Insurance for a 17 year old?

Hammertime · Feb 26, 2004

Hey guys,

I'm thinking about getting a 1996 Cobra, but want to make sure I'll be able to afford the insurance before I get serious. Does anyone have any idea how much insurance would cost for me? I'm 17, good student discount, live in Iowa in a small town, no accidents, no tickets. I currently have insurance through State Farm if that matters.

Thanks

EvilEyez · Feb 26, 2004

I work for and insurance company(Service Dept) and if you're between 16 and 20 years of age rates bite hard. You're young, have about two years of driving exp. and you want a fast car. If you go with full coverage insurance your rates will be through the roof, but if you go with just liability it won't be toooooooo bad. Just depends what you want, or if you need full coverage. Are you going to take out a loan for your car or buy it out right? Insurance companies will get your driving record, so if you don't have any tickets, that helps, but rates will still be high. Call around and and get some quotes online like at progressive or geico. Good luck.

Uncle Meat · Feb 26, 2004

Insurance for a 17 year old is going to be expensive.... even if they drive a damn Yugo!

U.M.

spanky442 · Feb 26, 2004

Yeah, if you do full coverage, it will be high. Liability only wont be too bad.

Hammertime · Feb 26, 2004

I don't intend to go as far as full coverage, just liability to start out with. Can anyone give me an estimate as to how much just liability will run?

Also can someone please tell me how much I can expect spending on a 96' Cobra? According to Edmunds.com a 96' Cobra will run anywhere between $7,400 private party, to $9,500 dealer, does that sound about right?

Thank you!

EvilEyez · Feb 26, 2004

Hammertime said:
I don't intend to go as far as full coverage, just liability to start out with. Can anyone give me an estimate as to how much just liability will run?

Also can someone please tell me how much I can expect spending on a 96' Cobra? According to Edmunds.com a 96' Cobra will run anywhere between $7,400 private party, to $9,500 dealer, does that sound about right?

Thank you!

Go to progressive .com and get a quote for insurance rates then go to nada.com and get a price for a 1996 cobra or kbb.com(kelly blue book)

WannaStang93 · Feb 26, 2004

well im 18 gooing to be 19 march 27 and insurance for me on my 98 cobra is 300 a month and thats with statefarm and tahst full coverage, that is teh cheapest i found progressive wanted to charge me 7000 a year, so good luck

Hammertime · Feb 26, 2004

WannaStang93 said:
well im 18 gooing to be 19 march 27 and insurance for me on my 98 cobra is 300 a month and thats with statefarm and tahst full coverage, that is teh cheapest i found progressive wanted to charge me 7000 a year, so good luck

I just called my state farm agent and they can do just liability for $35/month! Progressive's qoute was over $300/month just got liability?!? Doesn't make much sense, but oh well. According my SF agent the price of insurance drops off huge when you turn 19, so your in luck.

Thanks

WannaStang93 · Feb 26, 2004

Hammertime said:
I just called my state farm agent and they can do just liability for $35/month! Progressive's qoute was over $300/month just got liability?!? Doesn't make much sense, but oh well. According my SF agent the price of insurance drops off huge when you turn 19, so your in luck.

Thanks

that would be sweet lets hope it does, but try this if u really wnat teh car get the car and up it under your fathers/mother name then get insurance get insured under one of teh cars in teh house hold , make sure teh cars are under teh same policy that way u pay insurance for the car ur name is under and you are still allowed to drive any car under taht policy, goodluck

COBRA90GT · Feb 26, 2004

FWIW: (found it while checking my hotmail account)

http://autos.msn.com/advice/article.aspx?contentid=4019519&src=Ins

Hammertime · Feb 27, 2004

COBRA90GT said:
FWIW: (found it while checking my hotmail account)

http://autos.msn.com/advice/article.aspx?contentid=4019519&src=Ins

I find it hard to believe that a teenage son will triple the cost of the families insurance. When I turned 16 the cost of insurance on all of our cars and the motorcycle barely went up. We signed up for all the discounts and I even did this log book thing, where I would log 30 different trips and I would basically critique my own driving. Thanks to that and my good student discount, the only vehicle that raised up was our 2003 GTP, the motorcycle that I drive everyday in the summer didn't go up at all. Hopefully the same happens when I get my hands on a Cobra.

Kyle-02GT · Feb 29, 2004

I'd watch that 35/month liability quote, that will give you no coverage at all on your car if you get in an accident, and its likely minimum liability coverage legal in your state so if they don't get what they want or need out of your ins co they come after you. I personally wouldn't skimp on insurance would you want to spend 7000-9000 on a car get it hit in the first week and have nothing to show for it after an accident? or worst in the hospital w/ no medical because you wrapped your 300 HP car around a tree? Better to pay now just in case but its only my $.02

Hammertime · Feb 29, 2004

Kyle-02GT said:
I'd watch that 35/month liability quote, that will give you no coverage at all on your car if you get in an accident, and its likely minimum liability coverage legal in your state so if they don't get what they want or need out of your ins co they come after you. I personally wouldn't skimp on insurance would you want to spend 7000-9000 on a car get it hit in the first week and have nothing to show for it after an accident? or worst in the hospital w/ no medical because you wrapped your 300 HP car around a tree? Better to pay now just in case but its only my $.02

I didn't plan on paying the aboe minimum by any means, i was just comparing the quotes for the minimum. Sorry to mislead you. I plan on getting at least some kind of collision and vandalism coverage, and definately medical coverage. I totally agree with you though.

Thanks!

spanky442 · Feb 29, 2004

$35 a month? That's insanely low! No coverage what so ever.

5-SpeedStallion · Feb 29, 2004

spanky442 said:
$35 a month? That's insanely low! No coverage what so ever.

However, he DOES live in small-town IOWA. That certainly helps. My parent's insurance TRIPLED when we moved from small-town Iowa to Tampa.

BTW, where do you live in Iowa? I lived in Danville (Southeast corner near Burlington) for 10 years.

Hammertime · Mar 1, 2004

5-SpeedStallion said:
However, he DOES live in small-town IOWA. That certainly helps. My parent's insurance TRIPLED when we moved from small-town Iowa to Tampa.

BTW, where do you live in Iowa? I lived in Danville (Southeast corner near Burlington) for 10 years.

I live in Story City, just 10 miles north of Ames, or 45 miles north of Des Moines. And yes, I'm sure the fact that I live in a small town contributes to the low cost.

N/A Cobra · Mar 1, 2004

I have a 1996 Cobra and I have full coverage through state farm. I am 19 years old, no accidents/tickets, good student discount, and live in a small town. I pay roughly $2000 a year for insurance. I drove a 97 Blazer before I got my car and paid nearly the same amount.

nicolae88 · Mar 1, 2004

I'm 17 years old also and waiting for an insurance quote on a 1997 Cobra. I've heard of anywhere between $280 a month all the way up to $400! Also to take into thought are things like gas money, girlfriend, any social activities, and mods. If you want all these things to go along with the car I would think you would have to start cutting some away. Me personally, I could afford a $300 insurance a month with my job(provided im getting good hours). This wouldnt leave me with any money to save, for gas, or for much of anything else. I'm not ready yet to give my life over to a car, even though it would be reaaaaal nice. Also I've heard that insurance rates are horrid up till you turn around 25 or get married. They start to thin out around 25 and then once you hit 30 they get lower.

Hammertime · Mar 1, 2004

nicolae88 said:
I'm 17 years old also and waiting for an insurance quote on a 1997 Cobra. I've heard of anywhere between $280 a month all the way up to $400! Also to take into thought are things like gas money, girlfriend, any social activities, and mods. If you want all these things to go along with the car I would think you would have to start cutting some away. Me personally, I could afford a $300 insurance a month with my job(provided im getting good hours). This wouldnt leave me with any money to save, for gas, or for much of anything else. I'm not ready yet to give my life over to a car, even though it would be reaaaaal nice. Also I've heard that insurance rates are horrid up till you turn around 25 or get married. They start to thin out around 25 and then once you hit 30 they get lower.

Nicolae88 - Did you find/buy a 97' Cobra? Care to share how much it cost(s)?

Luckily my parents pay for my gas, so that's not a problem. My girlfriend knows I need a new car, and she already told me she wouldn't mind not going out as much if I had to save money for car expenses. I've already decided I could wait until I get Christmas/Birthday money to do mods. According to my insurance agent (State Farm) the price of insurance drops quite a bit when you turn 19, and then even more then you turn 25. As you can tell I've taken all of these variables into consideration.

Thanks a lot!

epracmetcon · Mar 2, 2004

Im 19 and the insurance on my 94 cobra is 160 a month for full coverage with a $500 deductable. Have had one accident and one ticket.

Insurance for a 17 year old?

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