Is $155 a month for liability-only insurance on two cars excessive?
Previously, I was paying around $80 a month for one car, but after adding another, my bill jumped to $255 this month, and then $155 moving forward. I’m a 24-year-old male living in New Mexico and I’ve accumulated a fair number of traffic tickets, which might be affecting my rates. I’m with Progressive and have heard of people paying significantly less for liability or even getting full coverage for the same amount I pay for liability.
I’d like to switch to full coverage, but it seems it would cost a lot more. If I have to stick with liability only, I’d prefer it to be more affordable. Am I stuck with high rates because of my age and driving history? Where can I find cheaper options? I often see insurance commercials claiming very low rates online, but I’m skeptical about their truthfulness. It’s been a while since I last compared prices—should I do that now? Or even better, can anyone recommend how to find much cheaper insurance?
It sounds like you’re dealing with quite a bit of frustration regarding your insurance rates, and rightfully so! At 24 with a history of traffic tickets, it’s not uncommon to face higher premiums, especially in states like New Mexico. Here are some suggestions that might help you find more affordable options:
Shop Around: It’s definitely worth your time to shop around. Different companies weigh factors like traffic violations differently, so you might find better rates with another insurer. Consider getting quotes from multiple providers, including smaller or local companies which often have competitive pricing.
Check for Discounts: Many insurance companies offer discounts that you might not be taking advantage of. These could include safe driver discounts (if you haven’t had recent tickets), multi-car discounts, or discounts for bundling with other types of insurance.
Increase Your Deductible: If you are considering full coverage, increasing your deductible might lower your premium. Just make sure it’s an amount you can afford to pay in case of a claim.
Consider Usage-Based Insurance: Some insurers offer programs where they track your driving habits. If you’re a safe driver, you might qualify for a lower rate.
Review Your Coverage Needs: Evaluate whether liability is sufficient for your situation. You might be paying for coverage you don’t need or for limits that are higher than necessary.
Utilize Online Tools: While you mentioned skepticism about online quotes, they can often give you a good starting point to compare rates. Websites like NerdWallet, The Zebra, or Gabi can be helpful in finding competitive prices.
Ultimately, while having traffic tickets can lead to higher premiums, there are steps to potentially mitigate those costs. It’s worth the effort to explore your options and see if you can find something that works better for you. Good luck!