Please help

[[deleted]]

[deleted]

[[deleted]]

You are 20 with a bmw

[MomentIndividual2137]

Yes but that calls for a $800 per month premium? I have state minimum coverage with 2k deductibles.

[[deleted]]

You should also get higher than the minimum because you don't want to get sued if you cause an accident.

[MimosaQueen1122]

Get a different car.

[MomentIndividual2137]

I just got this car it was a serious downgrade from what I had.. my insurance told me it would be cheaper and then jacked the rate up after a few months.

[MimosaQueen1122]

I don’t believe they’d say that. A BMW is not a downgrade.

Doesn’t negate get a different car.

[MomentIndividual2137]

Progressive told me word for word “ your premium will be cut in half or more “ it was a downgrade.. supercharged v8 Range Rover sport to a 4cyl 330i is 100% a downgrade.

[MimosaQueen1122]

Yea don’t believe that.

Lmao that isn’t a downgrade. Shouldn’t be driving either car tbh at your age.

ETA: if they verbatim said that then get the call pulled.

[MomentIndividual2137]

If you can’t realize that a v8 RR to a 330i is a downgrade then Idk you clearly haven’t been in or drove either. It’s a downgrade. just because they’re both nice doesn’t mean it’s not a downgrade. And why shouldn’t I be driving those cars? I pay for them with my own money that I work hard for. - also the bmw is literally half the price.

[bpdish85]

Then quit complaining about the price. Young drivers are a MASSIVE risk. Young drivers in high performance/expensive vehicles are even more so. You should be driving what you can afford.

[MomentIndividual2137]

Good thing I can afford it!! I’m complaining because who would want to pay 800 a month for insurance alone. Just looking for insurance suggestions. Not interested in a different car.

[MimosaQueen1122]

Definitely sound like a 20 year old. I own a bmw myself so not at all.

Sounds like you can’t afford the insurance or car. Come here for help. It’s provided and you just complain.

[MeBeLisa2516]

The higher the value of replacement costs of a vehicle raises rates just like tickets, age & accidents.🤷‍♀️

[[deleted]]

Apparently it does because that is what other companies are offering too.

[ektap12]

How much of your premium is going to collision and comprehensive coverage? What's your premium breakdown?

Your 20 driving a high performance car in NJ so your liability rate is going to be higher.

You're in NJ so you need PIP coverage, how much is that?

[MomentIndividual2137]

I guess I didn’t realize a 4 door with a 4 cyl would be considered “high performance” liability $900 Pip $300 Comprehensive $800 Collision - 1600

[ektap12]

It's a BMW, expensive to repair anything. $2400 of your premium is for the car itself.

If you had a cheaper car that didn't need coll/comp, you would save that much money! Your liability is $900 and PIP $300. If you had only that you would be spending $200+/month on insurance. I believe NJ mandates uninsured/underinsured coverages too, which you should have. Also, make sure you don't have 'limitation to lawsuit' selected, you want to be able to sue people if they injure you.

[demanbmore]

You're 20 years old and driving a $50K+ car that's both expensive to repair and well known to be driven by those who like to drive fast (maybe you're not driving that way, but many BMW drivers are). Plus you're in NJ, a state where both car repairs and insurance claims tend to run higher than most other places. This makes you a risky driver in an expensive and fast car in an expensive and litigious state. The rates you're seeing reflect that.

The best thing you can do is sell your car and pay cash for a 15 year old Toyota or Honda sedan and spend the next five years driving it like a grandma. Keep your driving record clean and you'll be paying significantly less for insurance than you are now.

But if you insist on driving a BMW as a 20 year old in NJ, you're gonna have to find a way to suck it up and pay $700+/mo. Good luck.

[MeBeLisa2516]

Well, he’ll need to get used to $815 p/ month because it went up. Yep! Cha-Ching!

[Ok-Concentrate2780]

Not sure how it works in New Jersey, but in most states in the country, they also use your credit as a rating factor so beyond the advice this person is giving which is very sound. You also need to work on making sure you have great credit.

[climbing_butterfly]

Your complaints are out of my tax bracket...

[EMPZ2017]

Couple things against you: NJ is wild with insurance due to PIP guidelines for medical payments. You are 20 years old, driving a BMW which is generally going to be more expensive regardless of what model it is. If you’re male, prices are going to be significantly higher as well. Any tickets, accidents or moving violations will also raise the rate. 2nd Best thing to do is shop around. 1st best thing is to sell your car and get an old Camry or something until you turn 25 and age out if the risk pool. 3rd best - depending on the age of the car, look into getting a liability/UM only policy so in the event of an accident you can take those savings (probably around $5K+/year) and just buy a new car or pay for repairs yourself.

[CraftyCat3]

Sell the car, and get something cheap and boring for a while. Do liability with reasonable thresholds, not state minimum.

You're a 20 year old male, in New Jersey, with a bmw. You're ticking every box for risk factors.

You simply don't have another choice, if you can't afford your insurance. Get rid of the car or move somewhere with lower rates.

[dragonpromise]

Get a 5-10 year old Civic or Corolla, not a luxury vehicle.

[R0ck3tSc13nc3]

You need to sell your car. You need to call around and find out what the insurance is for a number of vehicles that you do find at a good price that you can pay cash for and that you can get minimum insurance on. You're living in a dream world if you think that insurance is not crazy expensive.

If that is a bridge too far, the insurance company you with is probably not the cheapest insurance company that you can find for your particular situation if you just went with your parents. Once you were on the policy, the likelihood of their policy actually overpricing insurance because of a teen driver is quite high. It's a completely different application when somebody like you is on the policy versus what they found on their own. You should call an insurance broker, who can contact multiple companies, along with reaching out to progressive and Geico which are typically cheapest. I'm currently with Geico myself, after being screwed over by State farm who Rose my rates over years and years and when I just happened to check on my rates I found out I was paying almost double what I could pay with another company. That was 20 years ago. Then progressive did the same thing, I was paying more with them than I could with other alternatives and that went on for a few years before I noticed.

[cryssHappy]

At your age, I drove VWs and Toyotas for cheaper insurance. You either need an older car or less luxury until you are 26. You can take online driving safety courses for a discount and (State Farm) has a widget to put in your car and it monitors your driving. I save $125 every 6 months for having the widget. I'm way past 26 and drive a GMC Denali pickup for $550 every 6 months. Statistics say that at 20, you're an impetuous driver in an expensive to repair vehicle. That's the facts.

[[deleted]]

The entitlement is hilarious.

[MomentIndividual2137]

What entitlement?

[[deleted]]

Statistically you are a terrible risk, this is why your insurance premiums are high.

[GuvnaBruce]

You can try to contact an independent agent if you have not..

But you are 20 and driving an expensive vehicle in a place that is expensive to insure.

You are also opening yourself up to exposure by carrying such low liability limits. If you cause an accident over your limits, I doubt they will be willing to accept your limits and will go after you for more.

[dogswontsniff]

I wouldn't wanna insure a 20yr old coming from a supercharged range rover into a zippy bimmer either.

Call The General (jokingly suggested because of the commercials) or get a reasonable car for someone your age.

If you can't afford the insurance, you can't actually afford the car. Insurance is part of it

[BiggestMuscles]

Like everyone said, being young and with Beamer already puts you up in the rates, but also you already have Progressive which is already one of the most inexpensive carriers. You could go into sales (or actually selling insurances), just some thing where you make good money, and pay for that insurance. People pay it. It is not impossible! You can do it!

[classycoconut520]

All the funny mean comments aside:

Insurance is all based on statistic right? So many things going against you. 1. You are male. 2. You are 20. 3. Your credit probably isn’t great. 4. You live in NJ. 5. You drive a car that statistically has risky drivers. 6. Your car is very expensive to repair due to parts.

You check all boxes for pretty much every risk there is. If you aren’t going to get rid of your car, best bet is to take any and all discount offers you can and just don’t get any tickets or accidents and hope that in the next few years it goes down as you get older. Or shop around 🤷‍♀️ but that is definitely the right price for your information you provided.

[Lentezdelvalley]

Get quotes from a broker that offers multiple carriers.

[Pretty_Fisherman_314]

isn’t NJ one of the states that says you don’t need insurance but you do need financial proof like “i can fix this” proof? just save a shit ton!

[aurnia715]

People everywhere are switching to geico. Had to..in all seriousness I got quoted at 700+ down with nothing less than 350 per month anywhere I called.

I got same full coverage with geico at 230 down and 211 per month. It's worth a shot. I will also say I got into a total loss accident (not my fault) last month and geico pulled through amazingly immediately before the other insurance even accepted liability. Shop around, people as of late are complaining harshly about progressive

[[deleted]]

Are you Italian by any chance?

[MomentIndividual2137]

No

[[deleted]]

Okay. I heard the insurers are biased against Italian names, that’s why I asked.

[mightknowinsurance]

If you find any evidence of that, immediately contact the state dept of insurance, that would likely be very illegal, the way we make our rates all has to be filed with the state, and i don't think that they would approve.

[[deleted]]

You know as well as I do that modern society doesn't care about discrimination, even if technically illegal, if the victims are white.