Teenage insurance?

[Cynette]

Originally Posted by Wetzel

I don't understand this. Why would the insurance not pay me if the car is wrecked? I would certainly want them to cover the damage to my car and whatever I wrecked into, regardless of if I or the bank owns it.

Wetzel

If you have an older car with a blue book value of let's say $700 (aka my son's '95 Saab) and your insurance deductible is $500 and you total the car, all they will give you is at the most $200. That's $17/ month for a year. So if your collision part of the car insuance is greater than $17/month, and it usually is, drop the collision and put that money in the bank for the fund to replace your car when you need to. You keep the liability on the car, that protects the people part of the accident and the other car.

And to answer the original question...We have a 17 year-old with a 2005 Masda RX-8, (her choice, she earned it) she is on our insurance and its about $1100 for six months (She also has a job, and pays for half of the cost). I know she is cheaper than if she was a teenage boy, but other than that, I can't imagine having to pay much more than that. So I think the $450/month estimate is way off base. And I think NY has one of the highest rates in the country.