⊸ Blog⊸ Cheapest Cars To Insure In Ontario For 2021

Dec 10, 2020

Find Out The Cheapest Cars To Insure In Ontario

We all want to know the cheapest cars to insure. If you’re starting on your car purchasing journey, this might be a good time to include research on the cost of insuring your dream car.

Beige Subaru Outback

Comparing coverage from various insurers is a great way to rein in your total car ownership costs – especially if you’ve taken out a car loan. This guide will help you to understand how your choice of car will influence your insurance rate.

Why Are Some Cars Cheaper To Insure Than Others?

Certain types of cars, models and makes are less to insure than others. Insurers track all the costs involved in car insurance claims and can link them back to specific car models.

Things like the vehicle type, accident rates, repairs, theft and safety ratings for the vehicle have a significant impact on the rate. We'll get more into this later in the article.

What Is The Cheapest Car To Insure In Ontario?

The cheapest car to insure in Ontario will change each year. As new vehicle models become available and as providers adjust how they determine their premiums, they will go up or down for some models.

Here are frequent models that top the list of the over the last 5 years and are a good choice for lower payments :

  1. Honda Odyssey
  2. Jeep Wrangler
  3. Honda CR-V
  4. Toyota Prius
  5. Chevy Cruze
  6. Nissan Versa

Top 20 Cheapest Cars To Insure For 2020

Here is the top 20 list of the cheapest cars for insurance rates in 2020 as reported by Forbes. Vehicle types such as SUVs and crossovers top the list.

  1. Mazda CX-3 Sport
  2. Honda CR-V LX
  3. Jeep Wrangler Sport S
  4. Subaru Outback 2.5i
  5. Fiat 500X
  6. Honda Odyssey LX
  7. Subaru Forester 2.5i
  8. Mazda CX-5
  9. Jeep Renegade Sport
  10. Honda HR-V LX
  11. Honda Fit LX Sensing
  12. Jeep Compass Sport
  13. Subaru Crosstrek
  14. Ford Escape S
  15. Chrysler Pacifica Touring
  16. Buick Encore Preferred
  17. Hyundai Tucson SE
  18. GMC Canyon
  19. GMC Savana Van G2500 LS
  20. Chevrolet Express Van G2500 LS

Here are the past lists for 2019 and 2018 of the least expensive vehicles for insurance premiums.

2019

  1. Honda Odyssey
  2. Jeep Wrangler
  3. Subaru Outback
  4. Mazda CX-3
  5. Honda HR-V
  6. Honda CR-V
  7. Jeep Renegade
  8. Ford Escape
  9. Subaru Forester
  10. Jeep Compass

Source : Forbes

2018

  1. Toyota Prius C Hybrid Automatic 2WD
  2. Chevrolet Cruze LS Automatic 2WD
  3. KIA Sedona L Automatic AWD
  4. Nissan Versa Note S CVT 2WD
  5. Ford Focus Electric Automatic 2WD
  6. Hyundai Elantra LE Automatic 2WD
  7. Chevrolet Cruze Hatchback Automatic 2WD
  8. Toyota Tundra Reg Cab Automatic 2WD
  9. GMC Canyon SL Crew Cab Automatic 2WD
  10. Jeep Wrangler

Source : leasecosts.ca

Cheapest Vehicle Types In Ontario To Insure

Green Jeep Wrangler in a showroom

SUVs, crossovers and minivans are "more politely piloted than sports or high-performance luxury cars" according to Forbes’ blogger, Jim Gorzelany. These types of cars are designed for to be families where safety is a top priority.

Also, their drivers are generally more experienced and cautious. Almost all of the cars on these lists fall into this family car category.

Both the Jeep Wrangler Sport 4WD (a SUV) and the Honda Odyssey LX (a minivan) have 5-star safety ratings. This is the highest rating a vehicle can receive from the National Highway Traffic Safety Administration which is an important factor that makes their insurance less.

Here is a breakdown by vehicle type of models that are less expensive to insure.

Top SUVs

An SUV is an extremely popular vehicle today. Here are some of most affordable SUVs for premiums :

  • Honda CR-V
  • Jeep Wrangler
  • Hyundai Santa Fe Sport
  • Dodge Journey
  • Jeep Cherokee
  • Ford Escape
  • Mazda CX-5
  • Nissan Rogue
  • Chevrolet Equinox
  • Toyota RAV4

Top Trucks

Trucks are popular in Canada. Here are some of the most economical pickup trucks to insure :

  • Chevrolet Colorado
  • Toyota Tundra
  • Chevrolet Silverado
  • Nissan Titan
  • Nissan Frontier
  • Toyota Tacoma
  • GMC Canyon
  • Ford F-Series
  • GMC Sierra
  • Ram Pickup

Sports Cars

Sports cars are generally more to insure compared to other vehicle types. If you want to drive a sports car and save as much as possible, consider a vehicle from this list from autobytel.com :

  1. 2017 Mazda MX-5 Miata
  2. 2017 BMW Z4 Roadster
  3. 2018 Corvette Stingray
  4. 2017 Subaru BRZ
  5. 2017 Porsche Boxter
  6. 2018 Audi TT
  7. 2018 Chevrolet Camaro SS
  8. 2017 Ford Mustang GT
  9. 2018 Subaru WRX STI
  10. 2018 Nissan 370Z

Top Electric Cars

Driving an electric car? Thinking about buying or leasing one in the future? Many insurance providers offer an eco friendly discount of up to 10% for drivers with an electric or hybrid car. Here are some to checkout :

  1. Kia Soul EV
  2. Nissan Leaf
  3. Fiat 500e
  4. Hyundai IONIQ
  5. Tesla Model 3
  6. BMW i3
  7. Volkswagen e-Golf
  8. Ford Focus Electric

Top Luxury Cars

Luxury vehicles are associated with higher costs because they are more expensive, a bigger target for thieves, and they tend to be more expensive to repair. But you can still find good rates. Here are the least expensive luxury cars to insure from Autobytel.com :

  1. Acura TLX
  2. BMW 3 Series
  3. Cadillac CTS
  4. Buick LaCrosse
  5. Toyota Avalon
  6. Lexus ES
  7. Volvo S60
  8. Infiniti Q50
  9. Lincoln MKZ
  10. Audi A4

What Are The Cheapest Used Cars To Insure?

Used cars are generally less to insure than new vehicles as long as they aren't too old. So, if you are looking to save, so consider buying a used car to save. According to autobytel.com, here is a list of used cars to consider :

  • Buick Lucerne
  • Buick LaCrosse
  • Toyota Camry
  • Volvo V70
  • Toyota Avalon
  • Mercury Grand Marquis
  • Volvo S80
  • Mini Cooper
  • Volkswagen Beetle
  • Chevrolet Impala

What Are The Cheapest Used Cars To Insure For Teenagers?

Teenagers, new drivers pay more for insurance. One way to help lower expenses is to drive a vehicle that is inexpensive to insure.

This often means driving a small to mid-sized car with a good safety rating and lower replacement part costs. Use the lists above to find the cheapest car and insurance for young drivers.

What Car Related Factors Contribute To Lower Insurance Rates?

There are many car related factors insurance companies use to determine ratings for specific makes and models :

1) Type Of Car Driven

The type of car that people choose to drive often reflects their lifestyle, life stage and what they use the vehicle for. A vehicle such as a minivan or crossover is more likely driven by a married person with children and it is used for transporting children.

Insurers predict, based on the statistics that they keep, that people who drive a certain type of vehicle are concerned with safety and drive with caution. This driver behaviour usually results in lower risk of collisions or claims.

2) Higher Safety Ratings

crash test dummy in a car seat

A car’s safety rating impacts insurance. Higher safety ratings translate into lower premiums. Cars are becoming safer every year with advances in engineering and technology. Safety ratings are based on :

  • Crash Protection : How well does a car protect the people in it in the event of a crash? This where things like airbags, crumple zones and frame design make a car safer. A car’s resistance to rollover is important also.
  • Crash Avoidance : New technologies that can help prevent a crash or reduce its severity make a car safer. These include :
    • Forward Collision Warning
    • Lane Departure Warning
    • Rear view Video Systems
    • Automatic Emergency Braking

Choosing a car with a solid safety rating will help reduce your premiums. For more information on cars and their ratings, you can visit the website for the National Highway Traffic Safety Administration (NHTSA) or safercar.org.

3) Lower Repair Or Replacement Costs

If you purchase a vehicle that has high repair costs (such as the Porsche Cayenne) you will pay more. Not only are repair costs higher but so are the costs to replace the car if it’s damaged too much to be fixed or if they exceed the value of the car.

4) Less Likelihood Of Theft

In Canada, according to the IBC, a car is stolen every 7 minutes. Car theft is a serious problem and risk for insurers. They have to transfer some of this expense to the consumer. If you drive a car with a low instance of theft, you will save on your premiums. Adding an aftermarket anti theft alarm device can help you save even more.


Cheapest Cars To Insure FAQs

Smaller cars and SUVs tend to be more affordable to insure in Canada. The Mazda CX-3 and Honda CR-V are excellent options to get low insurance rates.

The vehicle brand you choose will affect your how much you pay. The least expensive brand is difficult to determine without also considering the model, vehicle type and many other factors. Toyota, Jeep, Honda, Hyundai are some of the best car brands to save money.

The most family cars are mid-sized cars, minivans, or SUVs are less to insure. These types of vehicles tend to have strong safety ratings, security features, and cost less to repair. The Honda Odyssey is a good choice for savings. Find out how much your premium will be by comparing quotes.

It depends on the vehicle. But, in general, older cars are less expensive to insure for many reasons. For example, many drivers keep minimal coverage on older vehicles, which helps to lower insurance. Speak to your insurance provider to find out for sure if your older car is cheaper to insure.

The most affordable cars to insure at 18 years old are small to mid-sized vehicles. Ideally, teen drivers will get added onto their parent’s insurance policy as an occasionally driver to save the most.

Most smaller vehicles cost less buy and have low insurance premiums. Some of the budget friendly compact cars include the Nissan Micra, Kia Rio and Ford Fiesta for lower rates.

Shop Around To Find The Least Expensive Vehicle To Insure

The car you choose has a huge impact on how much you will pay for insurance. Shopping around and doing your research could save you hundreds of dollars annually. When you find the right vehicle, we'll gladly help you find the best coverage at the lowest price.

Here Are Some Other Helpful Insurance Articles

Average Car Insurance In Ontario By Month, Age And Gender
Car Accident Reporting And What Do After You've Been In An Accident
A Guide to the Ontario Graduated Driver's Licensing System
The Total Cost To Own And Drive A New Car
Demerit Points In Ontario

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