I'm trying to get insurance on a 2003 MCS but I know its gonna be through the roof! I'm 16 and live in Toronto, getting the MCS is no problem but the insurance is. If anyone knows any good brokers for this sort of situation please post it up. I should alos explain that I am probably gonna be a primary and thats why the insurance is coming to like 9000 canadian /year. If any tips or help please post quickly, I appreciate the help.

Motor On.

 

>>I'm trying to get insurance on a 2003 MCS but I know its gonna be through the roof! I'm 16 and live in Toronto, getting the MCS is no problem but the insurance is. If anyone knows any good brokers for this sort of situation please post it up. I should alos explain that I am probably gonna be a primary and thats why the insurance is coming to like 9000 canadian /year. If any tips or help please post quickly, I appreciate the help.
>>
>>Motor On.

If the insurance industry in Canada is anything like the that in the US, there probably isn't much you can do.

At 16 the insurance companies in the US consider you a VERY high risk driver. You may be a very safe and responsible driver yourself, unfortunately statistically many of your peers are not, and that is what will be driving your insurance rates. It is that factor right now that is going to push your rates very high, no matter what car you drive. Couple that with the fact that the S is considered to be a sports car and you have the by the book formula for high insurance rates.

In the US many companies offer "good student discounts" if you maintain a B average in school, that is usually good for a few % off your rates. Plus if you have attended some sort of formal driver's training that will shave a little more off your rates.

However the best you can do is wait, time and a good driving record is what will really lower your rates. Three years and no tickets in the US will bring your rates down quite a bit, get married and they'll go down even more, once you hit 25 you'll see them go down even more.

Until then, I'd say skip the MCS and look at something that isn't going to bankrupt you to insure.

 

Actually, in the use, it's 31 now I believe, not 25. The insurance companies did this after releasing most of the favortism they offer young females over males. Thankfully young females are now judged just as hard as young males, but men now have to wait till they are over 30 to get a decent freakin' rate. I swear when I turn 31 they will have changed it to be 40, and when I turn 40 .....

R

 

>>Actually, in the use, it's 31 now I believe, not 25. The insurance companies did this after releasing most of the favortism they offer young females over males. Thankfully young females are now judged just as hard as young males, but men now have to wait till they are over 30 to get a decent freakin' rate. I swear when I turn 31 they will have changed it to be 40, and when I turn 40 .....


.....your rates will go up because they lowered the threshold for senior citizens!!!

 

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>>.....your rates will go up because they lowered the threshold for senior citizens!!!
>>
>>

 

There is really not much you can do since 16 is considered high-risk. Shop around for the best price and go for it.

Next time get a quote before buying so you know what you're getting into.

retroom

 

Go to http://www.insweb.com and you can fill out one application which is then submitted to several insurance companies. Once all the quotes come back, you can choose the lowest. I saved about $1000 a year doing this as opposed to the rate I was paying at Progressive.

 

hey, i'm 16 and i have a mcs for my birthday.....luckly my parents agreed to pay for my insurance b/c they realized how high the rates were and knew i couldn't afford to do it working two jobs, or all my money would be going to the car. there are a couple ways to bring your insurance down that i know of that work here in texas. first thing i did was take drivers eduation....at the end of the course they gave me a cetificate for finishing the class, you send that ceritifcate to the insurance and they take 10% off. Also i did a drug and alcohol course and at the end got another certificate....sent that in and another 5% off. Too add my insurance company has discounts for students with good grades.....and since i'm pulling off all A's in honors and AP classes i got 7% off. in total i have worked to get 22% off on my insurance. but if i get in a car accident that is my fualt or get a ticket from now until i am 21 i lose the 10% discount. accident wise....knock on wood.....ticket...my valentine 1 has me covered

 

>>hey, i'm 16 and i have a mcs for my birthday.....luckly my parents agreed to pay for my insurance b/c they realized how high the rates were and knew i couldn't afford to do it working two jobs, or all my money would be going to the car. there are a couple ways to bring your insurance down that i know of that work here in texas. first thing i did was take drivers eduation....at the end of the course they gave me a cetificate for finishing the class, you send that ceritifcate to the insurance and they take 10% off. Also i did a drug and alcohol course and at the end got another certificate....sent that in and another 5% off. Too add my insurance company has discounts for students with good grades.....and since i'm pulling off all A's in honors and AP classes i got 7% off. in total i have worked to get 22% off on my insurance. but if i get in a car accident that is my fualt or get a ticket from now until i am 21 i lose the 10% discount. accident wise....knock on wood.....ticket...my valentine 1 has me covered

this is probably the best advice you're gonna get. call you insurance company and see what credits are available to you. Then try to take advantage of as many of the credits as possible. Also, make sure that you check the rates for different coverages. Some companies have better (a.k.a. "preferred&quot rates for higher coverages than they do for lower coverages especially when it comes to Bodily Injury. good luck!

 

In addition to all that's already been said, there are 2 other, albeit similar, things that might help--provided Canada is like the US so far as insurance goes.

1. If your parents are willing have one of them listed as the principle driver--even if you pay them. I mean, i know it's all prestigious to have the car and insurance in your name but seriously, who's gonna know. Lie to your friends.

2. My mother never even put me on her policy, but I was still insured UNTIL my first accident, at which point she would have to have listed me (thankfully that never occurred). It's entirely, perfectly, wonderfully legal because, essentially, the insurance company is saying that the car is insured and as long as you don't wreck it, so are you. I don't know if all companies do this, however.

All that aside, I'll just pound into the ground that which is your best option: shop around. I don't know what Canadian insurance is like, but I'm 22 and insurance on my MCS is only $1900 (U.S, of course)/year. I cringe when I say "just" but friends of mine of similar ages with considerably less-fun cars are paying pretty much the same thing.

Good luck,
~Kelley