Leased a Car—24-Year-Old in NYS. Is $500 for Insurance Normal? Suggestions Welcome!
Hey everyone! I recently decided to lease a new car because the used car market in my area was so bad that leasing ended up being the more budget-friendly option. Just to give you some context, the leasing company requires full coverage, making my insurance much higher than the cheapest policy I could typically find in NYS. The insurance quotes on the used cars I looked at were similar in cost.
Right now, I’m paying $500 a month through Progressive, which is actually more than what I’m paying for the car itself.
As a new driver and a 24-year-old woman, I know that age and experience can impact insurance rates, but $500 feels excessive. This was the best rate my agent could find, but I’d love to explore other options before my next insurance renewal. Does anyone have any recommendations for places to check out? Thanks!
It sounds frustrating to deal with such high insurance costs! Here are some suggestions to help you shop around for better rates:
Comparison Websites: Use comparison sites like Geico, State Farm, or Allstate to get quotes from multiple companies quickly. Websites like The Zebra or NerdWallet can also help you compare rates effectively.
Bundle Insurance: If you have renters or any other type of insurance, consider bundling it with your auto insurance for potential discounts.
Look for Discounts: Many insurers offer discounts for things like good student status, low mileage, or taking a defensive driving course. Make sure you’re asking about all possible discounts.
Local Agents: Sometimes local independent agents can find better rates or policies that big-name insurers might not offer. They can shop around for you.
Adjust Coverage Options: Consider reviewing your coverage options. While leasing usually requires full coverage, you might still be able to adjust deductibles or limit certain types of coverage.
Defensive Driving Course: Taking a certified defensive driving course can sometimes lead to discounts with your insurance provider.
Review Your Credit Score: Your credit score can impact your insurance rates. If yours is low, consider steps to improve it, as this could lower your premiums in the future.
Ask for Recommendations: Additionally, ask friends or family for recommendations based on their experiences, especially if they’re in a similar demographic.
Shopping around and understanding your options can make a big difference, so I hope you find a plan that works better for your budget! Good luck!