# insuring your gto?



## iluvGTO (Oct 2, 2010)

so im getting quotes for a 2004 gto, and its about 225-275 a month with NO collision insurance, im a safe driver, i dont speed, i have no tickets or accidents, would it just be a waste of money for the collision insurance, or is it worth it? and if it is how much do you guys pay extra for collision?


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## X-Ravin (Oct 6, 2010)

iluvGTO said:


> so im getting quotes for a 2004 gto, and its about 225-275 a month with NO collision insurance, im a safe driver, i dont speed, i have no tickets or accidents, would it just be a waste of money for the collision insurance, or is it worth it? and if it is how much do you guys pay extra for collision?


I'm insured through Progressive. Got the GTO and my wife's 07 Matrix with $500 deductible collision and comprehensive on both. Pay $150 a month total. I also have uninsured/under-insured and medical on them too.

How old are you? I'm 23 for reference.


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## LS2 MN6 (Jul 14, 2010)

I have full coverage ($500 deductible), for my 2006 I pay about $140 a month, that's with AAA.


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## GTO JUDGE (May 14, 2005)

iluvGTO said:


> so im getting quotes for a 2004 gto, and its about 225-275 a month with NO collision insurance, im a safe driver, i dont speed, i have no tickets or accidents, would it just be a waste of money for the collision insurance, or is it worth it? and if it is how much do you guys pay extra for collision?


Quotes given you are from the category you fall under. Your high rates are because others in your category have shall I say less than stellar records. Its one of the unfortunate realities of insurance. Those like you being penalized for others actions. 

Waste of money for collision??? Say you get your car, you are paying it off monthly, tomorrow you take her out and lets say a deer or car cuts you off and you lose control of your car and slam a tree. Your insurance company says they are totaling it. There you are no collision, and are strapped with a loan on a car that was destroyed. Capish? 

When a car gets so old the price for collision may no longer be worth it as the value of the car has dropped so much the ends no longer justify the means. That's when the cost factor dictates that decision. Ok, on this car? That car is still worth lets say 12K or even if its written off as totaled at say book value 9K (estimating purposes) there is still value in the car to insure it for.

Think an unfortunate accident won't happen to you so you'll chance NO collision? If you have a car loan, collision is necessary for obtaining the loan. A car loan is a non secured loan, the only recourse the lending institute has is to recover from the insurance should the car lose its life. This is why collision is required. Don't have a loan? You are still out a chunk of change should the car be either need $$ to repair or replace. 

DO NOT DO NOT DO NOT fall for the minimum rate insurance ploy from Safe Auto and others. This is a false sense of security. They offer bare bones policies so you can drive the car legally. ALL of us pay underinsured premiums because of businesses like this because chances are you'll be involved in an accident that will not properly cover you as you will be under insured.

YOU MUST factor in car insurance into your monthly installments. If you cannot afford proper coverage then a car like this is out of your reach (for now). Save up.


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## jpalamar (Jul 22, 2008)

I pay $115 a month with 100/300 covereages, accident forgiveness, medical, un/under insured, $500 colission ded, $0 comp.

I'm 26 with decent, but not perfect credit, and have 2 tickets.

I'm through Nationwide.

The HHR SS is $90 a month with the same covereages.


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## 2006PHANTOMBLACKGTO (Aug 9, 2010)

Seems like you guys are paying a lot. I have State Farm, no tickets, no accidents (knock on wood). I have 100/300 collision, $250 deductable, Emergancy Road Service, Rental Car, insured / uninsured, etc... We also have Car & Home with them and no kids. I pay $75 per Month (6 month average)


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## mikes06goat (Jan 13, 2009)

State Farm also. Mines about $85.00 a month. $250 deductable, 100/300 and all that other good stuff. Clean record with no accidents or tickets. 26years old. When I first bought the car when I was 21 I was still a Minnesotan and full coverage with a 500 deductable was like 260.00 a month! The next month I moved to North Dakota and my Insurance dropped 100 bucks a month and continued to fall every year since then.


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## BlackJackByte (Aug 31, 2009)

Farm Bureau full coverage $283 every 6 months. $500 deductable 100/300. 25, clean record, 738-746 credit score.


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## Masterdutch (Dec 1, 2009)

I hate you all.....I pay over 2400 for 6 months of full coverage with $1,000 deductable. I'm 27, live in Jersey have 8 points and credit score isn't so hot. I have geico, which is one of the very few people who would except me. I swear its like I'm working just to be able to drive. Even a few years ago before I got the GTO I was paying like 360 a month for my Grand am GT for full coverage and only had 1 or 2 points.


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## LS2 MN6 (Jul 14, 2010)

Masterdutch said:


> I hate you all.....I pay over 2400 for 6 months of full coverage with $1,000 deductable. I'm 27, live in Jersey have 8 points and credit score isn't so hot. I have geico, which is one of the very few people who would except me. I swear its like I'm working just to be able to drive. Even a few years ago before I got the GTO I was paying like 360 a month for my Grand am GT for full coverage and only had 1 or 2 points.


The insurance companies say they don't look back more than 3 years at tickets and such, but they do. If you've had any accidents in the past 7 years it hurts your rates.


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## jpalamar (Jul 22, 2008)

Masterdutch said:


> I hate you all.....I pay over 2400 for 6 months of full coverage with $1,000 deductable. I'm 27, live in Jersey have 8 points and credit score isn't so hot. I have geico, which is one of the very few people who would except me. I swear its like I'm working just to be able to drive. Even a few years ago before I got the GTO I was paying like 360 a month for my Grand am GT for full coverage and only had 1 or 2 points.


Move out of NJ and it will instantly drop in 1/2. But did you expect a god rate with 8 points and not great credit. That just screams high risk.


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## GTO JUDGE (May 14, 2005)

Masterdutch said:


> I hate you all.....I pay over 2400 for 6 months of full coverage with $1,000 deductable. I'm 27, live in Jersey have 8 points and credit score isn't so hot. I have geico, which is one of the very few people who would except me. I swear its like I'm working just to be able to drive. Even a few years ago before I got the GTO I was paying like 360 a month for my Grand am GT for full coverage and only had 1 or 2 points.


In this world of spreading the wealth around, and the fairness acts..call your dept of transportation and ask they give iluvgto 4 of your points. This way your rate will decrease, his will go up, it will balance out.

The way things are going it will head that way anyway you'll just get a jump on it.

Sorry for the sarcasm but .... whats fair is fair.


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## Masterdutch (Dec 1, 2009)

Yea, I've been in two accidents in the past few years.  Neither involved another car but a few grand in damage each so not surprised, I know jersey is one of the highest if not thee highest for insurance. Even when I was looking for a carrier more than half the ones I called said I was ineligible because my license was suspended in the past 5 years. I just didn't know exactly how ridicules my premium was untill I saw some of the rates on this thread. And sorry, but nothings very fair about insurance rates, they vary from state to state and I dont see how my credit score should effect my premium, yes its low but haven't had a lapse in 10 years.


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## Mike_V (Mar 10, 2006)

OH MAN, what you pay in six months is what I pay in a year for four cars, more than double the standard for under insured, bodily, and all that crap - with a 250/500 deductible. You should get a lawyer that specializes in cleaning driving records.


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## iluvGTO (Oct 2, 2010)

yeah im 16 right now, and i would be gettin a GTO when i am 17 cause i dont want one for winter, would the rates drop once im older? i have no tickets, no accidents, i can get the good student rebate cause i have a 3.0+ GPA, i just wish there was no sterotype for young drivers, cause im very responsible when it comes to being behind the wheel.


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## Mike_V (Mar 10, 2006)

The odds are not with you though. You have to be on your parents policy.


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## mercdoc (Aug 12, 2010)

I have progressive, just switched from Allstate. I pay 151 montly for "full coverage". 500 deductiable, 100k pers damage, 300k property damage. I also have towing and rental included.


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## iluvGTO (Oct 2, 2010)

Mike_V said:


> The odds are not with you though. You have to be on your parents policy.


yeah i know  it sucks ive been a GTO enthusiast since i was 12, first time i saw it i loved it, i just applid for my second job to be able to afford the car and insurance once i get it, thats the plan atleast, im hoping it all works out :cool


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## jpalamar (Jul 22, 2008)

iluvGTO said:


> yeah im 16 right now, and i would be gettin a GTO when i am 17 cause i dont want one for winter, would the rates drop once im older? i have no tickets, no accidents,* i can get the good student rebate cause i have a 3.0+ GPA,* i just wish there was no sterotype for young drivers, cause im very responsible when it comes to being behind the wheel.


How? You can't even type in sentences here 

From what I learend, you can't have a nice car til your 25. When I was 24 I had 1 ticket that was 2 years old, now I'm 26 and have speeding 15+ and careless for doing doughts... and its cheaper now then when I had a clean recrod when I was younger.



iluvGTO said:


> yeah i know  it sucks ive been a GTO enthusiast since i was 12, first time i saw it i loved it, i just applid for my second job to be able to afford the car and insurance once i get it, thats the plan atleast, im hoping it all works out :cool


You can't afford this car man. Insurance and maintance alone will kill you. Might wanna look into an LS1 Camaro or TA... or buy the typical POS that your supposed to drive when your 16.


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## iluvGTO (Oct 2, 2010)

jpalamar said:


> You can't afford this car man. Insurance and maintance alone will kill you. Might wanna look into an LS1 Camaro or TA... or buy the typical POS that your supposed to drive when your 16.



thats what i thought at first too, but my parents might be letting me sell their third car that i drive now for about 16,000, blue book value is 17,500 and with that find a nice 2004 gto for like 13-14,000, and save the other money for insurance and maintance, plus with my second job id be making close to 800 a month, and i just got a quote from nationwide will a 500 collsion deductible, and good bodily injury and property damage coverage for 245 a month, so maybe i have a chance for it? :cheers


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## GTO JUDGE (May 14, 2005)

iluvGTO said:


> thats what i thought at first too, but my parents might be letting me sell their third car that i drive now for about 16,000, blue book value is 17,500 and with that find a nice 2004 gto for like 13-14,000, and save the other money for insurance and maintance, plus with my second job id be making close to 800 a month, and i just got a quote from nationwide will a 500 collsion deductible, and good bodily injury and property damage coverage for 245 a month, so maybe i have a chance for it? :cheers


3K a year? For a 16yr old that's a lot of money. Hell thats a lot for anyone. Do you really want to work for a car? This car is going to bleed you to death. What are your parents thinking???????? No way did I permit my kids at that age to go in hawk for that. That 3K is just the tip of the iceberg.... factor in gas, going out having a good time, girl friend, one trip to the shop will run you $$$$. You are going to walk around broke. You will find yourself looking at that car parked a lot because you have to save up money just to drive it.

Seriously, I know how bad you want the car but don't let your want over ride your needs. What you are experiencing now is what people did or are doing with buying homes etc... they can't afford it but they do it anyway and in the long run, they kick themselves in the a$$ while they file for bankruptcy etc. Have you sat down and itemized your finances, and your net at the end of the month then added an extra 20% for unsuspecting surprises? 

Maybe ask mom, and pop, to pay your insurance as a Christmas gift. 
I would suspect, that if you buy this car you'll be back on here 6-7 months from now selling it cause ya made a mistake. :cheers


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## jpalamar (Jul 22, 2008)

iluvGTO said:


> thats what i thought at first too, but my parents might be letting me sell their third car that i drive now for about 16,000, blue book value is 17,500 and with that find a nice 2004 gto for like 13-14,000, and save the other money for insurance and maintance, plus *with my second job id be making close to 800 a month*, and i just got a quote from nationwide will a 500 collsion deductible, and good bodily injury and property damage coverage for 245 a month, so maybe i have a chance for it? :cheers


This proved that you can't afford it. You keep basing buying a car on your second job. Your second job should be treated like a bonus, never factor that into your budget. If you plan on going to college, that 2nd job won't be there. Hell, you will barely be able to handle 1 and not all colleges even let freshman have cars if you decide to live on campus(I know Penn State didn't when I went there back in 2002/2003) so you might have a car you can't even bring with you.

A typical part time job might net you $600 a month bring home?(24 hours a week @ $8 an hour). $300+- for insurance, $200 for gas+-, and $150 a month set aside for maintance and that is on the low side IMO(tires, oil changes, random things breaking, detailing). Thats all your money right there pending you don't have any mystery bills that pop up and they always do.


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## iluvGTO (Oct 2, 2010)

jpalamar said:


> This proved that you can't afford it. You keep basing buying a car on your second job. Your second job should be treated like a bonus, never factor that into your budget. If you plan on going to college, that 2nd job won't be there. Hell, you will barely be able to handle 1 and not all colleges even let freshman have cars if you decide to live on campus(I know Penn State didn't when I went there back in 2002/2003) so you might have a car you can't even bring with you.
> 
> A typical part time job might net you $600 a month bring home?(24 hours a week @ $8 an hour). $300+- for insurance, $200 for gas+-, and $150 a month set aside for maintance and that is on the low side IMO(tires, oil changes, random things breaking, detailing). Thats all your money right there pending you don't have any mystery bills that pop up and they always do.



good point, and a good point from the moderator too, kinda sucks the reality of it is setting in  my parents pay for maintenance and stuff because they're good friends with a guy that owns a shop right down the road from their business so he does alot of the work on our cars for free, even then its still gunna be tough from what you guys are saying, thanks for all the help i really appreciate it, good to see people care about peoples finances when they dont even know them :cheers


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## jetstang (Nov 5, 2008)

Honestly, show love for your parents and do the best you can do in college, really concentrate, get the great grades and make them proud. Drive a Focus or Escort so the insurance is reasonable, then, when you are through college and honestly out on your own and understand finances, buy your own car that you can afford and pay the insurance, after paying the mortgage and all utilities. 

My 17 year old is the same way, I bought her car and she asks me why she cant' do what she wants with HER car, lol, but not. She works 10 hours a week and can't afford her own gas, now add $1500 a month for the house and food..


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## GTO JUDGE (May 14, 2005)

iluvGTO said:


> good point, and a good point from the moderator too, kinda sucks the reality of it is setting in  my parents pay for maintenance and stuff because they're good friends with a guy that owns a shop right down the road from their business so he does alot of the work on our cars for free, even then its still gunna be tough from what you guys are saying, thanks for all the help i really appreciate it, good to see people care about peoples finances when they dont even know them :cheers


Think with your head, feel with your heart. When I was 16 I wanted a muscle car in the worst way. My dad hated them he forbade me to have one. While my buddies were driving around in Chevelles, Chargers, Roadrunners and such, he found me a corvair for 1,000. I didn't want it. He told me I will take it and like it or drive his VW bug. I singed on the dotted line and he cosigned a loan. So while we all drove the "loop" with CB's and driving those cars in the height of their popularity I was the laughing stock always trailing in a corvair. 

He had a fit, gas was going from 29 cents a gallon to .039.9 and said those gas guzzlers need off the road. What I saved in gas I fed that car in oil, they were notorious for leaking it. I couldn't afford to have the leak fixed. I was going through a quart of oil every few days and when I drove it and parked it it looked like I was signaling Indians. It was an embarrassment for me, but it was cheap. Then those muscle cars thanks to the FEDS became extinct.

I got my true muscle car after my kids were grown. 32 years later. Now I got 2 and am looking for more and can afford it. My dad taught me a lesson and looked out for me in his own way. Many of my buddies walked around broke, they were enslaved to Shell, Texaco, Sinclair, Sunoco, and repair shops. I had $$ in my pocket a girl friend, and had no problems with cash, that lesson carried with me to this day and instilled that in my sons. At times they didn't listen to me and went the route you want, once they learned the lesson the hard way they then understood what I was teaching them and got their act together. 

IMO... get yourself a beater and save up. The price of these cars will come down, your age and credit will go up and you'll have $$ in your pocket to play with. A year from now you may not even want one of these. You don't have rent to pay, you will. Take the equivalent of rent and bank it monthly, you'll see your savings grow.


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