Why is my car insurance so expensive on my new vehicle?

I recently purchased a new Kia Sportage with a loan. Due to the high cost, my boyfriend offered to add me to his insurance. Our insurance is still $300 a month and it's not dropping. What can we do?

Apr 20, 2021
Answer provided by
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Emily Maracle
Answered at Apr 20, 2021
“The cost of car insurance is dependent on many factors. The length of time you’ve been licensed, tickets, accidents, and insurance history can influence your rates. The amount of coverage on your car is also a factor.
Since most lenders require comprehensive coverage and collision coverage on financed vehicles, you may be able to raise your deductibles to lower the rate. However, if there’s an accident, you will have to pay that deductible out of pocket before your car insurance will kick in.
If adjusting your coverages isn’t an option, the best thing you can do is shop around. You can comparison shop for car insurance quotes online and see which company can offer the best rate to fit your budget. “
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