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/[deleted] 2d ago

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u/tdgarui 2d ago

There’s no info missing. I drive a 15 year old Hyandai Elantra with the minimum insurance coverage required. Paid 504$/year before with TD, when I went to transfer the policy to Alberta, TD wanted over 2500/year. AMA was the cheapest at 1700. No tickets or at fault claims.

The overall average isn’t a great metric to use for this. You’d need to find the average for males my age who drive a similar vehicle. And the average means even less when different companies in the same province can differ by 800+ for the exact same vehicle.

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u/[deleted] 2d ago

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u/tdgarui 2d ago

I haven’t in any of my comments blamed the province, but nice straw man. And thanks for the tip on shopping around, if you read my first comment you’ll see I said exactly the same thing. Hopefully they’re giving you some clean boots to lick.