Hi,
How is the amouunt of insurance decided on a car in Canada.
In india it is fixed based on the value.
I have heard in Canada it depends on the model type, base cost, if its second hand or first hand, the age of the person driving it.. the marital status/sex of the person driving the car also count. Is that true?
As a general guideline how much insurance per month
will a single 27 yr old male have to pay for a
1) New SPORT car for which he is paying 600 dollars per month finance not lease for 5 years
2) Second hand SPORT car for which he is paying 600 dollars per month finance not lease for 5 years
Approximate cost price of the new or the second hand car is 38000 including taxes.
3) New SEDAN car for which he is paying 600 dollars per month finance not lease for 4 years
4) Second hand SEDAN car for which he is paying 700 dollars per month finance not lease for 5 years
The lease for a similar car for 4 years is only 440 dollars...which is a better option
Thanks,
Natehc
Quote:Yes, and on several other factors.
Orginally posted by natehc
I have heard in Canada it depends on the model type, base cost, if its second hand or first hand, the age of the person driving it.. the marital status/sex of the person driving the car also count. Is that true?
Like the driving record of the person, how many family members of driving age, the address where you live (actually, where the car resides), the insurance company's rating of the car, the additional features in the car, the insurance company's financial situation, the person credit history, and umpteen other factors too numerous to list here.
Quote:
As a general guideline how much insurance per month
will a single 27 yr old male have to pay for a
1) New SPORT car for which he is paying 600 dollars per month finance not lease for 5 years
How much you are paying for lease is immaterial.
They have nothing to do with your payment terms, at least till the time the vehicle is fully paid off.
After that, the insurance rates go down a shade, but not much.
With a sports car, you are SOL on the insurance rates regardless.
Twist and turn as you might, you are looking at higher than average insurance rates.
Quote:This will be cheaper than the first option, because the car is older - ceteris paribus.
2) Second hand SPORT car for which he is paying 600 dollars per month finance not lease for 5 years
Quote:Check with different insurance companies.
3) New SEDAN car for which he is paying 600 dollars per month finance not lease for 4 years
4) Second hand SEDAN car for which he is paying 700 dollars per month finance not lease for 5 years
The lease for a similar car for 4 years is only 440 dollars...which is a better option
In general, your payment terms do not affect insurance.
At least that is what I am used to, so check with an insurance agent.
The Sedan will be cheaper to insure than the Sports Car.
Hope this helps.
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"Mah deah, there is much more money to be made in the destruction of civilization than in building it up."
-- Rhett Butler in "Gone with the Wind"
Yeah but how much will be the approximate amount per month someone will need to pay
Location: in the heart of Mrs Saga
Posted on: 19-02-05 05:10:04
natehc,
The option for a 27 year old with a sports car can easily be over 500 CAD pm, on a new canadian license. It can be much more, if he is unmarried, doesnt have kids, etc. There are a zillion factors these insurance companies consider before they offer you an insurance.
This applies mainly for Ontario.
In Quebec, insurance is relatively cheaper.
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Deal With Reality or Reality Will Deal With You
Location: in the heart of Mrs Saga
Posted on: 19-02-05 05:11:39
Quote:
Orginally posted by natehc
Yeah but how much will be the approximate amount per month someone will need to pay
try the online insurance quote at
http://www.td.com." rel="nofollow">LINK
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Deal With Reality or Reality Will Deal With You
Quote:Nobody can tell you how much you will have to pay.
Orginally posted by natehc
Yeah but how much will be the approximate amount per month someone will need to pay
There were so many factors that I listed.
For anyone here to give you an amount is pure speculation.
Why don't you contact insurance agents and find out for yourself?
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"Mah deah, there is much more money to be made in the destruction of civilization than in building it up."
-- Rhett Butler in "Gone with the Wind"
