Mach-1 is pricy. Well, it's been a really interesting time of it, searching for insurance in Toronto. What I did find out is that I reside in the most expensive part of the most expensive city to have auto insurance in, in Canada, that is.
Here's how it's shaped up; Prices are in U.S. dollars, add 20% for Canadian. The first quotes I did were online, with those automated policy companies, some of them banks, etc.
My record;
43 year old, with no tickets and no claims in 7 years. However, one small catch; The insurance I last had was over a year ago. After that, my car was covered under a company fleet policy, which was an arranged part of my pay package. But, I didn't see the downside, which is that this is a no-no to insurance companies. Constant insurance = lower rates. That one year break was BAD! Never mind the perfect driving record.Here's how it's shaped up; Prices are in U.S. dollars, add 20% for Canadian. The first quotes I did were online, with those automated policy companies, some of them banks, etc.
$6400-$10,000. Pretty frightening, huh?
At that point, I realized it would cost me as much as the car to insure it. I seriously considered getting rid of the vehicle, because the cost for the car would be something like $22,000/yr, all inclusive.
So, I called some insurers whom I'd been given the names of.
Company 1. Sorry, we don't insure people who have had a lapse in their personal insurance. You have to go to "facility."
"Facility" is a horror word. It's the government's mandate that people who are uninsurable are insured because they have to have insurance. The cost is astronomic. For instance; A 20 year old driving a sedan forced to go to facility in Ontario would pay around $18,000/yr. I'd sooner use the money to pay the mortgage on a house!
Company 2. My old company. They weren't too interested because I'd opted out of their policy ($1000 payout) in order to do the thing with my company. Quote: $5900. Better, but still stratospheric.
Company 3. Well, because you lapsed your insurance, you're looking at $4355.00 for the year. However, if you go one year at that rate, it would be $2800 the following year which is what you'd be paying if you hadn't lapsed." This is pretty acceptable.
Company 4. $8500.00. Bye now.
Company 5. No answer yet.
So, it's been really exciting. Oh, for Torontonians; If you move to Mississauga, Newmarket, etc, out of Toronto, you're insurance will be 1/3rd less.
-Rich