What Insurance Rates and Loan APR % is everyone getting ?

[Green_Gladiator]

1.9% with suntrust / $110 a month statefarm

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[JeepTaco]

it definitely does. I personally can't imagine having enough cash at one time to buy a house at once, and especially to not immediately regret it and wonder why I did it. $50-60k is a huge investment also.

Same. Glad we purchased a house back in 2013 (not cash btw)... There may be people that can afford paying for a 600-700k (current prices in our area) house cash but I'm sure not one of them lol.

To each their own when it comes to paying a vehicle cash. IMO, I'd rather continue maxing out what I can invest in my 401k that should return 6-7% on average long term instead of saving 50-60k and pay cash for a jeep to save the 2% (about 4k in interest) over 72 months.

Makes sense IMO.

Back to OP's topic lol. What Insurance Rates and Loan APR % is everyone getting ?

 

[ecidiego]

2.09@72

~ $1300 a year, SoCal. Pissed me off, in my 40s, no accidents, no tickets, perfect credit. High coverage though.... 500/500/1mil with 250 deduct.

 

[Chestnut]

August of '21 i was quoted 4.5% for a 24k loan over 5 years. I paid off the loan in 2 months. I agree with all of the investment arguments but the trouble is there is both risk and tax to consider. If i average 7%, consider taxes, and include risk a 4.5% sure deal makes a lot of sense.

2.09@72

~ $1300 a year, SoCal. Pissed me off, in my 40s, no accidents, no tickets, perfect credit. High coverage though.... 500/500/1mil with 250 deduct.

Insurance is $1500/yr I'm in the same coverage bracket as you but $1,000 deductable so i'd say your insurance is ok. My other 2 vehicles premiums went up 100% in the last 2 years. I"m about to jump ship because these costs are absurd for no tickets no accidents.

 

[SargeDiesel]

Loan?

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

Kevin

Loan ? Good for you !

 

[SargeDiesel]

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.

Great information, thank you. I only did a small loan(credit union). You nailed it on the insurance !

 

[SargeDiesel]

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!

Thank you for sharing. I did order(10/22/21) and I pick up next week. Enjoy your ride !

 

[SargeDiesel]

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.

Im not for say actually tring to compare.... just trying to get a broad idea and see how much it varies from each individual.... not trying to make any calculations, just for information. Thanks for your response !

 

[SargeDiesel]

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

Im so gealous of you "NO LOAN" guys ! I could of pulled it off without a loan as well, but I figured I wanted to keep some cash on hand the way things are now, so I borrowed less than 1/4 of the cost , so payments are low and Im still building some credit, that will be an additional bonus once payed off .... just my thoughts anyway... lol

 

[SargeDiesel]

^ 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.

Pointless in your opinion I guess. Im not trying to make any NASA calculations from anyones answer, its just for information and freindly conversion... sorry its not a "BENT FRAME" or "ARE YOU IN D1 STATUS" thread.. .. so take it or leave it... but I see your here and you answered.... so thanks for your reply !

 

[SargeDiesel]

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.

Great idea... so for people saying this thread is useless.. well you just helped me... so thank you !

 

[SargeDiesel]

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.

My thought also, I do have a large down, but I stll took a small loan for reasons you stated, not to mention to keep my credit score tuned up.
Clarify for me please: I thought GAP came into play if you had a total loss on the vehicle and the insurance payout would be less than what was owed on the loan and then GAP would pay the difference ?

 

[Pion]

Great idea... so for people saying this thread is useless.. well you just helped me... so thank you !

Be careful with windshield replacement. I was multi-vehicle and house insured with Safeco, good rates and service, had the full deal, 11 years with them. No incidents, tickets, claims, etc.. I did have a couple windshields replaced though under that coverage. Then I move to a different state and need to update my insurance and since it is a new state the whole thing is rewritten by Safeco. They then raise my rates by $1000 a year due to the windshield claims.

So my theory is that I'd rather pay for a $1000 windshield once in a while than pay an annual $1000 increase for however long they decide is necessary. I moved insurers also.

All that said, insurance between people will be apples and oranges. I have increased coverages due to having college students and all that, so some people in this thread may be quoting minimum coverage values (25/15/25 kind of stuff) when people like me are 500/250/500 for property, medical and such.

 

[SargeDiesel]

You credit union doesn't post their auto loan rates? Ours does, and it's determined by year of the vehicle + length of the term. It doesn't matter which type of vehicle, except if it's an EV and then there's a .25% reduction in APR.

Example, here's the rates for 2019+ vehicles:

Term	APR* as low as
Up to 36 Months	2.35%
37 – 66 Months	2.49%
67 – 72 Months	2.74%
73 – 84 Months	3.24%

Yes it does(Navy Federal), but they have two types of loans. 1st, is if you know the exact vehicle, Vin# and exact amount you want to borrow, with this loan, you get your monthly payment and % rate when the loan is approved. The 2nd, is what I called an "open loan"... it is were I dont have a specific vehicle or an exact loan amount decided, so in this case they give you a PRE-APPROVED loan check to take to the dealership, once you figure out the exact amount you need, you give the check to the dealership and once the bank receives the info, they calculate you paymentAPR. I obviously kbew the vehicle information, but when applying for the loan, I wasn't sure how I wanted to pay for it... or exactly how much and under what termsI wanted to repay. Hopefully I didn't just confuse the hell out of you.. lol...

 

[ShadowsPapa]

The difference is depreciation. Right now, If my jeep gets totaled, I'm out whatever I've spent so far. That's it. Depreciation doesn't matter because gap insurance covers the gap between depreciation and what I paid so far. If I paid in cash, all I get is the insurance value, and that's it. I lose the depreciation.

That's why I don't worry about that because my insurance pays replacement cost - not the current market value of a used truck (but that's likely more than I paid for the truck anyway LOL)
In a normal year before covid my truck may be worth 40K but because of my policy, I'd get the money for a new truck, over 50K now. Gap is for if you trade while up-side-down or - if your insurance doesn't pay you replacement cost. Even if I got a loan I'd not need gap because insurance would pay me the new value, not depreciated value.

You mentioned age - yes, when young it's a bigger factor - you need that money to stay put and earn dividends, interest and gains. Mine is keeping up with my demands so it doesn't matter.
People have to figure their OWN situations - that's why these questions just don't make sense to me.
There will be as many answers (all of them correct) as there are people. And insurance - don't even think about comparing or thinking "how are they getting by so cheap" or "Why is theirs so expensive". It's like health insurance in a way - the exact same insurance, same carrier, same company, etc. I can name you 3 very different prices for the exact same stuff - based on your group. Similar for auto insurance - your coverage, limits, deductibles and other factors matter, but so does the state and location within that state, age, family status, do you bundle, how many vehicles and much more. Do you have FCW and ACC? That often matters as can trim level and other factors. Auto insurance is crazy tricky. I went around and around for weeks with the company my father's truck was covered by - a simple thing like wheelbase, towing package and other things made thousands of dollars difference in their payout. So, too, will those things matter in insurance costs.
(major companies have entire departments that study repair and replacement costs, risk factors related to gender, age, family status, location and more - I worked for PFG and one floor was nothing but staff working that area)

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