Hi,
I am a new immigrant to Canada and just got a entry level job in my field of work. As Entry Level would indicate my salary is very low.
The insurance rates for old and new cars if you dont have previous driving experience is insane. I will not have more than $5000 to buy a car.
So given the situation which car will have the least insurance cost. Also what are the best ways to reduce the insurance amount, should i opt for no damage coverage for me. Third party is a good option but i will not get anything if the car is stolen so just wondering?
Please give advice to someone new who does not have sufficient budget to buy new cars.
Can i also buy cars on EMI's not exceeding $200pm
Thanks,
Chittesh

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Live and Let Live

You have already mentioned it.

One case I know:
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10 Year old Mercury Villager - Very good condition - 150 per month , 3rd party only. 150 / month from TD Bank. Person had 0 experience in Canada.

I am thinking of going for it myself.

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I once made a mistake, but I was wrong about it.

Yeah, its a organized racket here..............to rip off new immigrants by charging them high insurance rates.
In this country, you can't move around without a car, and in any job interview you would be asked wheather you drive or not. Frankly speaking, your chances of landing a better paying job is much less if you do not have a car.
Now, if you donot have a previous driving exp. in US/Canada, your rates are going to be very high, because you are considered to be a new driver.

My experience:

I have about 15 yrs of Indian driving exp. but when I went for a 3rd party insurance, I was given insane quotes of $280 PM, without any coverage, except 3rd party.
Went to TD Bank, and realized that they donot have a fair system of giving quotes. Your quote can vary depending upon the rep. that you are talking with, and it can vary from $10- $50 PM, which is crazy.
Maybe, all of us can come together and form a DESI group (just like the Chinese Proff. group that is recognized by TD), and then being a member of that group, we can avail of the group insurance discount schemes that is recognized by TD.

What say, GG? How about an Indian SW group?

Quote:

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Orginally posted by chittesh

Hi,
I am a new immigrant to Canada and just got a entry level job in my field of work. As Entry Level would indicate my salary is very low.
The insurance rates for old and new cars if you dont have previous driving experience is insane. I will not have more than $5000 to buy a car.
So given the situation which car will have the least insurance cost. Also what are the best ways to reduce the insurance amount, should i opt for no damage coverage for me. Third party is a good option but i will not get anything if the car is stolen so just wondering?
Please give advice to someone new who does not have sufficient budget to buy new cars.
Can i also buy cars on EMI's not exceeding $200pm
Thanks,
Chittesh

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sumjo