$700 a Month for Liability Insurance
I currently own a 17′ Volkswagen Golf and am stuck paying $700 a month for the minimum liability coverage required in New York. I acknowledge that my past decisions, including points and accidents from over two years ago, have led to this situation. I’m reaching out for any advice on how to improve my circumstances. What options do I have? Any suggestions would be greatly appreciated!
It sounds like you’re in a tough spot with those high insurance premiums. Here are a few suggestions that might help you reduce your monthly costs:
Shop Around: Different insurers have varying rates, so it might be worth getting quotes from multiple companies. You can also check for discounts that certain insurers offer.
Consider Raising Your Deductible: If you can afford to raise your deductible, it might lower your monthly premium. Just make sure you have enough saved to cover the higher deductible in case of a claim.
Take a Defensive Driving Course: Some insurance companies offer discounts for completing a defensive driving course. It’s worth checking with your insurer to see if they provide this benefit.
Bundle Your Policies: If you have other types of insurance (like renters or home insurance), consider bundling them with the same provider for a potential discount.
Review Your Coverage: While it’s important to have the required liability coverage, you may want to evaluate if you need any additional coverage that could be skipped or reduced.
Consult with an Insurance Agent: A local agent can provide personalized advice based on your specific situation and help you find the best policy for your needs.
Look into State Programs: New York may have state-sponsored programs for high-risk drivers that might help you find more affordable coverage.
Improve Your Credit Score: If your credit score has improved in the past few years, it could be worth checking if your insurance rates can be adjusted based on your new score.
Consider Non-Standard Insurance Companies: Some insurers specialize in high-risk drivers and may offer more competitive rates for your situation.
Reassess Your Vehicle Choice: If you’re open to it, consider whether selling your current vehicle and purchasing a less expensive one could save you on insurance premiums.
Make sure to weigh each option carefully and see what fits best for your financial situation. Good luck!