What Insurance Rates and Loan APR % is everyone getting ?

[SargeDiesel]

I searched and did not see this topic anywhere .... please advise if this needs to moved or has already been covered.

Getting ready to take delivery and I am insurance shopping as well as finalizing my loan.

I have a decent insurance company and a clean DMV record, so I'm curious as to what others have been quoted for their insurance rate and the type of coverage you opted for ?

also

I applied for an "open" loan(non vehicle specific pre-approval) through my credit union. I was pre approved for the amount I requested, but since its an open loan, I will not know my APR and payment amount until I report to the bank the actual vehicle details, how much money I actually needed to be loaned and after I finalize the bank documents. I have a good credit score , but I don't like the idea of "we will tell you after you accept the loan approach".... so what APR/terms is everyone getting ? What's your monthly payment and how many months for repayment ?

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[Kevin_D]

Loan?

I think my insurance runs about $500/yr., full coverage. I don't recall my limits right off.

Kevin

 

[ShadowsPapa]

Insurance rates will vary wildly based in part on many factors - bundles, years with company, WHERE you live and drive and more. My insurance will be a fraction of what the same age person driving the same vehicle would get in Florida, for example.
I see those ads on TV that say "you can save $450 by switching to us" and I think - yeah, really? That's about what I pay for insurance, so I could get if FREE if I switch? Yeah, right.
I get a claim free, accident free, multiple vehicle, bundled with home insurance and other discounts. Specific dollar amount coverages will matter, as will deductibles. So if you find someone with a really cheap rate - find out some details - it may not be as great as something costing more.
And I live in Iowa away from a college town. My insurance will likely be less than what people pay in half of the rest of the U.S. Credit score waaay up there doesn't hurt, either.
Best you can do for insurance is try to compare to people in an area similar to yours, or in your same area.
I spoke with my agent today about another matter and was reminded of one reason I've stuck with the company - we had ANOTHER derecho come through. This time a "serial derecho" and he was swamped with calls. He got a call in the middle of the night - and talked to an adjuster and said "you need to get right over there, these people have lost their roof, it's smashed into their home and this storm isn't over". The adjuster was there in 30 minutes - and was helping the couple salvage things and got them taken care of already. Was also payed way over book value for a Jeep I totaled years ago - the adjuster shocked me by handing me a check for well over the highest value I could find for that Jeep.
I might find cheaper, but not better service.

Can't speak to loans because we've not had one in years but our credit union used to be among the cheapest if not the cheapest - and the service was great.

 

[JeepTaco]

Purchased off the lot in November. Couldn't wait and order since my nearly 20 year old mishubishi (mitsubishi) started having problems and had to get rid of it.

609 every 6 months for insurance (socal price i suppose?)
840 per month for 72 months at 2.09 apr.
5k down
+ 2k for dealer installed options added to the price of the jeep (again purchased off lot and couldn't wait).

Consider ordering and you'll likely save some cash if you can wait.

Good luck and cheers!

 

[ShadowsPapa]

609 every 6 months for insurance.

That's exactly why I say you can't really compare insurance nation-wide because of the wild variations in costs. I pay less than 500 a YEAR. I used to insure 5 vehicles for way under 2K a year, 2 of them full coverage (but can't recall the limits and deductibles without looking)
I've sold one of the Jeeps so we're down to insuring 4 vehicles now and expect the cost to be just over 1500 a year.

 

[JeepTaco]

That's exactly why I say you can't really compare insurance nation-wide because of the wild variations in costs. I pay less than 500 a YEAR. I used to insure 5 vehicles for way under 2K a year, 2 of them full coverage (but can't recall the limits and deductibles without looking)
I've sold one of the Jeeps so we're down to insuring 4 vehicles now and expect the cost to be just over 1500 a year.

I agree, many variables. City/ state, miles driven, pleasure or for work, etc...

Like everything in cali, we pay more

 

[arosen1997]

Bought November 2019,
Original loan was 80 months, 596$/month at 3.75%
Refinaced back in September this year, 60 months 520$/month at 2.75%

MD insurance costs suck, but I've got 100/100 deductibles, 300k property, 100k injury good for 20k miles a year for 132/month. This may even be higher than it should since my wife has an at fault accident in her car.

Also haven't hit that 25 Y/O rate drop because obviously even with no accidents I am magically a better driver at 25.

 

[Pescatoral Pursuit]

Suncoast CU,
Clearwater, FL 2.25%
Good people.

 

[GEETCH]

No loan, but insurance I have is full coverage on two vehicles is 1500 a year bundled with renters insurance.

 

[Panthers65]

$78/month on insurance, 100/300/100
1.74% APR

 

[Pergrem]

36 months @ 3% with full coverage at $80 a month. Talking with my agent (State Farm), KY is one of the more expensive states to have insurance in because a large number of drivers here doesn't have it. Other factors are credit score and marital status, which IMHO should have nothing to do with insurance rates.

 

[saintpauljeff]

3.9% 72mo w/ Chrysler Capital, only because of the rebate that came with it this month (and I’ll refi out of that after a few payments)

insurance is through USAA

 

[jac04]

Insurance rates will vary wildly based in part on many factors - bundles, years with company, WHERE you live and drive and more. My insurance will be a fraction of what the same age person driving the same vehicle would get in Florida, for example.

^ Exactly. That's why these "what are you paying for insurance?" threads are kind of pointless. But, for reference, I pay $1300 per year for a 2104 JK Rubicon, 2017 CX-5 GT and a 2021 Mojave.

And, I've seen where you can now get a car loan for 84 months. That's insane. I've never had a car loan and never will. IMO, if you can't pay for it, you can't afford it.

 

[jeepin48]

Make sure you get windshield coverage on your insurance. ESPECIALLY if you have adaptive cruise control. I snuck it in Progressive for only a few dollars a month.

 

[NachoRuby]

^ Exactly. That's why these "what are you paying for insurance?" threads are kind of pointless. But, for reference, I pay $1300 per year for a 2104 JK Rubicon, 2017 CX-5 GT and a 2021 Mojave.

And, I've seen where you can now get a car loan for 84 months. That's insane. I've never had a car loan and never will. IMO, if you can't pay for it, you can't afford it.

Interest rates are low, so why I see no reason to pay for a whole car at once. Then if it gets hit, I'm out of all my money, minus whatever insurance decides it's worth. Now, I have gap insurance. If I get hit, the jeep gets paid off, I'm out nothing but what I paid so far. Also, interest rates are low enough that I see no reason to buy a vehicle in cash. Many times the deals are better with a loan too, since the dealerships these days want their kickback. Someone hit my 2 year old car a few years back. Insurance decided it was worth 27000. It cost 45000. Thanks to gap insurance, I lost nothing, Other than the minimal amount of interest I'd paid so far. I'm in no hurry to quickly invest in something that depreciates, when my money could be better spent elsewhere. Interest rates with even decent credit are so low that I personally see no reason to pay for it at once. Low down payments and low interest rates mean my current funds are better saved or spent elsewhere.

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