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Old 06-17-2011, 12:13 AM   #1
dfchelbay
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About how much does PL/PD coverage on auto cost a young adult????????

Hi budget friends, we are wondering what the ballpark dollar amount would be for DS, age 21 to get a PL/PD policy in his name. Every website online makes you put in all your personal information, just to get the quick quote. He is not ready to sigh up/purchase a policy right now. We are just wondering what the expense might be. I know there are many variables as well like, age of insured, address location, driving record, make/model/year of car, sometimes credit report, etc. I'm not looking for an exact or nearly exact dollar amount, but just a range. If you have just basic PL/PD coverage, about how much does that cost, $200 a year, $500, $1000 a year, etc. Just a ballpark. Maybe all you parents can let me know how much your young adults, who carry their own policy, pay a year for PL/PD. He lives on his own and the car is ten years old. We have always leased new cars, which requires much different minimal coverages, so I cannot look at our policy for a comparison. We have full coverage on our vehicles, so I cannot refer/compare that.

Any help would be appreciated.
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Old 06-17-2011, 06:26 AM   #2
Darcy03231
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When DD was 19 and on her own, with NC state minimums and a ten year old car, her insurance was $800 every six months.
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Old 06-17-2011, 06:45 AM   #3
scrapquitler
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Quote:
Originally Posted by dfchelbay View Post
Hi budget friends, we are wondering what the ballpark dollar amount would be for DS, age 21 to get a PL/PD policy in his name. Every website online makes you put in all your personal information, just to get the quick quote. He is not ready to sigh up/purchase a policy right now. We are just wondering what the expense might be. I know there are many variables as well like, age of insured, address location, driving record, make/model/year of car, sometimes credit report, etc. I'm not looking for an exact or nearly exact dollar amount, but just a range. If you have just basic PL/PD coverage, about how much does that cost, $200 a year, $500, $1000 a year, etc. Just a ballpark. Maybe all you parents can let me know how much your young adults, who carry their own policy, pay a year for PL/PD. He lives on his own and the car is ten years old. We have always leased new cars, which requires much different minimal coverages, so I cannot look at our policy for a comparison. We have full coverage on our vehicles, so I cannot refer/compare that.

Any help would be appreciated.
My 18 year old nephew lives at home with my brother (he graduates HS next wek) and his coverage is about $1200 every 6 months.

Minimum coverage, IMO, is not adequate. It depends on the car, the drivers credit rating, driving history and where the car is 'garaged' Young drivers under 25 have the highest premiums of anyone. Don't be surprised to hear up to $3000 per year, depending on the company. Try having him join AAA and get insurance through them, he might get a discount.
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Old 06-17-2011, 01:36 PM   #4
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I just received my insurance in the mail yesterday, so I can answer this question. My 17 year old daughter has a 1999 car (paid for in full, valuable to us but essentially no dollar value), and her insurance is $840/year. Admittedly, we live in an area with a low cost of living, and this helps. Although this is an outrageously high amount for a service we are very unlikely to use, it's lower than other people are paying for a couple reasons:

- I've been with the same insurance company for 29 years (since I was 16 years old), and they do reward loyalty. We have our house and three cars all on the same policy. Yes, it's a huge bill, but it's only one bill.

- We pay by the year; when you pay by the month (or even six months), they add in financing fees.

- And the biggie: We have a $1000 deductible on everything. This lowers my premiums (money I have to pay for certain) by about 30%, and in all the years I've been paying premiums, I've never filed a claim . . . so even if I have to pay that $1000 deductible this year, I'm still well ahead of the financial curve by having saved so much on premiums.

And a hint:

Check into good student discounts, live-close-to-work discounts, car-pool discounts, multi-car discounts. Take advantage of whatever you can.
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Old 06-17-2011, 02:40 PM   #5
Darcy03231
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Originally Posted by MrsPete View Post
I just received my insurance in the mail yesterday, so I can answer this question. My 17 year old daughter has a 1999 car (paid for in full, valuable to us but essentially no dollar value), and her insurance is $840/year. Admittedly, we live in an area with a low cost of living, and this helps. Although this is an outrageously high amount for a service we are very unlikely to use, it's lower than other people are paying for a couple reasons:

- I've been with the same insurance company for 29 years (since I was 16 years old), and they do reward loyalty. We have our house and three cars all on the same policy. Yes, it's a huge bill, but it's only one bill.

- We pay by the year; when you pay by the month (or even six months), they add in financing fees.

- And the biggie: We have a $1000 deductible on everything. This lowers my premiums (money I have to pay for certain) by about 30%, and in all the years I've been paying premiums, I've never filed a claim . . . so even if I have to pay that $1000 deductible this year, I'm still well ahead of the financial curve by having saved so much on premiums.

And a hint:

Check into good student discounts, live-close-to-work discounts, car-pool discounts, multi-car discounts. Take advantage of whatever you can.
From your post it looks like this is a policy in your name with your DD listed on it. The OP was looking to get an idea for her DS to get a policy on his own.

I still have kids on my policy that live at home and its much cheaper (and better coverage) for them than it is for DD#1 who is living on her own.
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Old 06-17-2011, 02:47 PM   #6
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A lot. It'll be a lot until he/she is 25. Expect to pay at least $200/month if he/she is financing a vehicle & requires full coverage.

If it is a sports car, a hybrid, or has 4 wheel drive, expect to pay at least $250/month.

Not sure where you live, but IMO the best people to get affordable car insurance through are

1. Erie
2. Amica

All of the other companies at one point or another were charging us at least $110 more than Erie or Amica. We had 100% clean driving records, too.

My sister is with Progressive & she signed up to have this monitoring device installed into her car for 30 days. It recorded her braking, speeding, the times she drove, how much she drove...etc. and then she mailed this device back. While this is something I would absolutely never consider (too big brother-ish for me) she was able to shave $70/month off her bill.
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Old 06-17-2011, 02:49 PM   #7
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My 19yo DS just purchased his first car (2009 Ford Focus). Insurance is just under $1500 per year. He has more than the average coverage and we live in a state that does not require insurance.
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Old 06-17-2011, 04:51 PM   #8
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Originally Posted by cassandrap83 View Post
A lot. It'll be a lot until he/she is 25.
This has changed and many companies have raised the age to 30 for unmarried males. My DS25 just found this out this week. He had been on our policy for years with Liberty Mutual and ended up switching to Nationwide because of this.
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Old 06-17-2011, 05:09 PM   #9
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My son is paying $517.90 every 6 months.
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Old 06-17-2011, 06:38 PM   #10
dfchelbay
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OP here. Thanks for your responses and help. I don't know if I'm asking the question the right way. He wants coverage so that its legal for the car to be on the road. If he gets into an accident, the insurance carrier will not pay to fix his car. Is that PL/PD? That's basically what he's looking for. He lives in a city where he will not need the car all the time. Good public transportation in place, and way faster than driving anywhere in a car. Just looking for the least amount of insurance coverage so that it's legal to be on the road, for the rare times he may drive it. Bottom line is that he wants to keep it, tho doesn't really need it, it's paid for and registered and plated. He doesn't need it now, but will need a car in the future, and doesn't want to have to go buy one at some later date. The car has a lot of life left in it and he knows it, so he wants to hang on to it. THanks.
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Old 06-17-2011, 06:39 PM   #11
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Are you plating/insuring the car in Michigan? If so, I'd expect at least $2000/year and wouldn't be surprised by something closer to $2500. The last time I had just PL/PD was 7ish years ago, and as a 25yo married woman with a clean driving record I was paying over $800/year on an old car that was our "spare" vehicle and only driven about 2500 miles/year.
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Old 06-17-2011, 08:05 PM   #12
Darcy03231
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Quote:
Originally Posted by dfchelbay View Post
OP here. Thanks for your responses and help. I don't know if I'm asking the question the right way. He wants coverage so that its legal for the car to be on the road. If he gets into an accident, the insurance carrier will not pay to fix his car. Is that PL/PD? That's basically what he's looking for. He lives in a city where he will not need the car all the time. Good public transportation in place, and way faster than driving anywhere in a car. Just looking for the least amount of insurance coverage so that it's legal to be on the road, for the rare times he may drive it. Bottom line is that he wants to keep it, tho doesn't really need it, it's paid for and registered and plated. He doesn't need it now, but will need a car in the future, and doesn't want to have to go buy one at some later date. The car has a lot of life left in it and he knows it, so he wants to hang on to it. THanks.
That's what DD has and it runs her about $800 every six months.
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Old 06-20-2011, 12:47 PM   #13
NotUrsula
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No one can really answer this question without being in the same zip code that you are and driving the same vehicle. Auto insurance is priced on a completely local basis and has all sorts of discounts and exceptions. Even someone in the same city could be paying a hugely different rate because of variables like the storage location, the features on the vehicle, and the length of the commute.
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