Auto Insurance Rates By Model & Type in Ontario

  • different-model-and-make-cars

You may have decided that now finally it is time to buy a car after tossing the thought for several months. Yes, you do not want to take the crowded transit anymore and travel standing for nearly an hour. The idea of driving to work like many of your coworkers is appealing. The fancy car in your mind may be doable with your savings or a lease. But, in Ontario, you also have to consider the car insurance costs. It is mandatory to have active car insurance with standard coverage if you wish to drive in Ontario. So, you start checking out which car would be the best for you in terms of car insurance rates.

You may need to factor in all the related costs whether you wish to buy a new car or a used one. Insurance companies consider several factors while calculating the risk factor and the cost to insure a car. This is based on statistical analysis of claims filed for different car models as per IBC. It is also based on the risk a car carries for theft.  All of these details are used by insurers to classify cars. So, it would be a good idea to know about this when you decide to buy a car.

Sports Car Insurance

Dashing past on the roads, driving a sports car is a dream come true to many motorists. But on the insurance part, it could turn out to be a nightmare. When compared to other cars, a sports car carries a higher risk for insurers. Hence the insurance cost is also much more. The sports cars have a high-risk rating given due to the probability of theft and collision. These cars are mostly driven at high speeds and that foster unsafe road habits. So, the claims filed for this class of cars are a lot and for huge amounts. This is due to the steep cost to replace or repair the parts of a sports car. The Jeep Wrangler Sport 4 WD and 3 WD has some of the lowest insurance rates in this class as per latest data. On the other hand, Dodge Viper has the highest insurance cost at around $3000+ annually.

Truck Insurance

There are many types of trucks for use such as pickups, tow, dump, long haul, box trucks etc. Pickup trucks are very popular amongst users. Be it for work or a road trip, pick- ups are handy. Also, for a big family of more than 5,  a truck may be a better option than a sedan type car. Some drivers also compare the hauling or towing capacity of trucks. But insurance cost also matters as pickups do get used a lot. The insurance premiums are higher if a truck is used for commercial purposes. The factors considered are the make of the truck, cargo hauled, routes and type of business. A Ford F series of pick-up trucks is one of the best sellers. It is also a favorite amongst thieves and the risk rating is high. The Nissan Titan and Nissan Frontier do seem to have low insurance cost in this class.

Van Insurance

Whether you need to carry goods or tools of the trade, a Van is very useful for work. It has a box shape and is not preferred as a passenger vehicle. The vans are commonly used for business purposes and could be company vehicles too used for specific locations.The lowest average insurance cost could range around $1000 per year. The Freight Liner and Dodge Sprinter models are considered cheaper to insure in Ontario.

SUV Insurance

These cars are loved by those who may dislike minivans, station wagons and vans. The off- road capability and comfort with more seating are some of its best features. The insurance rates are higher for SUVs when compared to others. These cars are bigger in size and also cause more damage in a collision. A lot of these have known safety issues. They are also costly to repair. Ford does have the best-seller models in this class. However, models such as Subaru Forester, Jeep Patriot, and Mazda Tribute are also other cars in this category with low insurance rates.

Classic Car Insurance

A vintage car is termed as a classic car. The antique value of the car may be very high. But this value may not be covered by insurance companies. So, a standard coverage is not ideal. It is advised to get coverage from an insurer who is a specialist in classic cars. Rather than getting coverage from a regular car insurance provider as they may rate your premiums high. You may have even modified the classic car to drive in current road conditions. The classic car insurance does need some requirements to be met to qualify. At least 10 years driving experience with a clean record is a prerequisite. A classic car is classed as a ‘pleasure or hobby’ vehicle. The insurance company does an appraisal to assess the replacement value which has to be mutually agreed to by the insured.

Mini Van Insurance

If you have a growing family, maybe it is time to get a mini- van. It is a smaller version of the van with better passenger comfort. You may have to consider the seating and storage capacity, safety features etc. along with the insurance cost too. Fortunately, the mini- vans belong to the class of least theft risk. As per IBC, It has been a trend since many years based on data that mini-vans are least likely to be stolen. Hence the insurance rates could be better for this type of cars. Dodge Caravan mini- van and Honda Odyssey LX has the lowest insurance rates in this category. Average insurance cost was around $1113 annually.

Sedans & Coupe Insurance

Sedans are popular amongst small families due to the passenger comfort level and other features. In general, sedans also have low insurance costs attached with many choices. The Pontiac Grand Prix, Honda Civic, Volkswagen Jetta, Toyota Camry are some of the sedan models that have the lowest insurance cost in Ontario.


 Resources:

http://www.ibc.ca/on/auto/buying-auto-insurance/how-auto-insurance-premiums/how-cars-measure-up

http://www.ibc.ca/on/auto/theft/top-ten-stolen-cars?p=on&y=2015#stolen-cars

http://www.forbes.com/sites/jimgorzelany/2016/02/23/the-cheapest-2016-cars-to-insure/#3769f58d4e8a