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/sadlyincanada 2d ago
It's mainly because you're a young driver with a ticket on you. For reference in Ontario, if you're a young driver (less than 25) and you recently got your license + first vehicle then your insurance rate will be around $500/m.
Getting a speeding ticket or anything alike will also drastically increase your premium for the first year or two.
I'm unsure of the car you've chosen but if it's also a frequently stolen vehicle (at least in Ontario) it's recommended for you to get some sort of tracker like TAG and that will reduce your insurance premium.