May 26, 2023
Are You Looking For The Cheapest Car To Insure In 2023?
Everyone wants to know the cheapest cars to insure. It is a top consideration when you are looking for a new vehicle. The cost to have a car includes more than how much you pay for it. Insurance costs for different makes can vary by hundreds of dollars or more. The vehicle you choose to drive has a big impact on your premiums.
Finding the cheapest cars to insure can be a time-consuming process. We know you don’t have hours and hours to dedicate to finding out which cars have low rates for car insurance in Ontario. We’ve compiled a series of lists of vehicles that are insurance friendly.
We compared estimates from our data to bring you the information you need to choose the right vehicle and get the lowest premiums. If you are starting on your purchase journey, this is a good time to include research on the cost of insuring it.
Comparing coverage from various providers is a great way to reduce your total car ownership costs especially if you’ve taken out a loan. This guide will help you to understand how your choice of car will influence the car insurance quotes you get. Browse below to find the average price for vehicles you are interested in.
What Are The Cheapest Cars To Insure In Ontario?
The cheapest vehicle to insure will change each year. As new vehicles become available in 2023 and as providers adjust how they determine rates, they will go up or down for some models.
But there are some models that are consistently ranked as the most affordable for coverage. We’ve included models from a variety of classes to give you a good overview of your options.
Here are frequent models that top the list over the last 5 years and are a good choice for smaller payments:
|Toyota Prius||$1,917||$159||Honda Odyssey||$2,059||$171|
Here are some additional reasons to choose one of these vehicles:
- Jeep Wrangler: You see the Wrangler on the list almost every year. As a larger vehicle, it offers great storage space, and it is ideal for families, and those who travel and enjoy the outdoors. Compared to other similar models, you’ll pay less for coverage without having to sacrifice quality or style.
- Nissan Versa: The Versa is another popular subcompact. It has great fuel economy, it has a good base price, and it has a great array of safety features. These things make it a top option for insurance compared to other vehicles in its class.
- Toyota Prius: When you think of savings, hybrids are not the first vehicle type to come to mind. Surprising to many, the Prius has regularly appeared in the rankings over the past few years. This is good news if you are in the market for this type of vehicle. It omits fewer emissions and has minimal fuel consumption. But it is also known for its exceptional safety features.
- Honda Odyssey: If you are looking for a vehicle that can fit the entire family comfortably, is affordable, and offers all the features you need, the Odyssey is it. Even though SUVs are popular today, it still holds their own, and people are drawn to them because of their insurability.
- Honda CR-V: A second Honda vehicle, the CR-V is a compact SUV that looks great and is ideal for city and highway driving. The brand is known if its reliability and safety features, two things insurers value when assessing costs.
- Chevy Cruze: The Cruze is a small sedan with great fuel economy. Its affordability is one of the most appealing features. Its recently updated safety technology and reasonable repair costs make it a great value for insurance.
Cheapest Cars To Insure In 2023Forbes recently updated a 2023 list of the cheapest cars to insure from the top-selling vehicles. Here are the top 25 in order of most affordable premium:
|Honda CR-V LX||$1,574||$131|
|Jeep Wrangler JL Sport||$1,585||$132|
|Subaru Forester 2.5I||$1,613||$135|
|Hyundai Tucson SE||$1,637||$136|
|Jeep Compass Latitude||$1,645||$137|
|Chevrolet Equinox L||$1,661||$138|
|Ford Escape S||$1,663||$139|
|Volkswagen Tiguan SE||$1,663||$139|
|Ford F-150 XL||$1,672||$139|
|Chevrolet Trax LS||$1,680||$140|
|Toyota Tacoma SR||$1,688||$141|
|Toyota RAV4 LE||$1,704||$142|
|Kia Sportage EX||$1,705||$142|
|Dodge Grand Caravan SE||$1,713||$143|
|Ford Edge SE||$1,722||$144|
|Mazda CX-5 Grand Touring||$1,729||$144|
|Chevrolet Traverse LS||$1,733||$144|
|Ford Ranger Lariat||$1,748||$146|
|Toyota Highlander LE||$1,757||$146|
|Nissan Rogue S||$1,758||$147|
|Honda Pilot SE||$1,762||$147|
|GMC Canyon All Terrain||$1,777||$148|
|Subaru Outback 2.4I Limited XT||$1,789||$149|
Top 10 Cheapest Cars To Insure In Canada In 2022
We receive a lot of quote requests for the top-selling cars in Canada. Here is a sample of the cost to insure the top 10 vehicles sold in 2022:
|Vehicle||Sales To Date||Premium*|
2022 Sales numbers from Driving.ca.
Most Affordable Vehicles To Insure By Type
SUVs, crossovers, and minivans are "more politely piloted than sports or high-performance luxury cars" according to Forbes’ blogger, Jim Gorzelany. They are designed for families where safety is a top priority.
Also, their drivers are generally more experienced and cautious. Almost all on these lists fall into this family car category.
Both the Jeep Wrangler Sport 4WD (an 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 them less to insure.
Here is a breakdown by vehicle type of models that are less expensive.
Cheapest SUVs To Insure
An SUV is an extremely popular vehicle today. Here are some of the most affordable SUVs to insure:
|SUV Model||Premium||Monthly Payment|
|Hyundai Santa Fe Sport||$2,463||$205|
Other Types Of Vehicles That Cost Less To Insure
Pickup trucks are popular in Canada. Here are some of the most economical pickup trucks to insure:
|Truck Model||Premium||Monthly Payment|
Sports cars are generally more for insurance 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:
|Sports Car Model||Premium||Monthly Payment|
|2017 Mazda MX-5 Miata||$2,512||$209|
|2017 BMW Z4 Roadster||$3,170||$264|
|2017 Subaru BRZ||$3,441||$287|
|2017 Porsche Boxter||$2,951||$246|
|2018 Audi TT||$3,055||$255|
|2018 Chevrolet Camaro SS||$2,338||$195|
|2017 Ford Mustang GT||$2,302||$192|
|2018 Subaru WRX STI||$2,681||$223|
|2018 Nissan 370Z||$3,524||$294|
Drive an electric car? Or perhaps you drive one of the newer electric trucks that are becoming more popular. Thinking about buying or leasing one in the future? You may be able to get an eco-friendly discount of up to 10% by driving an electric or hybrid car. Here are some to check out:
|Electric Car Model||Premium||Monthly Payment|
|Kia Soul EV||$2,964||$247|
|Tesla Model 3||2,562||$214|
|Ford Focus Electric||$1,699||$142|
Luxury vehicles are associated with higher rates because they are more expensive, a bigger target for thieves, and tend to be more expensive to repair. Here are the least expensive luxury options to insure from Autobytel.com:
|Luxury Car Model||Premium||Monthly Payment|
|BMW 3 Series||$2,481||$207|
What Automobile Brands Are Lower To Insure in 2023?
We checked over 3,000 quotes from 2023 data for the top 20 brands. We found that domestic brands had the most savings. Luxury and foreign brands were the most expensive cars to insure.
|Rank||Car Brand||Premium||Monthly Payment|
What Are The Cheapest Used Cars To Insure?
Used are generally more affordable than new vehicles if they aren't too old. So, if you are looking to save, consider buying a used car. According to autobytel.com, here is a list of used cars to consider:
What Are The Cheapest Cars For Teenagers To Insure?
Insurance for young drivers is typically much more compared to experienced drivers. So, choosing the right vehicle can help reduce overall driving expenses. Here is a list of some of the most affordable cars to insure for teenagers:
Why Are Some Cars Less To Insure Than Others?
Certain types of makes are less to insure than others. Insurers track all the costs involved in claims and can link them back to specific models. Things like the vehicle type, accidents, repairs, theft, and safety ratings for the vehicle have a significant impact on the rate.
Here are the main factors:
- Type Of Car Driven: The type you choose to drive often reflects your lifestyle, life stage, and how you use the vehicle. For example, a minivan or crossover is more likely driven by a married person with children. Insurers predict, based on the statistical data, that people who drive a certain type of vehicle are concerned with safety and drive with caution. This driver behaviour usually results in less of a chance of collisions or claims.
- Safety Ratings: A car’s safety rating impacts insurance. Higher safety ratings translate into lower fees. They are becoming safer every year with advances in engineering and technology. Safety ratings are based on crash protection and avoidance. How well does it protect the people in it in the event of a crash? New technologies that can help prevent a crash or reduce its severity to make it safer such as forward collision warning or automatic emergency braking.
- Repair Or Replacement Costs: If you purchase a vehicle that is expensive to repair you will pay more. Not only are repair costs higher but so is the amount to replace it if it’s damaged too much to be fixed or if they exceed the value of the car.
- Likelihood Of Theft: In Canada, according to IBC, a car is stolen every 7 minutes. Theft is a serious problem and concern for insurers. To offset costs, they transfer some of this expense to the consumer. If you drive a car with a smaller chance of theft, you will save more. Adding an aftermarket anti-theft alarm device can help you save even more.
Tips To Help You Choose A Vehicle That Is Less To Insure
Saving on your policy is like anything else. You can get great value if you understand the factors that impact how much you will pay. Use these general tips to find a vehicle that meets your needs:
- Go with a compact small car or SUV.
- Buy a used vehicle that isn't too old.
- Avoid the temptation of getting a sports car.
- Look at the safety ratings a choose one of safest cars in Canada to save more.
- Check the most stolen cars in Canada and reconsider a vehicle if its on the list.
Smaller cars and SUVs tend to be more affordable to insure in Canada. The Mazda CX-3 and Honda CR-V are excellent options. There are a lot of affordable cars available, especially if you have a good driving record. Spending the time to shop around is well worth it. Compare car insurance quotes to find what vehicle has better savings.
Teenagers and new drivers pay more for insurance. One way to help reduce expenses is to drive a vehicle that is inexpensive.
This often means driving a small to mid-sized car with a good safety rating and lower replacement part costs.
One of the most affordable options is to drive something older that has a lower replacement value. Another option is to choose a used vehicle or a family car. Vehicle choice is paramount. If you choose to drive a sporty model or one with a big price tag, you can expect your insurance to skyrocket.
Here are some models to consider:
- Honda Odyssey: Not the coolest choice, but it has low insurance.
- Toyota Camry (used): It is a reliable vehicle.
- Honda CR-V or Subaru Forester: Dependable smaller SUVs.
Most are mid-sized cars, minivans, or SUVs, which are less to insure. These types of vehicles tend to have strong safety ratings, security features, and are less to repair. The Honda Odyssey is a good choice for savings. Find out how much your Ontario car insurance will be by calling a ThinkInsure advisor.
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 to help save. Speak to your advisor to find out for sure if your older car is cheaper to insure.
Most smaller vehicles are less to buy and cost less to insure. Some of the budget-friendly compacts include the Nissan Micra, Kia Rio, and Ford Fiesta.
The most affordable vehicles for 18-year-olds are small to mid-sized vehicles. Ideally, teen drivers will get added onto their parent’s policy as an occasional driver to save the most.
The type and age of a vehicle are always considered when determining insurance prices. Are newer cars more affordable to insure? It depends on the vehicles you are thinking about getting. In general, newer ones have good premiums because they have modern safety and security features. Always assess your options to see what is right for you.
There is no direct correlation between the colour of your vehicle and your insurance payments. But things like custom paint jobs, decals and tint can increase your costs. These things increase how much it would be to repair your vehicle back to its original state if it were damaged or vandalized.
Shop Around To Find A Vehicle That Is Less To Insure
The car you choose has a huge impact on how much you will pay for car insurance in Toronto or other parts of the province. 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 coverage at the lowest price. Try our car insurance calculator to get an estimate for your vehicle.
We culled lists from top auto sites across the internet to curate a list of the most affordable vehicles for insurance. We also reviewed our internal data for Ontario car insurance to determine the best options. Data is from drivers with a clean driving record and G driver's licence (unless otherwise stated) in the province. Results can vary based on your specific situation.
*From January 1 to March 31, 2023. Standard coverage, G driver’s licence, and clean record.
**From January 1, 2022, to March 31, 2023. Standard coverage and clean record.