Young Driver Insurance Cost, Crazy Rates.

[FlammasWRLD]

Insurance companies arrive at their premiums using some sort of actuarial measure. As an early poster noted, this is based on risk factors. I could be wrong on how insurance works but it's sort of how violence risk assessment was done years ago in my line of work years ago - through actuarial measures. We take a bunch of variables and throw them into an equation, let math do the work, and it pops out a score that places you in a risk bin (a category basically with a higher or lower range of scores). This gets you your rate based on how risky other drivers that are similar to you are - age, gender, driving history, etc and then the vehicle and how often people are making claims on them, how often they get tickets, get in accidents, etcetera.

In other words, I don't think there's much you can do other than make sure you keep a clean record for a long time and avoid accidents (easier said than done because other people can be stupid) and wait until you age into a lower risk age bracket or those tickets and accidents vanish from your record. Some companies will offer cheaper policies than others but I imagine they all work from somewhat similar formulas. At the end of the day, young men in fast rear wheel drive sports cars have lots of bad outcomes that make insurance companies nervous and those data are the data and the Supra isn't cheap to repair so it's a crap shoot.

Not that I'm suggesting you move but location makes a huge difference too - my insurance in Virginia for six months of coverage is practically nothing - whereas if I lived in New Jersey still I'd probably be paying double, if not more every month for my cars. As much as I love my supra. I don't know that I'd want to pay that much in insurance for it...that's basically the monthly payment for a less expensive car.

Yeah, I think my location is pretty high risk as well. Drivers here are awful, and that in combo with me being young is the issue for sure. Appreciate ya!

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[FuzzyRev]

Side note; I wouldn't be surprised if Auto Insurance becomes insanely expensive or companies start refusing coverage entirely in certain counties, or the whole damn state of Florida. The rate of flooding today is pretty nuts, and it's only going to get worse. Also, EVs are even easier to total out vs ICE vehicles when the saltwater reaches "enter the footwells" level.

 

[FuzzyRev]

Yeah, I think my location is pretty high risk as well. Drivers here are awful, and that in combo with me being young is the issue for sure. Appreciate ya!

As a lifelong southern Wisconsin resident, IL drivers are on another level of fuckery. We can literally tell from the driving style that someone is a FIB, long before we confirm it by spotting the plate. I've driven to Superior and back a couple hundred times, and I can spot them from a mile away on the interstate. It really is shocking.

Not saying all of you are...but the odds are not in your favor.

 

[FlammasWRLD]

As a lifelong southern Wisconsin resident, IL drivers are on another level of fuckery. We can literally tell from the driving style that someone is a FIB, long before we confirm it by spotting the plate. I've driven to Superior and back a couple hundred times, and I can spot them from a mile away on the interstate. It really is shocking.

Not saying all of you are...but the odds are not in your favor.

We've had someone crash into a building every month it feels like this year in my City (Springfield). There's not a week where I don't see a few different crashes on the way home. We are not even that big of a city either. It somehow gets easier to avoid collisions towards St Louis and Chicago....

 

[GMsuperfan]

So I have been calling around asking for quotes for full coverage on my 2024 3.0 MT that's arriving soon. I have been getting quoted anywhere from $450-$800 a month for insurance in Springfield, IL.

I turned 22 5 days ago, and I have 1 ticket from nearly 3 years ago for going 13 over. I have 1 accident on my record a year ago from when I got rear ended. I was marked as 20-30% liability since it was considered a private parking lot. They originally told me this would not count in the future, so I accepted it. Well... they lied and it sure is raising my rates everywhere I have checked.

Are there any young drivers here that are experiencing these exorbitant rates as well? It seems like I am going to need to do plenty of overtime to make up for this.

Welcome to real life my guy, this has been the situation since cars were invented and insurance companies found out young male drivers were the highest risk folks to insure, add a 2 seat sports car on top of that and you have a recipe for a high cost/high risk scenario. It only gets worse for folks the more citations and issues they have with driving in the wild as well. Good luck and hope you get things figured out. I drove a crap box baby blue. 4 door, 4 cylinder, maybe 150hp, abomination of a vehicle called a Chevy Cavalier when i was your age.

 

[FlammasWRLD]

Welcome to real life my guy, this has been the situation since cars were invented and insurance companies found out young male drivers were the highest risk folks to insure, add a 2 seat sports car on top of that and you have a recipe for a high cost/high risk scenario. It only gets worse for folks the more citations and issues they have with driving in the wild as well. Good luck and hope you get things figured out. I drove a crap box baby blue. 4 door, 4 cylinder, maybe 150hp, abomination of a vehicle called a Chevy Cavalier when i was your age.

I've owned 4-5 and driven even more sh*t boxes. Nicest car I've had is my Miata currently. I have grown my career to a stupid good spot and everything I have, I bought myself. It seems like people think I am an ignorant youngin making 30-40k a year trying to buy this car when that is not the case whatsoever. I just had never dealt with insurance rates like this and neither had most of the people I have known. Was just curious if it truly was normal.

 

[GMsuperfan]

I've owned 4-5 and driven even more sh*t boxes. Nicest car I've had is my Miata currently. I have grown my career to a stupid good spot and everything I have, I bought myself. It seems like people think I am an ignorant youngin making 30-40k a year trying to buy this car when that is not the case whatsoever. I just had never dealt with insurance rates like this and neither had most of the people I have known. Was just curious if it truly was normal.

Wasn't insinuating that at all. There are plenty of YT folks who do not have traditional jobs and make tons more money than I do, it's all good. The guidance i was given when i was that age was if my parents knew i was looking at cars, to call the insurance company for a quote first. Beyond the gasoline you need to pay for to use it every day, the insurance is probably your second highest cost in the grand scheme of owning and operating it. Just some advice, that's all.

Also, if you hire a good attorney to fight citations and moving violations, it might seem like paying them more than the citation you got isn't worth it but you'll realize that it's less than the incremental increases in monthly rates due to points on your record.

Like i said, good luck my man, hope you can find a balance with everyting!

 

[JOutterbridge]

I've owned 4-5 and driven even more sh*t boxes. Nicest car I've had is my Miata currently. I have grown my career to a stupid good spot and everything I have, I bought myself. It seems like people think I am an ignorant youngin making 30-40k a year trying to buy this car when that is not the case whatsoever. I just had never dealt with insurance rates like this and neither had most of the people I have known. Was just curious if it truly was normal.

Unfortunately it is normal. Best advice I have for you is to be a co signer if you can as long as it doesn't ruin another driver's rates. And get multi discounts. Once I added vehicles and other dumb stuff to my policy my rates went down. I pay mine in full instead of monthly that saves like 50 per month. And I've gotten older lol. Get towards 30 with a clean record and you're good. My first old supra was when I was 22 and that was around 350 per month. Now it's around 70 since that's car's old and 120 for the newer car. Keep shopping around. And don't forget that your location and use matter too:/

 

[Suwopra]

Perhaps in hindsight, it would've been a good idea to run a quote for the cost to insure first prior to buying the supra (I know I didnt either but lucky me, rates are good for my age, history, etc. though...my rates have gone up slighty. I wonder why....*looks at the salvaged list* jk lol).

 

[FlammasWRLD]

Perhaps in hindsight, it would've been a good idea to run a quote for the cost to insure first prior to buying the supra (I know I didnt either but lucky me, rates are good for my age, history, etc. though...my rates have gone up slighty. I wonder why....).

I did run some quotes awhile 3-4 months back. They were quite a lot cheaper then. I can only assume its because I ran the quotes for a 2023 and not a 2024? or maybe they didn't see the ticket at the time? I guess I will just eat the cost and hope it goes down $30-$50 a year lol.

 

[bushido]

Side note; I wouldn't be surprised if Auto Insurance becomes insanely expensive or companies start refusing coverage entirely in certain counties, or the whole damn state of Florida. The rate of flooding today is pretty nuts, and it's only going to get worse. Also, EVs are even easier to total out vs ICE vehicles when the saltwater reaches "enter the footwells" level.

for two weeks i've been debating getting rid of the car. it's not worth having a nice car [here] anymore lol

 

[Suwopra]

I did run some quotes awhile 3-4 months back. They were quite a lot cheaper then. I can only assume its because I ran the quotes for a 2023 and not a 2024? or maybe they didn't see the ticket at the time? I guess I will just eat the cost and hope it goes down $30-$50 a year lol.

Ah, gotcha. Best of luck!

 

[Slybri]

So I have been calling around asking for quotes for full coverage on my 2024 3.0 MT that's arriving soon. I have been getting quoted anywhere from $450-$800 a month for insurance in Springfield, IL.

I turned 22 5 days ago, and I have 1 ticket from nearly 3 years ago for going 13 over. I have 1 accident on my record a year ago from when I got rear ended. I was marked as 20-30% liability since it was considered a private parking lot. They originally told me this would not count in the future, so I accepted it. Well... they lied and it sure is raising my rates everywhere I have checked.

Are there any young drivers here that are experiencing these exorbitant rates as well? It seems like I am going to need to do plenty of overtime to make up for this.

Hello from Sherman and welcome! Unfortunately insurance sucks like that. It gets better after 25, even more so if you’re married. Divorces cost more than insurance though, so don’t get the wrong idea!

Is your ‘24 white by chance? PM me if you want, I can give you some info on local agents and some ideas to get your rate lower.

 

[Slybri]

Yeah, I think my location is pretty high risk as well. Drivers here are awful, and that in combo with me being young is the issue for sure. Appreciate ya!

I can attest to that. Drivers here are a weird mix of Chicago crazy and farmer drivers, with a side of butthurt if you pass them…it’s the dumbest damn thing I’ve seen. Not to mention the phone zombies…

 

[Schang105]

Hi OP, insurance rates for new drivers, especially male, unmarried, and below 25 (or so) are typically among highest. Location also matters a great deal because there is actuarial data tied to zip codes, etc. Loss rates based on the vehicle itself are probably nominal. Like others have suggested, defensive driving courses, multi-discount, and subscribing to vehicle telematics programs can help a bit with costs, as well as maxing out the deductible for collision and comprehensive. Would encourage you to keep shopping around for best rates, just know that it's going to be a few years (at least) of expensive premium payments. Also don't give insurance companies an excuse to jack up your premiums further...so chill, non-sporty driving is (unfortunately) your best friend on public roads. Good luck and congrats on the ride at such a young age!

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