Young Driver Insurance Cost, Crazy Rates.

[B58_ hwAyaq]

Wow that’s insane. That’s what I pay monthly to insure all 4 vehicles in our household.

Depending on how high the limits are and how @Teleguy11 set up his uninsured motorist coverage, it can easily balloon in FL.

Not to mention how many providers withdrew from FL after the recent hurricane reducing competition.

OP, maybe find some insurance brokers (who deal with multiple companies) in a sketchier part of town. They should be used to finding acceptable rates for higher risk individuals.

Sponsored

 

[puzzled]

And all this time I thought we were giving these poor people wage increases to help with their livelyhood and they are wasting our tolerance by flushing money down the toilet on useless cars they can't even afford. WTF man.

 

[Zoomie]

https://www.supramkv.com/threads/salvage-wrecked-supra-registry.2829/

 

[RaceReX]

https://www.supramkv.com/threads/salvage-wrecked-supra-registry.2829/

chris, ya beat me to it by a half hour.

but yes, I will double down on what Chris said. Look at how many Supra’s have been wrecked, versus how many have been built. And the insurance companies have access to the data about who was driving, their age, and their gender.

something tells me the curve on that data skews to young males.

 

[kevenv]

In Canada. Just turned 60. Clean driving record and no claims. 2023 Supra MT, 2021 Wrangler Sahara, 2022 Travel Trailer (all owned outright, full coverage) plus condo - $256 CAD / month (about $187 USD).

 

[Teleguy11]

Wow that’s insane. That’s what I pay monthly to insure all 4 vehicles in our household.

Crazy thing is, the premium for the Highlander is more than the Supra with the same coverage!.???

 

[Axix23]

That’s insane price!!! Gotta pay to play I guess.

 

[Hien]

I am 23 and pay $600 every 6 months. Clean record. I am under my mothers insurance policy as well. (bless her heart)

I am honestly wishing I bought a single unit automatic car wash business under owner finance instead of buying the supra

 

[DrSupra]

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.

 

[Deathfly7]

I’ve wasted 100s of thousands on cars since I was a teen. I have had a lot of dope cars but all that money is mostly gone. While totally a case of do as I say not as I do, buy your self a vacation property with the money you are going to spend on the car and get a 6speed accord and drive the piss out of that
While you’re young. Not only will the accord make you invisible to cops, cheap to own and insure. You will get way more life props with the cabin in the woods that holds value than a flashy car. I have gotten laid way more for my beach house that has more than 3x in value than all my dope cars combined. if i had bought in my 20s instead of my 30s the house would be 5-6x the value and I would have had an extra decade at the beach where most of my best memories are from at this point.

Cars are Costs and drama, save those until later

food for thought

Ah yes.... low 20's buying vacation properties. Good advice bro. Nothing like 9% rates too.

 

[Crypto79]

Ah yes.... low 20's buying vacation properties. Good advice bro. Nothing like 9% rates too.

Not like car rates are much if any lower smart guy. Buying a 60k car over 5 years monthly outlay equals about a 250k monthly outlay for a 30 year property. And that is before tax, income and equity considerations, but keep thinking small brother.

 

[Teleguy11]

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.

Your spot on with your explanation of young drivers paying higher premiums because of feeling invincible.
I'm not in that category at 61 years young.
I have been with USAA since 1986 with only 1 at fault accident.
They told me my premiums were based on high chance of hurricanes in Florida.
Well, if we are advised to evacuate because of a looming hurricane, my car will be under my a** somewhere in the Carolinas. How is my car at risk?
It's BS!

 

[EddieNel]

Actually in Louisiana everyone’s insurance is going up by 20%. We are a high crime state and a liability state. Oh and we also get a lot of hurricanes but unlike Florida they are a no fault state so their rates are much lower then ours.

 

[FlammasWRLD]

And all this time I thought we were giving these poor people wage increases to help with their livelyhood and they are wasting our tolerance by flushing money down the toilet on useless cars they can't even afford. WTF man.

Are you referring to me? I probably pay just as much in taxes friend.

 

[FlammasWRLD]

chris, ya beat me to it by a half hour.

but yes, I will double down on what Chris said. Look at how many Supra’s have been wrecked, versus how many have been built. And the insurance companies have access to the data about who was driving, their age, and their gender.

something tells me the curve on that data skews to young males.

Now that I can see the data I can see why it's so high. The rates aren't that excessive then if you look at it from that POV. Appreciate both of ya!

Sponsored