Insurance rate: cheaper over 25?

[RX_EVOLV]

so I have always heard that insurance is significantly cheaper once you hit the magical number 25. I just got my insurance renewal notice starting the day after my 25th bday and it is only $50 less than last year! ($1650/year), is it because of the new Grid system?

[Graham_A_M]

Mine went down from $1300 to $1100 for my Z4, and from $1200 to $1000 on my bike. I dont know if thats "significantly" to you. :dunno:

[buh_buh]

call around. Mine was much more than $50 off per year.

[Zewind]

Originally posted by RX_EVOLV
so I have always heard that insurance is significantly cheaper once you hit the magical number 25. I just got my insurance renewal notice starting the day after my 25th bday and it is only $50 less than last year! ($1650/year), is it because of the new Grid system?


There is alot to take into account when looking at your Premium.

Age, Vehicle, Driving record, Number of years insured, number of claims/accidents, number of tickets.

the difference between a 25 yr old insurance and a 16 is a huge number if there is a good record.

[2EFNFAST]

Mine went down like $50 too when I turned 25....no real savings

[bookem]

My monthly payments went from $190 to $90 after I turned 25 and got married.

[Aleks]

Mine went down from $170/month to $95/month when I turned 25. This was a few years ago now so things might have changed :dunno:

[Masked Bandit]

There's a lot of different variables that come into play but in general, the drop at 25 isn't what it used to be. If enough of the other factors work in a negative way against you it is possible to see an actual increase. Your broker should be able to explain the particulars of your situation to you.

[Eleanor]

^ I thought the introduction of the class system almost rendered the 25 cut non-existent.

EDIT: Not class, grid.

[spike98]

Mine plumited but i had to switch companies. It went from ~$1500/yr for PLPD to about $1000/yr full coverage. However i also had some demerits come off during the previous year.

[Eleanor]

^ How long ago was that?

[Zero102]

Originally posted by spike98
Mine plumited but i had to switch companies. It went from ~$1500/yr for PLPD to about $1000/yr full coverage. However i also had some demerits come off during the previous year.

So basically it had almost nothing to do with turning 25 and everything to do with changing companies and the tickets coming off.

For the OP, how is your driving record? The huge cut at 25 depends on a lot of factors, and no surprise, the big one is your driving record.
If you aren't seeing the drop in rates you like, call around for quotes.

[rage2]

Thanks to the grid maximum premiums system, it's no longer 25 for everyone, but a clean 9 year no claims history to get off the grid. So if you started driving (and be paying insurance) at 16 and go 9 years without a claim, then yes, it's still cheap insurance at 25. If you started driving and paying for insurance at 20, you gotta wait till you're 29 if you maintain a clean 9 year record.

You have to be off the grid to get cheap insurance.

The grid does provide cheaper insurance for the first 9 years, especially if you get into accidents. Once you're off the grid, the "good rates" have gone up about 25% since the grid was introduced (to cover bad drivers), and therefore the drop between the 2 rate differences is a lot less noticable.

[911fever]

i miss this system.

[Mibz]

Is that 9 years just for claims, or tickets as well? I was really looking forward to seeing a big drop in my insurance this August :(

[JohnnyBlaze]

It depends on which company you have insurance with. Different companies have different variables they use to calculate your insurance premiums.

[4doorj]

I as well didn't notice a huge difference when I turned 25. But I did see a huge difference when I got married.

[Masked Bandit]

Originally posted by 911fever
i miss this system.

Do you mean insurance in Alberta? If you moved to Ontario that doesn't surprise me I guess.

[Masked Bandit]

Originally posted by Eleanor
^ I thought the introduction of the class system almost rendered the 25 cut non-existent.

EDIT: Not class, grid.


Yes, sort of, not really.

All of the above.


The GRID only applies to a portion of your policy (the mandatory liability component) and it only applies in certain situations. Honestly, there's so many variables to it it's almost impossible to compare on the internetz.

[theken]

how much is mine going to go down bill?

[911fever]

Originally posted by Masked Bandit


Do you mean insurance in Alberta? If you moved to Ontario that doesn't surprise me I guess.

correct. the system here is fucking terrible.

[Masked Bandit]

Originally posted by theken
how much is mine going to go down bill?

DOWN? How am I supposed to afford to retire early if prices go DOWN?


LOL....I'll check when I get in to the office tomorrow.

[Masked Bandit]

Originally posted by 911fever


correct. the system here is fucking terrible.


I hear it's completely ridiculous when you get into sport bikes as well.

Higher Insurance

Higher Taxes

Higher Unemployment


I totally see why everyone should move to Ontario...




j/k

[Ekliptix]

I pay about $1100/yr for full coverage on my Focus SVT and about the same for my 02 Z06.
The only claim I've had was $2,500 for my jeep that was stolen and writen off.

I'd like to start calling around for alternative pricing. Does anyone have some insurance companies you'd suggest I start with?

Thanks

[911fever]

Originally posted by Masked Bandit



I hear it's completely ridiculous when you get into sport bikes as well.

Higher Insurance

Higher Taxes

Higher Unemployment


I totally see why everyone should move to Ontario...




j/k

you have no concept. On my previous account, "generic" i wrote about my insurance bills i was paying.
Ontario is lot nicer than Alberta, you can't compare them really. But I do miss some things about Calgary.

[anhsicun]

i pay 2,880 / year for my insurance due to two speeding tickets but im hoping it will go down a fair bit after aug, since both tickets will be off my record by then.