[Jule]

.. Close to $3000 every six months, and $976 a year for $1M umbrella. That’s with Statefarm. I called Geico which is who we were with for 15 years before we switched last year to Statefarm. They were even worse at $4800 for six months for just the vehicles.

Keep in mind that we have not had a claim in at least a decade. We do have a boy teen driver. Due to the umbrella insurance we carry high protection on the vehicle insurance but also high $2500 deductible.

We only have one kid. I wonder, how do people with multiple kids afford this? It’s insane!!!!

The Geico rep explained to me that the reason why Statefarm is able to beat their rates is because they gave me credit for staying with Geico for 15 years. When you jump around insurance companies you get dinged as they won’t give you those extra discounts.

[Michelle]

It’s going to vary by area, but I’m also with State Farm and pay only $1000 every 6 months for 3 vehicles and a teen driver. I think a big difference though is we have older vehicles and only have liability on 2 of them. We also have 1 Million umbrella and mine is $300/year.

I’m not sure why there would be such a huge difference in those.

Useful: Has anyone used CashForCars when getting rid of your vehicle? Are they reputable?

[Annie]

You may also consider getting a different car for the kiddo so they can have cheaper insurance options and doing it separately.

[Sarah]

Dang we have insurance on 2 newer trucks and a 3M umbrella and it’s maybe close to $3000 for a year for all at State Farm! We do bundle all or houses and vehicles so maybe that helps.

[Lain]

You need to talk to an insurance broker. They will shop your policy to many companies at one time.

[Betsy]

I was with GEICO for 35 years before switching to Travelers and still hod the same discounts. GEICO tried to keep me but Travelers was a lot cheaper when I changed. I am a widowed and my insurance also went up when my husband passed. They said it’s because single people are more reckless lol I was in my 70s.

[Michael]

Check Progressive Insurance, their auto and umbrella rates are competitive for teen drivers. We’ve had them for 2 years with a teenage driver (17 years old) and 3 cars.

[Maddison]

I’d keep shopping around we pay half that for a 2 million umbrella, 3 vehicles, and a teen driver.
For the teen driver the biggest discount is usually the good student and also driving low miles helps.

[Frank]

Get an insurance broker and look to combine home, auto and umbrella.

The best solution to high car insurance bills is drive older vehicles, preferably sedans, and drop everything except for liability. Then raise the deductibles. If you drive expensive cars, have lots of comp/collision and low deductibles, expect to pay a lot for insurance.

One of the reasons to have a good sized emergency fund is to reduce insurance costs. You don’t need both.

[Jennifer]

1. The Geico rep that told you that is full of crap, so just go ahead and delete what they said from your brain.

2. Great job with high liability limits and an umbrella, especially with young drivers. Don’t let anyone talk you out of that.

3. The rates are not personal. The insurance industry AS A WHOLE is in crisis right now. State Farm lost 13 BILLION dollars last year just in auto. For the last several years, all insurance companies have taken a beating on profitability, due to the rapid increase of the cost of everything in the auto and home markets, inflation, paired with unprecedented claims. Rates are going up across the board, and they are tightening underwriting as well.

Good luck!

[Sylvia]

I would suggest excluding the teen driver from the more expensive car, or cars he won’t be driving. You have to ask your agent for an exclusion form and you and your son will have to sign. This should lower your rates on the car(s) he won’t be using. Good luck!

[Author]

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