Is 4k for insurance for 2 cars (2019/2014) and 2 drivers reasonable? I’m in the GTA

[murphyaik]

As the title says. My renewal is coming up and I’m thinking of shopping around.

 

[tony76]

@murphyaik Depends. Many variables.

 

[joannam]

@murphyaik GTA is broad. Insurance in Burlington is much lower than Brampton for example.

But $170/car isn't ridiculous. Age, record, vehicle, area all have major impacts on rates..

 

[starlight54]

@joannam We pay like 2600 for 3 cars 2 drivers.

 

[joannam]

@starlight54 At a certain point, the more vehicles you have, the cheaper it can be per vehicle. 3 cars but only 2 drivers - you can only drive 2 so insuring the third is a bonus for them lol.

 

[lostgirlsp]

@murphyaik There is no such thing as a "reasonable amount". You should shop around anyway and if manage to fine a cheaper provider that provides equal coverage/value for a lower price, then that is the better option.

 

[ilovejesus1217]

@murphyaik I pay $100/m for one vehicle

 

[ohme90]

@murphyaik is it one of the brands that are stolen alot?

 

[murphyaik]

@ohme90 Honda?

 

[murphyaik]

@ohme90 Nah. Odyssey.

 

[ohme90]

@murphyaik I would shop around, i have seen lower in GTA, try CAA insurance

 

[babsm]

@murphyaik im at 2k for an acura tlx 2019. Before when it was two cars the tlx was 1800 but since my sister moved out we lost the multicar discount and it increased from the previous year. I think that seems about right.

 

[fredrik79]

@murphyaik It’s unreasonable, but sounds about right.

 

[lakercomcom]

@murphyaik My trucks is $800/yr, our crossover $1400 with our new crossover hybrid on order was quoted $1600. Even though the truck is twice the price of our crossover my Broker said straight up you get in an accident with a unibody crossover, especially a hybrid, it’s likely a write off. Get in the same accident with a pick up truck and it’s a steel bumper and a headlight replacement.

Just use an online broker quote tool to get an idea of pricing. You can then reach out to the broker if you want to move

 

[changer29]

@murphyaik I'm $90/mo for one car. Downtown toronto.

But impossible to compare, really, because it depends on so many variables.

 

[reformedontheweb]

@murphyaik It really depends on the vehicles and the drivers history (among other things like age and sex). Toronto is the most expensive location to be insured in Ontario (Canada actually, I think).

Take a look at your policy. If one or both of your vehicles are a frequently stolen vehicle, lots of insurance companies charge a premium for that.

There may also be things in your policy you don't need. Rental vehicle coverage, liability for non-owned vehicles, and roadside assistance. If you can benefit from these things, then don't remove them of course. But do not remove family protection.

As another redditor said, use a broker. Contrary to what some believe, you don't pay extra to use a broker, the insurance companies pay them. Find the biggest broker you can because they have the most insurance companies.

I can recommend one for you, if you'd like.

 

[chaserdc]

@murphyaik ALWAYS use a broker, every single year for all your insurance plans.

 

[debi2453]

@chaserdc You rarely get better rates with a broker anymore, premiums are up across the board depending on the vehicle

 

[reformedontheweb]

@debi2453 It's true that you can get similar rates from direct companies, but any company that a broker uses, an individual cannot access. It's impossible to get a quote from a company that a broker uses because of weird Canadian laws. The company is either brokered or direct. It can't be both. Some big companies have 2 companies that are technically the same in order to have both a brokered company and a direct company. Belairdirect is Intact for example.

If you want to get a quote from some of your favourite companies, it definitely can't hurt, but it's a good idea to also get a quote from a large brokerage as it's a 10 or 20 or 30 in one.