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Need help - Car Insurance is killing me
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View this Thread in Original format
| Mandrick_v |
Hi guys,
I know there were multiple threads on this topic, but since swamp disabled the search feature I cannot find the old posts.
I desparately need help finding a car insurance that won't be so offensive to young drivers. The quoutes I am getting are 5000 - 5500 a year for the 2002 Z24 4DR cavalier and I did not mention there are 2 drivers in my household under 25 (me and tonia, I have 1 ticket, tonia has 1 claim). I have a feeling that when I give them the truth they will ask for 6-7 gees a year.
I know there is a way out of this other then The Mississauga Transit and TTC.
Tell me which companies you recommend I should call for quotes
Thanks for help in advance
PS: If you can, post the links to the previous topics if you will be able to find them :) |
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| VERTiG0 |
Mazda MX5s are among the cheapest cars to insure, reliable as hell, and probably some of the most awesome fun you can have on 4 wheels if you can get of the chick car stigma.
people who say MX5s are chick cars, they're awesome as hell and monstrously fun to drive.
But anyway, get a motorcycle or check www.kanetix.ca :) |
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| infinity HiGH |
Try www.insurancehotline.com
Only catch is you gotta pay to get the name of the insurance company, but you'll get the quote for free. |
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| dance2dabeat |
Good Luck!!!
Insurance is such a pain :rolleyes: |
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| DigiNut |
| Unless you can get the ownership and insurance transferred to a corporation, you're SOL buddy. |
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| Cosmic Fur |
| quote: | Originally posted by infinity HiGH
Try www.insurancehotline.com
Only catch is you gotta pay to get the name of the insurance company, but you'll get the quote for free. |
hehe, played around with it, couldn't get below 5000.
This, is why I don't (and won't for a while) have a car. |
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| Mandrick_v |
| quote: | Originally posted by Cosmic Fur
hehe, played around with it, couldn't get below 5000.
This, is why I don't (and won't for a while) have a car. |
My quote from hotline was 5780.... |
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| ChemEnhanced |
www.kanetix.ca
There is the website to look to for quotes....they will give you the three lowest with the names of the companies.
If anyone wants to know anything about how your auto insurance rates are determined then go to this website.
www.fsco.gov.on.ca
It helps if you are actually informed on how your rate is determined. |
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| tonybologna |
| Is this typical for car insurance in Toronto? That is crazy. In the states, I have liablity only for my 1993 Olds 98 and I pay 292 dollars a year. Thats right $292. |
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| MaxTO |
| Farm State has been good to me so far... |
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| Moral Hazard |
The only way in which you are going to find meaningful decreases in your insurance premium (without getting married, ageing or moving to Butt Nowhere) is to change your coverage.
Try asking for a policy with higher deductibles. If you increase your deductibles the chances that you are going to report minor claims and the amount of money your insurer will have to pay on claims is reduced, subsequently, you become a lower risk and the lower risk that you are the less premium they charge you. If your currently getting quotes using a premium of $300 or $500 try getting quotes with a deductible of $1,000. Granted by doing this you run the risk of having to pay more should you be involved in a collision or comprehensive claim (other then fire or lightning strike resulting in fire) but that's the gamble you take to get lower premiums.
Additionally, there is a coverage called Direct Compensation. This coverage applies when you are involved in a collision that is not your fault. The deductible for this is normally $0, however, if you request a deductible they will give you one and lower your premiums accordingly (a $300 deductible on this head of coverage can make a reasonably significant decrease in your premium).
Finally, you can request lower liability limits. It has become standard in Ontario to quote policies using $1 million dollars of Third Party Liability. Having this level of TPL protects you from damages you are ordered to pay by a court should you be at fault in a collision resulting in death or injury to another party. While insurers normally quote for $1 million the statutory minimum coverage is actually $200,000. If you decrease your TPL limits your premium will also be lowered as the insurance company's exposure (what they may have to pay out on a claim) is lower. The trade off here is that should you cause a significant injury that prevents someone from working for an extended period of time it is possible that you may be ordered to pay damages in excess of $200,000.... because you're coverage is limited to $200,000 you will be responsible to pay every dollar over $200,000. As an insurance adjuster dealing primarily with automobile liability claims I can tell you that it is rare for injury claims to get above $200,000, however, it does happen and you do take on a significant risk in exchange for the lower premium.
I hope the above helps. If you have further questions I'd be happy to help (wow, an insurance industry person happy to help.... bet you didn't expect that). Feel free to PM me. |
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