Rates for drivers under 25 are upwards of $200/mo in most urban areas, and that's for the utmost basic 'one-way coverage' insurance. Under one-way, if you are deemed even partially at fault in an accident, however minor, the insurance pays the other's bill only - and essentially ensures you cannot drive for the next three years as premiums quite literally skyrocket.
Anecdote from my university years: friend of mine was driving his van, had a lady sideswipe him and send him into the median, immediately crashing into a tree. She kept driving. The van incurred damage from the sideswipe. He was found 100% at fault regardless. His insurance went from an already preposterous ~$240/month to over $900. Nine hundred dollars per month - isn't that what they charge for Lamborghinis? Fully licensed, clean record for 4+ years at the time, I believe he was 21. It was over two years until the rates finally lowered to 'a more affordable' $300+/mo, which is AFAIK still what he pays.
I currently pay $250/month, one-way of course. I could drive a '95 Civic or an '08 BMW, my rate would differ ~$20/mo. The difference between dozens of insurance companies is about the same - $20 more or less. I am 24.
FWIW, bikes are not exactly feasible for over half the year in our climate (Toronto).
As I was reading your post I said to myself, this person must live in Canada! turns out I was right :)
I used to live in Toronto, bought my first car when I was 20, got into an accident at 21; I couldn't afford insurance and hence a car again until I moved to the US at 23. It isn't the same here, my wife and I now pay $200 every 6 months which is 3rd party and liability (the one-way you mention) and convers both of us. Also 1 accident in every 3 years is forgiven. (I live in California)
Rates for drivers under 25 are upwards of $200/mo in most urban areas, and that's for the utmost basic 'one-way coverage' insurance. Under one-way, if you are deemed even partially at fault in an accident, however minor, the insurance pays the other's bill only - and essentially ensures you cannot drive for the next three years as premiums quite literally skyrocket.
Anecdote from my university years: friend of mine was driving his van, had a lady sideswipe him and send him into the median, immediately crashing into a tree. She kept driving. The van incurred damage from the sideswipe. He was found 100% at fault regardless. His insurance went from an already preposterous ~$240/month to over $900. Nine hundred dollars per month - isn't that what they charge for Lamborghinis? Fully licensed, clean record for 4+ years at the time, I believe he was 21. It was over two years until the rates finally lowered to 'a more affordable' $300+/mo, which is AFAIK still what he pays.
I currently pay $250/month, one-way of course. I could drive a '95 Civic or an '08 BMW, my rate would differ ~$20/mo. The difference between dozens of insurance companies is about the same - $20 more or less. I am 24.
FWIW, bikes are not exactly feasible for over half the year in our climate (Toronto).