So I found a silver RX-7 that I like a lot. I have come up with the money to get it buy my parents are still wondering what the insurance is goin to cost on a vehicle this much.

I am 17 years old, I have no speeding violations and no accidents. I have a perfect record with no criminal activities. I am on the B honor roll in school which helps a little bit here in MN. This insurance will be listed under the family plan buy in my name. The car is a 1993 FD with 48k miles.

My question to you all is how much do you think I will end up paying for insurance monthly?

Thanks, Mitch

 

I used to sell insurance. First off, you cannot purchase a policy in your name because you are a minor. The RX-7 is an EXTREMELY high rated car in the insurance books. The scale goes up to 30, higher the number, the more expensive it is. For example, a 98 Saturn 4 door is a symbol 6. 98 Viper is a symbol 27h, Eclipse GST is a 21, and RX-7's come in around 25. Also, most insurance companies will not insure that car if it is in a home with underage drivers. They flat out wont do it. Its on the notorious "do not insure" list. High risk, costly cars to fix. Now, if you want liability only, its pretty much the same no matter what you drive, because they dont have to fix the car. Sorry to **** on your parade dude. Here are the factors the really determine your insurance rate:

1-car symbol
2-at fault accidents
3-not at fault accidents/comp claims
4-age
5-sex
6-marital status
7-CREDIT
8-home ownership
9-overall loss history
10-other cars in household
11-driving record
12-renewal credits

Odds are, if you get an RX-7 and your parents ad it to thier policy with you as a driver (and you will have to be rated on the policy), thier rates will go through the roof and thier company will non-renew as soon as possible.

Welcome to the wicked world of insurance.

 

for comparison purposes, here is my rate (Idaho rates will be slightley cheaper than most states btw)

My stats:
1993 RX7 touring w/30k miles
22/single/male
homeowner
perfect credit
also insure a 96 accord and 96 Yamaha FZR no tickets
one not at fault claim (windshield)

I pay roughly $900 for 6 months through Progressive for just my RX7. My bodily injury limits are 25k per person, 50k aggregate, 1k medical. comp coverage at 250 deductable, and collision at 1000 deductable. UM/UMBI at 25/50 (standard). This is actually state minimum liability coverage, your state may require more.

 

Just call your auto insurance agent and ask. It helps if it's a 3rd vehicle, and maybe you can be the primary driver on one of the "slower" vehicles (having a minor in the family with a sports car won't help though). It might help to have one of your parents call, but you could always say your dad told you to call.

If you family would consider switching providers, you can try calling around (I've never called Geico, but they are engrained in my mind from the commercials).

You don't want to know what I pay (28, married, homeowner, a totaled car 3 years ago - unticketed, one ticket when I was 16), because it was only $10 higher than full coverage on my '99 Civic (which I will say was cheap).

 

My 17 year old son is rated as the primary driver on a 91 NA and is paying approx 450 every 6 months for liability only (250/500). No accidents/tickets - Good Student - 3rd car

All of the other vehicles are also clean from claims for many years. So far the rates on the other vehicles have not been effected - I have two other vehicles ('67 Firebird and '66 911) on limited use policies. He is excluded from driving those.

 

I pay 280 every month

 

Don't bother calling Geico. I'm 35, married with two kids and a house and they won't insure me with or without the RX-7. Geico has great rates but they don't do high risk vehicles and/or drivers. If you drive a sedan (SUV, station wagon, etc...) and have no tickets, accidents, comprehensive claims in the last 5 years then give them a call, otherwise forget it.

In my limited experience I've found Progressive and Allstate have the best rates. I intensly dislike Allstate (long history there). Progressive has slightly higher rates but they aren't Allstate.

For full coverage I wouldn't be surprised if you were looking at $2,000+/year. If you don't get collision or comprehensive coverage that will cut the bill by 50-75%. A higher deductable will help some but not as much as you want. In favor of a higher deductable is the fact that *many* claims (less than totalling the car) will eventually cost you more in increased rates than you get from the insurance company. Which is why I don't carry any comprehensive and/or collision on this car. OFC, I don't *need* the car, it's just a toy. If the car is wrecked or stollen then I'm out (value of 93 RX-7) - ($500/year saved in comprehensive/collision insurance) - ($$$/year in increased rates if I made the claim). Consider the formula and the odds. The question is what level of risk is right for you. More people your age will wreck the car than my age. That's just a statistic but the insurance companies use it to make a living year after year.

On another note, I love my car. I can imagine the trouble I would have got in with it at 17! Don't get killed but have fun!

 

I'm 17 and live at home and iI just got a 93 r1. My rate for liability for 6 months was only $110. I have progressive. I'm preety sure they screwed up.

 

Huh?

I was insured with Geico for years with a 300zx and my FD for 2 years. When I joined them on my 300zx, I had 2 speeding tickets on my record and a C&I. The tickets were close to falling off so I don't think they had that much of a problem with them when I joined.

Granted, it was several years ago, but I can't imagine they changed that much...

 

well today my dad was gonna go in to the insurance company in person and try and figure things out himself

he was gonna try and have it filed under his name and i would get to drive it "occasionally" but really it would be my daily driver til it get's shitty here in MN, and i would have the insurance switched for me to a 2001 dodge stratus ES, so we'll see

except my dad won't answer his damn cell phone so i really don't know what is gonna happen, ill keep you all posted on what becomes of the situation

 

no they didnt. Liability is the same no matter what you drive. They dont care as long as they dont have to fix the car. Liabilty is rated on driver only.

P.S. GEICO has odd practices. Of you have great credit, and low symbol cars, you get a good rate. However, at your first claim, you're screwed. Your rates WILL double. Yes, it is illegal to increase your rate to recoop money they paid out. Wanna know how they do it? They move you from one GEICO "company" to another GEICO "company" within itself which has crappy rates. Then they say you dont qualify anymore for the company you were in, which has better rates.

btw:

GIECO= Government Employee's Insurance COmpany.

bet you didnt know they're the government!

 

I pay 2k a year on my C4. But I'm matture and a girl. Haha. J/K.

 

You aren't kidding about the GEICO thing. I thought that just worked to well, but I checked it out, and there it is:
http://www.geico.com/infocenter/about.htm

Find the text "countrywide protection", and there it is. The real question is, is the government still involved?
I think you can answer that from their links which include Federal Program and Military Program.

I had no idea.