Whether you are looking to haul some goods or equipment, a pickup truck may be just the need of the hour. Drivers love pickup trucks for their towing and hauling capacity. We are referring to a pickup truck that is meant for personal use. There are four different types that pickup trucks are available in Ontario. The mid-size, full-size, compact and heavy-duty types are the different variants. A pickup truck with less bulk has better fuel economy. The Insurance Bureau of Canada makes a list of the 10 most stolen vehicles in Canada based on data from theft claims. Sadly, pickup trucks dominate the list with 9 out of 10 scores as per the 2015 report.
Do Pickup Trucks Belong To Commercial Or Personal Class Of Cars
As per MTO, all pickups are considered commercial as per citation in the Highway Traffic Act. A pickup truck that has registered more than 4500 kg gross weight may require a Commercial Vehicle Operator’s Registration certificate if used for business. It then belongs to the commercial class of cars.
A pickup truck may be considered for personal insurance if it fulfills the following criteria:
- The truck is for personal use and not business
- The registered gross weight is less than or equal to 6000kg
- The pickup has the original box that was fitted by the manufacturer without any modification
- The truck still has a replacement box that replicates the manufacturer fitting and has no modification
- The pickup is not used to carry or tow a commercial trailer with cargo, tools, or goods for business purposes.
CLEAR System By IBC
The insurance industry collects data based on claims for different types of vehicles and then IBC assesses this data. A CLEAR system is used across Canada to compute insurance premiums. The insurance companies calculate premiums based on various factors. The location of residence, commute, personal profile, and driving record are some aspects. The type of vehicle is one of the main criteria considered for risk. In general, it has been observed over the years that the insurance premiums for pickup trucks are higher than regular cars. This may also depend on the safety features installed too. If there are no theft detecting devices fitted in the truck, it does have a high-risk rating. Any modifications that are not standard for the brand, may also raise the insurance cost. A super-powered engine with higher horsepower is another high-risk factor in a truck. So, when trucks feature on the high-risk category as per CLEAR, the insurance company may charge higher premiums.
How Are Premiums Calculated For Pickup Trucks
The smaller models of trucks that are reasonably priced have less insurance cost. This is due to the reason that the cost of replacement or repair is much less in small damages. The smaller models of trucks that are reasonably priced have less insurance cost. This is due to the reason that the cost of replacement or repair is much less in the case of a claim for damages. For example, a truck with a 4-cylinder V8 engine might have cheaper premiums compared to a 6-cylinder one. The former is cheaper to repair or replace if totaled. So, the expensive larger pickup trucks have a steep insurance cost. In the event of a collision, a truck could cause more damage than a car. Certain makes and models of trucks frequent the claims list with huge settlement amounts. As per data, pickup trucks are often stolen. In fact, the frequency is 3 times more compared to a regular car. Due to the larger size, trucks may easily roll over causing more damage.
Top Reasons To Insure Your Truck
- You may drive a pickup truck for a living. It may help you carry some tools, small equipment, etc. without the need for heavy hauling or towing.
- If you do not carry the proper insurance coverage for your truck, you may lose your daily mode of transport in case of a big claim. So, you may just have a standard coverage but find out that it is not sufficient coverage for your claim.
- The high insurance premiums that you pay for the pickup truck may justify the huge amount you owe in personal injury and property damage claims.
How Can You Save On Insurance Premiums For Pickup Trucks In Ontario
Safe driving habits are factors that you could control when your insurer calculates your premiums. Apart from these, you may also check out if the following discounts apply to you and save you some cash.
- The driver education program discount: If you complete training from a reputed driver school, it may be an advantage to cut down premiums.
- The student discount: If you are a student and score well in school, you may inform your insurer. Certain insurers do give a discount on your car insurance premiums for good scores. This reflects that you may be an equally responsible motorist and adhere to the rules of the road.
- The multi-vehicle discount: If you bundle different car insurance or home insurance policies together, you may get a discount as a whole from the same provider.
- The driving record discount: In case you are able to maintain a clean claim-free record for 3 years or more, you could get a discount.
- If you are shopping around to buy a pickup truck, it would be a good idea to know the CLEAR theft score for that truck. The lower the score, the better would be your insurance deal.
- You may use your pickup truck with more care to reduce wear and tear. If driving for a long commute, you may secure good safety to prevent any tossing about causing damage.
- Adjust your coverage and deductibles for better insurance rates.
List Of Top 10 Pickup Trucks With Cheapest Insurance Rates In Ontario As Per CLEAR
Dodge Ram 1500 2WD
This truck has a V6 engine and the coil spring suspension is smooth. The interiors are stylish too with good options to manage cargo. This truck is powered by a 6-cylinder 240 hp engine with a capacity of 3.6 liters. The powertrain consists of an 8 speed automatic. It has alloy wheels, power mirrors, cruise control, power locks, etc. among other features.
2. GMC Sierra 1500 2WD
This is a full-size pickup truck and comes as a regular and extended cab. It has 2 doors and a third door at the rear and has a decent-sized cargo bed. The interiors are roomy with a convenient dashboard for ease of control. It has a 4.3-liter V6 engine with 5-speed manual transmission. It has 16-inch wheels and 200hp
3. Chevrolet Silverado 1500 2WD
This is a full-size pickup and was ranked highest by J.D. Power in the Large Light Duty Pickup segment in 2016. The pickup bed is strong and made of steel and roll-formed. It has a 6-speed auto transmission with strategically placed airbags for better safety. This truck comes in a regular cab style with standard or long box Chevrolet Colorado 2WD
4. Chevrolet Colorado 2WD
This is a mid-size pickup truck that comes in extended and crew cab styles. The extended cab features a 6’2” box and the crew cab has a 5’2” box. It comes with 6-speed manual and auto transmissions. The front 2 WD has coil-over shock and twin-tube shocks.
5. Toyota Tundra 2WD
This pickup has aggressive grille designs offered in 10 models. It basically comes in regular cab, double cab, and crewmax styles. The tailgate can be easily lifted and lowered. You may also secure goods with 4 tied-down cleats and protect them with a tonneau cover. The seating could be bucket seats or split-bench.
6. Toyota Tacoma 4WD
This pickup has good fuel economy and a 159 hp 2.7-liter 4-cylinder engine. It comes in access cab and double cab variants. A standard Go-Pro mount, better off-road performance and, composite cargo bed are good features.
7. GMC Canyon 4WD
This is a small size pickup truck. It comes in extended cab and crew cab with long and short boxes. The powertrain has 200 hp and runs on gas with a 4.10 rear axle ratio. It has a 2.5-liter I4 engine.
8. Nissan Frontier 2WD
This is a mid-size pickup truck with a V6 engine of 4.0 liter and 261 hp. Very good off-road capability and great features. A slider bed extender, step rails for easily reaching the roof, and bed tent are also provided in most standard models.
9. Nissan Titan 4WD
It has a 5.0 L 390hp V8 turbo diesel engine with a clean exhaust system that reduces noise and filters. There is also a 5.6 L V8 gas engine version.
10. Ford F-Series
This is a full-size pickup truck and has been the best seller in Canada for the past 50 years. The 2016 F150 is the latest popular model. It is available in 2.7 L 325 hp V6, 3.5L 253 hp V6 and 5.0 L 385 hp V8 engine models. It comes in regular cab, super cab and, supercrew cab styles. It could have a 5.5 ft, 6.5 ft, or 8.0 ft cargo box.