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. Researching the cheapest car insurance rates is a great way to rein in your car expenses – especially if you’ve taken out a car loan.
How Are Car Insurance Rates Calculated?
Before we get into the which cars are the cheapest to insure it’s important to understand that there are many factors used to calculate a driver’s car insurance rates. Things like where you live, how much you drive and how good of a driver you are also impact how insurance companies calculate your overall car insurance rates.
If you are a driver in Ontario, especially the Greater Toronto Area you probably already know this as rates there are the most expensive in Canada.
These factors include :
- Driver’s Personal Information : Things like age, years licensed and where you live can have a big impact on rates.
- Driving Record : Having a clean driving record with no tickets or at-fault accidents will ensure you get the cheapest rates.
- Driving Habits : The more you drive the more chance you have of being in an accident so those who drive a lot will pay more for their insurance.
- Insurance History : As you build your insurance history and pay your premiums on time your rates will get cheaper.
- Type Of Car Driven : Cars that are safe, not easy to steal and less expensive to repair have lower rates.
Learn more about how car insurance rates are determined.
Some Cars Are Cheaper To Insure Than Others
Certain types of cars, models and makes are cheaper to insure than others. Insurance companies track all the costs involved in insurance claims and can link the types of costs back to specific car models.
Here are the car related factors that impact how cheap a car is to insure :
- Type Of Car : What is the car designed for? Is it a performance or family car?
- Claims Costs : How expensive it to repair or replace the car?
- Theft : Is the car more likely to get stolen?
- Safety : Does the car have a high safety rating?
What Is The Cheapest Car To Insure?
The cheapest car to insure will change over time. As new vehicle models become available and as insurers adjust how they determine insurance rates, the cost to insure some vehicles will go up or down.
The cheapest car to insure will also depend on you – your driving history, age, number of insurance claims. So, even though a particular vehicle may be considered the cheapest to insure, it may not necessarily be cheap for you to insure. Always shop around and compare car insurance quotes to get the cheapest rates.
Which Car Has The Cheapest Insurance?
Based on the annual lists of the top 10 cheapest cars to insure, the Honda Odyssey is consistently ranked as the least expensive to insure, followed closely by Jeep Wrangler, and the Honda CR-V. In terms of cars, smaller vehicles such as the Toyota Prius, Chevy Cruze, and Nissan Versa tend to have the cheapest auto insurance rates.
2018 Cheapest Cars To Insure in Ontario
According to leasecosts.ca, here are the cheapest 2018 model cars to insurance in Ontario :
- Toyota Prius C Hybrid Automatic 2WD
- Chevrolet Cruze LS Automatic 2WD
- KIA Sedona L Automatic AWD
- Nissan Versa Note S CVT 2WD
- Ford Focus Electric Automatic 2WD
- Hyundai Elantra LE Automatic 2WD
- Chevrolet Cruze Hatchback Automatic 2WD
- Toyota Tundra Reg Cab Automatic 2WD
- GMC Canyon SL Crew Cab Automatic 2WD
- Jeep Wrangler