Canadian drivers are constantly looking for effective ways to save on car-related costs, ranging from fuel to insurance coverage. Although we can’t help you with gas prices, we can help you learn how you can potentially reduce your car insurance costs.
The price of your car insurance is influenced by many factors, including the type of car you drive. This leads to the question, “what is the best value car based on insurance?”.
Continue reading to learn more about the top vehicle models based on insurance, how the model you drive can influence the cost of your car insurance rates, and some additional tips on saving on coverage.
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Finding the right car insurance policy can feel like finding a needle in a haystack; unless you’re teamed up with your personal Surex insurance provider.
At Surex, we make finding high-quality, affordable car insurance a simple and frictionless task for drivers across the country. We do this by giving Canadians the option to get quotes online or over the phone. Whether you’re on your cell phone, laptop, or any other device, we can help you find and save on car insurance in Canada.
How do we do this? Firstly, Surex works with the top car insurance carriers in Canada, allowing us to get access to some of the best deals on the market. Additionally, when you team up with a Surex insurance advisor, you work with the same person (no pre-recorded voice prompts!) from start to finish.
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What is the best value car Canada has to offer (based on insurance rates)?
As of 2022, the following cars have (on average) the lowest insurance rates in Canada:
- 2009 Dodge Journey SXT 4-Door 2WD — up to 43.39% lower than the Canadian average
- 2011 Ford F150 XLT SuperCrew 4WD — up to 35.78% lower than the Canadian average
- 2010 Toyota Matrix Wagon — up to 32.9% lower than the Canadian average
- 2011 Chevrolet Cruze LT Turbo 4-Door — up to 28.83% lower than the Canadian average
- 2015 Volkswagen Golf 2.0 TDI 4-Door Hatchback — up to 27.89% lower than the Canadian average
- 2006 Toyota Corolla CE 4-Door — up to 25.94% lower than the Canadian average
- 2019 Dodge Grand Caravan GT — up to 25.94% lower than the Canadian average
- 2013 Ford F150 XLT SuperCrew FWD — up to 24.68% lower than the Canadian average
- 2011 Dodge Grand Caravan SE — up to 19.54% lower than the Canadian average
- 2008 Dodge Grand Caravan — up to 19.4% lower than the Canadian average
Driving one of the vehicles mentioned above can translate to lower car insurance rates if you have a clean driving record and display that you are a responsible motorist with safe on-road habits.
It’s also worth noting that multiple generations of the Dodge Grand Caravan are featured on the list. This is something that drivers may want to keep in mind if they’re planning on buying a minivan in the near future.
The best value SUV in Canada (based on insurance)
It may come as a bit of a surprise that an SUV tops the 2022 list of best priced cars (based on insurance).
There are several reasons why the 2009 Dodge Journey SXT 4-Door 2WD is the best SUV for the money (based on insurance); however, the primary reason is its safety rating.
The 2009 Dodge Journey SXT 4-Door 2WD received a high rating from the IIHS (Insurance Institute for Highway Safety) on both head-on and side-impact crash tests. Vehicles that receive a high rating are seen as less of a risk, due to the fact that the driver and passengers are less likely to get injured in the event of an accident.
All in all, drivers that want the best SUV for the price (based on insurance), can look for a 2009 Dodge Journey SXT 4-Door 2WD.
Now let’s take a look at some of the most expensive cars to insure in Canada.
What are the most expensive cars to insure in Canada?
The following vehicles have (on average) some of the highest car insurance rates in Canada:
- Honda Civic SI Coupe
- Porsche Cayenne
- Ford F-150 Super Duty
- Acura TL
Why do certain cars cost more to insure than others?
Car insurance is based on the type of car you drive; several unique vehicle-related factors can influence the price of your car insurance in Canada. Some of these factors include:
Vehicle value — Expensive vehicles (like luxury cars) generally cost more to repair or replace. In order to offset the additional financial risks, car insurance companies tend to charge drivers more if they own an expensive vehicle.
Theft rate — Certain vehicles are more likely to be targeted for theft than others. For instance, some large trucks are targeted for equipment, electronics, or tools stored in the bed (not necessarily the vehicle itself). Similarly, if a driver lives in an area with a high vehicle theft rate, they may have to pay more for coverage.
Click the following link to learn more about the most stolen vehicles in Canada.
Model variations — Car companies manufacture a variety of models. Each of these models are unique; thus, they have varying risk levels. Car insurance companies need to take these variations into account while determining car insurance rates.
What other factors influence car insurance rates in Canada?
Lots of factors can influence your rates! Here are some of the noteworthy variables that drivers should keep in mind:
- Location (province, city, etc.)
- Age of the driver
- Gender of the driver
- Credit score (in select provinces)
- Driving record
- Claim history
- Car usage
What have you learned about the top cars (based on insurance) in Canada?
Before committing to a new car, drivers should do some research about the average insurance rates for said vehicle. Taking the time to do some research makes it easier for drivers to make an informed decision that helps them save money and stay safe in the long run.
