Cheap Monthly Car Insurance

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Your Questions About Cheap Monthly Car Insurance Payments

December 17, 2012

Mark asks…

auto insurance question in Michigan?

i am making monthly payments on a brand new 2008 colbot that i got in dec 2007. I have shopped around for cheaper full coverage auto insurance, that what i already have. I can’t seem to find no car insurance cheaper than what i have. My car insurance is more than my car payment. I have talked to a few insurance companies and we went over different things that could make it cheaper. But, they can’t beat the price that i already have. My credit isn’t the best, but shouldn’t a car payment be more than insurance? Anyone have any ideas where and how i could get a cheaper car insurance policy?

Administrator answers:

It depends on a lot of factors–your age, your city, where the car is kept, your driving record.

You could just get a basic liability policy with no collision coverage; however, I don’t think your loan would allow that.

Car loan–they want your business so offer you a low monthly rate.
Car insurance–you have to have it, so they can charge whatever they want.

William asks…

Totaled financed car should we surrender?

My boyfriend has a 2007 Toyota corolla and pays about $400.00 a month for his car. I lost my job over a year ago and he now also pays $330.00 a month for my car. We have had a lot of un-for-seen things come up such a becoming young parents and the foreclosure on my parents home in which we were also living. We live in pa. We are finding ourselves behind by on both car payments every month. My boyfriend tried to find cheaper insurance on his car. He eventually got liability on a car still being financed. He thought it was legal and if he got into an accident he would be covered by his “platinum” coverage as well as gap. Just a week ago he got into an auto accident in which he was found at fault. His car has $5,000 dollars in body damage not including the engine and interior damage. The insurance company will not total out the car because the airbags did not deploy. We recently found out his cars gap coverage is out because of the liability coverage. He had to have full coverage to keep the gap active. The finance company never called to check with the insurance company to make shut the finacee’s (my boyfriend’s)car was properly insured. Now we are stuck with a huge bill for towing, storage fees, the monthly payment, and fixing the car. We live paycheck to paycheck. I am still unemployed. I see no option for us then to surrender this car. Should we seek out an attorney? Should he file for bankruptcy? His credit was bad before this happened as-well. His cousin is a co-signer on his finance agreement. What are our options any advice would be greatly appreciated. Thank-You!

Administrator answers:

My first suggestion would be for you to try and find a job, unless the kids force you to be at home. Even so maybe a night/weekend job of some-sort. Not too sure about the lawyer. Some law firms offer free consultation, and you can ask them if there is something they can do to fight it. Call around to some firms in your area. You don’t want to file for bankruptcy if you don’t have to. You won’t even be able to finance another car after that.

What kind of financial position is the cousin in? I’m sure he doesn’t want his credit messed up because of your fiance. Maybe he can offer to help out, in this extreme circumstance. Can your fiance pull any money out of a retirement savings account or something, even though its not advisable. But its necessary to do that before filing for bankruptcy.

Laura asks…

Advice on surrendering a car.?

My boyfriend has a 2007 Toyota corolla and pays about $400.00 a month for his car. I lost my job over a year ago and he now also pays $330.00 a month for my car. We have had a lot of un-for-seen things come up such a becoming young parents and the foreclosure on my parents home in which we were also living. We live in pa. We are finding ourselves behind by on both car payments every month. My boyfriend tried to find cheaper insurance on his car. He eventually got liability on a car still being financed. He thought it was legal and if he got into an accident he would be covered by his “platinum” coverage as well as gap. Just a week ago he got into an auto accident in which he was found at fault. His car has $5,000 dollars in body damage not including the engine and interior damage. The insurance company will not total out the car because the airbags did not deploy. We recently found out his cars gap coverage is out because of the liability coverage. He had to have full coverage to keep the gap active. The finance company never called to check with the insurance company to make shut the finacee’s (my boyfriend’s)car was properly insured. Now we are stuck with a huge bill for towing, storage fees, the monthly payment, and fixing the car. We live paycheck to paycheck. I am still unemployed. I see no option for us then to surrender this car. Should we seek out an attorney? Should he file for bankruptcy? His credit was bad before this happened as-well. His cousin is a co-signer on his finance agreement. What are our options any advice would be greatly appreciated. Thank-You!

Administrator answers:

You’re gonna ruin his cousin’s credit too…I don’t see how a surrender is going to work if the car is ruined…

You are better off paying on the crashed car still…buying a $1000 beater to drive around and making it through.

Lisa asks…

I need help buying a car.?

Ok so I need a car. I don’t really have the time to save up so I have to buy one and make payments on it. My credit isn’t all that good because I am young and just started building it so a loan from the bank is out. The only choice I can think of is to go to a dealer. My delima is that I’m on a strict budget of $400 a month. Now how should I go about this? How much does a dealer usually want down for a car? What will a low monthly payment be? What kind of insurance should I get(cheap or expensive)? I need to know everything when it comes to solving this problem.thank you and god bless.

Administrator answers:

Go to a BUY-HERE-PAY-HERE(like Drivetime) and make weekly payments. They pretty much approve anyone for financing.

Betty asks…

i need affordable insurance on my car any suggestions?

well i’ve been driving around for 9 months now w/out insurance. my car‘s a 2001 dodge neon standard model and i paid cash for it (no car note). im afraid that if im pulled over by the chp my car will get towed. im on a budget and i really need an affordable monthly premium. im 28 yrs old i got my driving license at 26 yrs old then got 2 tickets like 2 months later. one ticket was a failure to yield on a right turn w/ a red light and as a result i caused an accident but there was no bodily harm or property damage to the other driver only to my car it was totaled and i wasn’t harmed. i recently was pulled over and given a speeding ticket too. what is the difference in full vs. liability insurance? i do know that liability is cheaper. which should i consider? also does anyone know of any insurance co. that don’t require a huge down payment to start?and would insure my car w/out a huge monthly premium?

Administrator answers:

I was with Geico and switched to Progressive and my monthly payments were WAY cheaper. Plus, you can do eveything on-line and there is instant approval and you can just print off your temp insurance cards

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