2020 Honda Accord Touring 2.0 4D
Crazy insurance rates!
As a 22-year-old with nearly three years of driving experience, no tickets or accidents, and a full license, I’m being quoted $700 a month for basic coverage in Canada—even with a decent work insurance discount.
To put it in perspective, I’m currently paying $230 a month for my old 2003 Honda Accord. It’s way less reliable and safe, and I only paid CAD 7,000 for it.
Why is insurance so exorbitant? I’ve contacted seven different companies and three brokers, and this was the best rate I could find.
It’s definitely frustrating to hear about such high insurance rates, especially when you have a clean driving record and are looking to protect a reliable vehicle like the Accord. A few factors might be contributing to your situation:
Vehicle Type: The 2020 Accord Touring 2.0 is a newer and more expensive model, which often leads to higher premiums. Insurance companies consider the cost to repair or replace the car in case of a claim.
Age and Experience: While you have 3 years of driving experience, insurance companies often categorize younger drivers and those with fewer years of experience as higher risk. This can drive up premiums significantly.
Location: Depending on where you live in Canada, rates can vary greatly due to factors like the local accident rate, theft rates, and even local laws.
Coverage Options: Even though you mentioned minimum coverage, what constitutes “minimum” can vary by province and could affect the pricing.
Insurance History: If you’ve had previous policies, even if they were on different vehicles, this history could impact your rates.
It might be worth exploring options for a higher deductible or looking into organizations that offer discounts for young drivers. Additionally, some insurance companies offer usage-based programs where they track your driving habits and could potentially provide lower rates if you’re a safe driver.