I’ve been quoted $560 a month for the state minimum coverage, which seems to be the best offer I’ve received so far, despite having a clean driving record. I’ve checked with companies like Geico and Root, and they were all over $1,000 a month, while some didn’t even provide a quote.
I’m a 19-year-old male living in Maryland, only insuring one car (which is fully paid off) and just have myself on the policy. I drive around 9,000 miles a year, my credit score is over 720, and I’m not involved in rideshare. I’ve had my license for nearly two years now, and I know that insurance rates are typically higher for new drivers, but $560 seems excessive.
Does anyone have tips for finding a lower rate?
It sounds like you’re dealing with a tough situation regarding your insurance premium. Here are some tips that might help you lower your rate:
Shop Around: Continue to get quotes from various insurers. Sometimes smaller, regional companies can offer more competitive rates than larger ones.
Increase Your Deductible: If you can afford to pay more out-of-pocket in the event of an accident, consider raising your deductible. This can reduce your monthly premium.
Look for Discounts: Ask about any available discounts. Many insurers offer them for good grades, completing defensive driving courses, or bundling with other insurance (like renters or home insurance).
Consider Usage-Based Insurance: Some companies offer a pay-per-mile or usage-based policy which can be cheaper, especially if you’re driving less than average.
Limit Your Coverage Levels: Since you mentioned you’re looking at state minimum coverage, double-check that there are no additional coverages included that you don’t need.
Reassess Your Vehicle: Some cars come with higher insurance rates. If you plan to keep your car for a long time, consider if it might be more cost-effective to switch to a vehicle that has lower insurance costs.
Improve Your Credit Score: While your score is already pretty good, maintaining or improving it can help lower your insurance costs in the long run.
Consider a Family Plan: If your family has a policy, it might be beneficial to see if you can be added to their plan, which can sometimes lead to savings.
Check With Local Agents: Sometimes, a local insurance agent may know of options or companies that you might not find online.
Review Your Mileage: Ensure that your estimated yearly mileage reflects your actual usage. Lower mileage often leads to lower rates.
Patience and persistence can pay off, so keep researching your options and don’t hesitate to negotiate with insurers or ask them for better deals!