subject: An Unique First Car Insurance Experience [print this page] An Unique First Car Insurance Experience
I received an interesting email from one of my readers and she is discussing her personal experience with getting insurance. I think it's worthwhile to take a look into it.
I can't say I have always been the safest driver, in my earlier years I actually had a little bit of road rage. But I do obey the driving laws and regulations even though I have had my own share of traffic violations like most people. I have had a few speeding tickets in the past, which were not necessarily very expensive to pay, but the cost increase in insurance was definitely the bigger problem.
When I was in school, I didn't have the need for my own insurance policy. My grandmother barely drove her car and she lent it to me anytime I wanted it. Because I got married, I no longer lived with my grandmother and I had to get my own insurance plan. Because insurance is required by law, I could not avoid this cost.
I made an appointment to talk to an insurance agent once my name change was legal through the Department of Transportation. While discussing with the broker the options that I had, I was a little bit uneasy. She had a very concerned expression on her face while she was looking at my record. It could not be good. She informed me the unexpected: that I would have a pretty high insurance rate due to my past.
Luckily, there were several things that I could do to lower my insurance rates. I was not eligible for a for a property insurance because I did not have my own house. My renters insurance did manage to get me a small discount however.
I was able to get a few other discounts such as having multiple cars, a fuel efficient car discount and a good student discount. She also stated that if I could be accident and ticket free for a full year, she could give me a little discount. All these discounts saved me over one hundred dollars a month!
That is when she threw in the hardest question of all- how much money do I want to save? Clearly, it was as much as possible. She told me that if I just insure my license and not my car, I could save another $500 a year. While it does sound really good, my car would not be protected in the event of an accident.
Insuring my license would allow me to drive in any car that I wanted to but was not going to give me any protection in the car that I was driving. As a result of having only one single car that I drive and it was brand new, I didn't want to risk losing my investment.
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