"Moves-Like-Senna" (moves-like-senna)
05/12/2016 at 16:28 • Filed to: None | 2 | 17 |
As some of you know I’m currently looking for my first car to register to my own name (at age 26 - I’ve always had them registered under family/friends/etc). I started getting insurance quotes here in Ontario, Canada and found out things are a little backwards here.
Never being insured, the first year is going to bite on insurance but when getting quotes here is what I got back:
2008 Pontiac G8 GT
$210 / Month
($1000 deductible, full coverage)
2016 Chevy Camaro SS
$215 / Month
($1000 deductible, full coverage)
2016 Porsche 911 Turbo
$245 / Month
($10,000 deductible, full coverage)
2014 Ferrari 458 Italia
$265 / Month
($10,000 deductible, full coverage)
Now let’s compare those fun options to these financially responsible vehicles:
2016 Mazda 3 Sport
$223 / Month
($1000 deductible, full coverage)
2016 Honda Civic
$250 / Month
($1000 deductible, full coverage)
2016 Chevy Cruze
$240 / Month
($1000 deductible, full coverage)
*Dead silence* “are you serious?”, sure enough he was. I live in a world where 400+ HP is cheaper to insure than an econ box. According to my broker, the fun cars are less common and generally less likely to be stolen/crashed/damaged.
So on that note, my dreams of a GT car are becoming more financially responsible.
Bman76 (no it doesn't need a WS6 hood) is dead, long live Bman76 M. Arch
> Moves-Like-Senna
05/12/2016 at 16:40 | 0 |
The world is broken... in your favor... do it?!?!
Smallbear wants a modern Syclone, local Maple Leafs spammer
> Moves-Like-Senna
05/12/2016 at 16:42 | 1 |
Also in Ontario, at 17, a Cavalier would have cost me 9500 to insure.
At the same time a Sierra would cost me 7000. Lesson learned, I waited a few years for them to come down more and got myself a truck.
Wacko
> Moves-Like-Senna
05/12/2016 at 16:44 | 0 |
god damn insurance is expensive in Ontario.
Want to save thousands, move to quebec. cause the mazda, honda or chev, should cost you about 600-800 a year max.
Plates are 180.00 a year.
Plus no need to speak french in montreal.
I’m in the regions, so french is a must.
Moves-Like-Senna
> Wacko
05/12/2016 at 16:50 | 0 |
Haha, I just moved from Quebec ;) I’ve just never had an insurance policy under my name so I’m being penalized haha. After a year it should drop 40%
Future next gen S2000 owner
> Moves-Like-Senna
05/12/2016 at 16:51 | 2 |
Rates are heavily based on how often cars are wrecked and totaled. I was looking at 996 very heavily at one point. It was cheaper to insure a 911 than a Mustang GT of the same year at the same coverages. Also, it was ~600 for 6 months for full coverage at that time, I was about your age when I was looking. Should have bought the 911.
Moves-Like-Senna
> Bman76 (no it doesn't need a WS6 hood) is dead, long live Bman76 M. Arch
05/12/2016 at 16:51 | 0 |
That I will, that I will. I am saving my pennies.
Moves-Like-Senna
> Smallbear wants a modern Syclone, local Maple Leafs spammer
05/12/2016 at 16:53 | 1 |
That’s so odd!
Moves-Like-Senna
> Future next gen S2000 owner
05/12/2016 at 16:54 | 0 |
Damn, I guess I should take that lesson and save up a little more for an SS ;)
Short-throw Granny Shifter is 2 #blessed 2b stressed
> Moves-Like-Senna
05/12/2016 at 16:58 | 0 |
Damn, Canadian insurance rates make NJ look very reasonable. It’s kind if messed up that your insurance rates could potentially exceed your monthly payments on a new econobox.
Bman76 (no it doesn't need a WS6 hood) is dead, long live Bman76 M. Arch
> Moves-Like-Senna
05/12/2016 at 17:15 | 0 |
I remember when I was looking for a first car a dealer remarking that the Mustang GT I looked at was more expensive to insure than the SRT10 Viper sitting next to it. Then again, Mustangs like to crash into crowds, which is probably rather expensive ;)
Manwich - now Keto-Friendly
> Moves-Like-Senna
05/12/2016 at 17:42 | 0 |
What would the rate be on the Porsche and Ferrari with a $1000 deductible?
hee hee hee...
Understand that the value of the car only makes up around 1/3 of the cost of insurance or less. The more expensive aspect of insurance is the stuff related to liability and covering bodily injury.
So many times a smaller/cheaper car will be more expensive to insure because they’ve had more liability and/or injury-related claims.
Oh and if you want a small/cheap car that is cheaper to insure... get the wagon version... like the Focus Wagon, Saturn SW1/SW2 or Legacy/Outback wagon. The Vibe/Matrix is not bad either.
Take a look at this:
http://www.iihs.org/iihs/topics/in…
And for someone who has no insurance history, paying $200-$250/month isn’t too bad. You can expect to pay a rate like that for the first 2-3 years and then it will start to drop if you have no tickets or collisions. When I had my first car back in the 1990s, I was paying around $150/month for a Festiva... which would be close to $220 in today’s dollars.
I currently pay around $100/month for an old 2005 Focus Wagon in the Toronto area.
Manwich - now Keto-Friendly
> Moves-Like-Senna
05/12/2016 at 18:02 | 0 |
Oh just for fun... compare the insurance rate for a Smart ForTwo... according to the IIHS, it’s the safest/lowest claim small small car you can get.
camaroboy68ss
> Moves-Like-Senna
05/12/2016 at 18:30 | 0 |
I can believe that, I've owned a V8 Camaro since I've been 17 (68 is a different story) and it's always been cheaper than say a truck. When I was looking for a new car it was hundreds less to insure my current 2014 Camaro SS/RS than a same year Silverado.
Eric @ opposite-lock.com
> Moves-Like-Senna
05/12/2016 at 19:04 | 1 |
These are not apples:apples. The 911 and 458 have a 10k deductible, which is 10x the others.
Did you check on used plebeian cars? I’m sure stuff usually driven by older people is pretty cheap to insure. A 5-10 year old Mazda3 HB is probably dirt cheap to insure.
E90M3
> Moves-Like-Senna
05/13/2016 at 00:53 | 0 |
I got my e90 M3 when I was 24, it cost me about $550/6 months, whereas my 1997 Ford Explorer sport cost $450/6 months, identical coverage on both vehicles too, insurance is weird
davesaddiction @ opposite-lock.com
> Manwich - now Keto-Friendly
05/13/2016 at 12:27 | 0 |
Holy crap - look at the 911 Turbo Cab for 2010-12! It, and the M6 convertible and the Bentley Flying Spur have huge numbers compared to even the other worst losses.
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Manwich - now Keto-Friendly
> davesaddiction @ opposite-lock.com
05/13/2016 at 13:00 | 0 |
Yep... it’s pretty interesting looking at what cars are bad in what areas.
And it’s also interesting that one of the safest cars, the Smart ForTwo is also the smallest.