Purchasing a vehicle is a considerable investment, but purchase price should not be the only consideration. Fuel economy is a priority for many consumers, as well as, the costs involved with regular care and maintenance. All vehicles on the road are required by law to have auto insurance to provide financial protection for the policyholder and other drivers in case of collision. First year insurance premiums may cost up to as much as one-third of a new vehicle’s purchase price, but traditionally, thousands of vehicles are bought daily without a thought given to the cost of insuring them. Auto rates are determined by a variety of factors, including driving history, where you live, and the vehicle’s make, model and manufacture year. Some vehicles are cheaper to insure than others. Following are the ten cheapest cars to insure in Canada:
**Note: This post was originally posted in 2015 and has now been updated with 2017 statistics from lowestrates.ca.
1. Volkswagen Jetta (up from the #2 spot in 2015)
This car is one of Alberta’s most popular models. The Jetta is a comfortable, affordable, midsize sedan and rated as a top safety pick.
2. Volkswagen Golf
The Volkswagen Golf is a small family car that comes in a number of different body styles. It’s known for its versatility and safety, and it doesn’t hurt that is comes at an affordable price as well!
3. Toyota Camry
Originally compact in size, later models now put the Camry in the mid-sized vehicle range. The 2018 model sports a panoramic roof, pedestrian detection software and enhanced fuel economy.
4. Hyundai Accent (down from #1 spot in 2015)
The Hyundai Accent hatchback is popular with Canadians who find it affordable, dependable and fuel-efficient. It received the highest safety ratings for roof strength, rear crash protection, and moderate overlap front test results.
5. Chevrolet Cruze (up from #9 spot in 2015)
The Chevrolet Cruze is on the top ten list for cheapest cars to insure and a popular choice in Canada. The vehicle is furnished with the newest safety technology. The Cruze was the first vehicle in its class to have ten standard airbags and also includes an exceptionally strong steel safety cage surpassing roof-crush resistance requirements.
6. Mazda Mazda3
The Mazda3 was Mazda’s fastest selling car in 2014, with over 14 million units sold. It won the IIHS Top Safety Pick award in 2017, and its i-ACTIVSENSE safety technology helps drivers to take an active approach to safety by informing them of potential hazards.
7. Hyundai Elantra
The Hyundai Elantra is a compact car known for its smooth, precise handling, and advanced technology features.
8. Honda Civic
The Honda Civic has gained a reputation for being fuel efficient, reliable and environmentally friendly - making it a popular choice among Canadians. Later iterations of the Civic are also known for their performance and sportiness.
9. Toyota Corolla
The Corolla has been one of the best-selling cars in the world since 1974. The newest model sports dynamic radar cruise control, keyless entry and 8 standard airbags.
10. Ford Fusion (down from #6 spot in 2015)
The Ford Fusion is one of Canada’s favourite, moderately priced, midsize car. Insurance rates are lower as the overall safety of the Fusion is rated at the highest level of five stars.
Who didn’t make the cut? Back in 2015, these models were in the top 10 but have since fallen down in the ranks:
- Dodge Journey
- Jeep Wrangler
- Honda Accord
- Ford Escape
- Mazda CX-5
- Toyota Corolla
Take some time to review the insurability of a vehicle’s make and model. With a little research, Alberta residents can save a great deal of money on auto insurance. Contact ARC Insurance today to learn more!