Is $155 a month for liability-only insurance on two cars too high? I was previously paying around $80 a month for one car, but after adding a second, my bill jumped to $255 this month and will be $155 going forward. To give you some context, I’m a 24-year-old male living in New Mexico, and I have a number of traffic tickets that might be affecting my rates. I’m currently with Progressive.
I often hear about people paying significantly less than I do for liability insurance, or even getting full coverage for a similar price. While I would prefer full coverage, I know it would cost a lot more. If I’m sticking with liability only, I’d really like to keep it more affordable.
Am I stuck with high premiums because I’m a 24-year-old with a history of traffic violations? Are there any options for getting it cheaper? I see those commercials boasting low rates, but I’m skeptical and haven’t shopped around for a while. Do you think it’s worth looking at other options now? Even better, if anyone has recommendations for where to find much cheaper insurance, I’d really appreciate it!
It sounds like you’re in a challenging situation with your insurance rates. Being a 24-year-old male with traffic tickets can definitely lead to higher premiums due to the increased risk perceived by insurance companies. Here are a few suggestions that might help you find a more affordable option:
Shop Around: It’s definitely worth it to get quotes from different insurance providers. Rates can vary significantly from one company to another, especially for someone with your driving history. Companies like Geico, State Farm, and Allstate, among others, often have competitive rates, so it could pay off to compare them.
Discounts: Look into any discounts you might be eligible for. Many companies offer discounts for safe driving, bundling policies, being a student, or having a good credit score. Even if you’ve had tickets, you might still qualify for other discounts.
Increase Your Deductibles: If you’re considering full coverage at some point, raising your deductibles can lower your monthly premium. Just make sure you’re comfortable with the amount you’d have to pay out of pocket in case of a claim.
Liability Coverage Limits: Check if you can adjust your liability coverage limits. This can affect your premiums, but make sure you’re still adequately covered.
State Programs: Check if New Mexico offers any programs or resources for young drivers or those with tickets. Some states have programs designed to help lower-income individuals or those with prior infractions.
Understand Your Policy: If you haven’t done so in a while, review your current Progressive policy. There may be aspects you can adjust or remove to lower your premium.
Consider a Driver Improvement Course: Completing a defensive driving course can sometimes help reduce ticket points or qualify you for a discount.
Ask Your Agent: Don’t hesitate to communicate with your current insurer. They may be able to provide specific suggestions on how to lower your rates.
It can be frustrating to hear about others paying less, but by taking the time to shop around and explore your options, you may find a rate that fits your budget better. And yes, insurance ads can be misleading, but that doesn’t mean there aren’t competitive options out there for you!