dahappybanana - 7/18/2005 5:02 AM
well you want to know what sucks the worst about insurance?
Being 16. I am a 16 year old male, any car for me is at least $1,500 a year, and that is for a car that costs less then $1,500. I've done a lot of pricing, for an E55 AMG it would be $1,200 a month; as for my dad it would be $143. No car is cheap for me. Hell I could afford a car easily, I was looking at this nice 190E, but the insurance I cannot handle.
I'm surprised, nay shocked, that you were even able to find a company willing to insure a 16yo male with an E55 at any
price. Did they quote you on your own or on your parents policy?
I know, it's not much of a consolation, but the thing is it's all in the numbers. Teenage drivers present some of the highest risks out there (Though, in my opinion, they have been improving), the accident statistics continue to show very high damage numbers from accidents caused by new drivers. Look at it this way, $1500 a month is $18000 a year, but if you look at what Mercedes parts cost, you'll see that even a single-vehicle, injury-free accident with an E55 can easily exceed $18K. So the insurance company's exposure in this case is very large and, given that, they're not charities, you know. And if an accident results in injuries, the bills can run into millions very quickly.
The E55 is a very powerful car, too much so even for some more experienced drivers to handle and, because of that,2 if I were an insurance actuary, I'd probably decline coverage to a teenager with any vehicle of that type. It's just too risky.
On the other hand, I'd imagine that someone who, at 16, can afford an E55, can probably handle the insurance as well.
The advice some of the others here gave you about safe driver and good student discounts is definitely worth looking into. Drive safe, don't do anything stupid, and your rates will drop off sooner than you think.
Believe me, I feel your pain, we've all been there.