Save on insurance by buying a Camaro, G8 or 911

"Moves-Like-Senna" (moves-like-senna)
05/12/2016 at 16:28 • Filed to: None

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.

DISCUSSION (17)

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

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

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

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

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

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

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

That’s so odd!

Moves-Like-Senna > Future next gen S2000 owner
05/12/2016 at 16:54

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

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

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

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

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

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

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

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

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.

!!! UNKNOWN CONTENT TYPE !!!

Manwich - now Keto-Friendly > davesaddiction @ opposite-lock.com
05/13/2016 at 13:00

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.