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Cost of Auto Insurance


RyanKeslord17

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Just looking for a rough estimate of insurance fees for a car between the years 2000-2005. I'm a New driver (17 years old), and have been driving for 6 months now. Won't be using it for long distances, just short runs here and there (work, school, etc.). I am in Richmond, if that helps.

Not looking for anything great, just the basic insurance plan.

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Ask your parents to add you (and your car if it's your own separate car) as an occasional driver. You'll pay a lot less that way.

When I came back to Ontario I had to pay an arm and leg due to my wife being under 25. $400/mo compared to $200/6mo in California. Seems rather criminal.

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It'll probably be quite a lot, I'm sorry to say. I've been driving for about 14 years with no claims or tickets on my record, live on the mid Van island, 43% discount, drive an '87 Chevy Suburban. My cost for basic insurance with collision and 1 million liability is $71.59 per month.

Based on this, my guess for you would probably be around $250 per month.

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Just looking for a rough estimate of insurance fees for a car between the years 2000-2005. I'm a New driver (17 years old), and have been driving for 6 months now. Won't be using it for long distances, just short runs here and there (work, school, etc.). I am in Richmond, if that helps.

Not looking for anything great, just the basic insurance plan.

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Ask your parents to add you (and your car if it's your own separate car) as an occasional driver. You'll pay a lot less that way.

When I came back to Ontario I had to pay an arm and leg due to my wife being under 25. $400/mo compared to $200/6mo in California. Seems rather criminal.

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It depends on the type of car, the value of the car, and where you drive it.

I'm going to guess $150-200 for your situation, though I know nothing of Richmond (it may be a high accident area and therefore more expensive). I believe I paid $180/month when I bought my first car in 2008, the car was a 2005, non-sportscar (you pay more for those), worth about 10k, driven in Abbotsford and Chilliwack, though I had better than basic coverage (wouldn't risk anything less than 1 million liability coverage personally).

If you are asking about the cost, chances are you are worried about the cost. Try to find someone at work who has no ride, and offer to take them whenever you work together for a small fee. If you work full time (not sure if that fits your situation) then its an easy way to add a couple hundred dollars per month to pay for car expenses.

If you can pay the full year of insurance up front you save the financing fee, not sure what it is but I think around 3%. Regardless of saving the 3%, do yourself a favor and work double shifts for a couple weeks, build up some overtime, and get that whole year of insurance paid as soon as you buy the car, being young it'll be a much better experience then to only have to pay for gas/oil changes for a whole year after that. Nothing worse than owning a car and not having the cash to take it out on the weekend to do something fun. Being 17, by the time you have bought your car, you aren't going to remember that lame couple weeks of hard work to save up for insurance, but the year of not having to pay monthly will be awesome.

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Needless to say just make sure you have an old beater of a car you wouldn't mind pushing into a ditch if it was to die on you or you were to be in an accident.

That way you don't have to pay for collision but you can rack up XP driving so that down the road when you can afford a nicer vehicle you won't pay an arm and a leg to get it covered.

Paying for collision on a newer vehicle costs and arm and a leg even with a 40% discount never mind if you didn't.

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It'll probably be quite a lot, I'm sorry to say. I've been driving for about 14 years with no claims or tickets on my record, live on the mid Van island, 43% discount, drive an '87 Chevy Suburban. My cost for basic insurance with collision and 1 million liability is $71.59 per month.

Based on this, my guess for you would probably be around $250 per month.

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Yeah it blew my mind how much my rates dropped moving from Vancouver to Victoria last year - from 114$/mo to 68$/mo.

Random question - I've been hearing for years that it costs more to insure a red car vs. any other colour, I suppose due to accident statistics, and I've always written it off as an urban myth. Anyone else ever heard that?

edit - now that I finally got around to googling it, apparently it is an urban myth. From the globe&mail:

Myth No. 1: Red cars are more expensive to insure.

Twenty-nine per cent of those surveyed thought auto insurance premiums were more expensive for red cards while 54 per cent believe that to be the case for cars with two doors.

“Most people may not know it, but the insurance industry is colour-blind. It doesn't matter if your car is blue, red, striped or chequered, your insurance rate for that make, model, and age of the vehicle will be the same,” Henry Blumenthal, vice-president and chief underwriter at TD Insurance, said in the release.

There are other factors that will determine how much auto insurance you will pay, including how often you drive, your driving history and where you live.

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We can’t really give you an estimate about auto insurance rates. You need to shop around for quotes with 3-4 companies. I’d advise you to enroll in a defensive driver’s class. Some insurance companies give discounts to those who do. Also, find out about other discounts that might help lower your rates such as the good student discount, low mileage discount, safety device discount etc. Choose your coverage wisely.

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