Hey guys, I’m currently a teen driver and I got into an accident with someone. I think it’s mostly them ( biased ) but honestly I wanted to ask because I want to take responsibility and pay off the additional fees that are quoted.
For reference, my mom and I drive a Volvo XC 90 from 2023, and I am with farmers insurance for full coverage premium.
I was added to the insurance roughly in early April, and I think my mom pays bi-annually. I think she paid $3045 for her six month, and now that I got into the accident, I think the next payment went up to $4190 for the six month.
She has no history of accident accidents, I had no (I guess now I do) history of accidents. But the thing is, my insurance ends soon because it’s only a one month contract. It states that her full term premium is $4190 now, so am I to assume that the full term is every six months?
I just want to get this down because I wanna know how much I should pay back to her because I feel really guilty, and I currently have a job so I’m probably gonna have to sacrifice a lot of time on this, so I wanna make sure that I can fully pay her back.
Please let me know if you need any more information. I’m just really scared because this was my first accident.. do you think the insurance companies know that I’m gonna get off the plan.. so it actually looks more like this
Full term premium = 4190 dollars
Prior estimates (4/24-5/16)
– like 93 dollars
Future (5/16-11/16)
– like 900 dollars (💀 I know )
(tbh for accident wasn’t even that bad, I think I was quoted $500 to fix my car because I just needed to get a tire rim change, and their car was quoted about $1000)
Posted by 01_jk_10
7 Comments
Please let me know if I’m actually cooked or if anyone is actually a finance or money wizard to calculate how much I would probably need to pay her back💀. Do you think they also know that I’m gonna get off the plan by May 16, and do you think that will decrease the premium rate or is that the premium rate for my mom now?😩
Also, this is an offer here. It’s so expensive like who can actually afford this 💀 I even have the good student discount because I have a 4.8 GPA
Current premium – last premium = what you owe her
Some carriers can actually show a breakdown of the specific costs of coverage per driver and vehicle but I am not familiar with farmers’ systems.
Unfortunately because your accident was on her insurance even if she removes you from the policy it will still impact her rates because it was a claim for her vehicle under her plan, so it’s impossible to disentangle your effect completely.
It seems like your heart’s in the right place, but my advice from an adult perspective is don’t get caught up on a specific amount as being what you owe. If you can help contribute to the bill do so. If you can’t and your mom is more interested in you prioritizing something like school or work or whatever do that.
Regardless the best practices to communicate with her rather than trying to suss out some sort of specific amount to land on a specific amount that absolves you of guilt.
You got this kid 🙂
Wow 😮 $6, 090 yearly for insurance?!?!
I am 37 y/o in Canada (Ontario) – personally highest insurance rate in Canada. I would expect US would be cheaper for insurance 😋
I am currently pay $4,360 yearly for insurance on a ‘21 Highlander and a ‘25 RAV4.
I personally thought it’s crazy high!!
Has insurance made a determination of fault yet? Did you offer to pay to repair the other car prior to filing a claim? For low repair cost accidents its sometimes better to try to settle outside of insurance. I bumped a lady’s car in a parking lot and she got a few estimates and we settled for $150 more than the estimate so she could get a rental car for a few days.
Once away at college your mom should shop around for a better rate from other companies without you on the policy. Also most accidents affect your rate for approx 5 years. Your declaration pages of the policy should show breakdowns of price for each of you and you can see what your portion of the premium is.
Farmers is crazy. Your mom needs to find a real agent to work with her. If they can’t, I’d say she has to sell the car and get something older without full coverage. Paying over $8k in insurance a year for one car just doesn’t make any sense.