Question about Car insurance

[benbenben]

I need to modify my car insurance policy these days, can some one help me to find out which opition is best for me?
What I have now: 1,000,000 Liability; 0 comprehensive; 0 collision.



What I want to do is to add some comprehensive and collision coverage to my policy, in order keep the permium low I will increse the dedutible as much as possible.

My car is worth 3-4 thousand dollars only.

Can some one explain what comprehensive and collision means for the policy? and How should I chose my dedutible level?

[rems]

I need to modify my car insurance policy these days, can some one help me to find out which opition is best for me?
What I have now: 1,000,000 Liability; 0 comprehensive; 0 collision.



What I want to do is to add some comprehensive and collision coverage to my policy, in order keep the permium low I will increse the dedutible as much as possible.

My car is worth 3-4 thousand dollars only.

Can some one explain what comprehensive and collision means for the policy? and How should I chose my dedutible level?

Both coverage deals with damage to your car. Basically, collision is for when you're driving your car and comprehensive is for when you're not (like theft, fire or vandalism).

What condition is your car in? I don't think it's worth it for you to get these physical damage coverages,especially if you're gonna get like a $1000 deductible.

[matradley]

That quote looks like is it is from Belair Direct since they are among the few that offer 0-deductible. How much is the policy anyways?

[benbenben]

Td Meloche Car Insurance, 171/month

[lor74]

you're paying $171/month for a car valued at ~$3,500 ???

That makes no sense!

[rems]

you're paying $171/month for a car valued at ~$3,500 ???

That makes no sense!

Makes a lot of sense since he only has Third Party Liability...do you want to know what that 171/month is paying for (hint: it's not the value of the car)?

[HoTiCE_]

Makes a lot of sense since he only has Third Party Liability...do you want to know what that 171/month is paying for (hint: it's not the value of the car)?

I think he meant it the other way around as in that's WAAAAAY TOO MUCH


I pay 83$ / month for a 41k car with everything,

full collision/comprehension/full value replacement for 3 years
1M liability

1k deductible.

26yr old, no ticket, no accidents, ever.

[MP3_SKY]

I think he meant it the other way around as in that's WAAAAAY TOO MUCH


I pay 83$ / month for a 41k car with everything,

full collision/comprehension/full value replacement for 3 years
1M liability

1k deductible.

26yr old, no ticket, no accidents, ever.

You are in Quebec.....I used to pay 63$ with 0 Deductible in MTL, my premium goes double when I switched to Ontario insurance.

[rems]

I think he meant it the other way around as in that's WAAAAAY TOO MUCH


I pay 83$ / month for a 41k car with everything,

full collision/comprehension/full value replacement for 3 years
1M liability

1k deductible.

26yr old, no ticket, no accidents, ever.

I know he meant it was way too much...and I was telling him that it wasn't. So many factors go into premiums that you can't compare your Quebec premium to an Ontario one. He also didn't say how old he was, nor his driving history, etc...

You're just comparing apples to oranges...I'm sure someone somewhere is paying less than what you have with more coverage but it doesn't mean it's a valid comparison

[Tiberius]

With old or low value vehicles, some would suggest you not bother with collision. Of course, you risk losing the value of the vehicle if you get in an accident - but you save the insurance cost of covering yourself for collision... so... get the quote both ways and see how much it will cost to add collision and make your decision from that.

I would also suggest going with high deductables ($1000 collision, $500 comprehensive for example) because it usually isn't wise to use insurance for small claims (if they can find a way to use your claim history against you - they will).

Regarding the Quebec - Ontario cost difference... the cost of insurance varies greatly based on many factors - insurance can pretty much double in Ontario if you live in the Toronto area vs. the boonies (all based on claim history by postal code).

[heiachi]

is it possible to get insurance from month to month? or do u have to commit for a whole year with every insurance company?

[kin0kin]

is it possible to get insurance from month to month? or do u have to commit for a whole year with every insurance company?

There are various options. You can do biweekly, monthly, semi annually, and annually.

[heiachi]

no...i meant...do you have to renew you policy for a year...or can you pay month to month and then sign up with another company afterwards?

[MoreMiles]

Quebec insurance is lower because the government covers the liability insurance. http://www.saaq.gouv.qc.ca/en/ That's why their MTO is called "Societe de l'ASSURANCE..." Ontario residents have to buy them privately. With the litigious society these days, it's better to get more than 1 million dollar coverage unless you have no personal asset to protect. TD Meloche Monex for example, offers an umbrella coverage, for 5 million.

There is a "minimum cost" of insurance. Let's say you purchase an auto insurance, use it for one month, then cancel it. You will not get 11 months of premium back. You will pay for a penalty. This is to prevent you switch to a new company before annual renewal. If the saving is big, sure, you can switch in the middle. It's like a mortgage, there is that penalty or service charge or whatever euphemism they call it.

[rems]

Quebec insurance is lower because the government covers the liability insurance. http://www.saaq.gouv.qc.ca/en/ That's why their MTO is called "Societe de l'ASSURANCE..." Ontario residents have to buy them privately. With the litigious society these days, it's better to get more than 1 million dollar coverage unless you have no personal asset to protect. TD Meloche Monex for example, offers an umbrella coverage, for 5 million.

There is a "minimum cost" of insurance. Let's say you purchase an auto insurance, use it for one month, then cancel it. You will not get 11 months of premium back. You will pay for a penalty. This is to prevent you switch to a new company before annual renewal. If the saving is big, sure, you can switch in the middle. It's like a mortgage, there is that penalty or service charge or whatever euphemism they call it.

the penalty isn't that big...they go by the short rate table in determining how much you pay/get back...what you pay won't be 1/12 but it definitely won't be over 2 months premium...