Luxury vehicles are associated with higher rates because they are more expensive, a bigger target for thieves, and tend to be more expensive to repair.
Vehicle prices are on the rise, and so is the cost of car insurance. If you’re looking for ways to save money when it’s time to buy a new or used car, you’ll want to know what vehicle will get you the most bang for your buck. Alongside your driving history, where you live, and your age.
“your car insurance premium is also calculated based on the kind of car you’re insuring”
Before you commit to a specific make and model, consider what types of vehicles generally cost less to insure. Certain types of makes are less to insure than others. Insurers track all the costs involved in claims and can link them back to specific models. Things like the vehicle type, accidents, repairs, theft, and safety ratings for the vehicle have a significant impact on the rate.
Insurance costs for different makes can vary by hundreds of dollars or more. The vehicle you choose to drive has a big impact on your premiums. Here are frequent models that top the list over the last 5 years and are a good choice for smaller payments –
- Jeep Wrangler
- Nissan Versa
- Toyota Prius
- Honda Odyssey
- Honda CR-V
- Chevorlet Cruze
Drive an electric car or electric trucks that are becoming more popular. Thinking about buying or leasing one in the future? You may be able to get an eco-friendly discount of up to 10% by driving an electric vehicle.
You can get best value if you understand the factors that impact how much you will pay.
- Go with a small SUV or car.
- Avoid the temptation of getting a sports car.
- Buy a used vehicle that isn’t too old.
- Look at the safety ratings a choose one of safest cars in Canada to save more.
- Check the most stolen cars in Canada and reconsider a vehicle if its on the list.
Just remember not to get cars that are too old, or else you might have to make up the low insurance costs with higher repair bills.
There are also a wide variety of car insurance discounts you may qualify for based on your lifestyle, your driving history, and the kind of car you drive? Reach out to your licensed car insurance broker to learn more and see if you qualify for savings.
