Car Insurance Hacks?

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.

There’s so much that goes into insurance premiums…

  1. Age
  2. Driving record
  3. Accident Record
  4. Location
  5. Type of Car
  6. Credit history
  7. Coverage amounts
  8. Deductibles

just to name a few. Best bet is as @nalyd says…get quotes from anyone you can.

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 $$$. :smiley:

For some reason, my car insurance payment always matches my car lease payment. Maybe it’s because I’m 24? lol

Here’s a funny “hack” that happened to me with Farmers:

Change from a $22k MSRP Chevy Cruze to a $53k MSRP BMW i3 and have your 6 month premium go down by $120. Same coverage on both! :rofl:

Both my wife and I have a clean driving record.

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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. :stuck_out_tongue:

You better hope nobody smacks that car you just lowered your rates on and totals it.

I also believe the insurer notifies the lease/finance company of the change in coverage.

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.

I stick with Costco insurance.

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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.

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wrong place*****…

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!! :slight_smile:

Metromile is pretty good too if you don’t drive much.

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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;-)

GEICO dropped my rates by 50% when I called and told them I had a much better quote rate from USAA.

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.

i think they notify the financing company directly of the change in coverage

i believe you get a break if you drive less than 7500 mi/yr.

can you elaborate on this? It’s not exactly at the agent’s discretion to just reduce premiums, especially 50%.

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.