Thread: insurance
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Old 04-05-2013, 01:56 PM   #13
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Join Date: Jul 2009
Location: Durham Region
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Originally Posted by poolays View Post
Anyone know where to get a good deal on car insurance? i pay $215/mo now for just liability and i think its a bit high. I have no accidents,no tickets and im 25. Also its hard trying someone to insure my 92 E36 to begin with
Your price is about average for a single car policy in GTA. If you can combine your car with a property insurance you can get 10-15% off the car. If you have 2 cars; yours and your g/f's or significant other, you can put both cars on one policy to get a 10 - 15% multi-vehicle discount.

There are a good number of companies out there that are OK with the older cars. You'll likely have better luck with a broker as they have access to more companies than a call centre/bank.

Originally Posted by pawelgawel View Post
quite high... You should always call around every two or three years and get quotes. your biggest problem is your Postal Code... it makes a world of a difference. Toronto Brampton and Mississauga have crazy rates.

If you have a family outside of GTA, see if you can use their postal code. you can have two, one as mailing address and one as permanent address.
Originally Posted by poolays View Post
Thanks for the tip
Getting quotes every 2-3 years is good advice.
Lying on a contract that is supposed to provide you millions of dollars of compensation if you need it... not as wise.

If you get caught lying about your address (read: the territory the car is primarily operated in) or who actually drives the car etc... it is worse to your record than any accident or conviction and stays on your record longer.

Originally Posted by poolays View Post
i just got a quote for a 98 328i that im gonna buy, using the same home adress, it is $208/month for a newer car, weird....... Belair Direct seems to be the cheapest across the board unless i change my adress to my cottage in huntsville which lowered the quote on my 92 to 104/month. crazy..................
Every car gets an individual rating based on the claims experience of that specific model. A new Volvo wagon will almost always be cheaper then even the oldest BMW sedan. A Subaru sedan will almost always be cheaper then a ford wagon. it doesn't always make sense! (it is insurance, after all).

Originally Posted by nab24- View Post
His insurance is outrageous because he live in toronto, i live up in keswick and the rates are equally as bad. I put mine fully under my mothers name and had her insure it so im only paying 70$ a month for just liability.
This seems like a neat cost saving measure, but it doesn't build your own insurance experience and one day when you go to get your own car in your own name, you'll get spanked with a beginners rate. I've seen people lose a potential job because it was too expensive for their prospective employer to add them to the company policy. It doesn't matter how long you've been borrowing your mommy's car. You can even be paying the lease/loan on the car and the insurance being withdrawn from your account. If you aren't listed on the policy as an operator, you aren't getting credit for the experience.

Putting the consequences of getting caught before/if anything happens aside.
Now, let's say you have an accident and injure a passenger in the other car. You're at fault and they successfully sue and win. As the owner of the car, you MOM gets sued. If the award is beyond the limits of 'her' policy it's her assets they come after.

It is a lot of risk to assume on a parents part to save your kid a grand or two a year.

OP: Go to the IBAO website to find a local broker or PM me if you'd like a quote.

Good luck!

1998 328ic - Sold

Last edited by hockeyfan27; 04-05-2013 at 02:36 PM.
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