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UPDATED: Apr 25, 2018
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Insurance Question from Garden City, NY
Asked on 04/25/2018
Insurance quotes I had auto insurance for 17yrs and I cancelled in January because I handed back my Lease. Now I bought a new vehicle and want ins. however State Farm is saying that now it is going to cost me $500.00 a month. I've been with them for 20yrs. I shouldn't have to pay that amount when I was paying 200.00 a month for full coverage.
Answer given on May 31, 2018
Auto insurance rates are based upon many things. Even though you have been with the same insurance company for several years, the rates are based upon the age and type of car, as well as your driving record. Since you bought a newer vehicle, the cost of the insurance is based upon that vehicle. Also, if any tickets or accidents have occurred recently, that will affect the cost of the insurance. Also if there are any new drivers in the household, that can affect the premium on the insurance policy
You can discuss higher deductibles on the new car to help reduce the cost of the insurance. You can also ask the insurance agent if they can suggest anything to reduce the costs. Sometimes insurance companies base the rates on the annual miles expected to be driven. If so, have you changed your driving habits? These are all things to discuss with the agent.
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