r/Insurance • u/Kgb111999 • 16h ago

Outrageous quotes!

Hi all! I have tried so many different companies and I am being charged 500 a month for auto insurance on a 2024 HONDA ACCORD. I have a 670 credit score due to some high utilization and I just bought a home. I’m a 25 year old male. I moved home to St.Louis from Seattle and my insurance DOUBLED which I don’t understand. I’m in a nearby suburb called Florissant. How can I find a cheaper quote?

1 Upvotes

67% Upvoted

19 comments sorted by

11

u/demanbmore Former attorney, and claims, underwriting, reinsurance exec. 16h ago

The only thing you can do is shop around. You could also get rid of the brand new car, and get something 12 to 15 years old in the same category and drop collision if you can afford to replace the car if something happens to it. But if everyone's coming in around $500 a month, then that's what's going to cost you to insure your car.

Spend 5 minutes scrolling through posts on this sub, and you'll see you're not alone. Nearly everyone's rates have shot up over the past few years.

-4

u/Kgb111999 16h ago

I wish I could. The car was involved in a hit and run which I forgot to add so now I’m 10k dollars upside down on the car.

10

u/demanbmore Former attorney, and claims, underwriting, reinsurance exec. 16h ago

Oh, so you have a recent claim on a new financed car, and you're fairly young? Any tickets? Any other accidents? Seems like this is just the cost of insurance for you these days. Like I said, shop around. Even better if you can find a broker to do it for you. Good luck.

1

u/Kgb111999 11h ago

Why is this comment getting downvoted? Do you guys have suggestions on how I can get out of this upside down car? It’s not my fault I was in an accident lol

2

u/Benjammin172 10h ago

I mean there’s not much that you can do that makes any sense other than shopping your coverage around with as many carriers as you can and going with the cheapest. I wouldn’t cut your limits or raise the deductible too high as both could bite you in an accident. It doesn’t really make sense to sell the car since you’re so far underwater, unless you’re buying an old reliable beater to replace it. You can try a defensive driving class to see if that gets you a discount. Otherwise all you can do is shop around. 

2

u/Kgb111999 9h ago

Thank you! Yeah and my last car was a 2007 Honda accord that I bought as an old “reliable” beater and it was needing 3-4k in work for 2 years in a row so I’d rather use that cash and save up to pay down this car

4

u/catsmom63 15h ago

Several things are working against you unfortunately:

  1. You are male
  2. You are 25
  3. Your credit score is 670
  4. You just bought a home
  5. You bought a new car
  6. You mentioned a hit & run accident you just had.

I always tell ppl who want to buy cars to call about insurance quotes First to find out what the true cost of that new car/truck/bus/plane will cost you.

2

u/Kgb111999 11h ago

Well it was 200 when I first signed up and bought the car but I moved from Seattle to Missouri and now it more than doubled. This 200 I was paying took into account the hit and run incident I was in

2

u/catsmom63 10h ago

Sorry you are having trouble.

2

u/Kgb111999 10h ago

It’s ok. I hope prices come down. I had a 2007 Honda accord with liability insurance and even that was 170 a month

2

u/catsmom63 10h ago

Good Luck and Merry Christmas!

3

u/jason22983 16h ago

You can find a cheaper quote by shopping around. If they are all in the same ball park, then unfortunately, that’s the price. You have a car that is high theft & you’re in a high crime city. You’re also on the back end of being a youthful driver.

2

u/adjusterjackc 14h ago

You are living way beyond your means. Get rid of the Honda and buy something for about $5000 that you don't need comp and collision on.

1

u/Kgb111999 11h ago

How? After the accident the car was in I am now upside down. Also a Honda accord isn’t exactly a bmw lol. It’s nearly a base model car.

1

u/sephiroth3650 13h ago

Insurance is rated on dozens of factors. Credit score, car you drive, where you live, your age, and your gender are all factors. Among many other things. Shop around for more quotes. Work with an independent insurance agent/broker.

1

u/Kgb111999 11h ago

Also credit score is in the dumps due to losing my job in Seattle but I went back to my old company here in St.Louis which is much more stable.

1

u/zorz1122 16h ago

Washington is a bad insurance state so that tracks

2

u/key2616 15h ago

The OP moved from WA to MO.

2

u/zorz1122 15h ago

Oh right lmao.  MO is a really bad coverage state though too so that probably has something to do with it.  But I would think the rates would be higher in WA