Cheap Monthly Car Insurance

Questions and Answers

Your Questions About Cheap Monthly Car Insurance

July 16, 2013

Ken asks…

How does a person calculate their debt to income ratio?

So here’s the deal. I applied for a home loan and was denied because of debt to income ratio. The confusing part for me is that my rent is more than the monthly calculated payment. I have a high credit score (almost 750), and 2 vehicle pymts. I suppose the real ? is how do I lower my ratio so as to qualify for the mortgage loan. any ideas would be appreciated.

Administrator answers:

The number they used was your expected monthly payment (including taxes and insurance) plus your car payments, plus any credit card payments if you carry a balance.
You can pay off one of your cars to improve the ratio, or look for a cheaper house.
Your rent is not relevant.

Donald asks…

Questions on buying a used car from a dealership?

If I were to buy a used car, can I make monthly payments instead of buying it all at once?
Would the insurance be high if I did this? (I’m 18)
Normally, how much would a downpayment be on a 6000 dollar car?
Let’s say I do have a cosigner, what do you mean by interest?

Administrator answers:

The problem with financing a car that only cost 6,000 is that the car is probably older and has a bunch of miles so the finance company will only be willing to finance for 12 months, maybe 24. Its very difficult to get older, cheap cars financed, the amount you are financing is so small and the likely hood of the car breaking down and you not wanting to pay for it is higher so it is difficult for the bank to make money, therefore they rarely finance cars that cheap/old/high millage.

Joseph asks…

where’s the cheapest place to hire a car from in san diego?

i want to pick it up from the airport (san diego) and return it there. i need the car for 31 days. also do you have to take out separate insurance when renting a car or is this included/covered when renting?

Administrator answers:

Within the Airport, it’s probably Enterprise.
They also have long term (monthly) rental deals

http://www.enterprise.com/car_rental/intresImage.do?imageId=54133.3&key=996.en.US…….&page=home

Insurance is optional, expensive, and usually a bad deal. It is pure profit for the rental car company. It is never included in the price and can easily double the rental cost. Sometimes you are covered by your existing car insurance policy and sometimes you are covered if you have a premium cedit card and use it to rent the car. Ask your insurance agent and/or credit card company about coverage.

Mandy asks…

Can we afford an apartment and if we can what price should we aim for?

I’m 18 I live with my friend and his parents, because I cant live with mine. My boyfriend and his friend live in an apartment with 4 other people. I work as a cashier, so I only make 8 dollars an hour and they don’t take taxes out of my check. I work about 20 hours a week if I can. My boyfriend and his friend make 800 dollars a month and all of us have 200 dollars in food stamps which comes to 600 dollars each month. I’ll be getting promoted to work in the bakery soon and probably picking up more hours. Im waiting till February to move cause I’m paying off a fine, but I want to know if this sounds do able. In my area I can rent apartments that are already furnished and I have my car insurance in someone elses name so its pretty low. I also don’t have to pay for my phone. if I could get an opinion on whether this is doable some strategies to make living cheaper and whats the monthly rent I should look for? Thankyou. All answers appreciated.

Administrator answers:

The amount of rent you should look for may or may not be comparable to the amount rents are in your area. So put in the effort to look at rental listings and make phone calls.

Betty asks…

Would insurance be cheaper for a Mazda Speed 3 as compared to a Civic Si?

I own a 2009 Civic Si coupe and I’m paying $237 every month. Would it be cheaper for a Mazdaspeed 3? The speed 3 is a sedan would that even matter due to the fact it has a turbo?

Administrator answers:

You need to call around to Different Agents to get a quote. Their is no ball park answer and it is just foolish to think so and their is no real average cost because of multiple factors in how rates are developed. Use your current insurance as proof of prior coverage. Call the companies/ agencies and ask them for a quote. Make sure you have everyone quote the same coverage, If they just tell you a down payment and monthly then run. They should all provide you with a copy of the quote so you can compare them side by side. Make sure you do all your home work before you go and get the car that way you can get the best rate and work with an agent you like and are not rushed. Hope this helps, best of luck.

Sandy asks…

Should i pay for my daughters car insurance?

My 16 year old girl is about to get her license. She did absolutely wonderful with her permit and me teaching her. She’s really responsible and she has 10,000 saved for a pickup truck she really wants. She’s going to buy it soon and of course I’m helping her pick it out. She’s paying everything for it. Monthly costs, repairs, inspections. She has a stable job. So the least I could do is pay for the insurance right?

Administrator answers:

There is no “right” or “wrong” answer for that. If you can afford it and you feel compelled to then why not? It sounds to me like she’s really proven herself to catch a break and she’s good at making smart decisions (smarter than most adults even). If money’s tough and you can’t afford it then it is what it is. You can’t have everything you want in life. If that’s the case then she may have to settle for something cheaper so that she can cover the insurance for a year or two, it just depends on your circumstances. Your choice and that can go either way. Don’t feel guilty about it if you can’t though. It’s not like you didn’t spend a few bucks on her since she was born right? Besides, love and moral support goes a long way. Much longer than paying for insurance. I would if it all worked out at the end of the day.

Thomas asks…

Can anyone help with monthly budget to move out?

Income take home 2300 (after all insurance and 401k contribution)

615 rent includes all but electricity. 1 bedroom
60 cell phone
200 car payment
76 car insurance
24 internet
19 renters insurance

Now how much do I budget for electricity, food, and everythng else I am missing. 1 person. No cable or house phone though. And I do have large savings for apt needs and emergency funding for living at home for 13 months and 10 days toooooo long. Thanks

Administrator answers:

Where are you getting the internet from? That’s so cheap! I would say anywhere from $30-60. Groceries are expensive, you may think you can get by on $100 a month, but that won’t happen. I’d say budget up to $400 if you don’t eat out. You may have some leftover, but that’s better than not having enough. When you first move out, you will realize just how little you own. You will need to buy a lot of things to fill your apartment like pots and pans, utensils, towels, etc. Plus, the 1st grocery shopping trip will be the most expensive while you stock up on everyday items. You should have a lot to use for the 1st month, and then it should be a little bit less expensive. I think you will do fine with $2,300.

James asks…

How much is motor trade insurance?

I know this is a bit of a vague question! I am 26, clean license, 1 years no claims and would be working from home buying and selling £5000-10000 cars. Any ideas or how much do you pay if your in the trade yourself? Cheers.

Administrator answers:

Hi I got a trade policy I pay for it monthly at the moment at £42 to a company called Monthly Motor Trade.
It works out to be just over £500 a year
I could probably get it a lttle cheaper tho if I looked about a bit.
Www.monthlymotortrade.com

Charles asks…

How good is this offer to live and save money? ABU DAHBI?

i got that offer in abu dhabi 132000/ year = 11000/month, housing allowance 54000/ year, medical insurance. i am an only person not married or have any family with me. how good is this offer and will it be enough to live in Abu Dahbi on my own and save money as well, how much do you think i can save per month, i am not much of a spender anyway. how much does it cost for food and monthly bills, car rental/buy, local transportation…etc?

Administrator answers:

AED 11K is a good offer regarding your nationality if you are an Indian, Pakistani or other Asian.
A housing allowance of AED 54K will cover the rent in a shared appartment. Rents in Abu Dhabi are extremly high. Please check out the link giving below and search for an affordable accommodation.

Http://www.gnads4u.com/properties

After paying AED 4K – 5K for a shared accommodation you’ll have left around AED 6K – AED 7K monthly. Local transportation means to take the bus ( AED 1) or catching a cab. Utility costs should be included when renting a room in a shared appartment. Internet flat rate is AED 249 monthly (standard). Phone calls from landline to landline are free. If you buy your veggies and other groceries in small Indian outlets only, you can live cheap.

If you mantain a low living standard, you will be able to save round AED 4K – AED 5K. If no other expenses occur.

Sorry, I don’t know the rate of renting a car (you’ll find this online) but before you will be able to drive a private vehicle owned by you, you have to obtain an UAE license by taking classes and take a test. ( As long as this is going on, don’t count on big savings). You also should find accommodation first and decide then about driving car. Traffic in Abu Dhabi these days is horrible and parking spaces are very rare depending on where you will live.

Bottom line: as a bachelor living in shared accommodation you’ll make it.

Good luck.

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