Trying to convince the missus that it's worthwhile to have a very high deductible for a lower premium if i can afford the deductible. She thinks im crazy.

Thoughts?

How high we talking on the deductible lol

Cars all got breakable electronics these days, a slight tap can mess up lights and sensors.

5k

What's the insurance on?

What's the difference in payment?

auto insurance that currently sits at 2200 a year, not sure yet what the difference is as the insurance website calculator keeps crapping out but i'm aware it should be lower

Calculate how many months it would take to benefit if you got into an accident.

If it's something ridiculous like 10 years then keep the lower deductible. If it's just a few years go the other way. It depends on the rate decrease

unless you straight up stupid and cannot trust yourself and don't have any financial literacy then don't get insurance. Instead take that money you would of spent on insuring car/house/life/etc and invest it so that it grows under a rainy day fund. That is a discipline most people don't use so easy suckers for insurance companies to exploit

This post was edited by addone on May 27 2021 01:24am

One or two cars? If one, that’s steep.

Unless it’s a really new or nice/expensive car it’s pretty pointless IMO to have topline insurance on it.

If you’re relatively safe drivers, just explain to her how much you can save over the next 5 years by not gifting the insurance company free money.

You're essentially talking about captive insurance and I don't think I would ever recommend that for an average individual and going completely without insurance well... there's a multitude of reasons, the first of which its illegal, and you can't register your vehicle in most if not all provinces in Canada without insurance. Second you will never get a mortgage without insurance and if you cancel your insurance at anytime you will be in default leading to serious ramifications. Third there's just the anxiety you would have to live with since accidents happen, house fires , floods, whatever , events happen.

For a company or a collective of companies that are large enough, sure. You can set up a licensed insurance subsidiary in Barbados or one of the Islands, toss your money in, invest it, dividends flow back to the parent companies. The only time you're subject to total catastrophe is typically if you have an act of god event right off the bat.




If you think Ontario is steep you should see British Columbia. It would be at least double that if its on his Audi. If not more. Not only that you have zero other options since its illegal to go with any other insurer since they wont cover you if you're a resident of BC. You have no choice but to go with the Government owned ICBC. Its disgusting. Even with 10 years of perfect driving the rates are triple what I pay to a private insurance company when living in another province.

Right now on my 2017 Crosstrek, 2x Honda TRX 420s and my 2017 Grand Touring Skidoo I pay 1,200 per year. If I was in BC I bet it would be close to 5 or 6K.

have you tried TD? Here in Canada I have found TD to have the most reasonable rates. Don't use the online calculators they're trash. Get on the phone. Also in my case I am a CPA and Alumni of a university that gets a discount. They won't apply both and my university alumni discount actually exceeds the CPA one so make sure you say you went to X shool when talking when them there may be a significant discount to be had. Mine was fairly large.

This post was edited by SBD on May 27 2021 08:10am