Young / new driver insurance

[englishbob]

Thought I'd post this on the forum instead of pm because I'm guessing it will apply to most people here sometime if not already.
My son (17) now thanks to a wonderful Dad has a shiny new Dodge Dart.
He's been driving for 18 months ( 2003 sunfire) and has one speeding ticket.
The new policy ( the car is financed) comes in at $4K+.
Just trying to gauge if that's about average for him or if my agent is being lazy and not shopping around or offering me the best options,I'm trying to help him get 'experience' to help lower his payments eventually.
I'm on the policy along with the lender.
Thanks

[Darkane]

Wow. Yeah that's crazy.

What ever happened to insuring the vehicle? I didn't have insurance until I was 18 under my own name.

3800 for an '86 mustang gt.

You're a generous father paying for a new vehicle AND insurance I must say.

[Masked Bandit]

It's not entirely out of line TBH. That's not to say it can't be lowered to some degree but in the world of insurance, 18 months experience is just a blink. To be considered an experienced driver you're looking at a minimum of six years licensed & insured, claims free. Young / new drivers are put under a microscope so that one ticket hurts him worse than it would you. Add in full coverage on a new car and that's why you're seeing the numbers you are. Did he take driver training?

[Heru-Farukon]

Direct all your questions to masked bandit ^

Best broker by far !

To the OP, I assume your are putting the vehicle in his name? Or underneath yours? Might see a big difference if you put him underneath yours until he is mid 20s (I think that's the age)

[tch7]

Sounds about right. I recall getting quotes in the $3500 to $8000 range when I bought my Mazda 3 when I was 18 with a clean record.

I originally had a broker, but I usually find the best rates by using the various online calculators, which'll at least give you a good idea if your quote is reasonable. Kanetix, TD Meloche Monnex, AMA, etc. Spending a few minutes filling out those forms every year when renewal comes up has saved me thousands of dollars over the years, especially in those first few years.

[dj_rice]

Sounds about right. My insurance around that age was $3800-4500 with no tickets or accidents on a POS 1988 Nissan Multi back then. Was my only car so had full coverage on it, in hindsight, should of gotten one way since it was definately not worth it but I didnt know there was one way and full coverage back then.

Once I hit 23 or 25, it dropped dramatically down to under $3K and has been going down ever since. Now both of my vehicles are insured full coverage for a tad under $2K thanks to Touchstone Insurance. :thumbsup:

[guessboi]

$3500+ for a new driver 17 yrs old with a new car full coverage is not out of range.

[wintonyk]

That seems about par from what i saw in my own experience. I had an 08 WRX when I was 22 with zero tickets or accidents i was around 3600. Over the next couple years i saw it drop by about 4-500 per year. When I was 16-22 however I only carried liability and drove a shit box. Lucky son you have.

[btimbit]

Looks about right, I was paying that when I was 18

[Graham_A_M]

Yeah, sounds about right. My co worker (21) is paying $5k a year for insurance on his '08 A4, and thats JUST liability. Insurance for kids is absolutely brutal. You may want to get him to take that Driver Demerit Reduction course, to lower the demerits as much as possible (that course takes off 3 off his record). The lower the demerits, the cheaper his insurance generally is.

But I'd PM Masked Bandit/Bill for a quote, or call him at TouchStone Insurance (403 457-5758). I've referred numerous friends to him. With one, he saved him $1700/year on his newer truck, and $1300/year on his bike, so its definitely worth the call. Everybody that I know thats switched has been amazingly happy, as have I.

Best Insurance broker in Calgary! :thumbsup:

[firebane]

To be spoiled and have such things given to you and not learn about the term working hard for something :rolleyes:

[englishbob]

My son works 40+ hours a week and t/as at school and gives math help after hours.....he works.
Got his acceptance at U of L and paid for his first years education and accommodation.
Graduated with honours and distinction...shall I continue?

[Darkane]

Originally posted by englishbob
My son works 40+ hours a week and t/as at school and gives math help after hours.....he works.
Got his acceptance at U of L and paid for his first years education and accommodation.
Graduated with honours and distinction...shall I continue?

When did he graduate? If he's 17 now... What class is he T/A in?

I believe your son is a good kid and works hard, it's just stuff like this hardly happened before the current generations. IMO.