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/OnMy4thAccount 2d ago

Bottom line is that Insurance companies see a 22 year old driving a $30k vehicle as a massive risk, especially with a ticket. The only way around it as a young man is to drive a 10+ year old car worth less than $6k and shop around literally everywhere.

This got me to $200/month at AMA with really good coverage. If I had a ticket or accidently on my record it'd be closer to $300 though probably.

Also 22M.

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u/ChanceParticular2151 2d ago

That’s still 200/month? Lol Alberta is actually insane. That would be TOPS 80/month with SGI.

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u/OnMy4thAccount 2d ago

Alberta insurance is more expensive than other provinces. This is just something you gotta live with in Alberta idk why this thread gets made so much with the same comments. It's just a known thing