Ontario's Cheapest Vehicle To Insure

Car insurance is mandatory in Ontario, but shopping for a new or used car on a budget can be challenging when you factor in fuel economy, features, functionality, and insurance. The cheapest cars to insure in Ontario include the Mitsubishi Mirage, Chevrolet Spark, Toyota Corolla, Honda Civic, Hyundai Elantra, Chevrolet Cruze, Toyota Camry, and Volkswagen Golf. The cheapest SUVs to insure include the Hyundai Santa Fe Sport, while the cheapest trucks to insure include the GMC Canyon. Electric vehicles tend to be around 20% more expensive to insure than gas-powered cars, but the Ford Focus Electric and Toyota Prius are good options.

Older vehicles are cheaper to insure

The cost of car insurance is influenced by several factors, including the age of the vehicle. Generally, older cars are cheaper to insure, and there are several reasons for this. Firstly, older vehicles are usually less expensive to repair or replace than newer models, which can result in lower insurance premiums. Insurance providers take into account the replacement or repair cost when calculating insurance rates.

Additionally, safety ratings play a significant role in determining insurance costs. Older cars may not have the same advanced safety features as newer vehicles, which can increase the likelihood of accidents and, consequently, insurance rates. However, it's important to note that safety ratings are not solely dependent on the age of the car, as some older models may have higher safety ratings than newer ones.

The make and model of the vehicle also come into play when determining insurance rates. Certain models are consistently ranked as more affordable to insure due to their safety features, repair costs, and claims history. For example, the Honda Odyssey, a minivan, is often mentioned as a vehicle with low insurance rates. It's important to remember that insurance rates can vary between insurance providers, so it's always a good idea to shop around and compare quotes.

When deciding on insurance coverage for an older car, you may consider switching from full coverage to liability-only insurance. Full coverage includes collision and comprehensive insurance, which covers the cost of repairs or replacement if your car is damaged or stolen. However, as your car ages, the value decreases, and full coverage may become less financially beneficial. After an accident, the insurance rates for an older car may even exceed its value. Therefore, it's recommended to re-evaluate your insurance coverage as your car gets older to ensure you're getting the best value.

Furthermore, the city where you live in Ontario can impact your insurance rates. For instance, drivers in Toronto often face higher car insurance rates due to factors such as crime rates and traffic congestion. Your driving history, age, insurance history, and frequency of driving can also influence your insurance premiums.

In conclusion, while there are exceptions, older vehicles tend to be cheaper to insure due to factors such as lower repair costs and the availability of models with strong safety ratings. However, it's essential to consider other factors that contribute to insurance rates and to regularly review your insurance coverage to ensure it aligns with the age and value of your vehicle.

Family-friendly vehicles are cheaper to insure

When it comes to car insurance, family-friendly vehicles are often cheaper to insure than other types of cars. This is because they are typically driven by cautious drivers with a more low-key lifestyle. Insurance companies determine rates based on data and their experience with a particular vehicle. Even if you're not a family-oriented driver, you can still benefit from lower insurance rates by choosing a family vehicle.

Family-friendly vehicles tend to have strong safety ratings, which can result in lower insurance costs. Insurance providers take into account a vehicle's safety rating when calculating insurance rates, and cars with higher safety ratings are often cheaper to insure. Additionally, family vehicles may have security features that deter theft, which can also lower insurance costs.

The cost of insurance is also influenced by the likelihood of theft. Luxury and expensive vehicles are often targeted by thieves, which can increase insurance rates. By choosing a family-friendly vehicle, you may be able to avoid paying higher insurance premiums associated with the risk of theft.

Another factor that affects insurance rates is the cost of repairs and replacements. Cars with lower repair and replacement costs are generally cheaper to insure. Family-friendly vehicles may have lower repair and replacement costs compared to luxury or sports cars, which can result in lower insurance rates.

When it comes to choosing a family-friendly vehicle, there are a variety of options available. SUVs, crossovers, and minivans are often considered family-friendly due to their safety features and spacious interiors. These vehicles are designed with families in mind, and insurance companies take this into account when setting insurance rates.

In addition to the type of vehicle, other factors can also impact insurance rates. The city where you live, your driving history, the frequency and distance of your drives, and your insurance history can all influence your insurance rates. It's important to consider these factors along with the type of vehicle you choose to find the most affordable insurance option.

While family-friendly vehicles tend to be cheaper to insure, it's important to note that insurance rates can vary from year to year as new vehicles enter the market and insurance providers adjust their rates. It's always a good idea to compare insurance rates from multiple providers to find the best option for your specific needs and budget.

Vehicles with good safety ratings are cheaper to insure

When it comes to choosing a vehicle that's cheap to insure in Ontario, safety ratings are a key factor. The higher the safety rating, the cheaper the insurance tends to be. This is because vehicles with better safety ratings are designed to protect their occupants better in the event of a crash and are also less likely to be involved in one in the first place.

Safety ratings are determined by how well a vehicle performs in crash tests, including frontal, side, and rollover tests. These tests evaluate the vehicle's crumple zones, frame integrity, airbags, and rollover resistance. Newer technologies, such as rearview cameras, adaptive cruise control, blind-spot sensors, forward collision warnings, and automatic braking systems, also contribute to a higher safety rating.

Insurance providers consider safety ratings when calculating insurance rates. A vehicle with a higher safety rating will generally have lower insurance rates as it reduces the likelihood of accidents and the severity of injuries. This means that choosing a vehicle with a good safety rating can not only help keep you safe on the road but also save you money on insurance costs.

When shopping for a vehicle, it's important to consider its safety features and ratings. By opting for a vehicle with advanced safety technologies and a high safety rating, you can benefit from lower insurance premiums. Additionally, vehicles with good safety ratings often have better resale value and lower repair costs, further contributing to their insurance affordability.

Some vehicles known for their good safety ratings and affordable insurance rates in Ontario include the Honda Odyssey, Honda CR-V, Toyota Prius, Jeep Wrangler, and Chevrolet Cruze. These vehicles consistently appear on lists of the cheapest cars to insure, thanks to their combination of safety features, reliability, and affordability.

Low-theft vehicles are cheaper to insure

The likelihood of a car being stolen is a major factor in determining insurance costs. Cars that are less likely to be stolen are cheaper to insure. This is because insurers will often offset the costs of car theft by transferring some of the expense to the consumer. Therefore, if you drive a car that has a lower chance of being stolen, you will save more money.

You can also install an anti-theft device or alarm system in your car, which may make you eligible for a discount on your insurance.

According to the Insurance Bureau of Canada, a car is stolen every seven minutes in Canada. This makes theft a serious concern for insurers, and so it should be for consumers as well.

When it comes to choosing a vehicle that is less likely to be stolen, it's a good idea to check the list of the most stolen cars in Canada and avoid those models. Instead, opt for vehicles that have a good reputation for security and anti-theft features.

Additionally, electric cars tend to be around 20% more expensive to insure than their gas-only counterparts, as they are seen as a greater target for thieves.

So, if you're looking to keep your insurance costs down, choosing a secure vehicle that is not on the list of commonly stolen cars is a wise decision.

Vehicle popularity may indicate cheaper insurance

The cheapest vehicle to insure changes each year, as new vehicles become available and providers adjust how they determine rates. However, some models are consistently ranked as the most affordable for coverage.

The Honda CR-V, for example, is one of the least expensive cars to insure among popular 2021 vehicle models. It is joined by the Jeep Wrangler Sport and the Subaru Crosstrek. The Subaru Outback, Honda Pilot, and Ford Escape are also some of the cheapest vehicles to insure.

The popularity of these vehicles may be due to their safety features, which can result in lower insurance rates. For instance, the Honda CR-V is known for its reliability and safety features, which insurers value when assessing costs. The Jeep Wrangler Sport and the Subaru Crosstrek have also received high safety ratings, which can translate into lower insurance premiums.

In addition to safety features, the likelihood of theft can also impact insurance rates. Vehicles that are commonly targeted by thieves may have more expensive insurance policies. Therefore, choosing a vehicle with anti-theft systems or other security features can help reduce insurance costs.

Another factor that can affect insurance rates is the type of vehicle. SUVs and trucks are generally cheaper to insure than sedans. Compact or crossover SUVs, such as the Subaru Crosstrek, Mazda CX-30, or Jeep Wrangler, are among the most affordable cars to insure.

When shopping for a vehicle, it is important to consider not only the purchase price but also the insurance costs. By choosing a popular vehicle with good safety ratings and security features, you may be able to find cheaper insurance rates. However, it is also important to keep in mind that personal factors, such as age, gender, and driving record, can also impact insurance premiums.

Frequently asked questions