Insurance, the White Man's Burden

[dvandom]

(Title from an episode of the Goon Show.)

More car shopping stuff. I had a chat with my insurance agent today, to nail down some rough ranges of increased cost that will come with a new car. My current insurance bill is about $60/month on a 1996 Buick Regal Custom...pretty comprehensive insurance, since when I got the Regal I decided that it was time to go beyond state minimum insurance as I was no longer driving a total piece of crap. :) Anyway, this does mean that a significant portion of my bill is based on expected parts costs needed to repair damage to my own car.

Now, keep in mind that these are rough estimates, based on notional cars rather than real ones. They can't guarantee the accuracy of a quote without a real Vehicle ID Number.

Ford Fusion would add about $30/month to my bill. The Mazda 6 sedan, which is the same core as the Fusion but a different shell, would add about $38/month (probably more expensive parts). A Mazda 3 sedan would add $43/month to my bill, and a Mazda 3 wagon would add a whopping $60/month to my insurance bill. I'm not really thinking of getting a Mazda 3 sedan, but I asked for the quote to see if the 3Wagon's bump was due more to being a Mazda 3, or more due to being a wagon. Looks like about half and half.

The insurance bite means that a Mazda 3 wagon would cost me about two grand more over the term of my loan just for insurance than a Fusion would. Not a deal-killer, but definitely something to consider, and possibly to bring up as a bargaining chip at the dealership.

Edit Update: According to the dealer, the Mazda 3's parts-shipping cost is likely the major or only reason for the insurance rate boost. Would definitely look at raising my deductible if I get that.

Comments

[foomf.livejournal.com]

Wait... 43 a MONTH?!

(Digs out calculator... 256/6=43)


Huh. I never really thought of it monthly.

[dvandom.livejournal.com]

Well, I pay my insurance twice yearly like most, but I'm breaking costs down into monthly bits so I can add them to car loan payments when figuring out real costs. So if my car loan ends up costing $200/month and my insurance goes up by $30/month, then my real cost of switching to a new car is $230/month (plus down payment). My base cost for a Mazda 3 Wagon would be less than for a Fusion, but when you add in the difference in insurance, that savings may well vanish.