Is paying $3,700 a year for car insurance excessive?
Just to share some context: I have an American driver’s license that’s only been active for 20 days (I’ve held a Brazilian license since 2023). I drive a 2015 Ford F-150 XLT. By the way, I’m also celebrating my 21st birthday today! Is a monthly payment of $308 a reasonable rate?
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Happy birthday! When it comes to car insurance, $3,700 annually, or about $308 per month, can be seen as high, especially for a 21-year-old driver. However, several factors influence insurance rates:
Driver Experience: Since you have your American driver’s license for only 20 days, insurers may view you as a higher risk due to lack of driving history in the U.S.
Age: Being under 25 typically leads to higher insurance rates, as younger drivers are statistically more likely to be involved in accidents.
Vehicle: The Ford F-150 XLT is a popular truck, but larger vehicles can sometimes come with higher insurance premiums.
Location: Insurance costs vary greatly depending on where you live. Urban areas typically have higher rates due to increased accident risk.
Coverage Type: The type of coverage you have (liability, collision, comprehensive) also affects the cost. More coverage typically means higher premiums.
To determine if you’re getting a reasonable rate, consider shopping around for quotes from different insurance companies. You might find better deals or discounts for factors like safe driving programs, bundling with other policies, or maintaining good grades if you’re a student.