Leased a Car: 24F in NYS – Insurance Quote is $500?! Seeking Alternatives
Hey everyone! I recently decided to lease a new car since the used car market around me is pretty terrible right now. It turned out to be more cost-effective than buying used (just to clarify, my lease requires full coverage, which drives up the cost compared to the lowest basic policy available in NYS). Now I’m stuck with a monthly insurance premium of $500 through Progressive, which feels crazy—it’s even higher than my car payment!
As a new driver and a 24-year-old female, I know insurance tends to be pricier for people my age, but $500 feels excessive. This was the best deal my agent could find, but I’m eager to explore other options before my insurance renewal comes up. Any recommendations on where to shop around for better rates? Thank you!
It sounds like you’re really trying to navigate a tough situation with the insurance costs. Here are a few tips to help you look for better rates:
Compare Multiple Quotes: It’s great that you’ve already started with Progressive, but be sure to get quotes from several other major providers like GEICO, State Farm, Allstate, and Erie Insurance. Every insurance company has different algorithms for calculating rates, so you could find a significant difference.
Check Local and Regional Insurers: Don’t forget about smaller or regional insurance companies. Sometimes they can offer better rates for specific demographics or locations.
Use Online Comparison Tools: Websites like NerdWallet, The Zebra, or Gabi can help you quickly compare rates from multiple insurers based on your information.
Ask About Discounts: Make sure you ask about any potential discounts you might qualify for, such as safe driver discounts, bundling home and auto insurance, student discounts, or even discounts for completing a defensive driving course.
Adjust Coverage: Review your coverage options and deductibles. While you need full coverage for a leased car, sometimes adjusting deductibles can save some money. Just make sure you’re still comfortable with the coverage limits.
Consider your Vehicle: The make and model of the car you leased can significantly impact your insurance rates. Some cars are cheaper to insure than others. If you have the option to switch to a different vehicle, that could be worth considering.
Talk to an Independent Agent: An independent insurance agent can help you find the best deal since they work with multiple companies and understand the market better.
Check for Membership Discounts: If you’re part of any organizations (like a college alumni group, workplace benefits, or even AAA), sometimes you can get a discount with certain insurers.
It’s understandable to feel overwhelmed, but shopping around can definitely pay off, especially since insurance rates can vary so much. Good luck, and I hope you find a better plan that fits your budget!