[Jaylow]

(03-09-2013 02:32 PM)Albertron Wrote:  

I used to be an Insurance Advisor, so I knew which triggers would help the rate go down.

... you not gonna tell us?

[Moma]

(03-09-2013 02:32 PM)Albertron Wrote:  

$700/year in Western Canada (Alberta)
Liability insurance for a 1997 Honda Civic.

I used to be an Insurance Advisor, so I knew which triggers would help the rate go down.

Toronto has one of the highest rates of insurance because of population. More drivers = more accidents. However, the highest in Ontario is Brampton, a suburb of Toronto. Some of the worst I've ever seen, paying 1.5x to 2x the rate of Torontonian drivers.

Nothing to do with population. Toronto is a village, it's bull the Canadian govnt sell you to rape you sweetly.

[Albertron]

(03-09-2013 06:29 PM)Moma Wrote:  

Nothing to do with population. Toronto is a village, it's bull the Canadian govnt sell you to rape you sweetly.

Actually, population is very strongly correlated with your insurance rates. That and demographics of where you live. If I got the same coverage in Toronto as I do here, I'd be paying $2800/year over there easy. If there are more people who can drive cars, there are more accidents. Accidents lead to claims being paid out, which comes out from the pool of premiums we all pay. So more drivers = a bigger premium pool, meaning higher premiums for each driver.

There's a governing body for insurance in Canada that all rates have to be approved through before they can establish the rates in any given region. That's why there are certain triggers in terms of your driving and insurance history that may bring your rates up or down.

I'll name a few triggers here that'll have an effect on your premium:

- Age: under 25 means you're a high risk driver. Period.

- Parking address: if you live in a safe neighbourhood where very few accidents happen, and the population is low, cheaper rates. As per my own experience. I pay $700 here in Edmonton, Alberta but for the same coverage, I'd be paying $2800 in Toronto.

- Type of car: trucks, SUVs, large cars in general get cheaper rates. Bodily injury claims pay out the most because medical payments > physical damage (to the car) payments. Thus, smaller cars like Honda Civic and Chevy Cav's have higher rates.

- Bundled coverage: most companies provide a multi-product discount: i.e. if you get home insurance, you'll save x% on both car and home insurance. Or if you have 2 cars with us, you'll save y% on both cars

- Distance driven: Some companies charge more for longer distances driven, as well as for commute driving vs. pleasure driving

- Driving history: a no brainer, but the more driving exp you got, and a cleaner record means better rates

- Insurance history: again, no brainer, but the longer you've had continuous insurance for, the better your rates will be

So that's the majority of the things to keep in mind when you're shopping around for insurance and trying to keep your rates down.

[Pacesetter20]

1700/year-Germany

[Hades]

Something like 500/yr for my beater piece of shit, liability insurance only. Full glass, though.

[evilhei]

my insurance is about 100 euros a year, living in Tallinn, Estonia. 1999 Peugeot. crazy that some of you are paying couple of hundred per month. I was just browsing car ads and thinking of buying 2007 Audi A4. Total lease for the Audi with 2 mandatory insurances and also car payments would be around 200 euros a month.

[rudebwoy]

(03-10-2013 04:50 AM)Albertron Wrote:  

(03-09-2013 06:29 PM)Moma Wrote:  

Nothing to do with population. Toronto is a village, it's bull the Canadian govnt sell you to rape you sweetly.

Actually, population is very strongly correlated with your insurance rates. That and demographics of where you live. If I got the same coverage in Toronto as I do here, I'd be paying $2800/year over there easy. If there are more people who can drive cars, there are more accidents. Accidents lead to claims being paid out, which comes out from the pool of premiums we all pay. So more drivers = a bigger premium pool, meaning higher premiums for each driver.

There's a governing body for insurance in Canada that all rates have to be approved through before they can establish the rates in any given region. That's why there are certain triggers in terms of your driving and insurance history that may bring your rates up or down.

I'll name a few triggers here that'll have an effect on your premium:

- Age: under 25 means you're a high risk driver. Period.

- Parking address: if you live in a safe neighbourhood where very few accidents happen, and the population is low, cheaper rates. As per my own experience. I pay $700 here in Edmonton, Alberta but for the same coverage, I'd be paying $2800 in Toronto.

- Type of car: trucks, SUVs, large cars in general get cheaper rates. Bodily injury claims pay out the most because medical payments > physical damage (to the car) payments. Thus, smaller cars like Honda Civic and Chevy Cav's have higher rates.

- Bundled coverage: most companies provide a multi-product discount: i.e. if you get home insurance, you'll save x% on both car and home insurance. Or if you have 2 cars with us, you'll save y% on both cars

- Distance driven: Some companies charge more for longer distances driven, as well as for commute driving vs. pleasure driving

- Driving history: a no brainer, but the more driving exp you got, and a cleaner record means better rates

- Insurance history: again, no brainer, but the longer you've had continuous insurance for, the better your rates will be

So that's the majority of the things to keep in mind when you're shopping around for insurance and trying to keep your rates down.

As someone stated, the rates in the town of Brampton are through the roof. The main problem is that there are many fraud cases, certain groups of people are consistently involved in many scams and unfortunately everyone has to suffer.

[Moma]

Albertron, I don't think population has anything to do with it. My mates in London don't pay that much for car insurance and London has more people than Toronto hands down.

Can some New Yorkers chime in on car insurance price? Take my word for it, Toronto enjoys shafting.

[Teddykgb]

Washington State USA

1997 Ford Ranger

25yr old Male

About $950 a year or $80 a month.

[thegmanifesto]

(03-08-2013 09:33 PM)rudebwoy Wrote:  

Just got a shocker today, some lady at work told me she is paying $480 for car insurance on a regular car.

A good friend of mine is paying almost $300 per month for a old prelude.

The world is gone mad and I feel so good that I don't own a car.

$0.00

That's, Zero fools.

And who said I spend tons of money?

[JayRock604]

I pay 450 on a 03 mustang, plus I have to rent an alco-lock breathalyzer to start my car which costs 150 a month. So I'm $600 out the gate before I start paying for over priced gas. Living the dream

[Bad Hussar]

(03-08-2013 09:33 PM)rudebwoy Wrote:  

Just got a shocker today, some lady at work told me she is paying $480 for car insurance on a regular car.

A good friend of mine is paying almost $300 per month for a old prelude.

The world is gone mad and I feel so good that I don't own a car.

Don't know abut every province, but in BC basic insurance can only be issued by ICBC (i.e. they are a monopoly). They use their monopoly position to hire 3x the number of people required to run the business, and the top brass pay themselves handsome bonuses despite the fact they are a Crown Corporation with a state sponsored and enforced monopoly (i.e. they are stealing money from the public). In Ontario I understand they have private insurers, but the system is set up in such a way that it is anything but a free market.

If you compare the car insurance rates for Person A living in city X in Canada to his risk profile Doppelganger living in equivalent city Y in the USA the Canadian will pay much, much more for the same level and type of cover. It is the price of government monopoly (in the case of BC) and (I think) government laws governing the market in Ontario. I'm less certain of other provinces.

[Ben Kenobi]

$110 a month for combo car insurance and renters insurance.

32 year old male
Atlanta, GA
2011 Kia Forte