There are many common misconceptions when it comes to the price of insurance for different vehicles. Here, we'll explain which types of cars are the cheapest to insure in Ontario.Often clients of the Tregunno Group are surprised to hear that their new car is actually going to be cheaper to insure than the older car they were driving.
It's also a myth that just because a car is newer it will cost more to insure.
A brand new luxury SUV may cost 90k to purchase, and a 4 year old domestic sedan may cost 20k. The insurance will be more on the sedan than the SUV in many scenarios. This is because insurance is not only concerned with how much they'll have to pay to replace your vehicle if it's written off - they are more concerned with how much it will cost to "fix" injured people.
In other words, people are more expensive to fix than cars.
Safety is an important rating factor in determining the price of auto insurance. Although it will cost the insurance company more to replace the SUV than the sedan, statistics show that people will be more injured from the accident in the sedan compared to the SUV.
Size matters - larger vehicles are safer than smaller cars.
You can agree that if you're in an accident with a dump truck, you'd rather be in a pick-up truck or SUV than a 2 door coupe.