Mazda 3 insurance cost per month ????

[JovianGhost]

I know I'm dreaming but wouldn't it be just great for all of us at tm3 to get together and set up our own insurance company? Flat fee of $100 per month.
There is what 1000 of us? That seems like a lot of dough.
How many accidents/claims per year on average we all cause/have?
With over a milion dollars budget .....

Yes, that would be fantastic-- a small, self-owned, self-running group of people covering each other. But knowing what I know about the way things work in this world, particularly here in government-backed-big-corporations-always-win-and-end-up-screwing-the-little-guys-Canada, there's not a snowball's chance in hell we'd be able to pull it off.

Sadly, little guys need to have great financial backing to compete with the big boys. Reasoning because, if the margin of price is too great, the big boys would do whatever it takes to bring you down. Refer to Globalive as an example in the telecomm industry.

Bingo.

[ShortBus]

reality check time.

insurance doesn't only pay for the car but what happens afterwards. if there is any personal injury guess how much it's going to cost? people often can sue for a million or more in a personal injury case (doesn't mean they will get) and there is a reason why $2 million coverages are becoming the norm.

and if you need more proof, search for accidents on this forum alone from last year.

[Mundek]

Ohh....hm...that's why I started of this idea being a dream. Ok, let's make it $20 bucks per month and include a clause that one can not sue and no matter what the claim there will be no compensation what-so-ever.
Purpose of such insurance would be strictly making driving legal thus avoiding officer John writing a ....what is it now...$5000 ticket?
Taking huge chance there, but I wonder how many of us would go for it?
And if same ass-orifice rear ends u or something voilà! money comes through the mail slot.

[r4BBiT]

$164/month for 2010 3 GS
Full coverage, deductibles 300/500

i'm 25 and 0 tickets/accidents

[iGOzoom]

Guys stop complaining about your insurance rates. Im 18 years old and im paying $5800 a year which equals out to roughly $480 a month as primary driver.

[Mundek]

iGOzoom, I'll pay your ins. rate just to be 18 yrs. old again
Where are you sourcing the MS3 seats from?

[bman13]

Guys stop complaining about your insurance rates. Im 18 years old and im paying $5800 a year which equals out to roughly $480 a month as primary driver.

You should be under your parents...unless your rich or family doesn't wanna help you out...$480/month at age 18 is crazy. If your working, what is that 90-95% of your money coming in?

[Thrizzl3]

Guys stop complaining about your insurance rates. Im 18 years old and im paying $5800 a year which equals out to roughly $480 a month as primary driver.

how many tickets do you have?

[JovianGhost]

how many tickets do you have?

It's also location, remember.

iGOzoom may have a fairly clean driving record, but if s/he happens to live in an area insurance companies deem to be "high risk" then s/he will pay through the nose.

[Rob23]

$164/month for 2010 3 GS
Full coverage, deductibles 300/500

i'm 25 and 0 tickets/accidents

wow thats a good rate. theres no way you live in toronto?

[ramboh]

Yes, that would be fantastic-- a small, self-owned, self-running group of people covering each other. But knowing what I know about the way things work in this world, particularly here in government-backed-big-corporations-always-win-and-end-up-screwing-the-little-guys-Canada, there's not a snowball's chance in hell we'd be able to pull it off.



Bingo.

I work in commercial/industrial property and there is something similar out there called reciprocal programs and captive insurance companies which essentially are companies that either own their own insurance companies for self-serving purposes or band together with other similar companies to write their own insurance. Realistically though, a hundred or even a thousand auto insurance members paying $20/month would quickly be underwater after a few accidents.

For awhile now, insurance companies have not been making money underwriting insurance. They've taken previous profits and invested it and made money. When the stock markets went belly up earlier this year, many companies turned to their underwriting and attempted to make this profitable again. That's why there's been a lot of talk of raising rates, etc.

One of the real main reasons for high insurance rates is all the fraudulent claims that you and I pay for. Toronto's medical bills per accident victim is outrageous and our rates reflect that. When this is fixed and and insurance companies stop paying these unnecessary charges, then we can rightfully picket in front of these companies and demand lower premiums. As long as the insurance companies are not making money on writing insurance, we really have no argument. It would be like demanding that Mazda sell their cars below their manufactured cost. It just won't happen.

Most insurance companies are publicly traded and their shareholders (often the very same people who are policyholders) demand corporate profits and returns on their investments so they have to make money, if not in the stock market, then it falls to the underwriting.

Hope that gives you guys a little insight into the world of insurance. I strictly deal in large industrial/commercial property only so I'm not an expert in auto but above is generally what's been going on in the insurance world and oh what a crazy world it is...

[Mundek]

Thanks Ramboh, I understand. Now about that $20 insurance rates
My insurance with State Farm is about 195 as of now.
I just rec'd a quote from RBC for 150. RBC is lower deductible, has 1 accident forgiveness and some other perks I do not have with SFarm.
I've been with SFarm for 16 yrs. No accidents. Avg. 1 ticket per 3 yrs.
Both companies quoted based on multi lane discount.
I called my SF broker trying to negotiate.....no go.
I leave in Brampton btw. My ex is in Caledon where out of curiosity my ins. rate would have been ca. 120 with SF.
Hope this helps with comparos.

[JovianGhost]

One of the real main reasons for high insurance rates is all the fraudulent claims that you and I pay for. Toronto's medical bills per accident victim is outrageous and our rates reflect that.

If that's the case, how is it that Americans, who have MUCH higher medical bills due to lack of socialized health care, and who would make many more fraudulent claims, pay so little compared to us?

[condor888000]

Check out their coverage amounts while you're doing that...

[malfunktion]

Guys stop complaining about your insurance rates. Im 18 years old and im paying $5800 a year which equals out to roughly $480 a month as primary driver.

man I know how you feel 18 aswell primary driver and i pay like 460/mo...

and cant go under parents cuz live with mom + sister and they both have cars....

[bman13]

man I know how you feel 18 aswell primary driver and i pay like 460/mo...

and cant go under parents cuz live with mom + sister and they both have cars....

Go under your mom...dad had two vehicles and he was primary and me/sister were secondaries

[r4BBiT]

wow thats a good rate. theres no way you live in toronto?

i live in waterloo/kitchener

[TheWulf]

Guys stop complaining about your insurance rates. Im 18 years old and im paying $5800 a year which equals out to roughly $480 a month as primary driver.

OMG

I'm 100% sure you can get better rates than that. Try Bel-air Direct, they have good rates for young drivers.

[zoomsay]

My insurance rate just when up, paying $230/month for full coverage 1mill at 500/500 deductible. I'm 26 but I have 3 speeding tickets/6 demerit points. I'll slow down now.

[koorick]

24, 2010 GT HB with one or two minor tickets with no demerit points deducted
225 / month from TD monex under PEO discount.

[Tony Tone]

I'm 34 and pay $122 a month from The Personal Insurance with no tickets. Have a 2009 GS Sedan. I have my mother as the Primary driver, then me, and then my wife. If you can get your parents on the insurance it will save you some money for sure

[thekid]

My wife is 31, she has full insurance $2mil liability, $300 deductions for Comp and Collision, and she pays $86/mo

[xjusticex]

can any1 help me
im 22 right now
i have 1 major and 2 minor with G liscense
my insurance just renewed from 3k a year got bumped up to 5k as a occasional driver...
any advice from any1 to keep cost low, mom is not happy abt this at all.....
btw driving 2010 mazda 3 GT sedan

[taz4432]

You should be under your parents...unless your rich or family doesn't wanna help you out...$480/month at age 18 is crazy. If your working, what is that 90-95% of your money coming in?

That's cheap for this area. I've looked into (not through a broker mind you) and I get quoted (far) more than that even for beaters as a primary and I got my G1 the day I turned 16, G2 exactly 8 months later (w. driving school) and G exactly a year after that with a clean record. Will be 20 in just over a month.

It's costing us $2k/year for my '06 3 Sport Touring with my dad as primary (DZ license, formerly B license years and years ago, clean record 36+ years) and myself as occasional. And, it's probably only that cheap because of the 'loyalty' thing. Thankfully my dad's d.d. is under the family business and our '69 Malibu doesn't count as his d.d., of course. I lucked out big time.

[zoom4106]

27 y/o G license - first time driver (Toronto)
2010 Mazda 3 GS Sedan
TD Insurance 280$/month
1m liability , 0/0 deductible
w/ Grand touring