Insurance woes

[Chris]

OK, insurance really pisses me off

For me to have an MR2 S/C ('89), for under 5000km a year, it is $2500. Thats just a little less than the car itself! Even and 89 Topaz cost $1900!

So my dilema is this: Should I save my money for school/investments, or go and buy the damn car for $3000, plus $2500 a year. I am only making about $8000 a year. I would also have to buy gas, and the car needs work, too (about $1000).

Help me decide

[Polygon]

I would say save the money. I am just glad my car is only $86 per month to insure.

[Chris]

I would be thrilled to get that. $100 a month was what I was expecting. After all, my driving record is perfect (until proven otherwise). I am begining to feel my good sense taking over, and I will be without a car till after university.

[Chris]

But now my emotional side is kicking in, telling me to get it. Arrghh

[Polygon]

Well the reason I get that rate is because my car isn't considered a sports car by the insurance company even with the turbo.

[Sindie]

Originally posted by Chris
I would be thrilled to get that. $100 a month was what I was expecting. After all, my driving record is perfect (until proven otherwise). I am begining to feel my good sense taking over, and I will be without a car till after university.

Your only 16 years old though, you have no driving record. Your buying a two door sports car, what do you think you are going to get charged? You would be lucky to get a dodge spirit for less then $100.

Sorry but you have to put in the time. When you reach 21 it will drop significantly and then again when you turn 25.

[Chris]

Actually,a 89 Topaz with 4 doors and 98hp is still $1900, so the MR2 isn't much more. I think I will end up going car-less until I'm older. But I'm not happy about it

[-cy-]

I am 16, perfect record so far (i am almost 17), COMPLETE coverage (even uninsured motorists coverage), i have a '98 firebird formula, and i am the primary driver on the insurance....its under $500 a year, about $450.

[Jimster]

I think you should avoid it, if you invest it, it will probably boom putting you behind the wheel of a new car in no time

[Chris]

450 a year for a Formula is an impossibility, unless you have an extremely low mileage specialty plan. But it's going into stocks, and a bit for retirement.

[-cy-]

I know its really low, but its the truth. Its probably b/c we had 4 drivers on 3 cars under the same insurance carrier, and as you add cars to the plan its gets cheaper for each car. One of my parents was going to put down their name for primary driver and me a secondary to keep it lower, but to their amazement its was cheaper to have me listed as the primary driver b/c they have had small accidents in the last 3 years (1 each).

[Chris]

Well, you arevery lucky. In the past, we have had a house fire, 4 car accidents (not at fault for 3, partial fault for one), so I guess I was SOL from the start. But if my dad was the primary driver, it would be 1000 a year. But they wouldn't let him do it

[bluetwo]

cy, i would think that you also have liability only? that decreases the cost of insurance dramatically (as opposed to comprehensive).

chris, i would just go carless until you have more experience and are able to get better rates (and better afford it!). does canada have insurance discounts for being a good student, driver's ed, etc?

either way, it seems like a prudent choice to save/invest the money for school.

[KatWoman]

$1000 to fix?? If I am buying a used car, I would not get one that already needs work. You can spend the $1000 to fix it now, but then who knows what comes up next month?? What all is wrong with it that it needs that much work?????

[-cy-]

bluetwo- i have comprehensive coverage, everything, even uninsured motorists insurance. My parents feel really strongly about having complete coverage, they feel it is really worth it.