Insurance Question

[DSG03Snake]

Does it cost more to insure a car that is financed then you own?

I.E. if I paid my car off early would I see any drop at all in my insurance premium?

 

[Ghoust]

no

 

[hydroshutter]

Well, Like most insurance companied and if your financing it, you wouldn't have to carry full coverage if it's paid off. So if you wanted to, you could lower your insurance coverage on it and that would lower your payments..Just a thought.

.02

 

[05 Roush]

I would say your credit scores impact your rates more than anything else nowadays. I guess they've found a way to really sock it to people with bad credit.

So, if you pay off your vehicles every so often this should improve your scores temporarily, if they are lower than 650 that is.

 

[Spddevl]

Originally posted by Hydroshutter
Well, Like most insurance companied and if your financing it, you wouldn't have to carry full coverage if it's paid off. So if you wanted to, you could lower your insurance coverage on it and that would lower your payments..Just a thought.

.02

Like he said.....When you finance, banks want to see that ur fully covered as far as insurance goes. If you bought it with no help from a financial institution, you can choose what kind of coverage to have. Go with 21st century or Geico...cheapest rates and what alot of people dont kno is that both of those companies have non-reimbursable uninsured motorist coverage (aka meaning that when u get into an accident that is not ur fault and the other person has not enough coverage to cover all the damages, the insurance companies will give you more money to cover the difference and you dont have to pay it back to them) I learned this from my injury lawyor from an accident that I had last year. Thank gosh I had 21st century last year! :rockon:

 

[DSG03Snake]

Originally posted by PlatinumCobra
I would say your credit scores impact your rates more than anything else nowadays. I guess they've found a way to really sock it to people with bad credit.

So, if you pay off your vehicles every so often this should improve your scores temporarily, if they are lower than 650 that is.

Well I got about a 720 credit score now (Im 23), so I think paying off a 24k Loan would raise my score quite a bit. Wouldn't it be permanent tho? Or do credit scores 'erode' over time?

 

[DSG03Snake]

Originally posted by Spddevl
Like he said.....When you finance, banks want to see that ur fully covered as far as insurance goes. If you bought it with no help from a financial institution, you can choose what kind of coverage to have. Go with 21st century or Geico...cheapest rates and what alot of people dont kno is that both of those companies have non-reimbursable uninsured motorist coverage (aka meaning that when u get into an accident that is not ur fault and the other person has not enough coverage to cover all the damages, the insurance companies will give you more money to cover the difference and you dont have to pay it back to them) I learned this from my injury lawyor from an accident that I had last year. Thank gosh I had 21st century last year! :rockon:

For me progressive and esurance have the best rates on Cobra's in the area, Geico wanted nearly triple what progressive and Esurance quoted me (rougly $880 6 months).

 

[Spddevl]

Originally posted by DSG03Snake
For me progressive and esurance have the best rates on Cobra's in the area, Geico wanted nearly triple what progressive and Esurance quoted me (rougly $880 6 months).

I guess it just depends on your car....cause 21st has ALWAYS been lowest for me. I also had State Farm and they arent too bad either but dont have the non-reimburseable motorist coverage like 21st has.