Any loop holes to lower insurance cost?

Question

I’m 15 about to turn 16 in a month and I’m eligible to apply for my liscense may 2nd. That being said my dream car is a Dodge Charger scatpack and I have enough to lease it, it’s $410 a month and I’ll be able to pay off the first year. Me and my mom called geico and they said monthly cost for insurance is $1000 which is geico basically saying they don’t want to insure me, but I really want this car and I’m a really good driver seriously, I know there’s probably no way but this is my last effort to see if there’s any hope as far as getting the monthly insurance cost lowered, again I can easily afford the car it’s just insurance

Answer 1

I had the same problem back in 1975 when I bought my first dream car ...a 69 Charger RT 440. Insurers usually charge a lot more for teen drivers since they are more likely to have accidents and charge even more if it's a muscle/performance car since they figure you're going to race around with it and have a higher chance of having an accident. You can be a very safe driver but insurance companies play the odds of others in your age group and set rates based on a general trend. Doesn't matter how good or safe you are...you pay for how others drive.



You can try calling various insurance companies and compare the rates. Some companies looking for new customers will be lower than others. As a general rule, you should always shop around for better insurance deals every 3-4 years as companies alter their rates depending on if they need new business or more customers to cover higher amounts of claims. They often give better deals to new customers. Also try to get insured as a second driver on your mom's policy which might also lower rates also but you may need to lease the car in her name. Get quotes with the highest deductibles the companies offer which also lowers rates....1000.00 DD at minimum....and lowest coverage required by law. Set aside a credit card or money in the bank to cover the DD if you ever need it for accident repairs, etc.. One item I would always encourage people to buy on their insurance policy is rental car coverage. It's dirt cheap and pays for itself in one day of rental car cost if the car is in a shop for body repairs after an accident...usually only 30-40.00 per year for rental coverage.



In the end, you may have to forgo your dream car for a few years until you're a bit older and have a safe driving record where rates will be lower. I was lucky that I could afford to buy my car (only 800.00 back then) and pay the higher rates at the time but I also saved money in winter when I parked the car and drove a beater 69 Nova which had lower rates for a non-muscle car and also didn't need collision coverage.

Answer 2

It's not just Geico.

Answer 3

Nobody should get their dream car for their first car. Since the risk of crashing in your first year is 50% and in the first three years is 80% (I made it to my third year for my only wreck in 48 years so far) everybody's first car should be a "beater" - a cheap and completely disposable car that you won't shed a tear over to see it hauled off to the wrecking yard. As the others point out, you have a chance to be a good driver after about three years (insurance rates drop a bit at that point) but you will be learning all your life. After three years you should be able to sense when a car is going to hang a U-turn right in front of you are or dart out to a make a "Hail Mary" left turn before you drive past. Until then your risk of wrecking is mighty high, and a sporty car only makes that worse.



Three important considerations when buying a beater for your first car. The first is to pay cash; it will cut your insurance about in half because you don't have to maintain collision coverage and we see a steady stream of heartbreaking stories by people who bought something on time when they were living at home, but the payments followed them after they moved out and married. What a nightmare! The second is to always have a used car inspected by your mechanic before committing to it. It costs about $100 and can - often does - save the prospective buyer thousands of dollars in hidden repair costs. The third is to always have an actual insurance quote before buying any vehicle. Lots more nightmare stories here about failing to do that.



Good luck!

Answer 4

Sorry, Little Snowflake. You're not going to "lease" ANY car. You don't have the credit history OR credit rating to do that, and you're not old enough to sign a binding legal contract even if your mommy says it's OK. Why don't you come back in about 10 years, when you MIGHT be able to afford insurance on a high-performance sporty car.

Answer 5

You're living in a fantasy if you think there are any loop holes. They don't exist.



You're right, Geico doesn't want to insure you. Nobody wants to insure you, because you're a teenage kid. Only blind people are more likely to crash into something than teenagers, and blind people aren't allowed to drive so guess who holds the championship.



You think you're a good driver, but insurance companies don't base their prices on your opinion. Those prices are based on cold hard statistics, which is why insurance costs so much for you. The only way to get the price of insurance down is to spend a few years without crashing into anything.



If any of your friends tell you they know of a way to lower your price and still have valid coverage, do yourself a huge favour and ignore whatever they tell you.

Answer 6

It's not just Geico. Nobody wants to insure a 16 y.o with a sports car. Then come back and tell me how good a driver you were at 16 after your first million miles.

Answer 7

Obviously you will have to wait until you are 18 to be able to be bound by a contract. Get good grades in school and get the good grades discount. Live in an area that has lower insurance, and get a car that has low insurance rates.

Answer 8

No, you aren't a "really good driver". You are a beginner, with zero driving experience. Why do you think you deserve to pay the same for insurance as someone with years of documented safe driving under their belt?

Answer 9

Nope, you are classified as a high risk - no loopholes for you only fruitloops. It has been this way since I was learning to drive in the early 70s no loopholes in sight.

Answer 10

No loopholes. You better go out and find a really good job.

Answer 11

first off I must say sorry you ill not be old enough for a lease That is a legal document and you have to be 21 to sign. Secondly never lease. thirdly you will be paying at least 400$ per month for insurance because of your age and being a male. you can not afford it. Get the car in your parents name be under their insurance as a part time driver.

Answer 12

First off, you are not of legal age to lease a motor vehicle. In other words, none of your "dream" is going to happen in the manner.



Secondly, because you are not of legal age the only way you can drive an insured automobile is to have your parents add you to their existing motor vehicle insurance coverage policy.



Additionally, if your parents do lease this Hellcat for you you would be contractually obligated to carry full insurance coverage on the vehicle for the entire term of the lease. Hence, a butt load of cash to insure the vehicle will be absolutely necessary.

Answer 13

Without lying to an insurance company and risking a insurance fraud charge, there are no "loopholes".

At 15-16, your rates are going to be sky high.....Especially for the car you want to insure.

As you probably already know, a leased vehicle will require (at least) Liability, collision and comprehensive. The last two are very expensive.....Especially for the type car and for a single male under age 25.

I suggest that you set your sights for a run of the mile 4 banger until you can get a cheaper rate.





Been there.

Answer 14

ROTFLMAO.

A 16 year old with a Dodge Charger? Just toooooooo funny.

There ARE no loopholes. All the things that people have thought of before have been covered by the insurance companies. Like insuring under your parents' name. It's insurance fraud.

Secondly, no one is going to lease to a 16 year old. It's illegal.

Answer 15

i doubt if you are any different from our european teens ...here in uk we have the strictest driving test going ..so strict that 95% of americans would fail ...why? mainly because of lack of lane discipline ..here we dont start driving cars till 17 ..the danger years are 17-24 years old ..only 5% of drivers are in that bracket ...yet more than 20% of fatal crashes involve them ...you have zero chance of insuring a dodge charger here for twice the money ..you can millions in the bank ..but you cant buy experience ..you have to do it yourself ..with your experience i would not touch you with a barge pole

Answer 16

1) You cannot lease a $40,000 car for only $410 a month. Not for the duration of the lease. At best, that's an introductory payment for 6 months and then the rate will be at least $1000 a month. And you certainly couldn't pay it off in only a year unless your payments were about $3,300 a month or so. We know you do not have that sort of money.



2) Anyone under 18 cannot finance or lease a vehicle. Only your mother could do that and it's very unlikely that any halfway intelligent parent would lease a car like that for a teenager. You're either lying or fantasizing.



3) Nope, sorry, no loopholes in the insurance cost. 16-18 year old drivers have the highest accident rate and the highest number of driving violations of any age group. And, the #1 cause of death among teens is car accident. FACT. Seventy years of insurance statistics prove these claims to be true. A 16 year old boy behind the wheel of a 500hp car is a recipe for disaster and no insurance company in the country would underwrite such a policy for less than $1000 per month.



4) Lay off smoking the weed and go back to playing your Nintendo games for about 5 or 6 more years and then that car might (not necessarily will) be within your reach if you have a decent job, an impeccable driving record, and about $7,500 for a down payment. . .

Answer 17

Saying that they will insure you for only $1000 a month is basically saying that they DO want to insure you, so much that they seem to be willing to lose money to do it, because the accident rate for new drivers your age is high enough that the insurance should cost more.



There are basically two ways to lower the cost:



1. Wait until you are older and have had a license longer, or



2. Move to a place where insurance costs less.

Answer 18

More hoes in insurance than holes in insurance.

Answer 19

And if your going to say just don’t pay just leave