Buying a car (new or used) is one consideration when it comes to your budget. But then you have to insure it! Here are 3 candidates for the cheapest car to insure in Canada.
With everyone trying to save money, there’s nothing wrong with stretching a dollar. In fact, owning and operating a car can be expensive. It’s practical for drivers to try to find a way to minimize their insurance cost. When it comes to insurance costs there are many factors that can determine your rates including your location and driving record to name a few. However, what kind of car actually gets the best insurance rates? Here’s a quick overview to help you decide.
According to Insure.com’s annual online ranking, they’ve introduced the Jeep Wrangler (Freedom) as the least inexpensive vehicle to insure for the year. Their rates were compared to over 3,000+ different vehicle models and the rates from 6 insurance companies to come up with the cheapest car model for insurance purposes. The Jeep Wrangler stands out for Canadian drivers. Priced at an estimated $28,000, insurance rates will cost you around $1,160 a year. Due to their lack of luxury and additional safety features, they’re easy on the pocket when it comes to finding cheap insurance coverage.
Looking for a minivan? The Honda Odyssey LX is ranked number 2 by Insure.com because oftentimes minivans have stand-out safety features including well ranking “crash-rating test.” Most minivans are used by parents to transport their kids causing them to be a cheaper model to insure. In fact, studies have shown they’re more likely to be driven by safe drivers. In this case, boring is better because it means cheaper insurance costs. Minivans are also used as family vehicles which is an additional safety plus for insurance companies. The Honda Odyssey will cost you an average of $1,180 each year for insurance.
The Volkswagen Golf & Jetta are both great options for cheaper car insurance rates in Canada. This is based off of additional online research used by calculating the costs of a fictional driver that’s 35 years of age with a clean driving record. The Volkswagen gives you a bit more luxury than the above mentioned models, but also has great safety test features. In fact, they’re also reasonably priced at $19,800 which causes their insurances rates to steadily decline each year. The Volkswagen is also equipped with blind spot monitoring and forward collision monitoring features that are highly recognized by insurance providers. It’s estimated that a Volkswagen will start out costing you $950 the first year for insurance.
Remember, when you’re looking for the cheapest car to insure in Canada, how you use your vehicle (i.e. work, racing), mileage, and your credit record are other factors that will determine how much you pay for insurance. Don’t hesitate to discuss lower insurance premiums with your insurance provider based on your good driving record, location, and vehicle model.