Cheapest SUVs to Insure in Ontario & Toronto

FREE COST CALCULATOR! COMPARE 30+ CHEAP CAR INSURANCE QUOTES


  • suv-cars

If you have decided that an SUV is going to be the vehicle of choice then no doubt you are going to want to know about the costs for insurance for this vehicle. It may not be the deciding factor as to which SUV you choose, but it should be part of the decision making.

The following is a list that is considered to be the cheapest SUVs to insure in Ontario and Toronto. But, this list is just the starting point when it comes to insurance.

  1. Hyundai Santa Fe Sport
  2. Dodge Journey
  3. Jeep Wrangler
  4. Ford Escape
  5. Mazda CX-5
  6. Jeep Cherokee
  7. Nissan Rogue
  8. Chevrolet Equinox
  9. Honda CR-V
  10. Toyota RAV4

What Makes These SUV’s Worth Investing In?

  • Everyone has their preferences when choosing their vehicle. Some of the important features include.’
  • The value they are going to get for their investment
  • The reliability of the vehicle
  • The exterior design
  • The interior design including comfort
  • Economy
  • Safety
  • Performance

Hyundai Santa Fe Sport

Hyundai Santa Fe 2019

This vehicle receives a good overall score for the majority of the features that are considered important. Some of the features that stand out are its slide seating capability. The standard features are impressive ones that don’t cost extra. In some of the ratings for the Hyundai Santa Fe Sport 2018 edition, it is receiving a 7.3 out of 10 rating. This is a vehicle where the emphasis has been put on safety and comfort, and speed is not the priority. It is not lacking in performance and is expected to be one of durability and reliance.

Dodge Journey

dodge journey 2019

The two big factors that stand out for the Dodge Journey is its reasonable pricing along with it being versatile. Choices like being able to choose between five or seven-passenger seats is a big plus. When it comes to performance the 173hp it delivers is a big pleaser. When it comes to safety features interested buyers like what they discover about the Dodge Journey. Some of which are standard and several that can be bought as additional. This way the car can be customized for safety based on the needs of the family.

Jeep Wrangler

Jeep Wrangler 2019

Most when they hear the name Jeep Wrangler the first thing that comes to mind is its ruggedness. But it is also a vehicle that can be relied on for its safety features. Along with its built it comfort and performance. Canadian driving weather can be unpredictable, but when one is driving the Jeep Wrangler, the concerns are far less. What many like about the latest models of this vehicle is the way in which it has become modernized in its design and looks.

Ford Escape

Ford Escape 2019

There have been no compromises made when it comes to technology or appearance in the Ford Escape. It has always been a favourite but after it’s overhaul it has become even better. For those who are looking for a compact SUV that is going to possess all of the “must have” features this is the vehicle of choice. Not only for those responsible for driving it but for passengers as well. This is a vehicle that also possesses all of the power that needs to be relied on and has a great feature like MyKey for parental controls. This is truly what can be considered to be a great choice when it comes to a family vehicle.

Mazda CX-5

For those who are impressed with the Japanese manufacturer of vehicles they often don’t look beyond this particular make and model. It is classed as the next generation with plenty of good reasons. Not only is it built for looks and comfort but goes beyond the standards of performance and economy. The various models are all considered to be in the top list of excellent cars. One that many are favouring is the Grand touring which has a set of features of its own that draw a great deal of attention.

Jeep Cherokee

Mazda CX-5 2019

The Jeep Cherokee is often thought about for its off-road capabilities. Now included in thoughts about this jeep is its impressive features that boast of the latest and best technology. When it comes to wanting an SUV that boasts of luxury, this fits right into that category. At one time nobody would ever have thought that jeep and luxury could be said in the same sentence. Choice and versatility is something else that comes with the Jeep Cherokee.

Nissan Rogue

Nissan Rogue 2019

For those who already favour this vehicle one thing they will often mention what they find important is its safety feature ratings. Which covers all those important safety aspects that come with driving in today’s environment. Then for those who enjoy a vehicle that offers the advantages of the latest technology the Nissan Rogue does not disappoint. Owners enjoy the door-to-door navigation feature. Driver and passengers are also impressed with the NissanConnect system.

Chevrolet Equinox

Chevrolet Equinox 2019

This is a vehicle that often becomes one that is driven by several family members including the teen drivers. Parents appreciate the comfort that the Teen Driver Technology brings them. It allows the young one the freedom of being able to drive the family car. At the same time allows the parents to set some driving perimeters that help to teach the young driver proper and safe habits.

Honda CR-V

Honda CR-V 2019

There may be a few minor things about this vehicle that doesn’t take the lead when it comes to the latest vehicle technology. But, there are so many that do that those that are missing are insignificant. This vehicle is rated as one of the big sellers in Canada for a variety of different reasons. While still keeping it sleek appearance it now has a ruggedness to it that depicts just how tough and reliable this vehicle is. There has been no compromise on space or its ability to provide a smooth and pleasant ride on a continuous basis.

Toyota RAV4

toyota rav4 2019

The Toyota RAV4 has become a leader in all of the features that are considered important in a vehicle. It more than meets acceptable standards when it comes to safety. There are no flaws when it comes to performance. This is because of its all-wheel driver feature in combination with the Dynamic Torque control. There is also a hybrid option which many are showing a keen interest in. For them, they like the fact that they can go hybrid without losing out on the RAV4 features that they find so exciting.

Metrics for Determining Vehicle Insurance Premiums

It helps to know how insurance companies arrive at the prices they decide to charge you on your premiums.  The make and model of the vehicle is one of many metrics that most insurance companies will use.

  • The make and model of the vehicle
  • The personal driving information of the insurance applicant
  • The neighbourhood in which the car will be stored when not in use

What this indicates is that insurance costs are personalized. Meaning there is no set rate that applies to everyone. How do those SUVs on the above list fit into the metrics?

The Make and Model of the Vehicle

The consensus is that the difference in insurance for the SUVs with the Hyundai being the cheapest to insure and Toyota is the most expensive creates a difference of about $342. Per year.

What Does the Insurance Company Care About?

The insurance company is going to be concerned about how much you are paying for the vehicle. In case they have to replace it. Different makes and models can cost more to repair, and insurance companies are aware of this. They also have a great interest in the statistics for theft of specific makes and models. These are all metrics that determine the risks for the insurance companies.

The Cost to Replace the Vehicle

For example, if you were to buy a Hyundai Santa Fe Sport 2018 Limited Edition the average price in Canada would be $41,399. But if you opted for Premium, then the average cost for the vehicle would be $31,099. This is a difference of $10,000. In purchase price and replacement price for the insurance company if a claim were put in for these vehicles. This would be a factor that the insurance provider would consider.

Safety Factors

Insurance companies also have to consider claims for injuries that occur as a result of an auto accident. Therefore they are concerned about the safety statistics that apply to the SUV. The thing is with statistics it takes time to accumulate them. For example, safety statistics may not be available for the 2018 or 2019 models. Insurance companies then have to look at the track record of the brand overall.

  • The way that the vehicle purchaser looks at the safety features of the SUV they are buying may not be the same way that the insurance company will look at them.
  • Manufacturers are applying new safety technology at a rapid rate and statistics may not be available for each safety feature as yet. The insurance companies are going to focus on those that they have data to rely on. Such as collision statistics and systems such as anti-lock brakes, airbag statistics, or impact reinforcements.

When it comes to the top ten cheapest SUVs to insure in Toronto or Ontario two, for example, have made the list for being the safest SUV’s to drive. These are;

  • Honda CR-V
  • Toyota RAV4

Relying on Statistics

The most effective metrics for insurance companies to rely on for providing insurance coverage for SUVs in Toronto and the Province of Ontario is the collection of statistical data.

Canadian Loss Experience Automobile Rating (CLEAR)

These companies have developed a system for doing this called CLEAR. This is a program that is a collection of insurance claims data that provides the insurance companies with a lot of information about a specific make and model. It provides enough information about claims that have been made for vehicles like the SUVs for example, to help the insurance companies form a risk assessment.

The latest statistics for 2018 in regards to the top ten stolen vehicles does not include any of the SUVs on the above list.

Where The Insured Lives

As the driver of the vehicle being insured the insurance company will use your postal code as the metric for helping to determine what the risk factors are for theft. If a neighbourhood is classed by the insurance companies as high-risk neighbourhood this will also be factored into the insurance assessment.

City

Insurance companies are going to look at the city as well as-as the neighbourhood. Statistics for 2017 show that Brampton was the most expensive city in Ontario which the cheapest was Toronto.

Neighbourhood

Those who live in Agincourt North will pay more insurance than those living in the Rouge neighbourhood.

The Insurance Variables

As can be seen with all the metrics that are involved in determining insurance costs for the SUVs it is not possible to apply one insurance premium that fits all. It is possible to categorize the SUVs as which ones are the cheapest based on the following factors.

  • Those on the top ten cheapest list are not on the list for those vehicles being the most vulnerable for theft.
  • They have built-in safety features that have statistics to back them up
  • They are within a reasonable price range for vehicle replacement depending on the specific make and model
  • Repair costs fall into the average range which is not true of some luxury or imported vehicles.

These factors allow for the classification of the SUVs to be considered as cheap to insure. From this point on personal variations can increase the cost of the insurance for the individual. Such as;

  • How the insurance company rates the neighbourhood where the car is
  • The personal details of the driver such as age and type of licence they hold
  • The driving history

Summary:

Starting with one of the SUVs on the top ten cheapest SUVs to insure in Toronto and Ontario is the first step. Then shopping around for the best quotes is the next step. Keeping in mind to pay attention to potential discounts that may be available.

Resources:

https://www.insurancebusinessmag.com/ca/news/auto/top-10-cheapest-trucks-and-suv-to-insure-in-canada-46867.aspx
https://www.fsco.gov.on.ca/en/auto/brochures/Pages/how-your-auto-insurance-rates-are-set.aspx
http://assets.ibc.ca/Documents/Brochures/What-Insurers-Want-to-Know-ON.pdf
http://www.ibc.ca/on/auto/buying-auto-insurance/how-auto-insurance-premiums/clear
https://carcostcanada.com/Canada/Prices/2018-Hyundai-Santa_Fe_Sport/30875
https://www.guideautoweb.com/en/articles/45577/2018-dodge-journey-preview/
https://www.thecarconnection.com/overview/hyundai_santa-fe-sport_2018
https://www.auto123.com/en/car-reviews/2018-ford-escape-10-reasons/64162/