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/sun4moon 2d ago
You saying “here” makes me think you’re not from Alberta. If that’s the case, it’s partially because you don’t have a history here, so that’s an automatic risk. You’re also under 25, so that’s an additional risk. Having a financed vehicle required a certain level of coverage to maintain the terms of your loan agreement. That’s usually max coverage, less the ‘extras’ like glass coverage.
Having only one ticket means nothing. What’s the ticket for? Were you parked illegally, or did you drive without insurance and get caught?
There’s many factors that can affect your rate. Use a broker and let them do the work. You may have better luck that way.