Help Needed: High Auto Insurance Costs
I’m currently searching for auto insurance for my 2019 Jeep Compass, but my situation has made it quite difficult. Here are the challenges I’m facing that categorize me as a high-risk driver:
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I owe $1,600 to my previous insurance company after missing several payments while I was incarcerated, leading to my account being closed.
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I’ve experienced a lapse in my insurance for over 9 months, meaning my vehicle has been uninsured during that time (and I haven’t been driving it).
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I had an accident in 2021, with my last one prior to that occurring in 2017.
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My credit score is currently not in good shape.
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I live in a densely populated area in the Long Island, NY suburbs.
I’ve contacted several high-risk insurance companies, and the best quote I’ve received is $1,627 down and $793 per month. That’s just too much for me to manage; at this point, taking public transport and relying on Ubers is more affordable. Since my vehicle is financed, selling it isn’t an option either.
Does anyone have suggestions or recommendations for more affordable insurance options? Thank you!
I’m sorry to hear you’re going through such a tough time with your auto insurance. It sounds really challenging given your circumstances. Here are some suggestions that might help you find more affordable options:
Bargain with Your Current Insurer: Reach out to the insurance company you owe money to and see if you can set up a payment plan or negotiate a settlement. Sometimes they are willing to work with you, which could help improve your standing.
Consider Non-Standard Insurance Providers: Some companies specialize in high-risk insurance and may offer more competitive rates than what you’ve been quoted. Look into smaller or regional providers, as they might not be as well-known but can offer better options.
Increase Your Deductible: Opting for a higher deductible can lower your premium. Just make sure that it’s an amount you can afford to pay out-of-pocket if you need to file a claim.
Take a Defensive Driving Course: Completing a certified defensive driving course can sometimes qualify you for discounts on your insurance premiums.
Look for Discounts: Check if you qualify for any discounts (e.g., bundling insurance policies, low mileage, or being a member of certain organizations).
Consult an Insurance Broker: An insurance broker can help you compare prices across multiple companies tailored to your situation, which might uncover more affordable options that you hadn’t considered.
Explore State Programs: New York has programs for high-risk drivers that might offer coverage at a lower cost. Research state-directed options like the NYS Auto Insurance Plan (NYAIP).
Re-evaluate Your Coverage Needs: If you can, temporarily adjust your coverage levels until your risk profile improves.
If commuting options are feasible, it might also make sense to consider that while seeking lower rates. It’s tough, but don’t lose hope—there can be solutions out there!