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When does auto insurance's prime goes down?

Jalex23

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Apr 12, 2013
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Haven't found a straight answer to this. We are in Alberta.

So we are here since 2008, and we are near our 40s. We didn't buy a car as we could handle well on public transport and walking, but now the family has grown. I can easily afford buying a new car, so I wanted to do that, but then the insurance stopped us. The car was bought in August 2018, we both got our Class5 in 2018 as well.

Basically for a new car they wanted us to pay more in insurance than for monthly payments. That was just crazy. So to keep the expenses as down as possible:

1. Pay in cash for a used car (2016).
2. Only get third party coverage (we don't care, we have never had even as much as a scratch in 20+ years driving).
3. Got insurance from our employer.
4. Keep the car just for the weekends and seldom errands (mileage less than 5K a year).

We got a 1350 quote a year (upfront). Which I know it is "lucky" as anything added to it would skyrocket our premium.

The question is... how long until the premium goes down and I can buy a new car? (my ideal would be the same I'm paying but for correspondent new car).