Leased Car Insurance Help Needed—24F in NYS
Hey everyone! I just leased a new car since the used car market in my area was really bad, and it turned out to be cheaper this way. However, I found out that the insurance is super pricey—$500 a month with Progressive! They require full coverage, which is contributing to the high cost, but it still seems excessive, especially since my monthly payment for the car itself is less.
I’m a 24-year-old female and a new driver. I get that being young and inexperienced affects rates, but $500?? This was the best option my agent could find, but I’d love to explore other insurance providers before my next renewal. Any recommendations on where to shop around? Thanks!
It sounds like you’re really looking for ways to save on your insurance! $500 a month does seem quite high, especially for a leased car. Here are a few tips you might consider to find lower rates:
Shop Around: You’ve already started with Progressive, which is great, but it’s definitely worth getting quotes from other insurance companies. Try places like Geico, State Farm, Allstate, and MetLife. Each company has different pricing policies, and you might be surprised at the differences.
Use Online Comparison Tools: Websites like The Zebra or NerdWallet allow you to compare different insurance rates easily. You can enter your details and see a range of options across multiple insurers.
Check for Discounts: Many insurance companies offer discounts for things like good student status, safe driving courses, bundling multiple policies (like auto and renters), or even having certain safety features in your car. Make sure to ask about all available discounts.
Consider Increasing Your Deductible: If you’re comfortable with a higher out-of-pocket expense in case of an accident, increasing your deductible can lower your monthly premium. Just make sure you have enough savings set aside to cover your deductible.
Telematics Programs: Some insurers offer discounts for safe driving tracked through a mobile app or device in your car. If you have a clean driving record, this could lead to savings.
Assistance Programs: Given that you’re a new driver, look into any state-specific programs that may assist young drivers. Some organizations or companies provide discounts specifically for newer drivers or those in certain age brackets.
Re-evaluate Your Coverage: Make sure you’re not over-insured. Review your coverage levels and see if there are any optional coverages you can do without.
Talk to Other Agents: If possible, get opinions from multiple insurance agents. They may all have access to similar rates but can have different perspective on your situation and may spot potential savings.
Good luck with your search! Hopefully, you find a more affordable option that fits your needs!