I’ve always been told that I would pay way too much for my car insurance until I was 25 years old. I was paying about $80 a month for full coverage before I hit the magic number and when I woke up on my 25th birthday last May, I was expecting a magical car insurance fairy to await me in my bedroom and hand me a wad of cash.

car insurance is expensiveAnd if that didn’t happen, I was at least expecting my rates to drop a little bit. Guess what?

No genies. No fairy dust. I got nothing!

I called my car insurance company, GEICO, and asked for the “old person” discount. The woman laughed (because I’m hilarious) and said that I would have to continue paying the same amount through the end of my six month contract, and then they would factor in my age for my renewal. Well my renewal just came up, so my long awaited magical 25 year old discount is finally here!

$6 a month

Seriously? I literally have a flawless driving record. I got my driver’s license when I was 16 years old and I’ve never had a ticket (okay, I’ve had speeding tickets but I had them changed to non-moving violations) and have never been in an accident. I’m going to estimate that I’ve paid an average of $100/mo for car insurance for as long as I’ve been driving.

$100 * 12 months * 9.5 years = $11,400

That’s enough to buy myself a brand new 2011 Nissan Versa with luxury extras like air conditioning!

This is just one more episode in the saga of vehicles being a horrible investment and ruining my financial life.

If you’re old like me, did you get the 25 year old discount? If so, was it as magical as you hoped it would be, or were you miserably disappointed like I was?