Higher Deductibles Save Me More Money On Auto / Car Insurance In The Beginning For A Newly Landed Immigrant?
I am a new immigrant to Ontario, Canada. I didn’t had >5 years license from the place I’ve come from. So I had to go through G1 and then G2. Now it is 7 months I have got both.
As a first driver on a newly leased Honda Civic ’08 model car, State Farm is giving me 260 on high deductible of $1500. They raise it more if I settle it for $1000. But, they are giving me option to break the contract whenever I want to WITHOUT a panelty, anytime.
So my idea is, to get an insurance from Statefarm on high deductible for 3 months or so, (and of course drive as safer as I possibly can), and get a second insurance from TD or Belair or RBC after 3 months. Would this lower my insurance after 3 months as a 2nd insurance? Do you think its a wise step to take? Of course I should not run into accident but I cannot go lower than $1000 as a deductible for sure, I would have way too high premium on $500 or $300 is out of question.
Please suggest! 
… Much appreciated!
I’m based in Missi, ON.
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February 19th, 2010 at 2:27 am
for one you should wait for 6 months, and after that go shopping. Don’t jump into the first insurance that comes along. Took me 3 months to get safeauto 500 deductible and 2 cars only 225
February 19th, 2010 at 9:26 am
3 months won’t affect your claims history. After a year (or better after a couple of years) your premiums will come down.
You may want to investigate Chieftain insurance, as the calculate your rate on a monthly basis (ie, what you pay this month may not be what you pay next month, and so on)