How much do you pay for car insurance?

[buliwyf]

I don't really get how auto insurance works in Canada, so in the meantime, I'll try to gather data.

How much do YOU pay for yours?
- $ value of car
- number of drivers
- monthly premium

If I buy an old used car worth say, $4,000, would I pay more or less insurance versus a brand new car worth around $15,000?

 

[Edmontonion204]

I don't really get how auto insurance works in Canada, so in the meantime, I'll try to gather data.

How much do YOU pay for yours?
- $ value of car
- number of drivers
- monthly premium

If I buy an old used car worth say, $4,000, would I pay more or less insurance versus a brand new car worth around $15,000?

You can get an online quote from TD bank website.
4000$ worth car will be having third party insurance while 15000$ car will be having comprehensive means covered every thing your car and the other cars if you hit someone.
In third party only the other party is covered not your car. Third party will always be cheaper. It also depends on the age of driver and the driver licence issuances date and your accident or claims history. If you can arrange your drivers abstract from your home country that will also help in lowering the cost of insurance. Some provinces also subsidies the car insurance like Quebec and Saskatchewan for sure and rest provinces I don't know. BTW I am paying $50 a month for Honda accord 1994 for third party only and my car worth $1500.
Shop around and negotiate with insurance companies by getting quote and letting other companies know that for same kind of coverage xxxxxx company is charging me less premium per month.

 

[buliwyf]

You can get an online quote from TD bank website.
4000$ worth car will be having third party insurance while 15000$ car will be having comprehensive means covered every thing your car and the other cars if you hit someone.
In third party only the other party is covered not your car. Third party will always be cheaper. It also depends on the age of driver and the driver licence issuances date and your accident or claims history. If you can arrange your drivers abstract from your home country that will also help in lowering the cost of insurance. Some provinces also subsidies the car insurance like Quebec and Saskatchewan for sure and rest provinces I don't know. BTW I am paying $50 a month for Honda accord 1994 for third party only and my car worth $1500.
Shop around and negotiate with insurance companies by getting quote and letting other companies know that for same kind of coverage xxxxxx company is charging me less premium per month.

Great info Edmontonion204. Thanks!

 

[Cappuccino]

You can get an online quote from TD bank website.
4000$ worth car will be having third party insurance while 15000$ car will be having comprehensive means covered every thing your car and the other cars if you hit someone.
In third party only the other party is covered not your car. Third party will always be cheaper. It also depends on the age of driver and the driver licence issuances date and your accident or claims history. If you can arrange your drivers abstract from your home country that will also help in lowering the cost of insurance. Some provinces also subsidies the car insurance like Quebec and Saskatchewan for sure and rest provinces I don't know. BTW I am paying $50 a month for Honda accord 1994 for third party only and my car worth $1500.
Shop around and negotiate with insurance companies by getting quote and letting other companies know that for same kind of coverage xxxxxx company is charging me less premium per month.

It also depends on whereabouts in Canada you live. It can differ widely from province to province.

In BC it's particularly expensive because the basic portion of the insurance HAS to be with ICBC, no other competitors are allowed. As such they have a monopoly and can charge what they like.

Our car is a 1996 Mazda MX3 and our annual insurance (admittedly with only 1 year's no claims' discount at 5%) is around $1700 per year. This is probably more than the car is worth! And that's just for "comprehensive" (what we'd call Third Party, Fire and Theft in the UK) which doesn't include collision.

Wayne.

 

[canada1234]

In GTA car insurance is too high. Especially for new drivers. You guys would be surprised to know that I have got minimum quote from TD 470$ per month (third party). I have searched from brokers and other companies but all other quotes were above 600$/month.

 

[buliwyf]

In GTA car insurance is too high. Especially for new drivers. You guys would be surprised to know that I have got minimum quote from TD 470$ per month (third party). I have searched from brokers and other companies but all other quotes were above 600$/month.

Thats crazy! One can amortize a brand new car for around $500/mo correct?

 

[SanRoque]

Crazy car insurance, it's like you're paying amortization for a new car.

How about if my license was just converted to a full license in GTA, does it make a difference? I don't have any record of accident since I got my licence from my home country.

Thanks.

 

[AshB]

I live in Mississauga , been in Canada for only 2 months. I am paying 306 a month through TD. That's the cheapest I found from all the companies. I have full G licence, car is worth 17k. You can compare insurance online on www.kanetix.ca. But it's always better to call and speak to someone. Cheers

 

[banrad]

The rates are astronomically high in the GTA, compared to the rest of Canada. You can only save once you moved out of here or after a couple of years of driving experience with a valid Canadian car insurance policy.

My case: I switched to full G after landing, 1 year experience, no previous car insurance in north America. I bought a new car and my rate in Ottawa was $150/month. Once I moved to the GTA, the quotes I got were all at around $450/month and up.

I only managed to beat it down to some $320 monthly because I coupled it up with a tenant insurance and because I could get a discount through my employer.

 

[Edmontonion204]

Check with Canadian direct insurance and reliance insurance too they are much cheaper here in Alberta but I don't know in rest of Canada

 

[SanRoque]

It's like a reap off aye. Maybe I will look for a job in an insurance company to get the money back. LOL.

Thank you all.