Cheapest option for insurance?

Messages
334
Location
Ohio
I am 18, currently a high school senior. Insured through State Farm at the moment,. On my Honda CR-V, my insurance is $160 a month for FULL coverage. I recently found a 1991 Trans Am with the 305 TPI on marketplace and really want to buy it as a project car because I can afford it, but for me to insure that, I'd be paying $325 a month for the BARE MINIMUM coverage... If I ever found my dream car (a 2002 WS6) surely I'd be paying $500 a month or something equally stupid. Anyone know of a decently cheap insurance company I could cover a ~20 year old sports car through where I wouldn't be paying so much that after 6 months of insurance I could have used that money towards a 3rd car? This is seriously annoying... ugh
 
In my experience State Farm is usually one of the more expensive companies for auto insurance. If I were in your shoes, I'd shop my coverage with a couple of independent agents who represent a variety of companies. Not sure if any of these are licensed in Ohio, but I have had good luck with rates from Pennsylvania National, Erie, Farm Bureau and Kemper. Only way to know for sure is to shop your business with a couple of different agents.
 
Messages
5,124
Location
Atlanta,GA
Sounds like you're into cars. Maybe convert it into a track car and only drive it on the track where you buy coverage for the event? grin2 In all seriousness this is a conversation you should have with your parents because in some states they are ultimately liable for your stupidity until you're around 26.
 
Messages
14,206
Location
Central NY
For your age and full coverage on a vehicle, that isn't terrible. When I bought the Cherokee back in 20010 I was 21 and State Farm quoted me $350 .... a MONTH for liability only. I quickly canceled and switched to a different insurance company! That was absolutely ridiculous. I've been switching between Geico, Esurance and Progressive over the years. Though, now that I have the F350, Esurance isn't an option.
 
Messages
24,866
Location
Upstate NY
It will go down by the time you are 25 or 30. Patience. You can get a project car and not insure it while its off the road being worked on. Off road = no plates.
 
Messages
2,026
Location
CA
Originally Posted by cwilliamsws6
I am 18, currently a high school senior. Insured through State Farm at the moment,. On my Honda CR-V, my insurance is $160 a month for FULL coverage. I recently found a 1991 Trans Am with the 305 TPI on marketplace and really want to buy it as a project car because I can afford it, but for me to insure that, I'd be paying $325 a month for the BARE MINIMUM coverage... If I ever found my dream car (a 2002 WS6) surely I'd be paying $500 a month or something equally stupid. Anyone know of a decently cheap insurance company I could cover a ~20 year old sports car through where I wouldn't be paying so much that after 6 months of insurance I could have used that money towards a 3rd car? This is seriously annoying... ugh
Bundle with your parents. I am all for independence when possible and laud your efforts, but in this case, assuming you're living at home, it is the only way. Forget the Trans Am for now. You have plenty of time for other cars later. And be the best driver ever. No tickets or accidents.
 
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Messages
9,850
Location
OH
If you or either of your parents are a vet, you would qualify for USAA...no other company can touch their rates or service...
 

cwilliamsws6

Thread starter
Messages
334
Location
Ohio
Fair enough. With school and work I wouldn't even have time to enjoy the thing. But my god, the newcaritis is setting in hard lol.
 
Messages
8,981
Location
MA
Check with insurance companies that sell insurance for classic cars. Usually there's some requirement that the car not be driven for more than 2500 miles a year so if it's a project car, keep the miles down on it and the insurance could be dirt cheap. A friend of mine has an old Firebird and insurance is under $500 a year.
 
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14,505
Location
...
Teenagers and sports cars equal 🔝 premium rates. If you find a cheaper premium check the policy. Chances are it's more restrictive.
 
Messages
4,113
Location
SW Ohio
You're paying too much and you can point the finger solely at State Farm (presuming you have a clean driving record). Our son has a '12 Accord EX-L V6 with full coverage and pays about $120/month. He isn't on our policy anymore either (the loan on his car is in his name so we can't cover it) so this is his own, separate policy. We use Erie, FWIW. Are you on your parent's policy ? It's obviously cheaper this way so keep it like that if you can. Then again, to do that, it means they must "own" the vehicles (or at least be co-owners). If you were to buy a TA, will you be driving it right away ? If not, you can get some bare minimum coverage that excludes driving it since it's a "project car".
 
Messages
7,225
Location
North Carolina
Cheap insurance is very often poor insurance. You want a company that will pay you, if and when the time comes. That is, after all, the entire point.
 
Messages
8,981
Location
MA
Originally Posted by Donald
Your rates will be cheaper if you choose a Yugo or Pinto as project car.
Maybe a Yugo, can you even find a Pinto anymore?
 
Full coverage on a 12 year old CR-V is silly but $160/month sounds manageable. Don't get tickets or have at-fault accidents and your rates will go down hopefully about the time you stop giving your cars goofy names. If you drop your insurance and get on your parents when you get your own again you'll have no history and rates will be high for another year or 2. Forget performance cars until you can afford all the expenses. They'll still be out there.
 
Messages
167
Location
NJ
Find out what your monthly premium would be for just liability. A 2007 Civic might not be worth the premium for collision, fire and theft.
 
Messages
3,065
Location
Columbus, Ohio
Originally Posted by grampi
If you or either of your parents are a vet, you would qualify for USAA...no other company can touch their rates or service...
When I met my wife, she had USAA and I had Erie. We went with Erie because it was cheaper and have always had great sERvIcE.
 
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