08-2021, 11:30 PM   #1
Elvolvito
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Question Insurance question

Alright, I donít really know where to direct this question, so Iím posting it here in hopes someone here knows a thing or two about cheap insurances. Basically, Iím getting a new truck as my daily next month, however, I would like to keep my Ď88 244 as my weekend cruiser. My question being, whatís an extremely basic & cheap insurance I could get for my Volvo just to have it legal on the road? Iím 18 years old, and live in Central Florida. I really donít want to get rid of my brick, but I donít want to pay an outrageous insurance on a vehicle Iíd only be driving a few days a month. Anyone recommend any insurances companies/plans? Iím looking for something thatís maybe $60/Month at max. I currently pay around $200 a month for it since it is my daily, and my only car.
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Old 02-08-2021, 11:46 PM   #2
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What insurance do you currently have, and did you ask them for a new rate including said truck?

I've been with progressive for almost 20 years now and have been accident free, which is how I pay under $100 a month for 3 vehicles. That being said, I have a bare-bone policy that barely protects me in case of an accident.

Really, insurance loyalty, being accident free, and driving experience (age) is the name of the game. I'd suggest using one insurance company for both vehicles as they usually have a discount for multiple cars. Also, make sure they are giving you every discount possible, such as a 'good student' discount and automatic payments, if you can. These discounts add up quickly.
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Old 02-09-2021, 12:27 AM   #3
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truck as my daily...keep my Ď88 244 .
AT 18, better check the rate before purchasing a vehicle. In farm county, removing the bed, and installing a flat-bed reduces the rate.

One insurance carrier has a lower rate for a vehicle driven fewer miles, but its small potatoes.

Like previous poster, I have a proven safety record without tickets, but I pay 50% less than he does on three vehicles, and I have a higher liability amount...insurance premiums tend to be localized to where you drive in terms of accident statistics.

At your age, forget about low cost insurance...motorcycles use to be that way, but I'm not current.
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Old 02-09-2021, 04:25 PM   #4
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nerdwallet.com
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Old 02-09-2021, 05:35 PM   #5
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nerdwallet.com
"Drivers around the age of 25 typically get higher car insurance rates because as a group they get into more accidents on average than older drivers."
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Old 02-09-2021, 06:01 PM   #6
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"Drivers around the age of 25 typically get higher car insurance rates because as a group they get into more accidents on average than older drivers."

Redwood told me that's because drivers around the age of 25 drive around with cut sprangs, bald tires, and the oily rag mod.
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Old 02-09-2021, 06:08 PM   #7
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In only about 20 years you will be able to insure your hobby cars as just that, hobby cars. I have 4 such cars insured at the same level as my daily drivers for a total of less than $500 annual with Grundy (Philadelphia Ins.). That includes declared value coverage.
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Old 02-09-2021, 06:35 PM   #8
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"Drivers around the age of 25 typically get higher car insurance rates because as a group they get into more accidents on average than older drivers."
Lower insurance rates is pretty much the one thing I am looking forward to about getting older.
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Old 02-09-2021, 08:45 PM   #9
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Lower insurance rates....
I don't recall this being an issue in my younger years, even when I bought a one year old vehicle. But, vehicles then, and repair costs were extremely much cheaper.

OEM price was $2,090 for Vega I drove, and I think I paid around $1,200.00. Back then, $1839 for the 1970 Beetle Deluxe Sedan, $1929 for the Sunroof Sedan and $2245 for the Cabriolet.

Motorcycle insurance was like $50.00/year...liability.

Problem today, is minimum wage has not kept pace with inflation since 1970, which means there are other better paying jobs that are tied to mim wage. If a person had a good paying summer construction job, it could have paid for most of the one year costs for college/university; fat chance these days.
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Old 02-09-2021, 09:53 PM   #10
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I use Hagerty. $160.00 per year with $5000 coverage.
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Old 02-09-2021, 10:03 PM   #11
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in my experience, it doesn’t really cost a whole lot more to insure multiple vehicles under one driver. I guess that makes sense because one driver should only be driving one car at a time!
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Old 02-10-2021, 12:58 PM   #12
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WE have the Red V8 2 door wagon, our 1960 Bentley S2, and my 1961 MG Midget insured with Hagerty's. [about 900$ a year] Our other wagons are insured through our home owners policy.[about 750$ a year]. In Oct we were rear ended in the Bentley, 27,000$+ in damage, I have it insured for 45K, Hagerty was amazing in helping us get the car fixed, it now looks as good as new. I am happy with there assistance in helping us.
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Old 02-10-2021, 01:21 PM   #13
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In Washington State - Insurance cost per year is Zero dollars, if you have $60k in cash for this state to hold.

A certificate of deposit is also an alternative avenue if you happen to have some cash lying around. Essentially a large sum of money held by the state in case of an accident, a certificate of deposit must be for at least $60,000.

Also, "If you have at least 26 vehicles, you may qualify for self-insurance. You can find more information about this special type of insurance by contacting your local Department of Licensing office."
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Old 08-02-2021, 05:44 PM   #14
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I have AAA (essential for old cars IMO) and my local office also serves as an insurance broker.

I went in and the guy ran quotes for 3-4 companies, gave me the lowest one, and pointed out locations where I'd been spending for coverage I didn't need or could get more coverage for no add'l money. Definitely worth the bit of extra time to me vs doing it at home over the Internet. The policy price is the same as self-serve too.

Not sure AAA does this in states where it sells its own insurance though. Maybe would have to look for an independent broker in your area to find the same sort of thing.
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Old 08-02-2021, 05:47 PM   #15
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In Washington State - Insurance cost per year is Zero dollars, if you have $60k in cash for this state to hold.

A certificate of deposit is also an alternative avenue if you happen to have some cash lying around. Essentially a large sum of money held by the state in case of an accident, a certificate of deposit must be for at least $60,000.

Also, "If you have at least 26 vehicles, you may qualify for self-insurance. You can find more information about this special type of insurance by contacting your local Department of Licensing office."
This is a pretty poor idea for most people although self-insurance is not uncommon among businesses. $60k invested conservatively will generally make more per year than a year of insurance usually will cost - and the insurance will cover a $200k multi-car accident, while the $60k cash would leave you in debt for decades!
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Old 08-02-2021, 08:56 PM   #16
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I looked into the classic car insurance for my 240 and the issue is they track your mileage, afaik and from what others have told me they don't usually periodically check mileage but in the event of a wreck they will and if it's higher than its supposed to be then your SOL
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Old 08-02-2021, 09:31 PM   #17
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Hey don't act like our odometers work.
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Old 08-03-2021, 12:48 AM   #18
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Hey don't act like our odometers work.
I've always wondering when DMV is going to ask why my mileage has been exactly the same since 2012 despite living a considerable drive from emissions testing
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Old 08-03-2021, 01:36 AM   #19
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I have AAA (essential for old cars IMO)
AAA is for pussies, if you don't drive $500 cars hundreds of miles from home without any backup you don't belong on TB.

I pay insurance on 3 240's and a Datsun on the same policy, second, third, and forth cars combined cost about the same as the first Volvo. Multicar discount is hefty.
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Old 08-03-2021, 03:26 AM   #20
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Honestly I've only ever used it when I locked my keys in my car lol. Everything else I've been able to fix on the side of the road but it's nice for peace of mind.
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Old 08-03-2021, 09:43 PM   #21
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...self-insurance is not uncommon among businesses.
One method for a well financed business is to take out a policy that kicks in at some level, like say a million dollars...so if accident cost more than a million, the insurance policy kicks in.
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Old 08-19-2021, 06:30 AM   #22
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What kind of accident does it have to be to cause a million dollars worth of damage?
australia.gov.au

Table 13: Average casualty costs per person, June 2013
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