A reader writes, “I am currently in the process of buying a used Nissan Altima (I know that there are more affordable options) and have recently discovered that the car insurance company is not covering the car.
When I contacted them to get the policy information, I was told that I would have to pay the premium and that I should not use the car for any activities other than driving it, as it would have a high premium and a lot of miles on it.
I am currently paying $749 a month for insurance and the $699 I would be paying is going to go towards a new car.”
The customer said he and his family are struggling to make ends meet and has not been able to afford a replacement car.
“I just recently had to pay $2,500 for an insurance policy and the company says that the $700 premium will cover the rest of the car and that they will not cover the car in case of an accident, such as when I get into an accident,” the reader wrote.
“How do I get rid or at least reduce the cost of my car insurance?”
“My advice would be to purchase the cheapest policy possible.
There is no need to pay more than the policy would cover,” the consumer said.
“Then, use that money to pay off the car, so that you have enough cash to get a new one.
It is just a matter of time before you have to make a major financial sacrifice to save up some extra cash for a new vehicle.”
What is the cheapest car insurance?
How much does it cost?
The cheapest car policy in the country?
If you have any questions about how much car insurance is available in your area, the Insurance Bureau of Canada recommends you check with the insurance industry to get an idea of the best rates for your needs.
For example, a $100,000 policy will cost $2.6 million to buy.
For a $300,000 car policy, the rate is $3.4 million to purchase.
A $300K policy, however, would cost you $7.2 million to own and insure.
However, if you are buying your first car, it may be worth it to save money on a new, less expensive one to get into the market.
Insurance companies often charge a 10% discount to new drivers and it is up to you to make the purchase yourself.
Some companies, however will charge you a 20% discount, but that is up the company to decide.
For instance, Ford’s new 2017 Fusion Hybrid offers a $7,000 discount on the base price of $55,000.
Ford says the discount is good until the first year of ownership.
How much would I pay for car insurance and what if I need to buy another one?
To find out how much you would have paid for car and auto insurance if you needed to buy it yourself, take a look at our infographic below.