Best vehicle and insurance options for young female driver?

Question

Hi everyone,

I'm a 23-year old female living in Toronto, Ontario. I just graduated from my Masters' degree 2 months ago, I'm now working full-time, and I need to get a good, reliable, but reasonably priced car. I've been under my mother's car insurance for 5 years, as a second driver, with no accidents or tickets.

What type of car would allow for the lowest insurance rates? I'm thinking of a 2009 Corolla because I would get the New Grad discount from the dealership and they also have a graduated payment plan where you can make lower monthly payments for the first year. What do you think?

Also, would it make sense to have my mother insure my car under her name (I can just be added as the second driver again)? I was told that this would help lower the rates, at least until I'm 25. My mother has one car insured so perhaps if we add a second one, we'll get a multi-car discount. What do you think? Could I buy the car (ie: the "ownership" would belong to me) but still have my mother as the primary driver for insurance purposes?

I know I have lots of questions, sorry! But, one more: would it be better to lease or buy the vehicle (if I buy it, I would really be financing it and making monthly payments)?

Any help you can provide would be much appreciated! Thanks! :)

Answer 1

Chrysi, For auto insurance the quickest method to get a low quote is do a car policy comparison. Be sure to choose the same coverage amounts, you can get an accurate quote to compare against others. Use the same zipcode, car make/model, mileage and driving history to ensure you get accurate comparison. To get easy auto quotes, go to http://www.autoadviceonline.com/Free-Aut... and you can compare all the major auto insurance companies.

Answer 2

a Corolla is definitely a nice starter vehicle for first time buyer who's in the market for a new car. Since Corolla is not a sport car it should not be very hard on the insurance payment, also i suggest you to have your mother insure the car, because if you're under 25 chances are you will be overpaying the insurance company regardless of your driving history.

I think for insurance purpose the car would have to be register under your mother's name, so technically she would be the owner of your new ride, which mean if you p**s her off, she could take your car away from you anytime.

definitely, I recommend buying over leasing. because in the end you would eventually acquire the ownership.

good luck  

Answer 3

hello, I would not give you a brand but just a guide for you to make your own choice.  Cars with  many safety features like Airbag, Side Airbag, ABS, DRL (Daytime Running Lights), Anti-Theft alarm or combination would certainly give you more discounts in insurance.

As to either lease or own?  I would own it and preferrably a certified Pre-owned or used vehicle is perfectly fine especially if you are a new driver. Not only does a used car have lower insurance compared to brand new, but the peace of mind of not having to worry about the higher monthly payments for new car and higher insurance and the risk of getting scratched and dent etc.. gives you more headache than enjoyment.  When you advance in your driving skill and age and when you are more financially ready to buy a better and newer car that is more enjoyable.

It is also good to have your own insurance since you already been with your mom's insurance for 5 years and that's more than enough to get a discounted rate when you have it in your name.

I have had more than 10 cars in my entire life and none of them were brand new but I did not have any issues at all.  Just be very careful when buying a used car. Get it from a reputable dealer and someone that you really know and trust, like a friend you know selling his/her car and she/ he was taking care of his car well . You can save a lot of money and you can start having insurance of your own at a lower rate.

Hope you enjoy your next car to be! Willing to give you more advice if you need. If you are considering a used car go for Japanese and for brand new go for Americans!

Answer 4

I'm not an expert on this, but I would suggest you take a tour here,there are expert's tips over there.http://car-insurance.bestips.info/car-in...