Car insurance rates continued to descend as pandemic restrictions limited the number of drivers on the road. But despite experiencing a rise in profits brought about by a huge drop in claims, insurance companies were not able to share the benefits equally among consumers across the country, the latest figures from Lowestrates.ca have revealed.
The comparison website’s Auto Insurance Price Index from April to June showed premiums in Ontario and Alberta dipping for the second consecutive quarter, while rates in Atlantic Canada remained flat compared to first quarter numbers.
The firm’s data revealed that Ontario rates went down almost 5% compared to the previous quarter and 11% year-on-year. Premium prices in Alberta, meanwhile, dropped 11% quarter-over-quarter but went up 1% from the same period in 2020. In Atlantic Canada, there was a marginal dip in quarterly car insurance rates, but the figure shot up by almost 20% year-on-year.
“Ontario was the poster child for market competition: many insurance providers re-entered the market, which helped drive prices down,” the comparison site wrote in its analysis. “By contrast, Alberta had fewer insurance companies to choose from, but rates still went down. Meanwhile, drivers in Atlantic Canada have made fewer claims, but insurance providers didn’t pass on savings at the same rate.”
However, there are several other factors that determine car insurance rates, including the driver’s age, gender, and driving record, and the vehicle’s make and model. To help Canadian consumers identify which vehicles are the least expensive to insure, Lowestrates.ca gathered a year’s worth of data from 2019 to 2020 and compared full-coverage premiums for a hypothetical driver aged between 30 and 49 who has a clean record and drives between 15,000 and 25,000 kilometres annually.
Based on the information it compiled, the comparison website then came up with a list of the top 10 vehicles with the lowest average national premiums. Here are the least expensive vehicles to insure in Canada this year, according to Lowestrates.ca.
1. 2009 Dodge Journey SXT 4-door 2WD
With premiums costing 43.29% lower than the national average, the first version of the Dodge Journey tops the list. The model replaced the Dodge Magnum and Chrysler Pacifica and was the company’s first attempt at a crossover vehicle. Drivers like its performance, reliability, and safety ratings. The Insurance Institute of Highway Safety (IIHS) gave it a good score in front overlap and side crash tests.
2. 2011 Ford F150 XLT SuperCrew 4WD
The first F150 model to make the list, the 2011 version is 35.78% less expensive to insure compared to the national average. Most owners like the pick=up truck for its fuel-efficiency and towing and hauling capabilities. In fact, the F150 series has been the best-selling truck in Canada and the US for four decades, according to the Business Insider. Because of this, replacement parts are widely available, keeping insurance costs down.
3. 2010 Toyota Matrix Wagon
The hatchback version of the Toyota Corolla sedan costs 32.9% less to insure than the national average. Although production has been discontinued in 2014, its mechanical components were manufactured in large numbers and shared with other vehicles, making the parts easily accessible. This has contributed to low insurance rates. The 2011 Toyota Matrix also got a good score on IIHS’ collision test.
4. 2011 Chevrolet Cruze LT Turbo 4-door
Insurance rates for the first-generation Chevrolet Cruze are 28.83% cheaper than the national average. Its strong performance in collision tests and being recently named as a top safety pick by the IIHS are among the factors driving down premiums. Many owners also laud the vehicle’s infotainment system. In 2011, the Automotive Journalists Association of Canada chose the Chevy Cruze as Canadian Car of the Year.
5. 2015 Volkswagen Golf 2.0 TDI 4-door Hatchback
Lowestrates.ca described the Golf as “made with the driver in mind,” “a very reliable car with a sleek design” and having “a lot of features for a decent price.” Insurance premiums are 27.89% less expensive than the national rates. The car is available with either a six-speed manual or dual-clutch automatic transmission. Online marketplace OntarioCars.ca said the car’s high-tech nature would make replacement parts expensive and presumed that the low rates were for manual transmission models.
6. 2006 Toyota Corolla CE 4-door
Surprisingly, the Toyota Corolla falls to the bottom half of the list with rates costing 25.94% less than average national premiums. Introduced in 1966, Toyota has since sold about 45 million Corolla units, according to MotorBiscuit, making replacement parts widely accessible and less expensive. Lowestrates.ca attributed the vehicle’s popularity to its affordability, reliability, and simplicity.
7. 2019 Dodge Grand Caravan GT
The Dodge Grand Caravan makes the list three times and for good reason – it is among the most affordable vehicles to own in Canada. Insurance premiums for the 2019 version cost 25.94% less than national rates. And although the model is being phased out, the large number of units produced makes replacement parts easy to access and inexpensive.
8. 2013 Ford F150 XLT SuperCrew 4WD
An updated version of the 2011 model, which placed second in the list, insurance rates for this vehicle are 24.68% lower than the national average. According to OntarioCars.ca, the changes include “refreshed front-end styling and a new version of the MyFord Touch infotainment system.” The online marketplace added that insurance costs for the 2013 model might be higher than that of the 2011 version due to “statistical differences in collision or theft rates” or the higher costs of replacing the restyled front bumper and grille.
9. 2011 Dodge Grand Caravan SE
With premiums costing 19.54% less than the national average, owners of the 2011 Dodge Grand Caravan can attribute the lower rates to affordable repair and replacement costs. Lowestrates.ca described the model as popular with families.
10. 2008 Dodge Grand Caravan SE
The third Dodge Grand Caravan in the list has premiums 19.4% cheaper than the national average. As with the other versions, replacing damaged parts or the entire vehicle is relatively affordable, which helps keep insurance costs down.