$3500/yr car insurance, should i still have comprehension/collision coverage?

[hachiebang]

Hi everyone, i got quoted cheapest was from belair for $3500 a yr ($1000 deductible on comprehension and collision) on a car im interested. The car is worth approximately $13 000 and it is a 2001 model. Some insurance brokers suggest that since it is a 7 yr old car, i should at least remove the collision coverage so that i can save since the car is already 7 yr old and its only worth 13k. Someone else also told me that i should even consider not having comprehension coverage as well and wait till my record builds up and then considering adding more coverage. I dont know if that makes sense since as time goes on, wouldnt the car worth less so its the opposite of what i should do? Also since its my first car, shouldnt i have more coverage because im not that experienced yet?

Just to clear things up, this is going to be my first car (i have g license) and collision is when someone hits me, or if i hit them i dont have coverage at all right?

To be honest though, if i were to get into a MINOR collision, i wouldnt take it to the insurance and chances are i would most likely bring it to my local mechanic to see if it can be fixed instead of going through insurance.

If i dont have collision coverage, rates drop to $2697, and i have no comprehension coverage it is $2500.

Please dont flame me as im new to buying car insurance. If i were to consider anything, it would be either the $3500 for all the coverages, or just no collision that is $2697. I forgot to mention that the car will be parked on a street too.

thanks everyone!

[GroceryBagHead]

3.5K for insurance? What did you do? Run over a dozen of people at the bus stop?

[hachiebang]

3.5K for insurance? What did you do? Run over a dozen of people at the bus stop?

nope, clean record, i was ocassional driver for 2.5 yrs under my dad's policy which is also clean.

But yes, i do agree that my premiums are expensive lol

[coriolis]

Under 25, single, male, living in the GTA.

[GroceryBagHead]

How old are you? If under 20 I think I understand why this is so high.

When I was getting my insurance I was quoted for over $2000 from belair with $1000 deductible. For all it's worth PCfinancial gave me $1400 with $500 deductible. Shop around.

[hachiebang]

Under 25, single, male, living in the GTA.

bingo right on, i forgot to put that info in haha

guess im regarded as a maniac murderer to the car insurance companies hehe

[hachiebang]

How old are you? If under 20 I think I understand why this is so high.

When I was getting my insurance I was quoted for over $2000 from belair with $1000 deductible. For all it's worth PCfinancial gave me $1400 with $500 deductible. Shop around.

hehe oohh thanks for the input!

Im under 25, living downtown toronto and male driver

[coriolis]

hehe oohh thanks for the input!

Im under 25, living downtown toronto and male driver

You can always call them and tell them your situation and ask them how you can save the most money, and how it works if, god forbid, you get into an accident. Just don't give them that much info :)

[aquariaguy]

3.5K for insurance? What did you do? Run over a dozen of people at the bus stop?

I was paying $3800 when I was 23 with GM Motor Insurance, $500 deductible. All depends I guess on the age and area?? But 2 yrs later I'm paying $2400, plus I have my Ontario plated car in US and they were one of the rare few to accommodate that.

[hachiebang]

You can always call them and tell them your situation and ask them how you can save the most money, and how it works if, god forbid, you get into an accident. Just don't give them that much info :)

you mean calling them and getting a quote?

Right now im open to suggestions for a particular insurance company. Im going to give PC financial insurance a call tmrw.

RIght now, i just dont know whether it is wise for me to get no collision or no comprehension coverage =/

[hytong]

question is whether you can afford to pay for all your own (and sometimes others) undeterministic mistakes down the road

[gamer123]

op i fully understand your pain lol

may i ask what car is it for?

[SkylineR34X]

Considering the price of the vehicle, 13000 and 2001. It sounds like a decent car with about 120 000km and original price tag of around $40 000. And it is very high on insurance, so it is in the mid-high category of insurance. My wildest guess is a BMW 325i...

Anyways, my friend didn't get full coverage on his 01 Lexus IS300. Some guy slammed on the brake in the middle of green. He couldn't stop in time because it was a rainy day and the road was a fairly steep downhill. He lost control, hit the center divider (the height of a regular curb), and touched a pickup truck on the other side... The car was totalled... But since he had no insurance, he had to fix it up. Luckily he was a mechanic and found most parts used/from friends, and did all the labour himself. Still coughed up $5000 on parts alone.

So it's a gamble really, if you can afford a 13000 car (I would assume its an entry level luxury), don't take the chance. Cuz trust me, especially in downtown Toronto on a street, anything can happen.

[ukgirl]

I pay $2800 with belair and I bought my car for $5000 (i guess it was worth about $9000 - i got a bargain. when I got the insurance I thought might as well pay the bit extra for piece of mind and also I made sure to get the zero deductible.

well anyway, I had a crash last month and thank god for zero deductible and collision insurance. My car was fixed by belair ($7000 worth of damage) and I havent had to pay a penny. Personally I would pay for collision on a $13,000 car.

FYI for you guys I am 29, had license in the UK for 10 years, in Canada 1 year - clean record... so why the hell is MY insurance so much? AND i dont live downtown... it sucks. :mad:

[Dealz-4-U]

go to www.kanetix.ca and look for the lowest rates you can get by putting in your info... u might get even lower payments :cheesygri

[Flyhigh]

Damn and I pay nearly 7k/year for insurance. Guess its time to switch, seeing ppl thinks 3.5k/year is already expensive.

[2d_max]

It's comforting to see other ppl are paying huge insurance bills. I'm paying just shy of $5400 a year. That was the cheapest I could find. :mad:

Full coverage on an 05 f250 and again male under 25 in the GTA

[aquariaguy]

Damn and I pay nearly 7k/year for insurance. Guess its time to switch, seeing ppl thinks 3.5k/year is already expensive.

$7000? What the heck.

Any accidents?
What kind of car and how old are you?

There's gotta be a reason you're paying that much!!

[COSMIC5]

Well, consider this.....if you had an at fault collision and did not have the coverage, could YOU afford to pay for the repairs? If the answer is no, I would have the coverage. what if it was a total loss, your fault? what if it was a hit and run...no collison, no fix..... things to think about. Its a personal choice ... you have to decide and no one else.

[EPcjay]

I'm paying 3700 a year, under 25, Male . Its crazy in Toronto

[srg83]

Thought I would ask this question here instead of starting a new thread. My insurance premium per month right now is $200; however starting January 30 2009 (my renewal date), it's going down to $187. I don't turn 25 until March, so I know that's not why it's going down.

However, one thought occurred to me: I changed my policy in August as I moved to a new city, and it went down about $38. Was the $200 per month just to make sure I bring my yearly premium amount to approx $2244 (which is what $187x12 is), and they're just adjusting the rate for the new year?

Not that I have a problem with a premium dropping, I'm just curious :)

[rems]

FYI: Comprehensive insurance has nothing to do with your age or driving record...So you're paying the same for that coverage as that 45 year old married woman with the same car in your neighbourhood (not including discounts)

[googoo]

Since when is $13 000 not enough to have a need for collison?? If you get in an accident can you afford to replace the car out of your pocket?? Probably not.

Now if the car was worth $2-3000 maybe I'd agree.

Brent

[Tomy]

im 25+ & male, G license, driving for over 10 years.. clean record... last year i was paying 3400$.. for 1000$ deductible too... i wonder what happens if i get a conviction..

it goes down every year..but man.. insurance sucks!

[COSMIC5]

Thought I would ask this question here instead of starting a new thread. My insurance premium per month right now is $200; however starting January 30 2009 (my renewal date), it's going down to $187. I don't turn 25 until March, so I know that's not why it's going down.

However, one thought occurred to me: I changed my policy in August as I moved to a new city, and it went down about $38. Was the $200 per month just to make sure I bring my yearly premium amount to approx $2244 (which is what $187x12 is), and they're just adjusting the rate for the new year?

Not that I have a problem with a premium dropping, I'm just curious :)

I'd have to see your policy to answer, call your broker and ask them...

[COSMIC5]

im 25+ & male, G license, driving for over 10 years.. clean record... last year i was paying 3400$.. for 1000$ deductible too... i wonder what happens if i get a conviction..

it goes down every year..but man.. insurance sucks!


It would depend on your insurer...some will charge nothing, some increase and some will just remove your conviction free discount.... sounds like a high premium, but I don't know the whole story.....could be inline...

[hachiebang]

Well, consider this.....if you had an at fault collision and did not have the coverage, could YOU afford to pay for the repairs? If the answer is no, I would have the coverage. what if it was a total loss, your fault? what if it was a hit and run...no collison, no fix..... things to think about. Its a personal choice ... you have to decide and no one else.

wait just to be clear on one thing on collision...

if someone hits me, would i have to pay for my car damages AND their damages? Or is no collision coverage when i hit someone i dont get covered on my own car but covers other ppl's car when i hit them?

[thelefteyeguy]

statistics say that you will get into an accident

either you take the gamble (and make sure you drive like an instructor) or take the insurance.

[thelefteyeguy]

wait just to be clear on one thing on collision...

if someone hits me, would i have to pay for my car damages AND their damages? Or is no collision coverage when i hit someone i dont get covered on my own car but covers other ppl's car when i hit them?

if it is deem not at fault, you will be compensated for you loss

If you are at fault, insurance covers other party, you cover for your own loss

Comprehensive is...if your car gets damage anyway, stolen, etc...you cover for your own loss

[hachiebang]

if it is deem not at fault, you will be compensated for you loss

If you are at fault, insurance covers other party, you cover for your own loss

Comprehensive is...if your car gets damage anyway, stolen, etc...you cover for your own loss

so No collision coverage means:

"if it is deem not at fault, you will be compensated for you loss

If you are at fault, insurance covers other party, you cover for your own loss"

and No comprehension coverage is:

"Comprehensive is...if your car gets damage anyway, stolen, etc...you cover for your own loss"

right?

[COSMIC5]

wait just to be clear on one thing on collision...

if someone hits me, would i have to pay for my car damages AND their damages? Or is no collision coverage when i hit someone i dont get covered on my own car but covers other ppl's car when i hit them?

Regardless of who is at fault in ontario, your own company pays for your own and their company pays for them. If the other party is @ fault, you are covered under the direct compensation portion of your policy, and usually there is no deductible, unless you requested one for a lower premium. The at fault party would be covered under their collsion portion of their policy. If you are at fault and don't have collision coverage, you're bascially s.o.l...

Does that make sense to you? if not, let me know