how much you pay for insurance?
how much you pay for insirance?
what type do you have also, do u add ur mods to ur insurance?cause it will raise ur isurnace alot.
my insurance is about 900 a year with completely stock and no collision only liability but i am also a 16 year old male. adding mods to your insurance will make it go up but if you don't add them and your car gets wrecked you may get nothing or not nearly enough to rebuild your car. it also depends on the mods.
Wow, you are a lucky bastard, me here up in Toronto, would have to pay between $7000-$9000 a year, and i'm 19 have never got in an accident before, never got a ticket or anything. Any car that has only 2 doors is considered a "sports" car and therefore the jerk insurance companies add a hefty amount to your premium, also because i'm not over 25 the insurance is higher. But even under optimal conditions (over 25, no accidents, perfect credit, etc) insurance would still be about $3000 a year on a 240. God I hate Toronto, shatters all my car dreams.
Ya, i've shopped around. The system is designed to keep young "inexperieced" drivers off the road. It's awful, just awful. Ontario is the worst out of the Canadian provinces, back in British Columbia (where i'm originally from) it cost around $2500 for a years worth of insurance. That's a good price for someone my age. The best price you'd ever get here in Ontario is about $1100 a year, and that's with the ideal car and the ideal record. If you get into more than 2 accidents you're looking at over $10000.
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C-Kwik
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koolmoe wrote:Ya, i've shopped around. The system is designed to keep young "inexperieced" drivers off the road. It's awful, just awful. Ontario is the worst out of the Canadian provinces, back in British Columbia (where i'm originally from) it cost around $2500 for a years worth of insurance. That's a good price for someone my age. The best price you'd ever get here in Ontario is about $1100 a year, and that's with the ideal car and the ideal record. If you get into more than 2 accidents you're looking at over $10000.
That's not the reason they charge more. Higher premiums are charged for higher risk. Basically, if there is more potential that an insurance company will have to pay out, then they have to charge more. Statistically, younger driver, drivers with point(s) on their records, driver's with accidents are more likely to be involved in an accident. Particularly one that is their own fault. If it happens to keep young driver's off the road, that's just a side effect.
Unfortunately it is the case! NOT in all of canada, but here in Toronto. Insurance isn't 5k for everyone, like i said, if you have the ideal (as in ideal as far as the insurance companies are concerned) car and the ideal record (over the age of 25, female, no accidents, etc) then you would be looking at about $1100 per year. THAT IS THE BEST YOU WILL GET IN TORONTO. For me, 19, male, no accident, sports car, moderate theft rating on car, first time insurer i'm looking at $7000 per year. It's nuts. The insurance companies have gotten way out of hand during the term of our last Premier Enrie Eves (equivalent to Governer in the states), he really messed things up royally.
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C-Kwik
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That's an interesting article. Obviously, something is wrong there. But that had nothing to do with my point. Insurance companies do not want to outprice their market. If an insurance company wanted to charge me $30,000 for insurance, I'd walk to work. Then the insurance company makes no money off of me. That is not what they want. I'm thinking that maybe it's a fluke in their rate schedule. Most companies use automated underwriting where they put in certain variables and the computer spits out a number. There could be something wrong with the computation.
$1100 Canadian is probably something like $700-$800 US. That's not bad. I do not know what specific risks are in Toronto, so I can't really comment on that. Nor do I know what the standard of living out there is like either.
$1100 Canadian is probably something like $700-$800 US. That's not bad. I do not know what specific risks are in Toronto, so I can't really comment on that. Nor do I know what the standard of living out there is like either.
[QUOTE]Originally posted by Wakkolio "]93 240sx, $25 a month, 25yrs old. State Farm [/QUOTE
they just raised mine and said they raised everyones...i guess that was a lie if you are only paying $25 i was only paying $59 now i am paying $79 for full coverage (state farm) whats wrong with this picture 95 240sx CLEAN RECORD FOR 7 YEARS radars work :ylsuper
they just raised mine and said they raised everyones...i guess that was a lie if you are only paying $25 i was only paying $59 now i am paying $79 for full coverage (state farm) whats wrong with this picture 95 240sx CLEAN RECORD FOR 7 YEARS radars work :ylsuper
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C-Kwik
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Bunta240 wrote:I think the reason why insurance doesnt go way up there is because theres competition. If an insurance company every monopolizes somehow, i think wed all be paying out the *** for insurance.
Well that would be a big IF. Insurance is a service product. All an insurance company needs is the financial backing to absorb claims losses. Naturally, if a company were to monopolize the industry and overcharge, then soneone will get the idea to obtain the financial backing and start a company up charge less and still make money, either forcing the other company to lower their prices or lose their customers.
But this goes for all companies anyways. Even Microsoft. While it almost has an OS monopoly, if they grossly overcharged for their products, someone else would come up with something to replace it.
Not only is Toronto's insurance sky high for new drivers - the roads are also in disgusting condition.
Potholes are EVERYWHERE! I'll give you $100 if you could find me a road that had no potholes. It's rediculous.
And the highways...The 401 (main highway) has been under construction for at least a decade, if not more. The drive to work used to take 40-45 minutes, now it can take anywhere from 1-1 and a half hours, because traffic volume is just that bad.
Toronto is just one horrible place to drive...But I still wouldnt want to live anywhere else :ylsuper
Potholes are EVERYWHERE! I'll give you $100 if you could find me a road that had no potholes. It's rediculous.
And the highways...The 401 (main highway) has been under construction for at least a decade, if not more. The drive to work used to take 40-45 minutes, now it can take anywhere from 1-1 and a half hours, because traffic volume is just that bad.
Toronto is just one horrible place to drive...But I still wouldnt want to live anywhere else :ylsuper
[quote=" blue eyes;) they just raised mine and said they raised everyones...i guess that was a lie if you are only paying $25 i was only paying $59 now i am paying $79 for full coverage (state farm) whats wrong with this picture 95 240sx CLEAN RECORD FOR 7 YEARS radars work :ylsuper [/quote]
They did raise everyones rates. State Farm doesn't increase the rates until your 6 month cycle is over. As for the rates increasing its because State Farm's been losing money these past few years due to claims.
khilgers - Are you the only driver for those two cars? If not then thats one heck of a deal. What color is your 240? I might've seen it around.
[edit] I forgot to mention my premuim. 1400/6 months. I'm rated on my mom's Pathfinder with full coverage though. If I was rated on my 240, it'll be around 1900/6 months with steer clear discount that State Farm offers. Not too bad for a 19 year old male.
They did raise everyones rates. State Farm doesn't increase the rates until your 6 month cycle is over. As for the rates increasing its because State Farm's been losing money these past few years due to claims.
khilgers - Are you the only driver for those two cars? If not then thats one heck of a deal. What color is your 240? I might've seen it around.
[edit] I forgot to mention my premuim. 1400/6 months. I'm rated on my mom's Pathfinder with full coverage though. If I was rated on my 240, it'll be around 1900/6 months with steer clear discount that State Farm offers. Not too bad for a 19 year old male.
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C-Kwik
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They are not discriminating. Or at least, that is not their intent. It is fair to charge a premium to a person based on what risk they add to the pool of premiums that are being made available for payment of claims. Think of it this way, you and a group of 5 friends pool money together to pay for each other's accidents. Only one person keeps getting into accidents so all the money has been used to benefit this one person. Is it fair that he pays the same amount everyone else does? No. He's a higher risk, therefore he should pay more. This is exactly how insurance works. Statistically, all the criteria you say they are using to discriminate are exactly those that are used to assess risk. And when applying the rule of large numbers is extremely accurate. Your age tends to dictate your maturity level. Sex, well, men tend to drive more aggressively. Married people tend to be more responsible. Never heard of education level being used, but GPA for students gets used a lot and those with better grades tend to drive more responsibly. Even credit reports are becoming more widely used as those with good credit scores tend to be more responsible and less likely to commit fraud.
As far as regulation, the insurance industry is one of the most highly regulated industries out there. The Department of Insurance of most, if not all states get so involved that it's very costly to make a simple change to a policy or to a rate schedule, even when it might benefit the consumer. Fines for Department of insurance reguation violations are high. And the exposure to 1st Party Bad Faith lawsuits are always looming overhead. And these can end up with very large awards which tend not to be based on actual damages, but enough to hurt a company but not to put them out of business.
Sorry, but you are grossly misinformed about the insurance industry.
As far as regulation, the insurance industry is one of the most highly regulated industries out there. The Department of Insurance of most, if not all states get so involved that it's very costly to make a simple change to a policy or to a rate schedule, even when it might benefit the consumer. Fines for Department of insurance reguation violations are high. And the exposure to 1st Party Bad Faith lawsuits are always looming overhead. And these can end up with very large awards which tend not to be based on actual damages, but enough to hurt a company but not to put them out of business.
Sorry, but you are grossly misinformed about the insurance industry.
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Splinemodel
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Um. . .22, clean record.State FarmEvery bonus deduction available$2000 per year ($167/month)
Oh yeah, I don't drive a 240sx.
But this thread just made me a happy man. I've been thinking seriously about getting a nice S14 as a daily driver, and it looks as though the insurance is quite low.
Though I have a feeling I'll get crucified around here if I call the S14 a beater. . . especially if I go through with the Siliva conversion that I thought would be fun. Anyway, these nissans are very cool. The parts are so cheap compared to what I'm used to. It's the kid in a candy store feeling.
Oh yeah, I don't drive a 240sx.
But this thread just made me a happy man. I've been thinking seriously about getting a nice S14 as a daily driver, and it looks as though the insurance is quite low.Though I have a feeling I'll get crucified around here if I call the S14 a beater. . . especially if I go through with the Siliva conversion that I thought would be fun. Anyway, these nissans are very cool. The parts are so cheap compared to what I'm used to. It's the kid in a candy store feeling.
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MECPInstaller
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