Here in London, Ontario I'm paying $1010/year (US$660) on my P5 with CAA Insurance. This may seem cheap, but ironically it just went up--previously the rate was $877 (US$575). I'm 29 with one ticket and no claims. Sure feel better about my rate, even with the increase, after reading these other posts.

 

Well I am 24, married , and I have 1 child. I pay about 1600(usd)/yr....the just raised my rates($300/yr more) to that. I have no tickets, accidents or claims. and get this...next year when I turn 25 my rates will go down $300. Thank you State Farm so i will be paying my old rates again.

 

ProtegeRider,

I'm with York Fire & Casualty. According to my Insurance agent, they offer some of the best rates for those under 30 and not married.

dru

 

You're right about the A-B scenario. I did get it backwards, I'll re-edit the original post. Ooops.

Actually, if you have a loan and you don't insure it, first the insurance company finds out and sends a letter to the loan company. Then, loan company sends you a letter saying they will put you under their insurance (which is really expensive) unless you put comprehensive & collision on the car.

OK, the total thing is a little bit wrong here. Collision coverage covers your vehicle if you cause an accident. If you hit someone your insurance will always cover the other person to the limits of your liability coverage. Collision covers your car only if you cause the accident, otherwise the other person's insurance covers the damage to your car.

Now, in the case of a total. If you were not at fault in the accident, and the car is totalled. The other person's insurance company will cover the current market value of the car. Now, if you do not have collision coverage, and you wrap your car around a pole, you get to pay out of pocket.

As for why I would even say that dropping collision is an option since I work for an insurance company. Well, I don't sell insurance, I work for insurance.

I agree with silver_P5_owner, and myself I have the state minimum liability coverage with 500 comp/500 coll deductibles which is the highest Mazda Credit allows me to go. I didn't mean to say that it would be a good idea to drop collision, I just meant to tell you that half of your insurance premium is being generated by collision coverage.

I'll bet that you didn't know that in some states you can post a bond with the state for an amount (in Washington $50,000) and you are not required to have insurance. Just in case anyone had around $50k just laying around.

 

$137.00 usd. Per Mo. Full coverage

 

i pay $76 p/month or $912 p/year full coverage, i am 29 though,
cheers
Bloke

 

2002 P5. 20 year old male with a bad driving record no accidents though $173.68 month

 

My wife and I (I'm 34, she's 23) pay $98 a month for full coverage through State Farm. Both of our driving records are ticket-free, but both of us have accidents in the past 3 years. Not sure they have them on our record, because I think $98 is pretty good considering her age.

T

 

Where you live and your age are going to be the biggest factors on your insurance. P5's are above average to insure themselves. If you live in a big city where lots of people are getting into accidents, then more expensive insurance. If you live in Podunkville, Kansas then it will be a lot cheaper.

There's not much you can do to lower your insurance, but here's some tips:

Shop around for the best rate.

Increase deductibles on Comp/Collision

Turn 25+ yrs old.

Get Married (When married, you pay the same as being in the over 25 category even if you are only 18)

Grow ***** (women get cheap insurance)

Get more than one car on your policy, or get on parent's policy.

Tell them you drive very little. (Some companies have carpool credits)

Don't let Progressive's "we will give you a quote from other insurance companies" crap be your shopping around. Progressive will give you a quote from traditionally more expensive companies to make their quote look more attractive. There are hundreds of insurance companies out there that probably give better rates.

Call and make sure you get every little credit you can get. If you have a driver's training cert, dig it up and tell them. If you have ABS see if you get a credit. Make sure that you get the 4 door credit if applicable for your car. If you rate a Good Student Discount make sure you get it, this is a big credit.

On the deductibles: You are required to have collision if you have a loan. Collision protects you from yourself. Uninsured motorist protects you from someone without insurance. Underinsured motorists protects you from someone who doesn't have enough insurance. PIP, Medical is for injuries resulting from an accident whether your fault or not.

If you are in a minor "fender bender" accident, ask the other party if you can pay for the minor damage yourself. If you keep the insurance companies out of the picture, you're saving yourself money on premiums. Some insurance companies will charge you more premium just because you told them that you scratched someone's car and paid for it yourself.

 

I guess I've been driving in Michigan too long. Our system of no fault works in the fashion that your insurance pays for your car, the other driver's insurance pays for their car. After the settlements the two insurers battle out who owes who what. If you have no collision and are hit by someone else you have to sue for damages directly. We have different levels of collision coverage here. I beleive they are "Basic, Limited and Broad". Each level offers different options and pricing structures. I think the goal of this setup was to keep more auto claims out of the courts and let the pros of both insurers settle accounts. I think we're about the only state that has this and also unlimited medical coverage for injury rather than the usual 5 million limit. We pay for that thru an assessment called the MCCA, (Michigan catastrophic claims assessment) which is tacked on to your premium. The MCCA and collision account for probably 75% of our insurance costs. Bottom line is it's expensive even with high deductibles here!

Jeff M.

 

Yes, typically insurance has a general working but like laws every state can be different.

 

Hey, i'm with State Farm as well.

I'm paying about $213.45 a month which gets me full coverage, with $300 Comprehensive Deductilbe and $1000 Collision (me at fault) deductible.

and also a basic life insuance plan too..

 

I have State farm, I just turned 30, and I pay about $67 per month for the Mazda. I also have a Kawasaki ZRX1100 that brings the total up to about $100 per month. I live in Ohio in a relativlely rural town.

 

I am 27 with no accidents and 1 speeding ticket in the last 5 years. Insurance for my 02' ES is about $75/mo. I also have a 01' Suzuki GSXR600 that is fully covered for $22/mo. All through Farmers, but my finace's car is also through my policy as is my renters insurance so I get a few discounts. $188/mo for everything.

 

Well, I pay $1720 a year for everything with a 2001 Blue MP3. It kind of sucks though. I chose Geico and got the best price from them after trying a few local companies and Progressive. I paid 4 $180 payments for the first 6 mos, then when they figured out what the MP3 was, they raised it to 4 $198 payments per 6 months. Now I pay 4 $215 payments per 6 months. Why? Because I graduated last May.

Zeriak, why the hell do I not get anything for being a good student in the past? Yeah, Im not a student anymore, but that doesn't change the fact that I was before! Lame...

I'd love to save more money but probably wont happen til I'm 25.

Chris