I am new to lease hacking and I can’t wait to try it for myself when my current lease matures.
Is there any car insurance hacks? I know most finance/lease agreements require 100k/300k/50k with maximum 2.5k deductibles. By lease hacking, you’re getting a car that you wouldn’t otherwise get, or want to pay for. Usually, these cars are worth $60k+ and I’m assuming the car insurance payments are going to be similar if not more than the monthly lease payments lol
So just curious, what do guys do for car insurance? Are there any hacks?
The best thing you can do is maintain a clean driving record (accidents/tickets).
When shopping around get a quote from everywhere. Most places give a discount to pay for 6mo up front, do it. When your 6mo policy is set to expire, get new quotes from everyone again. Most insurance “loyalty” incentives aren’t worth it if you can find a cheaper rate elsewhere.
My driving record is already clean and I always pay 6 months up front. I probably just need to shop around more. Any other tips? Hacks? I’m always looking to save some $$$.
For some reason, my car insurance payment always matches my car lease payment. Maybe it’s because I’m 24? lol
Farmers’ it is! I’ll swap a 2018 Toyota Yaris L for a 2018 Mercedes E class and let everyone know how it goes!
Jokes aside, what happens if you void the lease agreement and get 100k/300k/50k car insurance for the first month and lower the coverage to let’s say close to the state’s minimum? How would the lessor know? Obviously not a smart idea if you do get into a car accident.
In my experience, Costco insurance has the best rates, then wawanesa (in CA). Otherwise it’s a rip off.
An insurance hack can be posting your own Bond at the DMV hence you will not need insurance. But I’m not sure whether that’s equivalent to liability only, or if it’s acceptable on leases.
wawanesa. everyone i’ve referred to them they beat every other insurance quote significantly including AAA, ameriprise, geico, fred lloya, etc. but they’re strict on driving record and will kick you if you have more than one point.
For what it’s worth, just to back up Chevysalesgirl…
I got a new Honda ClarityPHEV…
insurance quotes for that and my wife’s car were coming back at around 390 to 400 per month for them both!!!
I called wawanesa… 190 per month… same coverage. I love those guys!!
Wawanesa rates may be enticing, but a simple Google search yields scary results. But I’ve never used them so I don’t know how they are when it comes to paying during a claim.
I’ve had experience with Geico, and their customer service is top notch and the claims process was a breeze with 0 hesitation.
Not a hack per se, but if you have more drivers in the household like teenagers, keep them assigned to a low cost vehicle without comprehensive coverage. I have just passed emission test on a 2003 PT Cruiser for this purpose. Now with leasehackr deals, I will need to find a place to garage it elsewhere;-)
If you don’t drive far to work, make sure that your insurance company knows, there are usually discounts for living within close proximity of your workplace.
My guess is, the risk of the drivers of those models. A Cruze probably get in more accidents and get more tickets because they are owned in general by less experienced drivers. And an i3 is probably more likely owned by safer drivers. People generally don’t get an i3 as a first car, or for fun.
An agent once told me that a car like the civic will often cost more to insure than one twice the cost for the same driver because they are the #1 car for tickets and accidents.