Is my mom’s insurance really going to be $407!?
My mom is in the process of purchasing a used 2015 Chevy Tahoe. The dealership’s broker has been looking for the best insurance rates and found one from Geico for around $407 per month for full coverage. She’s planning to finance the vehicle. To me, this seems a bit high.
My mom, who is 66, has been driving since she was 17 and has a clean record with no traffic violations and no accidents in the past decade. Given this, I’m wondering why her premium is so steep. For context, she currently pays $265 a month for very basic coverage on her current car, so while $407 seems reasonable compared to that, I can’t help but feel it’s still too high. Any insights would be greatly appreciated!
It does seem a bit high, but there are several factors that could contribute to the $407 quote for full coverage on a used 2015 Chevy Tahoe. Here are a few things to consider:
Type of Vehicle: The Chevy Tahoe is a larger SUV, which generally comes with higher insurance premiums due to factors like repair costs, safety ratings, and potential for theft.
Location: New York State can have higher insurance rates compared to other states. Urban areas specifically may see increased rates due to higher risks related to traffic and theft.
Coverage Levels: Full coverage includes not only liability but also collision and comprehensive insurance. If the coverage is extensive, that can drive up the price significantly.
Insurance Provider: Different insurers have different methods of determining premiums. While Geico may be the best quote so far, other companies might offer competitive rates with potentially lower premiums if she shops around more.
Age and Experience: While she has a clean record, insurance providers weigh various factors when setting rates, and sometimes even with a good record, age could be factored into pricing in unexpected ways.
It might be worth asking the broker to go over the coverage levels and see if there are options or discounts available. A higher deductible can lower the monthly premium, or bundling with other types of insurance could help reduce costs. It’s always good to compare quotes from multiple insurers to find the best rate.