2020 Accord Touring 2.0 4D
Unbelievable prices!
As a 22-year-old with almost 3 years of driving experience, no accidents or tickets, and a full license, I’m being quoted $700 a month for minimum coverage in Canada—even with a nice discount from my work insurance.
For comparison, I only pay $230 a month for my old 2003 Honda Accord, which is far less reliable and safe, and I bought it for $7,000 CAD.
How can insurance be so expensive? I’ve reached out to 7 different companies and 3 brokers, and this is the best rate I could find.
It sounds frustrating to be quoted such a high insurance rate, especially considering your clean driving record and the significant difference in the value of your current vehicle compared to the 2020 Accord. Insurance rates can vary widely based on several factors, including the vehicle’s market value, its safety ratings, and even its repair costs. The 2020 Accord has advanced safety features and a higher likelihood of being stolen, which can drive up premiums.
Additionally, factors like your age, location, and the insurance company’s algorithms all play a role in determining rates. Young drivers, even with great records, often face higher premiums due to statistical trends.
To potentially lower your rate, you could:
– Consider adjusting your coverage options (higher deductibles can lower premiums but increase out-of-pocket costs in the event of a claim).
– Look for any additional discounts through your workplace or membership organizations.
– Investigate usage-based insurance options where rates are based on actual driving behavior.
It’s always worth getting multiple quotes, but sometimes insurance rates just don’t seem to make sense! Hopefully, you can find a solution that works better for you.