Hello!
I (25 y/o) totaled my first car last April (oof). It was a used 2012 Honda Civic with 70000 miles. At the time, I paid about $150 for full coverage car insurance.
Finally, after months of back and forth with the company to get my payout, I purchased a new 2023 Toyota Camry. I went to switch the vehicle covered by my insurance to the Camry (I hadn’t let the insurance lapse in the 8 months between cars), and my premium jumped to $380.
I know I did two things that would cause this jump: totaled a car (oof), and bought a new car with a high value and higher risk to the insurance company. Still, it was a bigger jump than expected.
So, is there anything I can do to lower the premium over the next year? Is there a certain timeframe where I could expect it to lower a bit? I’m just lost and my parents are not great with these things.
I know my financial choices are probably questionable (looking back, specifically choosing to buy a new car) but i’m young and am learning things retrospectively without a lot of help in my life. Thank you for any tips!
I (25 y/o) totaled my first car last April (oof). It was a used 2012 Honda Civic with 70000 miles. At the time, I paid about $150 for full coverage car insurance.
Finally, after months of back and forth with the company to get my payout, I purchased a new 2023 Toyota Camry. I went to switch the vehicle covered by my insurance to the Camry (I hadn’t let the insurance lapse in the 8 months between cars), and my premium jumped to $380.
I know I did two things that would cause this jump: totaled a car (oof), and bought a new car with a high value and higher risk to the insurance company. Still, it was a bigger jump than expected.
So, is there anything I can do to lower the premium over the next year? Is there a certain timeframe where I could expect it to lower a bit? I’m just lost and my parents are not great with these things.
I know my financial choices are probably questionable (looking back, specifically choosing to buy a new car) but i’m young and am learning things retrospectively without a lot of help in my life. Thank you for any tips!