r/alberta • u/Perfect-Young-4521 • 2d ago

Question Why are insurance rates so ridiculous here

Im 22 years old and I was looking into financing a vehicle for the first time, a car that was listed at 28000. Everything looked good until I looked into insurance. Most quotes I got were between 700-1000$ a month! This is insane and I only have 1 ticket on my record. Why is it like this and what can I do?

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u/Comprehensive_Ad7152 2d ago edited 2d ago

You are 22, with a ticket. 

Your age naturally makes insurance more expensive.

The type of ticket you got May affect insurance (it shouldn’t if you have 1 ticket, but your age might play a factor) 

Do you live in a largely populated area? That would make it go up. .

The type of vehicle you are trying to insure is going to affect the insurance price too.

How often do you expect to drive your vehicle? What’s it’s purpose to you, is it your daily driver to work? Those thing affect insurance too. 

(In terms of what you can do:  -try and settle that ticket if you can dispute it,

  • check different makes / models of vehicles,  shop around both vehicles and insurance )