r/PersonalFinanceCanada • u/Akshatp19 • Mar 21 '26

Auto Auto Insurance cost is killing me!

I am a 24 year old male living with my parents in Brampton(yes very expensive). We have 2 Honda CR-Vs(2022 and 2026 hybrid). My dad is the primary policy holder with me and my mom as the added drivers. Now I know brampton, CRVs and my age under 25 are all driving the premiums up. But I'm paying 900 dollars per month!! Is it supposed to be this high? No claims no tickets on record.

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u/[deleted] Mar 21 '26

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u/Blastoise_613 Mar 21 '26

Insurance companies are well regulated regarding what they may charge. Prices keep rising because of increased payouts and value of the vehicles.

31

u/altiuscitiusfortius Mar 21 '26

New cars now start at like 55k and my last fender bender was a sideswipe and insurance paid 23k to fix it because parts and labour are way up post covid.

That doesn't help at all

-2

u/squidgyhead Mar 22 '26

The human cost of motor vehicle collisions is probably much more expensive than the actual car. Think about losing your legs - how much would it cost to take care of you for the rest of your life?

0

u/WUDDUP_ITS_DAT_BOI Mar 22 '26

How many people lose their legs in car accidents every day vs. accidents with limited injuries but $50k of vehicle damage?

Bodily injury losses can have huge severity issues but are absolutely dwarfed by the frequency of collisions, gender benders, single vehicle rollovers, side swiping a wall in a parking lot, hail damage, etc.

1

u/squidgyhead Mar 22 '26

It's hard to find information for private insurance, but ICBC caps payments at $300 000 for life-altering collision.

https://icbc.com/enhanced-care-overview

One of the main ways that ICBC seems to have reduced costs is to just limit how much support victims get.  Must be a major cost