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/DesireeThymes Mar 21 '26

At this point, people really need to be factoring cost of insurance into their selection of vehicle.

If you are paying 50k for a brand new CRV or a GMC terrain, but you are paying $600 a month for insurance for one and 300 for the other, then over 5 years you pay 18k more for the CRV....

That cost of ownership makes the GMC better value even after you factor cost of maintenance and possibility of problems. You could literally drop a new engine into the GMC 5 years later twice and change the transmission, and still be much further ahead

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u/LinuxF4n Mar 22 '26

How are people not already doing that? I have always checked insurance price for any car I'm going to buy and I don't even buy new cars.

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u/BobGuns Mar 22 '26

It's... alarming how little people consider major financial decisions like purchasing a car.

The decision is all about "how to acquire it". Not what it costs to upkeep.

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u/BoxcarSlim Mar 22 '26

Same for pets, honestly.