Cheap Monthly Car Insurance

Questions and Answers

Your Questions About Cheap Monthly Car Insurance

July 22, 2013

Richard asks…

What does my comprehensive and my collision deductible have to do with my car loan?

I just received a letter from Capital One Auto Finance saying that my new insurance policy is inadequate. I upped the comprehensive and collision deductible from $500 to $2500, which saves me over $400 dollars a month. According to Capital One, this is too high and has to be lowered back down to $1000 or less. But I would sooner become an employee at the Bunny Ranch, before I pay a $600 monthly car insurance bill and a $365 car note. Hell, I would have to become an employee at the Bunny Ranch if I had to pay a $600 monthly car insurance bill and a $365 car note. I feel like as long as I’m giving Capital One their money, my deductible should have nothing to do with them.

Administrator answers:

Auto finance is what I do for a living and Capital One has always been one of my best banks.

But the agreement you signed with them states that your deductible can be no more then $1,000.00 period or your in violation of our contract. Your lucky it used to be $500.00.

In your case it may actually be cheaper to let them place insurance on the vehicle and adjust your payment up to cover it.

As far as it being their business they are just defending their property. A lot of people with very high deductibles don’t get their vehicles fixed after accidents.And the bank only finds out when they repossess the vehicle and find it damaged. So yes it is their business.

Good luck.

Laura asks…

What’s a fair amount of rent for my grandma to be charging me?

I’m 19 and my grandma is going to be charging me rent starting this June. I already have a job, and I pay for my car, auto insurance, phone(my own plan), food, pretty much everything to be honest. I’ll have a full-time job starting this summer, making around $800 a week, and I’ll be starting my online bachelor’s degree course this fall. She plans on charging me $600 a month. Is this reasonable? I mean, are my monthly utility uses alone really that much? Seeing as I’m paying for everything on my own, I think it’s a little too much. I’m a very responsible and independent person, so I don’t see charging me that much is ‘teaching me a lesson in life’. What do you guys think?

Administrator answers:

Well, is grandma providing food and washing machines and cleaning and all that stuff? If yes, then it’s very reasonable. If you feel like she is charging you too much, try to find a place to rent somewhere else and see what you can get cheaper. You are living in her house, your rent will help her pay her bills, $600 isn’t very much for rent anywhere.

Helen asks…

I want to move to California. How much would it cost on average monthly?

I am 17 right now and I want to go live in California by this summer. I am planning on getting the cheapest possible apartment to where I want to be. I’ll probably end up getting a roommate to help pay for rent and anything else that i may need help with. There’s the possibility that i could have $5000 (im not sure yet) to start off plus some more money that i earn between now and then. I’ll probably have a car by then and probably have my parents pay for insurance for awhile. I’m just wondering how much it’ll cost monthly to rent the apartment and pay for food and living stuff, etc. AGAIN I AM NOT SURE IF ALL THIS IS GONNA HAPPEN BUT I WOULD STILL LIKE TO KNOW. Thank you and please no answers telling me that I shouldn’t go through with it.

Administrator answers:

I live In Los Angeles, LA is huge and rent really depends on WHERE in LA.
If you live in south LA (ghetto) it won’t be expensive at all, less than 1000 for sure.
West LA (I live here, coolest part of LA)
Rent can be anywhere from 1200-1700 for pretty nice apartment.
Maybe you can try living a bit closer to Venice or Santa Monica but it will be a bit more expensive but really awesome.

Charles asks…

How do I make my dad more persuaded into buying me a BMW?

I’m a freshmen just about to get my license. Don’t tell me I’m going to trash the car because I’m a new driver or “forget about it, you’ll find a better car.” To tell you the truth, I’m in love with this car, I love the engine and the sound and the practicality.
The car I’m asking my dad to get me is a 2006 or 2007 BMW M5. Most of them are in great condition and with great mileage above 90,000 miles starting from $23,000. My dad has the money to pay a maximum of $650 a month from my calculation. He can afford it, the problem is he is not willing to get me the car I want.
These are my reasons:
If you think about it, for less than $30,000 you can get a used BMW M5 that can give you more than a brand new car for the same price. I even made an unbiased comparison between The Top Ten New Cars of the Week on Yahoo! Autos and the 2006 M5 had the greater reviews. I already told him about the main features of it. I also told him that the car will give me more edge in safety because I’m a new driver. I even gave him an explanation; “…… because this is my dream car, it will stop me from wasting my precious hours on Youtube dreaming, imagining myself owning this car, it will help me to concentrate more on school and use the internet for school work not on car videos…..” Also in the future, when someone ask me about my first car, it will be a memorable one.
No, this won’t be a car I will leave on the side of the road after high school, I will own it until it falls apart.
I know, a teenager driving an M5. It’s not that extreme, you can watch videos of students driving Lamborghinis (Blacpain Super Trofeo), Ferraris, Audis (R8), Nissan GT-R: R34 & R35.

Here is a link to one of an M5 that is for sale:

http://tinyurl.com/c49hu8v

Link to Yahoo! Monthly Car Loan Calculator:

http://autos.yahoo.com/car-finance/monthly-loan-calculator.html

Since I did most of the persuasion, I hope you can help me by giving me more reasons. Thanks for reading.

Administrator answers:

Don’t get your favorite car as your 1st car.you work your way up to it.also keep in mind how much insurance will be for a new driver on that.especially if your a new driver you will want to have fun in it.maybe not ruin it but a few scratches here a couple tickets there.and after that insurance will be insane.if they will even insure you.my buddy had a 94z28 camaro and this was about 4 years back and he had to go to a crappy insurance company cuz his parents insurance wouldn’t insure it.also you might want to think about upkeep and repair costs cuz new bmws are not cheap.if you get this car yea you will love it maybe for a few months maybe a couple years then learn you want something else.also your dad might want you to work for your own car so you appreciate it more.because when things are handed to you you don’t appreciate them as much.if your going to convince him prove all those wrong,show how appreciative you can be for what you have and whatever you get.and do what you can to work and help with getting it.sit down and make a list of every reason to get it and a reason why it would be seen irresponsible to get it along with any other reasons to not get it.and be reasonable with yourself.

Mandy asks…

Why am I required to pay a down payment on car insurance if they’re just adjusting my price?

I have progressive and I called because it was overcharging me about $50 compared to others and the guy said since I’ve been with them for two years I could get it cheaper but I’d have to pay a down payment like I’m buying a new policy which I’m not, is this normal or are they just ripping me off?

Administrator answers:

They are not just adjusting your price. Progressive gives a discount if you pay your premium in full, or shorten the number of installments you make (i.e. Pay every 2-3 months instead of every month). That is what the CSR on the phone is referring to. So no, you are not being ripped off. They just provide incentives for people to pay more or all up front. I personally pay my 6 month auto premium in full as it saves over $200 over paying it monthly.

Sharon asks…

I want to rent out my car since i will be away from Canada for almost a year. Can anybody give me any idea?

I am planning to buy a car for my recent stay at Toronto for 2 months. After that, i will be out for good one year. I would want to rent the car to someone or some organization so that, i can get some revenue meanwhile. I am ready to do the arrangement of the insurance whatever that is. This should get me some revenue to pay down my monthly installments and may be let me have some extra cash each month.

Any idea where i can look for this??

Thanks a lot.

Administrator answers:

Every person I know that has tried to do this in Ontario,British Columbia and Nova Scotia has lost thousands ,or the whole vehicle.
You will not make extra cash!!! Never!!!
Please do not do this.
When one does the math for owning a car in Toronto for two months,gas,parking,insurance,etc…
One can ride swell with cabs or limos cheaper.
And when you leave Toronto you will owe no one and have no obligations or risks.

Linda asks…

What would the insurance be on a mazda protege5 for a 17 y/o be?

I’m looking at getting a car and I heard the protege5 was a good car and I was wondering what the insurance cost might be? I have a clean record and have erie insurance I would use it for daily commuting we have three other cars that are insured as well.

Administrator answers:

Ask an insurance agent. Chances are it will be cheap. The Protege is an older model and its rated as an economy car those two variables mean your monthly payments will be low.

Best

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