Everyone has told me that my insurance will go down when I turn 25. I'll turn 25 on June 30th. My insurance policy with Nationwide right now is $1182 every 6 months. On progressive's website I got a quote for when I am 25 which will be 609 a month (but I am adding a 2nd vehicle to my policy, an old truck I bought to drive to work and back that I will start driving when I turn 25). I'm a month into my nationwide 6 month policy, so on my birthday, do I need to call them and get a re-quote since I will be 25 then? do you think they could give me a quote now for what it will be when I turn 25?

 

The only sure way to know is to contact your insurance agent.

 

Squeezer,

I can't answer your questions directly, but here's how it worked in my case...

The first thing is, I don't believe your insurance premium automatically drops once you hit 25. I think it depends more on the number of years you've been driving rather than age alone. Most insurance providers seem to lower your premiums after you've been driving for 9 years. Hence, if you got your license at age 16, then this will coincide with when you turn 25. If you got your license at age 17, then this would coincide with when you turn 26.

I got my license a few months after my 16th birthday, so my insurance premium didn't drop until I was 25 plus a few months.

Also, I think your premium is set at whatever it was when you purchased the policy. I believe you'll have to wait until your next renewal to get the lower rate. Of course, you could cancel the existing policy and then switch to another provider, and they should give you the lower rate.

I'm not 100% certain about any of this, but that's how it went in my case.

 

I have Nationwide as well. Actually, the way it works with them is the policy is based on a calendar year. So, if you were turning 25 during 2004, then your quote should have already been based on that fact, thus giving you the discount on your insurance.

However, if your policy with Nationwide began prior to the beginning of 2004, or if you are currently in the middle of a six-month policy, you should see the discount applied the next time your policy renews. You should contact your local agent to discuss.

As for insurance, I have been with Nationwide all my driving life (15 or so years). I originally was under my dad's policy. Once I was no longer in school or living with him, I purchased my own policy (with the same agent). I receive various discounts such as safe driver, ABS, anti-theft, multiple car, long-term customer, etc.

If you decide to shop around, I would only stick with the big companies (Nationwide, State Farm, Allstate). As I've seen many other companies promise you a low rate to get you in the door, then, once you are with them they jack up your rates.

When I wanted to compare my rates, I contacted State Farm and Allstate. They were all within $20 (per six months) of my Nationwide policy. No point in changing to someone else for a couple dollars when it would be more of a hassle switching and paying the insurance up front, etc.

The insurance on my 03' S2K is $693 every six months (full coverage: Coll -$500 ded, Comp -$500 ded, PD, BI, PIP, MP, Towing/Labor/Rental/PDUM). I'm 29 and get the above-mentioned discounts. My insurance was higher on my WRX but it was lower on my 01' S2K (by $30 every six months).

Without the multi-car discount, and keeping all the other discounts, my insurance on the S2K jumps to $850-something every six months, so you can see how big a difference the multi-car discount makes.

 

Mine dropped the day I turned 25.

 

I'm not with Nationwide and when I turned 25, I wasn't driving anything as sporting as an S2000 but my premiums dropped right at half. I think you'll probably be confusing the issue a little by adding a vehicle to your policy at about this same time so actually "seeing" the discount will be a little harder in your case. I'd ask for a quote without the second vehicle and see what the numbers actually work out to.

Best of luck!

Drive Safe,
Steve R.