Automotive

How to know insurance rate before buying?

  • Last Updated:
  • May 9th, 2020 2:50 pm
[OP]
Newbie
Sep 18, 2019
91 posts
29 upvotes

How to know insurance rate before buying?

I drive 17 years old Honda Civic and pay 145 per month for auto insurance. I am looking to buy Honda Pilot 2020 or 2021 model when COVID lock-down is over. However, I am worried about insurance rates. Will my insurance increase or decrease? Is there a chance it increases by say 100 dollars?
26 replies
Sr. Member
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Aug 6, 2017
598 posts
914 upvotes
Call your insurance company and ask for a quote first before purchase.
Deal Addict
Apr 26, 2013
2709 posts
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Toronto
Easy call your current insurer and ask, or call a broker for a quote, you could also check online quotes but the first 2 opetions are better in my opinion.
Deal Guru
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Jan 9, 2011
10035 posts
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Vancouver
GuddaKaka wrote: I drive 17 years old Honda Civic and pay 145 per month for auto insurance. I am looking to buy Honda Pilot 2020 or 2021 model when COVID lock-down is over. However, I am worried about insurance rates. Will my insurance increase or decrease? Is there a chance it increases by say 100 dollars?
You're going to replace a 17-year old car with a brand new one, and you're not sure if your insurance rate will go up or down?
Deal Fanatic
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Aug 11, 2008
8841 posts
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Ontario
you're purchasing a newer vehicle, yes, the rate will be more.
call your Broker for a quote
GuddaKaka wrote: I drive 17 years old Honda Civic and pay 145 per month for auto insurance. I am looking to buy Honda Pilot 2020 or 2021 model when COVID lock-down is over. However, I am worried about insurance rates. Will my insurance increase or decrease? Is there a chance it increases by say 100 dollars?
RIBO LICENCED INSURANCE BROKER, over 35 years experience
Deal Addict
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Jul 2, 2001
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GTA
COSMIC5 wrote: you're purchasing a newer vehicle, yes, the rate will be more.
call your Broker for a quote
Not true, you could buy a 100k car and the insurance can still be around $100 per month.
Deal Addict
Jan 17, 2009
2948 posts
2838 upvotes
Toronto, Ontario
Just to add: get a VIN from the exact car you're thinking about buying (or the same model) and use that for a quote.

When I've tried to get quotes based off just telling them the model name/options, they've sometimes given incorrect answers.
Deal Fanatic
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Aug 11, 2008
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Ontario
ok ..... with a vehicle with that value, most likely will have either a 2500 deductible or a 5000 deductible.. so ya, maybe premium will be close....
so 100/ mo for a 100,000 vehicle, and a 17 yr old vehicle buddy's paying 145? mmmk
shabby wrote: Not true, you could buy a 100k car and the insurance can still be around $100 per month.
RIBO LICENCED INSURANCE BROKER, over 35 years experience
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Jul 2, 2001
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COSMIC5 wrote: so 100/ mo for a 100,000 vehicle, and a 17 yr old vehicle buddy's paying 145? mmmk
You're not really paying for the value of the car, even if you had a 30 year old k-car worth $5 you'd still be paying 100-150 a month.
You're more likely to get into an accident in an old car with no safety features and useless brakes than a new car with abs and emergency braking.
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Aug 11, 2008
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cool
shabby wrote: You're not really paying for the value of the car, even if you had a 30 year old k-car worth $5 you'd still be paying 100-150 a month.
You're more likely to get into an accident in an old car with no safety features and useless brakes than a new car with abs and emergency braking.
RIBO LICENCED INSURANCE BROKER, over 35 years experience
Sr. Member
Mar 1, 2020
568 posts
185 upvotes
GTA West
Just get as many quotes as is practically possible for you... You have the time.... Choose the cheapest.... These days, who knows if it's cheaper or more expensive... Some insurer might be willing to gain share, but a lot of them just plug in actuarial numbers that won't make sense to us non actuaries... Personally, I just go with the cheapest but unfortunately (or fortunately) no insurer has beaten my group rate for the past decade despite getting quotes every year from brokers , kanetix, etc... At best it's been a few $ difference, if at all (eg $10-20/yr) and i probably lose my driving protector record if I switch...
Deal Addict
Jan 5, 2004
3745 posts
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Toronto
shabby wrote: You're not really paying for the value of the car, even if you had a 30 year old k-car worth $5 you'd still be paying 100-150 a month.
You're more likely to get into an accident in an old car with no safety features and useless brakes than a new car with abs and emergency braking.
I like how you're arguing with an insurance brokers that deals with stuff like this multiple times a day.

Your trail of thought is that the offset of Accident Benefit might cost more than Collision and Comp coverage, but you're forgetting new cars cost more to repair, AEB sensors, radar sensors for adaptive cruise control, etc. And you also need to factor in replacement cost of a $50k car vs a $3k car. And while logically it makes sense to you, that's not how ratings are done in insurance. Rating algorithm takes in Claims data, and this includes vehicle rate groups that differentiates between different cars.
Deal Addict
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Jul 2, 2001
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thephenom wrote: Your trail of thought...
Is simply on experience, two people in my family with a benz and xc90 are paying in the low $100's, while i'm paying $140 for a 14 year old pontiac.
Deal Fanatic
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Aug 11, 2008
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so many factors as the above user stated... you are also more than likely a different age bracket than the other drivers plus they possibly have discounts applied that you do not qualify for. :)
for example. my mom... drives a brand new vehicle... pays like 86 a month... I drive an older vehicle, i pay more than 86 month... mom, gets an age discount.. me not so much...

shabby wrote: Is simply on experience, two people in my family with a benz and xc90 are paying in the low $100's, while i'm paying $140 for a 14 year old pontiac.
RIBO LICENCED INSURANCE BROKER, over 35 years experience
Deal Expert
Jan 15, 2006
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shabby wrote: Is simply on experience, two people in my family with a benz and xc90 are paying in the low $100's, while i'm paying $140 for a 14 year old pontiac.
So based on this super large sample size you are correct! Please continue with the anecdotal evidence :P
Deal Expert
Mar 23, 2004
28237 posts
8688 upvotes
I guess there's two ways to do this:
1. (a) Call your insurance company and find out.
(b) Success/Profit/Party-time!

2. (a) Ask on RFD before doing anything.
(b) Have everyone tell you, "call your insurance company and find out".
(c) Go back to #1.

Seems like OP used second avenue here? lol
Deal Guru
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Mar 23, 2008
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Edmonton
Also need to keep in mind that if you lease/finance a vehicle, the lender may require a certain level of insurance that you can ignore if you decide to purchase on your own. So yeah, you might be able to get cheap(er) insurance on a new expensive vehicle if you max out your deductible amount and get the bare minimum insurance, but if you wrap it around a lightpole on your drive home because you don't know how to drive, you'd be SOL.

C
Deal Fanatic
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Aug 11, 2008
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In Ontario, most lessors and leinholders require the min of $1mil liability with the max deductible on collision & comp at $1000 each.
CNeufeld wrote: Also need to keep in mind that if you lease/finance a vehicle, the lender may require a certain level of insurance that you can ignore if you decide to purchase on your own. So yeah, you might be able to get cheap(er) insurance on a new expensive vehicle if you max out your deductible amount and get the bare minimum insurance, but if you wrap it around a lightpole on your drive home because you don't know how to drive, you'd be SOL.

C
RIBO LICENCED INSURANCE BROKER, over 35 years experience
[OP]
Newbie
Sep 18, 2019
91 posts
29 upvotes
I did call my insurance company a couple of months ago and they asked for VIN#.
How can I give VIN # before buying?

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